10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-12762 (Mid-America Apartment Communities, Inc.)

Commission File Number: 333-190028-01 (Mid-America Apartments, L.P.)

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee (Mid-America Apartment Communities, Inc.)	62-1543819
Tennessee (Mid-America Apartments, L.P.)	62-1543816
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6815 Poplar Ave., Suite 500, Germantown, TN 38138

(Address of principal executive offices) (Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)	MAA	New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)	MAA*I	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Mid-America Apartment Communities, Inc.	Yes ☒	No ☐
Mid-America Apartments, L.P.	Yes ☒	No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Mid-America Apartment Communities, Inc.	Yes ☒	No ☐
Mid-America Apartments, L.P.	Yes ☒	No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Mid-America Apartment Communities, Inc.
Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

Mid-America Apartments, L.P.
Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Mid-America Apartment Communities, Inc. ☐

Mid-America Apartments, L.P. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Mid-America Apartment Communities, Inc.	Yes ☐	No ☒
Mid-America Apartments, L.P.	Yes ☐	No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Mid-America Apartment Communities, Inc.	Number of Shares Outstanding at
Class	July 28, 2025
Common Stock, $0.01 par value	117,071,138

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

TABLE OF CONTENTS

			Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements.		5
	Mid-America Apartment Communities, Inc.
		Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.	5
		Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024.	6
		Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024.	7
		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024.	8
	Mid-America Apartments, L.P.
		Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.	9
		Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024.	10
		Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024.	11
		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024.	12
	Notes to Condensed Consolidated Financial Statements.		13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		40
Item 4.	Controls and Procedures.		40
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings.		41
Item 1A.	Risk Factors.		41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		41
Item 3.	Defaults Upon Senior Securities.		41
Item 4.	Mine Safety Disclosures.		41
Item 5.	Other Information.		42
Item 6.	Exhibits.		43
	Signatures.		44

2

Explanatory Note

This report combines the Quarterly Reports on Form 10-Q for the quarter ended June 30, 2025 of Mid-America Apartment Communities, Inc., a Tennessee corporation, and Mid-America Apartments, L.P., a Tennessee limited partnership, of which Mid-America Apartment Communities, Inc. is the sole general partner. Mid-America Apartment Communities, Inc. and its 97.5% owned subsidiary, Mid-America Apartments, L.P., are both required to file quarterly reports under the Securities Exchange Act of 1934, as amended.

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “MAA” refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, all references in this report to “we,” “us,” “our,” or the “Company” refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references in this report to the “Operating Partnership” or “MAALP” refer to Mid-America Apartments, L.P. together with its consolidated subsidiaries. “Common stock” refers to the common stock of MAA, “preferred stock” refers to the preferred stock of MAA, and “shareholders” refers to the holders of shares of MAA’s common stock or preferred stock, as applicable. The common units of limited partnership interest in the Operating Partnership are referred to as “OP Units” and the holders of the OP Units are referred to as “common unitholders.”

As of June 30, 2025, MAA owned 117,071,410 OP Units (97.5% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

We believe combining the periodic reports of MAA and the Operating Partnership, including the notes to the condensed consolidated financial statements, into this report results in the following benefits:

•enhances investors’ understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this report applies to both MAA and the Operating Partnership; and

•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. We believe it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an umbrella partnership REIT, or UPREIT. MAA’s interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA’s percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA’s only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA’s primary function is acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership from time to time. The Operating Partnership holds, directly or indirectly, all of the real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for limited partnership interests, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, direct or indirect incurrence of indebtedness and issuance of OP Units.

The presentation of MAA’s shareholders’ equity and the Operating Partnership’s capital are the principal areas of difference between the condensed consolidated financial statements of MAA and those of the Operating Partnership. MAA’s shareholders’ equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership’s capital may include common capital and preferred capital of the general partner (MAA), limited partners’ common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

3

In order to highlight the material differences between MAA and the Operating Partnership, this Quarterly Report on Form 10-Q includes sections that separately present and discuss areas that are materially different between MAA and the Operating Partnership, including:

•the condensed consolidated financial statements in Part 1, Item 1 of this report;

•certain accompanying notes to the condensed consolidated financial statements, including Note 2 - Earnings per Common Share of MAA and Note 3 - Earnings per OP Unit of MAALP; Note 4 - MAA Equity and Note 5 - MAALP Capital; and Note 8 - Shareholders’ Equity of MAA and Note 9 - Partners’ Capital of MAALP;

•the controls and procedures in Part 1, Item 4 of this report; and

•the certifications included as Exhibits 31 and 32 to this report.

In the sections that combine disclosures for MAA and the Operating Partnership, this Quarterly Report on Form 10-Q refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership (directly or indirectly through one of its subsidiaries) is generally the entity that enters into contracts, holds assets and issues debt, management believes this presentation is appropriate for the reasons set forth above and because we operate the business through the Operating Partnership. MAA, the Operating Partnership and its subsidiaries operate as one consolidated business, but MAA, the Operating Partnership and each of its subsidiaries are separate, distinct legal entities.

4

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except per share data)

	June 30, 2025			December 31, 2024
Assets
Real estate assets:
Land	$	2,105,602		$	2,096,912
Buildings and improvements and other		14,468,733			14,160,799
Development and capital improvements in progress		484,955			470,282
		17,059,290			16,727,993
Less: Accumulated depreciation		(5,631,399	)		(5,327,584	)
		11,427,891			11,400,409
Undeveloped land		73,359			73,359
Investment in real estate joint venture		41,662			41,650
Real estate assets, net		11,542,912			11,515,418
Cash and cash equivalents		54,482			43,018
Restricted cash		13,634			13,743
Other assets		224,569			232,426
Assets held for sale		—			7,764
Total assets	$	11,835,597		$	11,812,369
Liabilities and equity
Liabilities:
Unsecured notes payable, net	$	4,687,813		$	4,620,690
Secured notes payable, net		360,330			360,267
Accrued expenses and other liabilities		697,054			683,748
Total liabilities		5,745,197			5,664,705
Redeemable common stock		21,135			22,230
Shareholders’ equity:
Preferred stock, $0.01 par value per share, 20,000,000 shares authorized;    8.50% Series I Cumulative Redeemable Shares, liquidation preference $50.00    per share, 867,846 shares issued and outstanding as of June 30, 2025    and December 31, 2024, respectively		9			9
Common stock, $0.01 par value per share, 145,000,000 shares authorized;    117,071,410 and 116,883,421 shares issued and outstanding as of    June 30, 2025 and December 31, 2024, respectively (1)		1,168			1,166
Additional paid-in capital		7,431,627			7,417,453
Accumulated distributions in excess of net income		(1,535,340	)		(1,469,557	)
Accumulated other comprehensive loss		(6,110	)		(6,940	)
Total MAA shareholders’ equity		5,891,354			5,942,131
Noncontrolling interests - OP Units		147,439			155,409
Total Company’s shareholders’ equity		6,038,793			6,097,540
Noncontrolling interests - consolidated real estate entities		30,472			27,894
Total equity		6,069,265			6,125,434
Total liabilities and equity	$	11,835,597		$	11,812,369

(1)Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 are 142,797 and 143,822, respectively.

See accompanying notes to condensed consolidated financial statements.

5

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per share data)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Expenses:
Operating expenses, excluding real estate taxes and insurance		132,465			126,213			257,420			244,412
Real estate taxes and insurance		82,189			79,583			158,587			159,186
Depreciation and amortization		153,521			145,022			305,871			288,042
Total property operating expenses		368,175			350,818			721,878			691,640
Property management expenses		17,511			17,201			38,089			37,196
General and administrative expenses		12,813			12,671			28,432			29,716
Interest expense		45,111			41,265			90,272			81,626
Loss (gain) on sale of depreciable real estate assets		69			23			(71,842	)		25
Other non-operating (income) expense		(4,722	)		19,244			(5,556	)		(4,282	)
Income before income tax expense		110,945			105,213			297,924			254,136
Income tax expense		(600	)		(1,020	)		(1,638	)		(2,815	)
Income from continuing operations before real estate joint venture activity		110,345			104,193			296,286			251,321
Income from real estate joint venture		530			469			995			951
Net income		110,875			104,662			297,281			252,272
Net income attributable to noncontrolling interests		2,748			2,709			7,481			6,570
Net income available for shareholders		108,127			101,953			289,800			245,702
Dividends to MAA Series I preferred shareholders		922			922			1,844			1,844
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858
Earnings per common share - basic:
Net income available for MAA common shareholders	$	0.92		$	0.86		$	2.46		$	2.09
Earnings per common share - diluted:
Net income available for MAA common shareholders	$	0.92		$	0.86		$	2.46		$	2.09

See accompanying notes to condensed consolidated financial statements.

6

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Other comprehensive income:
Adjustment for net losses reclassified to net income from    derivative instruments		429			503			858			1,020
Total comprehensive income		111,304			105,165			298,139			253,292
Less: Comprehensive income attributable to    noncontrolling interests		(2,765	)		(2,724	)		(7,509	)		(6,601	)
Comprehensive income attributable to MAA	$	108,539		$	102,441		$	290,630		$	246,691

See accompanying notes to condensed consolidated financial statements.

7

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

	Six months ended June 30,
Cash flows from operating activities:	2025			2024
Net income	$	297,281		$	252,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		306,208			288,435
(Gain) loss on sale of depreciable real estate assets		(71,842	)		25
Gain on embedded derivative in preferred shares		(1,283	)		(3,806	)
Stock compensation expense		8,727			9,273
Amortization of debt issuance costs, discounts and premiums		3,242			3,055
Gain on investments		(413	)		(4,314	)
Net change in operating accounts and other operating activities		8,147			4,687
Net cash provided by operating activities		550,067			549,627
Cash flows from investing activities:
Purchases of real estate and other assets		(8,690	)		(91,846	)
Capital improvements and other		(161,541	)		(141,775	)
Development costs		(145,358	)		(111,108	)
Distributions from real estate joint venture		—			224
Contributions to affiliates		(7,425	)		(1,124	)
Proceeds from sale of marketable equity securities		—			6,729
Proceeds from real estate asset dispositions		81,128			—
Net proceeds from insurance recoveries		3,564			9,072
Net cash used in investing activities		(238,322	)		(329,828	)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper		65,000			(179,000	)
Proceeds from notes payable		—			744,551
Principal payments on notes payable		—			(400,000	)
Payment of deferred financing costs		—			(7,150	)
Distributions to noncontrolling interests		(9,297	)		(9,191	)
Dividends paid on common shares		(354,284	)		(343,304	)
Dividends paid on preferred shares		(1,844	)		(1,844	)
Proceeds from issuances of common shares		729			616
Net change in other financing activities		(694	)		(3,068	)
Net cash used in financing activities		(300,390	)		(198,390	)
Net increase in cash, cash equivalents and restricted cash		11,355			21,409
Cash, cash equivalents and restricted cash, beginning of period		56,761			55,091
Cash, cash equivalents and restricted cash, end of period	$	68,116		$	76,500

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:

Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	$	54,482	$	62,831
Restricted cash		13,634		13,669
Total cash, cash equivalents and restricted cash	$	68,116	$	76,500
Supplemental information:
Interest paid	$	87,696	$	74,766
Income taxes paid		141		3,181
Non-cash transactions:
Distributions on common shares/units declared and accrued	$	181,832	$	176,329
Accrued construction in progress		41,738		35,993
Interest capitalized		10,153		7,140
Conversion of OP Units to shares of common stock		6,368		2,603

See accompanying notes to condensed consolidated financial statements.

8

Mid-America Apartments, L.P.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands)

	June 30, 2025			December 31, 2024
Assets
Real estate assets:
Land	$	2,105,602		$	2,096,912
Buildings and improvements and other		14,468,733			14,160,799
Development and capital improvements in progress		484,955			470,282
		17,059,290			16,727,993
Less: Accumulated depreciation		(5,631,399	)		(5,327,584	)
		11,427,891			11,400,409
Undeveloped land		73,359			73,359
Investment in real estate joint venture		41,662			41,650
Real estate assets, net		11,542,912			11,515,418
Cash and cash equivalents		54,482			43,018
Restricted cash		13,634			13,743
Other assets		224,569			232,426
Assets held for sale		—			7,764
Total assets	$	11,835,597		$	11,812,369
Liabilities and capital
Liabilities:
Unsecured notes payable, net	$	4,687,813		$	4,620,690
Secured notes payable, net		360,330			360,267
Accrued expenses and other liabilities		697,054			683,748
Due to general partner		19			19
Total liabilities		5,745,216			5,664,724
Redeemable common units		21,135			22,230
Operating Partnership capital:
Preferred units, 8.50% Series I Cumulative Redeemable Units, 867,846 preferred units    outstanding as of June 30, 2025 and December 31, 2024, respectively		66,840			66,840
General partner, 117,071,410 and 116,883,421 OP Units outstanding as of June 30,    2025 and December 31, 2024, respectively (1)		5,830,701			5,882,336
Limited partners, 2,949,657 and 3,075,552 OP Units outstanding as of June 30, 2025    and December 31, 2024, respectively (1)		147,439			155,409
Accumulated other comprehensive loss		(6,206	)		(7,064	)
Total operating partners’ capital		6,038,774			6,097,521
Noncontrolling interests - consolidated real estate entities		30,472			27,894
Total equity		6,069,246			6,125,415
Total liabilities and equity	$	11,835,597		$	11,812,369

(1)Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 are 142,797 and 143,822, respectively.

See accompanying notes to condensed consolidated financial statements.

9

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per unit data)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Expenses:
Operating expenses, excluding real estate taxes and insurance		132,465			126,213			257,420			244,412
Real estate taxes and insurance		82,189			79,583			158,587			159,186
Depreciation and amortization		153,521			145,022			305,871			288,042
Total property operating expenses		368,175			350,818			721,878			691,640
Property management expenses		17,511			17,201			38,089			37,196
General and administrative expenses		12,813			12,671			28,432			29,716
Interest expense		45,111			41,265			90,272			81,626
Loss (gain) on sale of depreciable real estate assets		69			23			(71,842	)		25
Other non-operating (income) expense		(4,722	)		19,244			(5,556	)		(4,282	)
Income before income tax expense		110,945			105,213			297,924			254,136
Income tax expense		(600	)		(1,020	)		(1,638	)		(2,815	)
Income from continuing operations before real estate joint venture activity		110,345			104,193			296,286			251,321
Income from real estate joint venture		530			469			995			951
Net income		110,875			104,662			297,281			252,272
Distributions to MAALP Series I preferred unitholders		922			922			1,844			1,844
Net income available for MAALP common unitholders	$	109,953		$	103,740		$	295,437		$	250,428
Earnings per common unit - basic:
Net income available for MAALP common unitholders	$	0.92		$	0.86		$	2.46		$	2.09
Earnings per common unit - diluted:
Net income available for MAALP common unitholders	$	0.92		$	0.86		$	2.46		$	2.09

See accompanying notes to condensed consolidated financial statements.

10

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income	$	110,875	$	104,662	$	297,281	$	252,272
Other comprehensive income:
Adjustment for net losses reclassified to net income from    derivative instruments		429		503		858		1,020
Comprehensive income attributable to MAALP	$	111,304	$	105,165	$	298,139	$	253,292

See accompanying notes to condensed consolidated financial statements.

11

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

	Six months ended June 30,
Cash flows from operating activities:	2025			2024
Net income	$	297,281		$	252,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		306,208			288,435
(Gain) loss on sale of depreciable real estate assets		(71,842	)		25
Gain on embedded derivative in preferred shares		(1,283	)		(3,806	)
Stock compensation expense		8,727			9,273
Amortization of debt issuance costs, discounts and premiums		3,242			3,055
Gain on investments		(413	)		(4,314	)
Net change in operating accounts and other operating activities		8,147			4,687
Net cash provided by operating activities		550,067			549,627
Cash flows from investing activities:
Purchases of real estate and other assets		(8,690	)		(91,846	)
Capital improvements and other		(161,541	)		(141,775	)
Development costs		(145,358	)		(111,108	)
Distributions from real estate joint venture		—			224
Contributions to affiliates		(7,425	)		(1,124	)
Proceeds from sale of marketable equity securities		—			6,729
Proceeds from real estate asset dispositions		81,128			—
Net proceeds from insurance recoveries		3,564			9,072
Net cash used in investing activities		(238,322	)		(329,828	)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper		65,000			(179,000	)
Proceeds from notes payable		—			744,551
Principal payments on notes payable		—			(400,000	)
Payment of deferred financing costs		—			(7,150	)
Distributions paid on common units		(363,581	)		(352,495	)
Distributions paid on preferred units		(1,844	)		(1,844	)
Proceeds from issuances of common units		729			616
Net change in other financing activities		(694	)		(3,068	)
Net cash used in financing activities		(300,390	)		(198,390	)
Net increase in cash, cash equivalents and restricted cash		11,355			21,409
Cash, cash equivalents and restricted cash, beginning of period		56,761			55,091
Cash, cash equivalents and restricted cash, end of period	$	68,116		$	76,500

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:

Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	$	54,482	$	62,831
Restricted cash		13,634		13,669
Total cash, cash equivalents and restricted cash	$	68,116	$	76,500
Supplemental information:
Interest paid	$	87,696	$	74,766
Income taxes paid		141		3,181
Non-cash transactions:
Distributions on common units declared and accrued	$	181,832	$	176,329
Accrued construction in progress		41,738		35,993
Interest capitalized		10,153		7,140

See accompanying notes to condensed consolidated financial statements.

12

Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Organization and Summary of Significant Accounting Policies

Unless the context otherwise requires, all references to the “Company” refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references to “MAA” refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, the references to the “Operating Partnership” or “MAALP” refer to Mid-America Apartments, L.P., together with its consolidated subsidiaries. “Common stock” refers to the common stock of MAA, “preferred stock” refers to the preferred stock of MAA, and “shareholders” refers to the holders of shares of MAA’s common stock or preferred stock, as applicable. The common units of limited partnership interests in the Operating Partnership are referred to as “OP Units,” and the holders of the OP Units are referred to as “common unitholders.”

As of June 30, 2025, MAA owned 117,071,410 OP Units (or 97.5% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

Management believes combining the notes to the condensed consolidated financial statements of MAA and the Operating Partnership results in the following benefits:

•enhances investors’ understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in these accompanying notes applies to both MAA and the Operating Partnership; and

•creates time and cost efficiencies through the preparation of one combined set of notes instead of two separate sets.

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. Management believes it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an umbrella partnership REIT, or UPREIT. MAA’s interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA’s percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA’s only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA’s primary function is acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership from time to time. The Operating Partnership holds, directly or indirectly, all of the Company’s real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for limited partnership interests, the Operating Partnership generates the capital required by the business through the Operating Partnership’s operations, direct or indirect incurrence of indebtedness and issuance of OP Units.

The presentations of MAA’s shareholders’ equity and the Operating Partnership’s capital are the principal areas of difference between the condensed consolidated financial statements of MAA and those of the Operating Partnership. MAA’s shareholders’ equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership’s capital may include common capital and preferred capital of the general partner (MAA), limited partners’ common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

13

Organization of Mid-America Apartment Communities, Inc.

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of June 30, 2025, the Company owned and operated 291 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of June 30, 2025, the Company also had eight development communities under construction, totaling 2,648 apartment units once complete, and development costs of $616.3 million had been incurred through June 30, 2025 with respect to those development communities. The Company expects to complete two of these developments in 2025, four in 2026, one in 2027, and one in 2028. As of June 30, 2025, 35 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of June 30, 2025.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared by the Company’s management in accordance with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80% to 100% of all consolidated subsidiaries, including the Operating Partnership. In management’s opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE’s economic performance and which party controls such activities. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights, and the Company has concluded it is the primary beneficiary of MAALP. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below).

Noncontrolling Interests

As of June 30, 2025, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details.

The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of June 30, 2025, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $508.9 million, and consolidated liabilities were $26.0 million, net of eliminations. As of December 31, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $432.2 million, and consolidated liabilities were $27.1 million, net of eliminations.

14

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture, as well as six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $41.7 million as of June 30, 2025 and December 31, 2024, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of June 30, 2025 and December 31, 2024, the Company’s investments in the limited partnerships were $71.3 million and $62.2 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended June 30, 2025 and 2024, the Company recognized $0.1 million of expense and $0.3 million of income, respectively, from its investments in the limited partnerships. During the six months ended June 30, 2025 and 2024, the Company recognized $1.6 million and $8.5 million of income, respectively, from its investments in the limited partnerships. As of June 30, 2025, the Company was committed to make additional capital contributions totaling $23.2 million if and when called by the general partners of the limited partnerships.

Marketable Equity Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the Company’s investment in the marketable equity securities was $1.9 million and $3.3 million, respectively. During the three months ended June 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $6.7 million and a net realized gain on sale of $5.6 million. In addition, during the three months ended June 30, 2025 and 2024, the Company recognized $0.4 million and $1.2 million of expense, respectively, from its investment in marketable equity securities. During the six months ended June 30, 2025 and 2024, the Company recognized $1.4 million and $4.2 million of expense, respectively, from its investment in marketable equity securities.

Revenue Recognition

The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases, using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94% of the Company’s total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5% of the Company’s total revenues represent reimbursable property revenues from its residents for utility reimbursements, which are generally recognized and due on a monthly basis as residents obtain control of the service over the term of the lease. The remaining 1% of the Company’s total revenues represents other non-lease property revenues primarily driven by nonrefundable fees and commissions, which are recognized when earned.

In accordance with ASC Topic 842, rental revenues and reimbursable property revenues meet the criteria to be aggregated into a single lease component and are reported on a combined basis in the line item “Rental revenues,” as presented in the disaggregation of the Company’s revenues in Note 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues,” as presented in the disaggregation of the Company’s revenues in Note 11.

15

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of June 30, 2025 and December 31, 2024, right-of-use assets recorded within “Other assets” totaled $39.3 million and $40.5 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $25.2 million and $26.1 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended June 30, 2025 and 2024 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the six months ended June 30, 2025 and 2024 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair Value Measurements

The Company applies the guidance in ASC Topic 820, Fair Value Measurements and Disclosures, to the valuation of acquired real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets, if applicable, and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 for the Company’s financial instruments as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy:

Level 1 - Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the assets or liability.

Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 of the fair value hierarchy.

16

2. Earnings per Common Share of MAA

Basic earnings per share is computed using the two-class method by dividing net income available to MAA common shareholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when the units are dilutive to earnings per share.

For the three and six months ended June 30, 2025, MAA’s diluted earnings per share was computed using the treasury stock method, and for the three and six months ended June 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Calculation of Earnings per common share - basic
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Unvested restricted shares (allocation of earnings)		(59	)		(47	)		(156	)		(111	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	107,146		$	100,984		$	287,800		$	243,747
Weighted average common shares - basic		116,976			116,783			116,908			116,727
Earnings per common share - basic	$	0.92		$	0.86		$	2.46		$	2.09
Calculation of Earnings per common share - diluted
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests (1)		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Unvested restricted shares (allocation of earnings)		—			(47	)		—			(111	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	107,205		$	100,984		$	287,956		$	243,747
Weighted average common shares - basic		116,976			116,783			116,908			116,727
Effect of dilutive securities		187			—			241			—
Weighted average common shares - diluted		117,163			116,783			117,149			116,727
Earnings per common share - diluted	$	0.92		$	0.86		$	2.46		$	2.09

(1)For the three and six months ended June 30, 2025 and 2024, 3.0 million OP Units and 3.1 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

17

3. Earnings per OP Unit of MAALP

Basic earnings per common unit is computed using the two-class method by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods.

For the three and six months ended June 30, 2025, MAALP’s diluted earnings per common unit was computed using the treasury stock method, and for the three and six months ended June 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, as presented below (dollars and units in thousands, except per unit amounts):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Calculation of Earnings per common unit - basic
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Unvested restricted units (allocation of earnings)		(59	)		(47	)		(156	)		(111	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	109,894		$	103,693		$	295,281		$	250,317
Weighted average common units - basic		119,950			119,888			119,932			119,848
Earnings per common unit - basic	$	0.92		$	0.86		$	2.46		$	2.09
Calculation of Earnings per common unit - diluted
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Unvested restricted units (allocation of earnings)		—			(47	)		—			(111	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	109,953		$	103,693		$	295,437		$	250,317
Weighted average common units - basic		119,950			119,888			119,932			119,848
Effect of dilutive securities		187			—			241			—
Weighted average common units - diluted		120,137			119,888			120,173			119,848
Earnings per common unit - diluted	$	0.92		$	0.86		$	2.46		$	2.09

18

4. MAA Equity

Changes in MAA’s total equity and its components for the three months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE MARCH 31, 2025	$	9	$	1,166	$	7,422,913		$	(1,467,858	)	$	(6,522	)	$	154,810		$	28,952	$	6,133,470
Net income		—		—		—			108,127			—			2,748			—		110,875
Other comprehensive income - derivative     instruments		—		—		—			—			412			17			—		429
Issuance and registration of common shares		—		1		(1,107	)		—			—			—			—		(1,106	)
Shares repurchased and retired		—				(1,769	)		—			—			—			—		(1,769	)
Shares issued in exchange for common units		—		1		5,608			—			—			(5,609	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value     adjustment		—		—		—			2,724			—			—			—		2,724
Adjustment for noncontrolling interests in    Operating Partnership		—		—		58			—			—			(58	)		—		—
Amortization of unearned compensation		—		—		3,815			—			—			—			—		3,815
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.5150 per     share)		—		—		—			(177,411	)		—			—			—		(177,411	)
Distributions on noncontrolling interests units    ($1.5150 per unit)		—		—		—			—			—			(4,469	)		—		(4,469	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,520		1,520
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock			Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE MARCH 31, 2024	$	9	$	1,168		$	7,406,189		$	(1,326,654	)	$	(8,263	)	$	161,909		$	23,032	$	6,257,390
Net income		—		—			—			101,953			—			2,709			—		104,662
Other comprehensive income - derivative     instruments		—		—			—			—			488			15			—		503
Issuance and registration of common shares		—		2			(892	)		—			—			—			—		(890	)
Shares repurchased and retired		—		(1	)		(4,131	)		—			—			—			—		(4,132	)
Shares issued in exchange for common units		—		1			2,008			—			—			(2,009	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value     adjustment		—		—			—			(1,445	)		—			—			—		(1,445	)
Adjustment for noncontrolling interests in    Operating Partnership		—		—			206			—			—			(206	)		—		—
Amortization of unearned compensation		—		—			3,805			—			—			—			—		3,805
Dividends on preferred stock		—		—			—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per     share)		—		—			—			(171,925	)		—			—			—		(171,925	)
Distributions on noncontrolling interests units    ($1.4700 per unit)		—		—			—			—			—			(4,513	)		—		(4,513	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,630		1,630
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232

19

Changes in MAA’s total equity and its components for the six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2024	$	9	$	1,166	$	7,417,453		$	(1,469,557	)	$	(6,940	)	$	155,409		$	27,894	$	6,125,434
Net income		—		—		—			289,800			—			7,481			—		297,281
Other comprehensive income - derivative     instruments		—		—		—			—			830			28			—		858
Issuance and registration of common shares		—		1		(950	)		—			—			—			—		(949	)
Shares repurchased and retired		—				(3,071	)		—			—			—			—		(3,071	)
Exercise of stock options		—		—		38			—			—			—			—		38
Shares issued in exchange for common units		—		1		6,367			—			—			(6,368	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value     adjustment		—		—		—			829			—			—			—		829
Adjustment for noncontrolling interests in     Operating Partnership		—		—		5			—			—			(5	)		—		—
Amortization of unearned compensation		—		—		9,676			—			—			—			—		9,676
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($3.0300 per    share)		—		—		—			(354,568	)		—			—			—		(354,568	)
Distributions on noncontrolling interests units    ($3.0300 per unit)		—		—		—			—			—			(9,106	)		—		(9,106	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,578		2,578
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock			Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2023	$	9	$	1,168		$	7,399,921		$	(1,298,263	)	$	(8,764	)	$	163,128		$	22,756	$	6,279,955
Net income		—		—			—			245,702			—			6,570			—		252,272
Other comprehensive income - derivative     instruments		—		—			—			—			989			31			—		1,020
Issuance and registration of common shares		—		2			(799	)		—			—			—			—		(797	)
Shares repurchased and retired		—		(1	)		(4,973	)		—			—			—			—		(4,974	)
Shares issued in exchange for common units		—		1			2,602			—			—			(2,603	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value     adjustment		—		—			—			(1,043	)		—			—			—		(1,043	)
Adjustment for noncontrolling interests in     Operating Partnership		—		—			104			—			—			(104	)		—		—
Amortization of unearned compensation		—		—			10,330			—			—			—			—		10,330
Dividends on preferred stock		—		—			—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($2.9400 per    share)		—		—			—			(343,545	)		—			—			—		(343,545	)
Distributions on noncontrolling interests units    ($2.9400 per unit)		—		—			—			—			—			(9,117	)		—		(9,117	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,906		1,906
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232

20

5. MAALP Capital

Changes in MAALP’s total capital and its components for the three months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2025	$	5,889,484		$	154,810		$	66,840		$	(6,635	)	$	28,952	$	6,133,451
Net income		107,205			2,748			922			—			—		110,875
Other comprehensive income - derivative instruments		—			—			—			429			—		429
Issuance of units		(1,106	)		—			—			—			—		(1,106	)
Units repurchased and retired		(1,769	)		—			—			—			—		(1,769	)
General partner units issued in exchange for limited     partner units		5,609			(5,609	)		—			—			—		—
Units issued in exchange for redeemable stock		2,109			—			—			—			—		2,109
Redeemable units fair market value adjustment		2,724			—			—			—			—		2,724
Adjustment for limited partners’ capital at redemption value		41			(41	)		—			—			—		—
Amortization of unearned compensation		3,815			—			—			—			—		3,815
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.5150 per unit)		(177,411	)		(4,469	)		—			—			—		(181,880	)
Contribution from noncontrolling interest		—			—			—			—			1,520		1,520
CAPITAL BALANCE JUNE 30, 2025	$	5,830,701		$	147,439		$	66,840		$	(6,206	)	$	30,472	$	6,069,246

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2024	$	6,014,015		$	161,909		$	66,840		$	(8,425	)	$	23,032	$	6,257,371
Net income		101,031			2,709			922			—			—		104,662
Other comprehensive income - derivative instruments		—			—			—			503			—		503
Issuance of units		(890	)		—			—			—			—		(890	)
Units repurchased and retired		(4,132	)		—			—			—			—		(4,132	)
General partner units issued in exchange for limited     partner units		2,009			(2,009	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,445	)		—			—			—			—		(1,445	)
Adjustment for limited partners’ capital at redemption value		191			(191	)		—			—			—		—
Amortization of unearned compensation		3,805			—			—			—			—		3,805
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4700 per unit)		(171,925	)		(4,513	)		—			—			—		(176,438	)
Contribution from noncontrolling interest		—			—			—			—			1,630		1,630
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213

21

Changes in MAALP’s total capital and its components for the six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2024	$	5,882,336		$	155,409		$	66,840		$	(7,064	)	$	27,894	$	6,125,415
Net income		287,956			7,481			1,844			—			—		297,281
Other comprehensive income - derivative instruments		—			—			—			858			—		858
Issuance of units		(949	)		—			—			—			—		(949	)
Units repurchased and retired		(3,071	)		—			—			—			—		(3,071	)
Exercise of unit options		38			—			—			—			—		38
General partner units issued in exchange for limited     partner units		6,368			(6,368	)		—			—			—		—
Units issued in exchange for redeemable stock		2,109			—			—			—			—		2,109
Redeemable units fair market value adjustment		829			—			—			—			—		829
Adjustment for limited partners’ capital at redemption value		(23	)		23			—			—			—		—
Amortization of unearned compensation		9,676			—			—			—			—		9,676
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($3.0300 per unit)		(354,568	)		(9,106	)		—			—			—		(363,674	)
Contribution from noncontrolling interest		—			—			—			—			2,578		2,578
CAPITAL BALANCE JUNE 30, 2025	$	5,830,701		$	147,439		$	66,840		$	(6,206	)	$	30,472	$	6,069,246

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2023	$	6,036,154		$	163,128		$	66,840		$	(8,942	)	$	22,756	$	6,279,936
Net income		243,858			6,570			1,844			—			—		252,272
Other comprehensive income - derivative instruments		—			—			—			1,020			—		1,020
Issuance of units		(797	)		—			—			—			—		(797	)
Units repurchased and retired		(4,974	)		—			—			—			—		(4,974	)
General partner units issued in exchange for limited     partner units		2,603			(2,603	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,043	)		—			—			—			—		(1,043	)
Adjustment for limited partners’ capital at redemption value		73			(73	)		—			—			—		—
Amortization of unearned compensation		10,330			—			—			—			—		10,330
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.9400 per unit)		(343,545	)		(9,117	)		—			—			—		(352,662	)
Contribution from noncontrolling interest		—			—			—			—			1,906		1,906
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213

6. Borrowings

The following table summarizes the Company’s outstanding debt as of June 30, 2025 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,400,000			3.7	%	5/9/2031
Variable rate commercial paper program		315,000			4.7	%	7/6/2025
Debt issuance costs, discounts and premiums		(27,187	)
Total unsecured debt	$	4,687,813			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293			4.4	%	1/26/2049
Debt issuance costs		(2,963	)
Total secured debt	$	360,330			4.4	%
Total outstanding debt	$	5,048,143			3.8	%

22

Unsecured Revolving Credit Facility

MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of June 30, 2025, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit.

Unsecured Commercial Paper

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of June 30, 2025, MAALP had $315.0 million of borrowings outstanding under the commercial paper program. For the three months ended June 30, 2025, the average daily borrowings outstanding under the commercial paper program were $301.6 million.

Unsecured Senior Notes

As of June 30, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2031.

Secured Property Mortgages

As of June 30, 2025, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

Upcoming Debt Obligations

As of June 30, 2025, MAALP’s debt obligations over the next 12 months consist of approximately $715 million of principal obligations, including $315.0 million of commercial paper borrowings due July 2025 and $400.0 million of unsecured senior notes due November 2025.

7. Financial Instruments and Derivatives

Financial Instruments Not Carried at Fair Value

Cash and cash equivalents, restricted cash and accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair value due to their short term nature.

Fixed rate notes payable as of June 30, 2025 and December 31, 2024 totaled $4.7 billion for each time period and had estimated fair values of $4.5 billion and $4.4 billion (excluding prepayment penalties) as of June 30, 2025 and December 31, 2024, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of June 30, 2025 and December 31, 2024 totaled $315.0 million and $250.0 million, respectively, and the variable rate debt had estimated fair values of $315.0 million and $250.0 million as of June 30, 2025 and December 31, 2024, respectively. The fair values of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days, and management concluded these rates reasonably estimate current market rates.

Financial Instruments Measured at Fair Value on a Recurring Basis

As of June 30, 2025, the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Series I preferred stock (see Note 8). The Company has recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. The derivative asset is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at the Company’s option beginning on October 1, 2026 at the redemption price of $50.00 per share. The Company may use various inputs in the analysis, including risk adjusted yields of relevant MAALP bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option.

23

The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the fair value of the embedded derivative was $14.4 million and $13.2 million, respectively.

The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of June 30, 2025 and December 31, 2024 were classified as Level 2 in the fair value hierarchy. The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and are classified as Level 1 in the fair value hierarchy.

Terminated Cash Flow Hedges of Interest

As of June 30, 2025, the Company had $6.2 million recorded in “Accumulated other comprehensive loss,” or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next 12 months, the Company estimates an additional $1.6 million will be reclassified to earnings as an increase to “Interest expense.”

Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

		Net Loss Reclassified from AOCL into Interest Expense
	Location of Loss Reclassified	Three months ended June 30,
Derivatives in Cash Flow Hedging Relationships	from AOCL into Income	2025			2024
Terminated interest rate swaps	Interest expense	$	(429	)	$	(503	)
		Six months ended June 30,
		2025			2024
Terminated interest rate swaps	Interest expense	$	(858	)	$	(1,020	)

		Gain (Loss) Recognized in Earnings on Derivative
	Location of Gain (Loss) Recognized	Three months ended June 30,
Derivative Not Designated as Hedging Instrument	in Earnings on Derivative	2025		2024
Preferred stock embedded derivative	Other non-operating (income) expense	$	1,693	$	(9,286	)
		Six months ended June 30,
		2025		2024
Preferred stock embedded derivative	Other non-operating (income) expense	$	1,283	$	3,806

8. Shareholders’ Equity of MAA

As of June 30, 2025, 117,071,410 shares of common stock of MAA and 2,949,657 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 120,021,067 common shares and units. As of June 30, 2024, 116,858,044 shares of common stock of MAA and 3,093,707 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,951,751 common shares and units.

Preferred Stock

As of June 30, 2025, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description	Outstanding Shares		Liquidation Preference(1)		Optional Redemption Date	Redemption Price(2)		Stated Dividend Yield			Approximate Dividend Rate
MAA Series I		867,846	$	50.00	10/1/2026	$	50.00		8.50	%	$	4.25

(1)The total liquidation preference for the outstanding preferred stock is $43.4 million.

(2)The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock.

24

At-the-Market Share Offering Program

MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three and six months ended June 30, 2025 and 2024, MAA did not sell any shares of common stock under its ATM program. As of June 30, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

9. Partners’ Capital of MAALP

Common units of limited partnership interests in MAALP are represented by OP Units. As of June 30, 2025, there were 120,021,067 OP Units outstanding, 117,071,410, or 97.5%, of which represent Class B OP Units (common units issued to or held by MAALP’s general partner or any of its subsidiaries), which were owned by MAA, MAALP’s general partner. The remaining 2,949,657 OP Units were Class A OP Units owned by Class A limited partners. As of June 30, 2024, there were 119,951,751 OP Units outstanding, 116,858,044, or 97.4%, of which were owned by MAA and 3,093,707 of which were owned by the Class A limited partners.

MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of MAALP subject to the restrictions specifically contained within MAALP’s agreement of limited partnership, or the Partnership Agreement. Unless otherwise stated in the Partnership Agreement, this power includes, but is not limited to, acquiring, leasing or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness and securing such indebtedness by mortgage, deed of trust, pledge or other lien on MAALP’s assets; and distribution of MAALP’s cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted to it if the general partner remains in supervision of the designee.

Under the Partnership Agreement, MAALP may issue Class A OP Units and Class B OP Units. Class A OP Units are any OP Units other than Class B OP Units, while Class B OP Units are those issued to or held by MAALP’s general partner or any of its subsidiaries. In general, the limited partners do not have the power to participate in the management or control of MAALP’s business except in limited circumstances, including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement.

Net income of MAALP (after allocations to preferred ownership interests) is allocated to the general partner and limited partners based on their respective ownership percentages of MAALP. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to MAALP in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, MAALP generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of MAALP. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed.

As of June 30, 2025, a total of 2,949,657 Class A OP Units were outstanding and redeemable for 2,949,657 shares of MAA common stock, with an approximate value of $436.6 million, based on the closing price of MAA’s common stock on June 30, 2025 of $148.01 per share. As of June 30, 2024, a total of 3,093,707 Class A OP Units were outstanding and redeemable for 3,093,707 shares of MAA common stock, with an approximate value of $441.2 million, based on the closing price of MAA’s common stock on June 30, 2024 of $142.61 per share. MAALP
pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock.

As of June 30, 2025, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of June 30, 2025, 867,846 units of the MAALP Series I preferred units were outstanding and owned by MAA. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

25

10. Commitments and Contingencies

Leases

The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of June 30, 2025, the Company’s operating leases had a weighted average remaining lease term of approximately 35 years and a weighted average discount rate of approximately 4.6%.

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2025 (in thousands):

	Operating Leases
2025	$	1,533
2026		3,093
2027		3,131
2028		1,709
2029		815
Thereafter		54,856
Total minimum lease payments		65,137
Net present value adjustments		(39,899	)
Right-of-use lease liabilities	$	25,238

Legal Proceedings

In late 2022 and early 2023, approximately 28 putative class action lawsuits were filed against RealPage, Inc., along with over 50 of the largest owners and operators of apartment communities in the country, including the Company (the “RealPage Litigation”), alleging that RealPage and lessors of multifamily residential real estate conspired to artificially inflate the prices of multifamily residential real estate above competitive levels through the use of RealPage’s revenue management software. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. The Company believes the RealPage Litigation is without merit as it pertains to the Company and plans to vigorously defend the RealPage Litigation. On April 10, 2023, the Joint Panel on Multidistrict Litigation issued an order centralizing the cases in the U.S. District Court for the Middle District of Tennessee for coordinated or consolidated pretrial proceedings. Another lawsuit alleging violations of the District of Columbia’s antitrust laws and seeking similar relief was filed in the Superior Court of the District of Columbia in November 2023 by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company. The Company believes there are defenses, both factual and legal, to the allegations in these various proceedings and the Company plans to vigorously defend itself. As these proceedings are ongoing, it is not possible for the Company to predict any outcome or estimate the amount of loss, if any, which could be associated with any adverse decision. While the Company does not believe that any of these proceedings will have a material adverse effect on its financial condition, the Company cannot give assurance that the proceedings will not have a material effect on its results of operations.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows in the event of a negative outcome. Matters that arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance.

As of June 30, 2025 and December 31, 2024, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $6.7 million and $11.1 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.

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11. Segment Information

As of June 30, 2025, the Company owned and operated 291 multifamily apartment communities (which does not include development communities under construction) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

•Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year.

•Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms.

On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.

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Revenues and NOI for each reportable segment for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Same Store
Rental revenues	$	514,756		$	517,114		$	1,030,163		$	1,032,963
Other property revenues		4,199			3,306			7,617			5,990
Total Same Store revenues		518,955			520,420			1,037,780			1,038,953
Non-Same Store and Other
Rental revenues		30,195			25,677			60,418			49,644
Other property revenues		752			338			999			1,460
Total Non-Same Store and Other revenues		30,947			26,015			61,417			51,104
Total rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Expenses:
Same Store
Real estate taxes	$	69,020		$	67,956		$	132,355		$	135,823
Personnel		43,249			41,264			84,833			80,736
Utilities		33,616			32,219			67,527			64,403
Building repair and maintenance		27,151			26,138			49,593			47,802
Office operations		9,311			8,435			18,880			16,876
Marketing		8,521			7,981			15,273			14,079
Insurance		8,475			8,117			16,912			16,280
Total Same Store expenses		199,343			192,110			385,373			375,999
Non-Same Store and Other
Total Non-Same Store and Other expenses		15,311			13,686			30,634			27,599
Total property operating expenses, excluding depreciation and amortization	$	214,654		$	205,796		$	416,007		$	403,598
Net Operating Income:
Same Store NOI	$	319,612		$	328,310		$	652,407		$	662,954
Non-Same Store and Other NOI		15,636			12,329			30,783			23,505
Total NOI		335,248			340,639			683,190			686,459
Depreciation and amortization		(153,521	)		(145,022	)		(305,871	)		(288,042	)
Property management expenses		(17,511	)		(17,201	)		(38,089	)		(37,196	)
General and administrative expenses		(12,813	)		(12,671	)		(28,432	)		(29,716	)
Interest expense		(45,111	)		(41,265	)		(90,272	)		(81,626	)
(Loss) gain on sale of depreciable real estate assets		(69	)		(23	)		71,842			(25	)
Other non-operating income (expense)		4,722			(19,244	)		5,556			4,282
Income tax expense		(600	)		(1,020	)		(1,638	)		(2,815	)
Income from real estate joint venture		530			469			995			951
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858

Assets for each reportable segment as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

	June 30, 2025		December 31, 2024
Assets:
Same Store	$	9,713,459	$	9,840,140
Non-Same Store and Other		1,943,122		1,814,597
Corporate		179,016		157,632
Total assets	$	11,835,597	$	11,812,369

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12. Real Estate Acquisitions and Dispositions

Acquisitions

In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million. During the six months ended June 30, 2025, the Company did not acquire any multifamily apartment communities.

In May 2024, the Company closed on the acquisition of a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million. In April 2024, the Company also acquired a 13-acre land parcel in Phoenix, Arizona for approximately $11 million.

Dispositions

In March 2025, the Company closed on the dispositions of a 336-unit and a 240-unit multifamily apartment community located in Columbia, South Carolina for net proceeds of approximately $81 million, resulting in gain on the sale of depreciable real estate assets of approximately $72 million. During the six months ended June 30, 2025, the Company did not dispose of any land parcels.

During the six months ended June 30, 2024, the Company did not dispose of any multifamily apartment communities or land parcels.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion analyzes the financial condition and results of operations of both MAA and the Operating Partnership, of which MAA is the sole general partner and in which MAA owned a 97.5% interest as of June 30, 2025. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q.

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of June 30, 2025, we owned and operated 291 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of June 30, 2025, we had eight development communities under construction, and 35 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of June 30, 2025.

We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 11 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Forward-Looking Statements

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. 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 include, but are not limited to, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements:

•adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions;

•exposure to risks inherent in investments in a single industry and sector;

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•adverse changes in real estate markets, including 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 or collect 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 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, losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits;

•ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;

•level and volatility of interest or capitalization rates or capital market conditions;

•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 or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product;

•ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of the Operating Partnership 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 other 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 this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2024 or in other reports we file with the Securities and Exchange Commission, or the SEC, from time to time.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this Quarterly Report on Form 10-Q to reflect events, circumstances or changes in expectations after the date on which this Quarterly Report on Form 10-Q is filed.

Overview of the Three Months Ended June 30, 2025

For the three months ended June 30, 2025, net income available for MAA common shareholders was $107.2 million as compared to $101.0 million for the three months ended June 30, 2024. Results for the three months ended June 30, 2025 included $3.3 million of net casualty related recoveries, $1.7 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $0.3 million of non-cash loss from investments. Results for the three months ended June 30, 2024 included $9.3 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, $8.0 million of accrued legal defense costs and $0.9 million of non-cash loss from investments. Revenues for the three months ended June 30, 2025 increased 0.6% as compared to the three months ended June 30, 2024. Property operating expenses, excluding depreciation and amortization, for the three months ended June 30, 2025 increased by 4.3% as compared to the three months ended June 30, 2024. The primary drivers of these changes are discussed in the “Results of Operations” section.

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Trends

During the three months ended June 30, 2025, change in revenue for our Same Store segment continued to be primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to an average effective rent per unit of $1,690 for the three months ended June 30, 2025 as compared to $1,699 for the three months ended June 30, 2024. This represents a decrease of 0.5% for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit.

For the three months ended June 30, 2025, average physical occupancy for our Same Store segment was 95.4%, consistent with the three months ended June 30, 2024. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period.

As of June 30, 2025, resident turnover for our Same Store segment was 41.0% as compared to 43.5% as of June 30, 2024. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period.

An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. We have multifamily assets in 38 defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities. This diversity helps to mitigate exposure to economic issues, including supply and demand factors, in any one geographic market or area. We believe that a well-balanced portfolio, including both urban and suburban locations, with a broad range of monthly rent price points, will provide higher performance and lower volatility throughout the full economic cycle.

Demand for apartments in our markets was strong during the second quarter of 2025, as evidenced by robust renewal pricing, solid traffic patterns and lead volumes along with stable occupancy and low resident turnover. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation and in-migration over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the three and six months ended June 30, 2025. New supply delivering into several of our markets continues to be absorbed in a steady manner as the demand for apartment housing remains strong. We continue to believe that we will begin to see a decline in new apartment deliveries over the back half of this year and into 2026.

Access to the financial markets remains available for high-credit rated borrowers, such as ourselves. However, overall borrowing costs remain at elevated levels and we expect this trend to continue. As of June 30, 2025, we had $315.0 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates will be a result of additional variable rate borrowings or future financing activities.

Results of Operations

Comparison of the three months ended June 30, 2025 to the three months ended June 30, 2024

For the three months ended June 30, 2025, we achieved net income available for MAA common shareholders of $107.2 million, a 6.1% increase as compared to the three months ended June 30, 2024, and total revenue growth of $3.5 million, representing a 0.6% increase in property revenues as compared to the three months ended June 30, 2024. The following discussion describes the primary drivers of the increase in net income available for MAA common shareholders for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

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Property Revenues

The following table reflects our property revenues by segment for the three months ended June 30, 2025 and 2024 (dollars in thousands):

	Three months ended June 30,
	2025		2024		Increase (decrease)			% Change
Same Store	$	518,955	$	520,420	$	(1,465	)		(0.3	)%
Non-Same Store and Other		30,947		26,015		4,932			19.0	%
Total	$	549,902	$	546,435	$	3,467			0.6	%

The Same Store segment generated a 0.3% decrease in revenues for the three months ended June 30, 2025, primarily the result of average effective rent per unit decrease of 0.5% as compared to the three months ended June 30, 2024. The increase in property revenues from the Non-Same Store and Other segment for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was primarily the result of increased revenues from completed units in development communities and recently acquired communities.

Property Operating Expenses

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities and other operating expenses. The following table reflects our property operating expenses by segment for the three months ended June 30, 2025 and 2024 (dollars in thousands):

	Three months ended June 30,
	2025		2024		Increase (decrease)		% Change
Same Store	$	199,343	$	192,110	$	7,233		3.8	%
Non-Same Store and Other		15,311		13,686		1,625		11.9	%
Total	$	214,654	$	205,796	$	8,858		4.3	%

The increase in property operating expenses for our Same Store segment for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was primarily driven by increases in personnel expense of $2.0 million, utilities expense of $1.4 million, property tax expense of $1.1 million, and building repair and maintenance expense of $1.0 million. The increase in property operating expenses from the Non-Same Store and Other segment for the three months ended June 30, 2025 as compared to three months ended June 30, 2024 was primarily the result of increased operating expenses from completed development communities and recently acquired communities.

Depreciation and Amortization

Depreciation and amortization expense for the three months ended June 30, 2025 was $153.5 million, an increase of $8.5 million as compared to the three months ended June 30, 2024. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities, acquisitions and capital spend activities completed after June 30, 2024 in the normal course of business through June 30, 2025.

Other Income and Expenses

Property management expenses for the three months ended June 30, 2025 were $17.5 million, an increase of $0.3 million as compared to the three months ended June 30, 2024. General and administrative expenses for the three months ended June 30, 2025 were $12.8 million, an increase of $0.1 million as compared to the three months ended June 30, 2024.

Interest expense for the three months ended June 30, 2025 was $45.1 million, an increase of $3.8 million as compared to the three months ended June 30, 2024. The increase was due to an increase in our average outstanding debt balance and an increase of 13 basis points in our effective interest rate, partially offset by an increase in capitalized interest during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

Other non-operating (income) expense for the three months ended June 30, 2025 was $4.7 million of income, an increase of $24.0 million as compared to $19.2 million of expense for the three months ended June 30, 2024. The income for the three months ended June 30, 2025 was primarily driven by $3.3 million of net casualty related recoveries and $1.7 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $0.3 million of non-cash loss from investments. The expense for the three months ended June 30, 2024 was primarily driven by $9.3 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, $8.0 million of accrued legal defense costs and $1.1 million of net casualty related charges.

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Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024

For the six months ended June 30, 2025, we achieved net income available for MAA common shareholders of $288.0 million, an 18.1% increase as compared to the six months ended June 30, 2024, and total revenue growth of $9.1 million, representing a 0.8% increase in property revenues as compared to the six months ended June 30, 2024. The following discussion describes the primary drivers of the increase in net income available for MAA common shareholders for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Property Revenues

The following table reflects our property revenues by segment for the six months ended June 30, 2025 and 2024 (dollars in thousands):

	Six months ended June 30,
	2025		2024		Increase (decrease)			% Change
Same Store	$	1,037,780	$	1,038,953	$	(1,173	)		(0.1	)%
Non-Same Store and Other		61,417		51,104		10,313			20.2	%
Total	$	1,099,197	$	1,090,057	$	9,140			0.8	%

The Same Store segment generated a 0.1% decrease in revenues for the six months ended June 30, 2025, primarily the result of average effective rent per unit decrease of 0.5% as compared to the six months ended June 30, 2024. The increase in property revenues from the Non-Same Store and Other segment for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was primarily the result of increased revenues from completed units in development communities and recently acquired communities.

Property Operating Expenses

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities and other operating expenses. The following table reflects our property operating expenses by segment for the six months ended June 30, 2025 and 2024 (dollars in thousands):

	Six months ended June 30,
	2025		2024		Increase (decrease)		% Change
Same Store	$	385,373	$	375,999	$	9,374		2.5	%
Non-Same Store and Other		30,634		27,599		3,035		11.0	%
Total	$	416,007	$	403,598	$	12,409		3.1	%

The increase in property operating expenses for our Same Store segment for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was primarily driven by increases in personnel expense of $4.1 million, utilities expense of $3.1 million, office operations expense of $2.0 million, building repair and maintenance expense of $1.8 million, and marketing expense of $1.2 million partially offset by a decrease in property tax expense of $3.5 million. The increase in property operating expenses from the Non-Same Store and Other segment for the six months ended June 30, 2025 as compared to six months ended June 30, 2024 was primarily the result of increased operating expenses from completed development communities and recently acquired communities.

Depreciation and Amortization

Depreciation and amortization expense for the six months ended June 30, 2025 was $305.9 million, an increase of $17.8 million as compared to the six months ended June 30, 2024. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities, acquisitions and capital spend activities completed after June 30, 2024 in the normal course of business through June 30, 2025.

Other Income and Expenses

Property management expenses for the six months ended June 30, 2025 were $38.1 million, an increase of $0.9 million as compared to the six months ended June 30, 2024. General and administrative expenses for the six months ended June 30, 2025 were $28.4 million, a decrease of $1.3 million as compared to the six months ended June 30, 2024.

Interest expense for the six months ended June 30, 2025 was $90.3 million, an increase of $8.6 million as compared to the six months ended June 30, 2024. The increase was due to an increase in our average outstanding debt balance and an increase of 15 basis points in our effective interest rate, partially offset by an increase in capitalized interest during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Other non-operating (income) expense for the six months ended June 30, 2025 was $5.6 million of income, an increase of $1.3 million as compared to the six months ended June 30, 2024. The income for the six months ended June 30, 2025 was primarily driven by $3.6 million of net casualty related recoveries, $1.3 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, and $0.4 million of non-cash gain from investments. The income for the six months ended June 30, 2024 was driven by $4.3 million of non-cash gain from investments, $4.0 million of net casualty related recoveries and $3.8 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $8.0 million of accrued legal defense costs.

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Non-GAAP Financial Measures

Funds from Operations and Core Funds from Operations

Funds from operations, or FFO, a non-GAAP financial measure, represents net income available for MAA common shareholders (computed in accordance with U.S. generally accepted accounting principles, or GAAP) excluding gains or losses on disposition of operating properties, asset impairment and gain on consolidation of third-party development, 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 Quarterly Report on Form 10-Q, represents FFO attributable to common shareholders and unitholders.

FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe 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. While our calculation of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs.

Core FFO represents FFO as adjusted for items that are not considered part of our core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related (recoveries) charges, net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back to FFO, Core FFO, when used in this Quarterly Report on Form 10-Q, represents Core FFO attributable to common shareholders and unitholders.

Core FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that Core FFO is helpful in understanding our core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance from rental activities. While our definition of Core FFO may be similar to others in the industry, our methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs.

The following table presents a reconciliation of net income available for MAA common shareholders to FFO attributable to common shareholders and unitholders and Core FFO attributable to common shareholders and unitholders for the three and six months ended June 30, 2025 and 2024, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands):

	Three months ended June 30,					Six months ended June 30,
	2025			2024		2025			2024
Net income available for MAA common shareholders	$	107,205		$	101,031	$	287,956		$	243,858
Depreciation and amortization of real estate assets		152,149			143,623		303,140			285,214
Loss (gain) on sale of depreciable real estate assets		69			23		(71,842	)		25
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture		167			154		331			309
Net income attributable to noncontrolling interests		2,748			2,709		7,481			6,570
FFO attributable to common shareholders and unitholders		262,338			247,540		527,066			535,976
(Gain) loss on embedded derivative in preferred shares (1)		(1,693	)		9,286		(1,283	)		(3,806	)
Loss (gain) on investments, net of tax (1) (2)		317			685		(337	)		(3,405	)
Casualty related (recoveries) charges, net (1)		(3,346	)		1,135		(3,568	)		(3,950	)
Legal costs, settlements and (recoveries), net (1) (3)		—			8,000		—			8,000
Core FFO attributable to common shareholders and unitholders	$	257,616		$	266,646	$	521,878		$	532,815

(1)Included in “Other non-operating (income) expense” in the Condensed Consolidated Statements of Operations.

(2)For the three months ended June 30, 2025 and 2024, loss on investments is presented net of tax benefit of $0.1 million and $0.2 million, respectively. For the six months ended June 30, 2025 and 2024, gain on investments is presented net of tax expense of $0.1 million and $0.9 million, respectively.

(3)For the three and six months ended June 30, 2024, we recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027.

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Core FFO attributable to common shareholders and unitholders for the three months ended June 30, 2025 was $257.6 million, a decrease of $9.0 million as compared to the three months ended June 30, 2024, primarily as a result of increases in property operating expenses, excluding depreciation and amortization, of $8.9 million, interest expenses of $3.8 million, and property management expenses of $0.3 million, partially offset by an increase in property revenues of $3.5 million.

Core FFO attributable to common shareholders and unitholders for the six months ended June 30, 2025 was $521.9 million, a decrease of $10.9 million as compared to the six months ended June 30, 2024, primarily as a result of increases in property operating expenses, excluding depreciation and amortization, of $12.4 million, interest expenses of $8.6 million, and property management expenses of $0.9 million, partially offset by an increase in property revenues of $9.1 million and a decrease in general and administrative expenses of $1.3 million.

Net Debt, EBITDA, EBITDAre, and Adjusted EBITDAre

Net debt, a non-GAAP financial measure, represents unsecured notes payable and secured notes payable less cash and cash equivalents and 1031(b) exchange proceeds included in restricted cash. Management considers net debt a helpful tool in evaluating our debt position. Net debt should not be considered as an alternative to any GAAP measurement as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, a non-GAAP financial measure, represents net income (computed in accordance with GAAP) plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, management considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

EBITDAre is composed of EBITDA adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect our share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, management considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While our definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other REITs to calculate EBITDAre and, accordingly, may not be comparable to such other REITs. EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Adjusted EBITDAre is comprised of EBITDAre further adjusted for items that are not considered part of our core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments; casualty related (recoveries) charges, net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. Our computation of Adjusted EBITDAre may differ from the methodology utilized by other REITs to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Management monitors its debt levels to a ratio of net debt to Adjusted EBITDAre in order to maintain our investment grade credit ratings. We believe this is an important factor in the management of our debt levels to maintain an optimal capital structure, and it is also considered in the assignment of our credit ratings. Adjusted EBITDAre is measured on a trailing twelve-month basis.

The following table presents a reconciliation of unsecured notes payable and secured notes payable to net debt as of June 30, 2025 and December 31, 2024, as we believe unsecured notes payable and secured notes payable, combined, is the most directly comparable GAAP measure (dollars in thousands):

	June 30, 2025			December 31, 2024
Unsecured notes payable	$	4,687,813		$	4,620,690
Secured notes payable		360,330			360,267
Total debt		5,048,143			4,980,957
Cash and cash equivalents		(54,482	)		(43,018	)
Net debt	$	4,993,661		$	4,937,939

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The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the trailing twelve months ended June 30, 2025 and December 31, 2024, as we believe net income is the most directly comparable GAAP measure (dollars in thousands):

	Twelve Months Ended
	June 30, 2025			December 31, 2024
Net income	$	586,585		$	541,576
Depreciation and amortization		603,445			585,616
Interest expense		177,190			168,544
Income tax expense		4,063			5,240
EBITDA		1,371,283			1,300,976
Gain on sale of depreciable real estate assets		(126,870	)		(55,003	)
Gain on consolidation of third-party development (1)		(11,239	)		(11,239	)
Adjustments to reflect the Company’s share of EBITDAre of an unconsolidated affiliate		1,384			1,363
EBITDAre		1,234,558			1,236,097
Loss on embedded derivative in preferred shares (1)		21,274			18,751
Gain on investments (1)		(3,908	)		(7,809	)
Casualty related (recoveries) charges, net (1)		(8,944	)		(9,326	)
Legal costs, settlements and (recoveries), net (1) (2)		1,437			9,437
Adjusted EBITDAre	$	1,244,417		$	1,247,150

(1)Included in “Other non-operating (income) expense” in the Condensed Consolidated Statements of Operations.

(2)For the year ended December 31, 2024, in accordance with our accounting policies, we recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027.

Our net debt to Adjusted EBITDAre ratio as of June 30, 2025 was 4.0x, consistent with our net debt to Adjusted EBITDAre ratio as of December 31, 2024. Adjusted EBITDAre decreased $2.7 million for the trailing twelve months ended June 30, 2025 as compared to the trailing twelve months ended December 31, 2024, while net debt increased $55.7 million as of June 30, 2025 as compared to December 31, 2024. The decrease in Adjusted EBITDAre was primarily due to increases in property operating expenses, excluding depreciation and amortization, property management expenses and general and administrative expenses, partially offset by an increase in property revenues, while the increase in net debt was primarily due to an increase in unsecured notes payable, partially offset by an increase in cash and cash equivalents. The increase in unsecured notes payable was primarily driven by an increase in cash requirements to fund acquisition and development activities.

Liquidity and Capital Resources

Our cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources.

We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets.

We historically have had positive net cash flows from operating activities. We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future.

As of June 30, 2025, we had $1.0 billion of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility.

Cash Flows from Operating Activities

Net cash provided by operating activities was $550.1 million for the six months ended June 30, 2025, an increase of $0.4 million as compared to the six months ended June 30, 2024. The increase in operating cash flows was primarily driven by the timing of cash payments.

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Cash Flows from Investing Activities

Net cash used in investing activities was $238.3 million for the six months ended June 30, 2025, a decrease of $91.5 million as compared to the six months ended June 30, 2024. The primary drivers of the change were as follows (dollars in thousands):

	Primary drivers of cash (outflow) inflow
	during the six months ended June 30,						Increase (Decrease)
	2025			2024			in Net Cash
Purchases of real estate and other assets	$	(8,690	)	$	(91,846	)	$	83,156
Capital improvements and other		(161,541	)		(141,775	)		(19,766	)
Development costs		(145,358	)		(111,108	)		(34,250	)
Contributions to affiliates		(7,425	)		(1,124	)		(6,301	)
Proceeds from sale of marketable equity securities		—			6,729			(6,729	)
Proceeds from real estate asset dispositions		81,128			—			81,128
Net proceeds from insurance recoveries		3,564			9,072			(5,508	)

The decrease in cash outflows for purchases of real estate and other assets was driven by the number and type of the real estate assets acquired during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. We acquired one land parcel during the six months ended June 30, 2025 while we acquired one apartment community and one land parcel during the six months ended June 30, 2024. The increase in cash outflows for capital improvements and other was primarily driven by increased capital spend relating to our property redevelopment and repositioning activities during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase in cash outflows for development costs was primarily driven by increased development activity during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase in cash outflows for contributions to affiliates was driven by a larger amount of investments made in the technology-focused limited partnerships during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The decrease in cash inflows from proceeds from sale of marketable equity securities resulted from no marketable equity securities being sold during the six months ended June 30, 2025 as compared to the sale of marketable equity securities during the six months ended June 30, 2024. The increase in cash inflows from proceeds from real estate asset dispositions resulted from the dispositions of two multifamily communities during the six months ended June 30, 2025 as compared to no dispositions of real estate assets during the six months ended June 30, 2024. The decrease in cash inflows from net proceeds from insurance recoveries was driven by decreased insurance reimbursements received for property and storm-related casualty claims during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Cash Flows from Financing Activities

Net cash used in financing activities was $300.4 million for the six months ended June 30, 2025, an increase of $102.0 million as compared to the six months ended June 30, 2024. The primary drivers of the change were as follows (dollars in thousands):

	Primary drivers of cash inflow (outflow)
	during the six months ended June 30,						Increase (Decrease)
	2025			2024			in Net Cash
Net proceeds from (payments of) commercial paper	$	65,000		$	(179,000	)	$	244,000
Proceeds from notes payable		—			744,551			(744,551	)
Principal payments on notes payable		—			(400,000	)		400,000
Payment of deferred financing costs		—			(7,150	)		7,150
Dividends paid on common shares		(354,284	)		(343,304	)		(10,980	)

The increase in cash inflows related to net proceeds from (payments of) commercial paper was driven by the increase in net borrowings of $65.0 million on our commercial paper program during the six months ended June 30, 2025 as compared to the decrease in net borrowings of $179.0 million on our commercial paper program during the six months ended June 30, 2024. The decrease in cash inflows from proceeds from notes payable resulted from no issuance of unsecured senior notes during the six months ended June 30, 2025 as compared to the issuance of $750.0 million of unsecured senior notes during the six months ended June 30, 2024. The decrease in cash outflows related to principal payments on notes payable resulted from no retirement of unsecured senior notes during the six months ended June 30, 2025 as compared to the retirement of $400.0 million of unsecured senior notes during the during the six months ended June 30, 2024. The decrease in cash outflows related to payment of deferred financing costs resulted from no payments of deferred financing costs during the six months ended June 30, 2025 as compared to the closing costs of $7.2 million related to the issuance of $750.0 million of unsecured senior notes during the six months ended June 30, 2024. The increase in cash outflows from dividends paid on common shares primarily resulted from the increase in the dividend rate to $3.0300 per share during the six months ended June 30, 2025 as compared to the dividend rate of $2.9400 per share during the six months ended June 30, 2024.

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Debt

The following schedule reflects our outstanding debt as of June 30, 2025 (dollars in thousands):

	Principal Balance			Average Years to Rate Maturity		Weighted Average Effective Rate
Unsecured debt
Fixed rate senior notes	$	4,400,000			5.9		3.7	%
Variable rate commercial paper program		315,000			0.1		4.7	%
Debt issuance costs, discounts and premiums		(27,187	)
Total unsecured debt	$	4,687,813			5.5		3.8	%
Secured debt
Fixed rate property mortgages	$	363,293			23.6		4.4	%
Debt issuance costs		(2,963	)
Total secured debt	$	360,330			23.6		4.4	%
Total debt	$	5,048,143			6.7		3.8	%

The following schedule presents the contractual maturity dates of our outstanding debt, net of debt issuance costs, discounts and premiums, as of June 30, 2025 (dollars in thousands):

	Commercial Paper⁽¹⁾ & Revolving Credit Facility⁽²⁾		Senior Notes		Property Mortgages		Total
2025	$	315,000	$	399,737	$	—	$	714,737
2026		—		299,130		—		299,130
2027		—		598,514		—		598,514
2028		—		398,215		—		398,215
2029		—		555,596		—		555,596
2030		—		298,401		—		298,401
2031		—		446,630		—		446,630
2032		—		395,054		—		395,054
2033		—		—		—		—
2034		—		344,135		—		344,135
Thereafter		—		637,401		360,330		997,731
Total	$	315,000	$	4,372,813	$	360,330	$	5,048,143

(1)There was $315.0 million outstanding under MAALP’s unsecured commercial paper program as of June 30, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended June 30, 2025, the average daily borrowings outstanding under the commercial paper program were $301.6 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of June 30, 2025.

The following schedule reflects the maturities and average effective interest rates of our outstanding fixed rate debt, net of debt issuance costs, discounts and premiums, as of June 30, 2025 (dollars in thousands):

	Fixed Rate Debt		Average Effective Rate
2025	$	399,737		4.2	%
2026		299,130		1.2	%
2027		598,514		3.7	%
2028		398,215		4.2	%
2029		555,596		3.7	%
2030		298,401		3.1	%
2031		446,630		1.8	%
2032		395,054		5.4	%
2033		—		—
2034		344,135		5.1	%
Thereafter		997,731		4.3	%
Total	$	4,733,143		3.8	%

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Unsecured Revolving Credit Facility & Commercial Paper

MAALP has entered into an unsecured revolving credit facility with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of June 30, 2025, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit.

MAALP has established an unsecured commercial paper program, whereby it can issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of June 30, 2025, there were $315.0 million of borrowings outstanding under the commercial paper program.

Unsecured Senior Notes

As of June 30, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding.

Secured Property Mortgages

MAALP maintains secured property mortgages with various life insurance companies. As of June 30, 2025, MAALP had $363.3 million of secured property mortgages outstanding.

For more information regarding our debt capital resources, see Note 6 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Equity

As of June 30, 2025, MAA owned 117,071,410 OP Units, representing a 97.5% limited partnership interest in MAALP, while the remaining 2,949,657 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. MAA has registered under the Securities Act the 2,949,657 shares of its common stock that, as of June 30, 2025, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets.

MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA.

MAA has no obligation to issue shares through the ATM program. During the six months ended June 30, 2025 and 2024, MAA did not sell any shares of common stock under its ATM program. As of June 30, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

For more information regarding our equity capital resources, see Note 8 and Note 9 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Material Cash Requirements

As of June 30, 2025, we had $806.6 million of outstanding debt and debt service obligations payable in the year ending December 31, 2025, including the $400.0 million of publicly issued unsecured senior notes maturing in November 2025, the $315.0 million of commercial paper borrowings due July 2025, and $91.6 million of interest payments on fixed rate debt obligations in the year ending December 31, 2025. For a schedule of the maturity dates of our outstanding debt beyond 2025, see the “Liquidity and Capital Resources - Debt” section above. As of June 30, 2025, we also had obligations to make additional capital contributions to five technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of June 30, 2025, we had committed to make additional capital contributions totaling up to $23.2 million if and when called by the general partners of the limited partnerships.

We have other material cash requirements that do not represent contractual obligations, but that we expect to incur in the ordinary course of our business.

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As of June 30, 2025, we had eight development communities under construction totaling 2,648 apartment units once complete. Total expected costs for the eight development projects are $942.5 million, of which $616.3 million had been incurred through June 30, 2025. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2025, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2024. We expect to have additional development projects in the future.

We typically declare cash dividends on MAA’s common stock on a quarterly basis, subject to approval by MAA’s Board of Directors. We expect to pay quarterly dividends at an annual rate of $6.06 per share of MAA common stock during the year ending December 31, 2025. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify our dividend policy from time to time.

For information regarding our material cash requirements as of December 31, 2024, see Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025.

Inflation

Our resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the six months ended June 30, 2025, we experienced inflationary pressures that drove higher operating expenses, primarily in personnel, utilities, office operations, and building repair and maintenance expenses.

Critical Accounting Estimates

Please refer to our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025, for discussions of our critical accounting estimates. During the three months ended June 30, 2025, there were no material changes to these estimates.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. Our primary market risk exposure is to changes in interest rates on our borrowings. As of June 30, 2025, 22.1% of our total market capitalization consisted of debt borrowings. Our interest rate risk objective is to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve this objective, we manage our exposure to fluctuations in market interest rates for borrowings through the use of fixed rate debt instruments and, from time to time, interest rate swaps to effectively fix the interest rate on anticipated future debt transactions. We use our best efforts to have our debt instruments mature across multiple years, which we believe limits our exposure to interest rate changes in any one year. We do not enter into derivative instruments for trading or other speculative purposes. As of June 30, 2025, 93.8% of our outstanding debt was subject to fixed rates. We regularly review interest rate exposure on outstanding borrowings in an effort to minimize the risk of interest rate fluctuations. There have been no material changes in our market risk as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025.

Item 4. Controls and Procedures.

Mid-America Apartment Communities, Inc.

(a) Evaluation of Disclosure Controls and Procedures

MAA is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of MAA’s disclosure controls and procedures as of June 30, 2025. Based on that evaluation, MAA’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of June 30, 2025 to ensure that information required to be disclosed by MAA in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to MAA’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control over Financial Reporting

There was no change to MAA’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting.

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Mid-America Apartments, L.P.

(a) Evaluation of Disclosure Controls and Procedures

The Operating Partnership is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, carried out an evaluation of the effectiveness of the Operating Partnership’s disclosure controls and procedures as of June 30, 2025. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, concluded that the disclosure controls and procedures were effective as of June 30, 2025 to ensure that information required to be disclosed by the Operating Partnership in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control over Financial Reporting

There was no change to the Operating Partnership’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

As disclosed in Note 10 to the condensed consolidated financial statements included in the Quarterly Report on Form 10-Q, we are engaged in certain legal proceedings, and the disclosure set forth in Note 10 relating to legal proceedings is incorporated herein by reference.

Item 1A. Risk Factors.

There have been no material changes to the risk factors that were discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Purchases of Equity Securities

The following table reflects repurchases of shares of MAA’s common stock during the three months ended June 30, 2025:

Period	Total Number of Shares Purchased (1)		Average Price Paid per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs (3)
April 1, 2025 - April 30, 2025		10,623	$	166.03		—		4,000,000
May 1, 2025 - May 31, 2025		—	$	—		—		4,000,000
June 1, 2025 - June 30, 2025		34	$	156.65		—		4,000,000
Total		10,657				—		4,000,000

(1)The shares reflected in this column are shares of MAA’s common stock surrendered by employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted shares.

(2)The price per share is based on the closing price of MAA’s common stock as of the date of determination of the statutory minimum for federal and state tax obligations.

(3)This column reflects the number of shares of MAA’s common stock that are available for purchase under the 4.0 million share repurchase program authorized by MAA’s Board of Directors in December 2015.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

41

Item 5. Other Information.

Rule 10b5-1 Trading Arrangements

During the quarter ended June 30, 2025, no director or officer of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” as that term is defined in Item 408(a) of Regulation S-K.

Non-Rule 10b5-1 Trading Arrangements

During the quarter ended June 30, 2025, no director or officer of the Company adopted or terminated any “non-Rule 10b5-1 trading arrangement” as that term is defined in Item 408(a) of Regulation S-K.

42

Item 6. Exhibits.

(a)The following exhibits are filed as part of this report.

Exhibit Number	Exhibit Description
3.1	Composite Charter of Mid-America Apartment Communities, Inc. (Filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K filed on February 24, 2017 and incorporated herein by reference)
3.2	Fifth Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 12, 2023 (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference)
3.3	Composite Certificate of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 1, 2019 and incorporated herein by reference)
3.4	Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference)
3.5	First Amendment to the Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 10, 2016 and incorporated herein by reference)
31.1	MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.3	MAALP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.4	MAALP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith
32.2	MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith
32.3	MAALP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith
32.4	MAALP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith
101	Interactive Data Files submitted pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (Inline XBRL)
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

43

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

			MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	July 31, 2025	By:	/s/ David Herring
			David Herring
			Senior Vice President and Chief Accounting Officer
			(Duly Authorized Officer)

44

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

			MID-AMERICA APARTMENTS, L.P.
		By:	Mid-America Apartment Communities, Inc., its general partner
Date:	July 31, 2025		/s/ David Herring
			David Herring
			Senior Vice President and Chief Accounting Officer
			(Duly Authorized Officer)

45

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, A. Brad Hill, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartment Communities, Inc.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 31, 2025	/s/ A. Brad Hill
		A. Brad Hill
		President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, A. Clay Holder, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartment Communities, Inc.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 31, 2025	/s/ A. Clay Holder
		A. Clay Holder
		Executive Vice President and Chief Financial Officer

EX-31.3

EXHIBIT 31.3

CERTIFICATION

I, A. Brad Hill, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartments, L.P.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 31, 2025	/s/ A. Brad Hill
		A. Brad Hill
		President and Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

EX-31.4

EXHIBIT 31.4

CERTIFICATION

I, A. Clay Holder, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartments, L.P.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	July 31, 2025	/s/ A. Clay Holder
		A. Clay Holder
		Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Mid-America Apartment Communities, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A. Brad Hill, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	July 31, 2025	/s/ A. Brad Hill
		A. Brad Hill
		President and Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Mid-America Apartment Communities, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A. Clay Holder, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	July 31, 2025	/s/ A. Clay Holder
		A. Clay Holder
		Executive Vice President and Chief Financial Officer

EX-32.3

EXHIBIT 32.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Mid-America Apartments, L.P. (the “Operating Partnership”) on Form 10-Q for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A. Brad Hill, President and Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

Date:	July 31, 2025	/s/ A. Brad Hill
		A. Brad Hill
		President and Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

EX-32.4

EXHIBIT 32.4

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Mid-America Apartments, L.P. (the “Operating Partnership”) on Form 10-Q for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A. Clay Holder, Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

Date:	July 31, 2025	/s/ A. Clay Holder
		A. Clay Holder
		Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2025	Jul. 28, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		117,071,138
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Ave
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	MAA
Title of 12(b) Security	Common Stock
Cumulative Preferred Stock [Member]
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	MAAI
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock
Limited Partner [Member]
Document Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity Central Index Key	0001581776
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	333-190028-01
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543816
Entity Address, Address Line One	6815 Poplar Ave
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
Assets
Land		$ 2,105,602	$ 2,096,912
Buildings and improvements and other		14,468,733	14,160,799
Development and capital improvements in progress		484,955	470,282
Real Estate Investment Property, at Cost		17,059,290	16,727,993
Less: Accumulated depreciation		(5,631,399)	(5,327,584)
Real Estate Investment Property, Net		11,427,891	11,400,409
Undeveloped land		73,359	73,359
Investment in real estate joint venture		41,662	41,650
Real estate assets, net		11,542,912	11,515,418
Cash and cash equivalents		54,482	43,018
Restricted cash		13,634	13,743
Other assets		224,569	232,426
Assets held for sale		0	7,764
Total assets		11,835,597	11,812,369
Liabilities:
Unsecured notes payable, net		4,687,813	4,620,690
Secured notes payable, net		360,330	360,267
Accrued expenses and other liabilities		697,054	683,748
Total liabilities		5,745,197	5,664,705
Redeemable common stock		21,135	22,230
Shareholders' equity:
Preferred stock, value, outstanding		9	9
Common stock, value, outstanding	[1]	1,168	1,166
Additional paid-in capital		7,431,627	7,417,453
Accumulated distributions in excess of net income		(1,535,340)	(1,469,557)
Accumulated other comprehensive loss		(6,110)	(6,940)
Total MAA shareholders' equity		5,891,354	5,942,131
Noncontrolling interests - Operating Partnership units		147,439	155,409
Total Company’s shareholders’ equity		6,038,793	6,097,540
Noncontrolling interests - consolidated real estate entities		30,472	27,894
Operating Partnership capital:
Limited Partners' Capital Account		436,600
Accumulated other comprehensive loss		(6,110)	(6,940)
Noncontrolling interests - consolidated real estate entities		30,472	27,894
Total equity		6,069,265	6,125,434
Total liabilities and equity		11,835,597	11,812,369
Limited Partnership [Member]
Assets
Land		2,105,602	2,096,912
Buildings and improvements and other		14,468,733	14,160,799
Development and capital improvements in progress		484,955	470,282
Real Estate Investment Property, at Cost		17,059,290	16,727,993
Less: Accumulated depreciation		(5,631,399)	(5,327,584)
Real Estate Investment Property, Net		11,427,891	11,400,409
Undeveloped land		73,359	73,359
Investment in real estate joint venture		41,662	41,650
Real estate assets, net		11,542,912	11,515,418
Cash and cash equivalents		54,482	43,018
Restricted cash		13,634	13,743
Other assets		224,569	232,426
Assets held for sale		0	7,764
Total assets		11,835,597	11,812,369
Liabilities:
Unsecured notes payable, net		4,687,813	4,620,690
Secured notes payable, net		360,330	360,267
Accrued expenses and other liabilities		697,054	683,748
Total liabilities		5,745,216	5,664,724
Redeemable common stock		21,135	22,230
Shareholders' equity:
Accumulated other comprehensive loss		(6,206)	(7,064)
Total Company’s shareholders’ equity		6,038,774	6,097,521
Noncontrolling interests - consolidated real estate entities		30,472	27,894
Operating Partnership capital:
Preferred Units, Preferred Partners' Capital Accounts		66,840	66,840
General Partners' Capital Account	[2]	5,830,701	5,882,336
Limited Partners' Capital Account	[2]	147,439	155,409
Accumulated other comprehensive loss		(6,206)	(7,064)
Noncontrolling interests - consolidated real estate entities		30,472	27,894
Total equity		6,069,246	6,125,415
Total liabilities and equity		11,835,597	11,812,369
Limited Partnership [Member] | Related Party [Member]
Liabilities:
Due to general partner		$ 19	$ 19

[1] Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 are 142,797 and 143,822, respectively.

[2] Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 are 142,797 and 143,822, respectively.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2025		Dec. 31, 2024
Common stock, par value per share	$ 0.01		$ 0.01
Common stock, shares authorized	145,000,000		145,000,000
Common stock, shares issued	117,071,410		116,883,421
Common stock, shares outstanding	117,071,410		116,883,421
Preferred Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	20,000,000		20,000,000
Preferred Stock, Dividend Rate, Percentage	8.50%		8.50%
Preferred Stock, Shares Issued	867,846		867,846
Preferred Stock, Shares Outstanding	867,846		867,846
Preferred Stock, Liquidation Preference Per Share	$ 50	[1]	$ 50
Redeemable stock, shares issued and outstanding	142,797		143,822
General Partners' Capital Account, Units Outstanding	117,071,410
Limited Partners' Capital Account, Units Outstanding	2,949,657
Limited Partnership [Member]
Preferred Stock, Dividend Rate, Percentage	8.50%		8.50%
Preferred Units, Outstanding	867,846		867,846
Redeemable stock, shares issued and outstanding	142,797		143,822
General Partners' Capital Account, Units Outstanding	117,071,410		116,883,421
Limited Partners' Capital Account, Units Outstanding	2,949,657		3,075,552

[1] The total liquidation preference for the outstanding preferred stock is $43.4 million.

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenues:
Rental and other property revenues	$ 549,902	$ 546,435	$ 1,099,197	$ 1,090,057
Expenses:
Operating expenses, excluding real estate taxes and insurance	132,465	126,213	257,420	244,412
Real estate taxes and insurance	82,189	79,583	158,587	159,186
Depreciation and amortization	153,521	145,022	305,871	288,042
Total property operating expenses	368,175	350,818	721,878	691,640
Property management expenses	17,511	17,201	38,089	37,196
General and administrative expenses	12,813	12,671	28,432	29,716
Interest expense	45,111	41,265	90,272	81,626
Loss (gain) on sale of depreciable real estate assets	69	23	(71,842)	25
Other non-operating (income) expense	(4,722)	19,244	(5,556)	(4,282)
Income before income tax expense	110,945	105,213	297,924	254,136
Income tax expense	(600)	(1,020)	(1,638)	(2,815)
Income from continuing operations before real estate joint venture activity	110,345	104,193	296,286	251,321
Income from real estate joint venture	530	469	995	951
Net income	110,875	104,662	297,281	252,272
Net income attributable to noncontrolling interests	2,748	2,709	7,481	6,570
Net income	108,127	101,953	289,800	245,702
Dividends to MAA Series I preferred shareholders	922	922	1,844	1,844
Net income available for MAA common shareholders	$ 107,205	$ 101,031	$ 287,956	$ 243,858
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 0.92	$ 0.86	$ 2.46	$ 2.09
Earnings per common share - diluted:
Net income available for MAA common shareholders	$ 0.92	$ 0.86	$ 2.46	$ 2.09
Limited Partnership [Member]
Revenues:
Rental and other property revenues	$ 549,902	$ 546,435	$ 1,099,197	$ 1,090,057
Expenses:
Operating expenses, excluding real estate taxes and insurance	132,465	126,213	257,420	244,412
Real estate taxes and insurance	82,189	79,583	158,587	159,186
Depreciation and amortization	153,521	145,022	305,871	288,042
Total property operating expenses	368,175	350,818	721,878	691,640
Property management expenses	17,511	17,201	38,089	37,196
General and administrative expenses	12,813	12,671	28,432	29,716
Interest expense	45,111	41,265	90,272	81,626
Loss (gain) on sale of depreciable real estate assets	69	23	(71,842)	25
Other non-operating (income) expense	(4,722)	19,244	(5,556)	(4,282)
Income before income tax expense	110,945	105,213	297,924	254,136
Income tax expense	(600)	(1,020)	(1,638)	(2,815)
Income from continuing operations before real estate joint venture activity	110,345	104,193	296,286	251,321
Income from real estate joint venture	530	469	995	951
Net income	110,875	104,662	297,281	252,272
Net income	110,875	104,662	297,281	252,272
Dividends to MAA Series I preferred shareholders	922	922	1,844	1,844
Net income available for MAA common shareholders	$ 109,953	$ 103,740	$ 295,437	$ 250,428
Earnings per common share - basic:
Net income available for MAALP common unitholders	$ 0.92	$ 0.86	$ 2.46	$ 2.09
Earnings per common share - diluted:
Net income available for MAALP common unitholders	$ 0.92	$ 0.86	$ 2.46	$ 2.09

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Net income	$ 110,875	$ 104,662	$ 297,281	$ 252,272
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	429	503	858	1,020
Total comprehensive income	111,304	105,165	298,139	253,292
Less: Comprehensive income attributable to noncontrolling interests	(2,765)	(2,724)	(7,509)	(6,601)
Comprehensive income attributable to MAA	108,539	102,441	290,630	246,691
Limited Partnership [Member]
Net income	110,875	104,662	297,281	252,272
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	429	503	858	1,020
Comprehensive income attributable to MAA	$ 111,304	$ 105,165	$ 298,139	$ 253,292

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income	$ 297,281	$ 252,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	306,208	288,435
(Gain) loss on sale of depreciable real estate assets	(71,842)	25
Gain on embedded derivative in preferred shares	(1,283)	(3,806)
Stock compensation expense	8,727	9,273
Amortization of debt issuance costs, discounts and premiums	3,242	3,055
Gain on investments	(413)	(4,314)
Net change in operating accounts and other operating activities	8,147	4,687
Net cash provided by operating activities	550,067	549,627
Cash flows from investing activities:
Purchases of real estate and other assets	(8,690)	(91,846)
Capital improvements and other	(161,541)	(141,775)
Development costs	(145,358)	(111,108)
Distributions from real estate joint venture	0	224
Contributions to affiliates	(7,425)	(1,124)
Proceeds from sale of marketable equity securities	0	6,729
Proceeds from real estate asset dispositions	81,128	0
Net proceeds from insurance recoveries	3,564	9,072
Net cash used in investing activities	(238,322)	(329,828)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper	65,000	(179,000)
Proceeds from notes payable	0	744,551
Principal payments on notes payable	0	(400,000)
Payment of deferred financing costs	0	(7,150)
Distributions to noncontrolling interests	(9,297)	(9,191)
Dividends paid on common shares	(354,284)	(343,304)
Dividends paid on preferred shares	(1,844)	(1,844)
Proceeds from issuances of common shares	729	616
Net change in other financing activities	(694)	(3,068)
Net cash used in financing activities	(300,390)	(198,390)
Net increase in cash, cash equivalents and restricted cash	11,355	21,409
Cash, cash equivalents and restricted cash, beginning of period	56,761	55,091
Cash, cash equivalents and restricted cash, end of period	68,116	76,500
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	54,482	62,831
Restricted cash	13,634	13,669
Total cash, cash equivalents and restricted cash	68,116	76,500
Supplemental information:
Interest paid	87,696	74,766
Income taxes paid	141	3,181
Non-cash transactions:
Distributions on common shares/units declared and accrued	181,832	176,329
Accrued construction in progress	41,738	35,993
Interest capitalized	10,153	7,140
Conversion of OP Units to shares of common stock	6,368	2,603
Limited Partnership [Member]
Cash flows from operating activities:
Net income	297,281	252,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	306,208	288,435
(Gain) loss on sale of depreciable real estate assets	(71,842)	25
Gain on embedded derivative in preferred shares	(1,283)	(3,806)
Stock compensation expense	8,727	9,273
Amortization of debt issuance costs, discounts and premiums	3,242	3,055
Gain on investments	(413)	(4,314)
Net change in operating accounts and other operating activities	8,147	4,687
Net cash provided by operating activities	550,067	549,627
Cash flows from investing activities:
Purchases of real estate and other assets	(8,690)	(91,846)
Capital improvements and other	(161,541)	(141,775)
Development costs	(145,358)	(111,108)
Distributions from real estate joint venture	0	224
Contributions to affiliates	(7,425)	(1,124)
Proceeds from sale of marketable equity securities	0	6,729
Proceeds from real estate asset dispositions	81,128	0
Net proceeds from insurance recoveries	3,564	9,072
Net cash used in investing activities	(238,322)	(329,828)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper	65,000	(179,000)
Proceeds from notes payable	0	744,551
Principal payments on notes payable	0	(400,000)
Payment of deferred financing costs	0	(7,150)
Dividends paid on common shares	(363,581)	(352,495)
Dividends paid on preferred shares	(1,844)	(1,844)
Proceeds from issuances of common shares	729	616
Net change in other financing activities	(694)	(3,068)
Net cash used in financing activities	(300,390)	(198,390)
Net increase in cash, cash equivalents and restricted cash	11,355	21,409
Cash, cash equivalents and restricted cash, beginning of period	56,761	55,091
Cash, cash equivalents and restricted cash, end of period	68,116	76,500
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	54,482	62,831
Restricted cash	13,634	13,669
Total cash, cash equivalents and restricted cash	68,116	76,500
Supplemental information:
Interest paid	87,696	74,766
Income taxes paid	141	3,181
Non-cash transactions:
Distributions on common shares/units declared and accrued	181,832	176,329
Accrued construction in progress	41,738	35,993
Interest capitalized	$ 10,153	$ 7,140

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 108,127	$ 101,953	$ 289,800	$ 245,702

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Organization and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

Consolidation And Basis Of Presentation And Significant Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Unless the context otherwise requires, all references to the “Company” refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references to “MAA” refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, the references to the “Operating Partnership” or “MAALP” refer to Mid-America Apartments, L.P., together with its consolidated subsidiaries. “Common stock” refers to the common stock of MAA, “preferred stock” refers to the preferred stock of MAA, and “shareholders” refers to the holders of shares of MAA’s common stock or preferred stock, as applicable. The common units of limited partnership interests in the Operating Partnership are referred to as “OP Units,” and the holders of the OP Units are referred to as “common unitholders.”

As of June 30, 2025, MAA owned 117,071,410 OP Units (or 97.5% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

Management believes combining the notes to the condensed consolidated financial statements of MAA and the Operating Partnership results in the following benefits:

•enhances investors’ understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in these accompanying notes applies to both MAA and the Operating Partnership; and

•creates time and cost efficiencies through the preparation of one combined set of notes instead of two separate sets.

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. Management believes it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an umbrella partnership REIT, or UPREIT. MAA’s interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA’s percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA’s only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA’s primary function is acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership from time to time. The Operating Partnership holds, directly or indirectly, all of the Company’s real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for limited partnership interests, the Operating Partnership generates the capital required by the business through the Operating Partnership’s operations, direct or indirect incurrence of indebtedness and issuance of OP Units.

The presentations of MAA’s shareholders’ equity and the Operating Partnership’s capital are the principal areas of difference between the condensed consolidated financial statements of MAA and those of the Operating Partnership. MAA’s shareholders’ equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership’s capital may include common capital and preferred capital of the general partner (MAA), limited partners’ common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

Organization of Mid-America Apartment Communities, Inc.

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of June 30, 2025, the Company owned and operated 291 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of June 30, 2025, the Company also had eight development communities under construction, totaling 2,648 apartment units once complete, and development costs of $616.3 million had been incurred through June 30, 2025 with respect to those development communities. The Company expects to complete two of these developments in 2025, four in 2026, one in 2027, and one in 2028. As of June 30, 2025, 35 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of June 30, 2025.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared by the Company’s management in accordance with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80% to 100% of all consolidated subsidiaries, including the Operating Partnership. In management’s opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE’s economic performance and which party controls such activities. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights, and the Company has concluded it is the primary beneficiary of MAALP. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below).

Noncontrolling Interests

As of June 30, 2025, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details.

The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of June 30, 2025, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $508.9 million, and consolidated liabilities were $26.0 million, net of eliminations. As of December 31, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $432.2 million, and consolidated liabilities were $27.1 million, net of eliminations.

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture, as well as six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $41.7 million as of June 30, 2025 and December 31, 2024, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of June 30, 2025 and December 31, 2024, the Company’s investments in the limited partnerships were $71.3 million and $62.2 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended June 30, 2025 and 2024, the Company recognized $0.1 million of expense and $0.3 million of income, respectively, from its investments in the limited partnerships. During the six months ended June 30, 2025 and 2024, the Company recognized $1.6 million and $8.5 million of income, respectively, from its investments in the limited partnerships. As of June 30, 2025, the Company was committed to make additional capital contributions totaling $23.2 million if and when called by the general partners of the limited partnerships.

Marketable Equity Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the Company’s investment in the marketable equity securities was $1.9 million and $3.3 million, respectively. During the three months ended June 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $6.7 million and a net realized gain on sale of $5.6 million. In addition, during the three months ended June 30, 2025 and 2024, the Company recognized $0.4 million and $1.2 million of expense, respectively, from its investment in marketable equity securities. During the six months ended June 30, 2025 and 2024, the Company recognized $1.4 million and $4.2 million of expense, respectively, from its investment in marketable equity securities.

Revenue Recognition

The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases, using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94% of the Company’s total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5% of the Company’s total revenues represent reimbursable property revenues from its residents for utility reimbursements, which are generally recognized and due on a monthly basis as residents obtain control of the service over the term of the lease. The remaining 1% of the Company’s total revenues represents other non-lease property revenues primarily driven by nonrefundable fees and commissions, which are recognized when earned.

In accordance with ASC Topic 842, rental revenues and reimbursable property revenues meet the criteria to be aggregated into a single lease component and are reported on a combined basis in the line item “Rental revenues,” as presented in the disaggregation of the Company’s revenues in Note 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues,” as presented in the disaggregation of the Company’s revenues in Note 11.

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of June 30, 2025 and December 31, 2024, right-of-use assets recorded within “Other assets” totaled $39.3 million and $40.5 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $25.2 million and $26.1 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended June 30, 2025 and 2024 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the six months ended June 30, 2025 and 2024 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair Value Measurements

The Company applies the guidance in ASC Topic 820, Fair Value Measurements and Disclosures, to the valuation of acquired real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets, if applicable, and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 for the Company’s financial instruments as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy:

Level 1 - Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the assets or liability.

Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 of the fair value hierarchy.

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Earnings Per Common Share of MAA

6 Months Ended

Jun. 30, 2025

Earnings Per Common Share Of M A A [Abstract]

Earnings per Common Share of MAA

2. Earnings per Common Share of MAA

Basic earnings per share is computed using the two-class method by dividing net income available to MAA common shareholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when the units are dilutive to earnings per share.

For the three and six months ended June 30, 2025, MAA’s diluted earnings per share was computed using the treasury stock method, and for the three and six months ended June 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Calculation of Earnings per common share - basic
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Unvested restricted shares (allocation of earnings)		(59	)		(47	)		(156	)		(111	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	107,146		$	100,984		$	287,800		$	243,747
Weighted average common shares - basic		116,976			116,783			116,908			116,727
Earnings per common share - basic	$	0.92		$	0.86		$	2.46		$	2.09
Calculation of Earnings per common share - diluted
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests (1)		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Unvested restricted shares (allocation of earnings)		—			(47	)		—			(111	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	107,205		$	100,984		$	287,956		$	243,747
Weighted average common shares - basic		116,976			116,783			116,908			116,727
Effect of dilutive securities		187			—			241			—
Weighted average common shares - diluted		117,163			116,783			117,149			116,727
Earnings per common share - diluted	$	0.92		$	0.86		$	2.46		$	2.09

(1)For the three and six months ended June 30, 2025 and 2024, 3.0 million OP Units and 3.1 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

XML

Earnings Per OP Unit of MAALP

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings per OP Unit of MAALP

3. Earnings per OP Unit of MAALP

Basic earnings per common unit is computed using the two-class method by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods.

For the three and six months ended June 30, 2025, MAALP’s diluted earnings per common unit was computed using the treasury stock method, and for the three and six months ended June 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, as presented below (dollars and units in thousands, except per unit amounts):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Calculation of Earnings per common unit - basic
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Unvested restricted units (allocation of earnings)		(59	)		(47	)		(156	)		(111	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	109,894		$	103,693		$	295,281		$	250,317
Weighted average common units - basic		119,950			119,888			119,932			119,848
Earnings per common unit - basic	$	0.92		$	0.86		$	2.46		$	2.09
Calculation of Earnings per common unit - diluted
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Unvested restricted units (allocation of earnings)		—			(47	)		—			(111	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	109,953		$	103,693		$	295,437		$	250,317
Weighted average common units - basic		119,950			119,888			119,932			119,848
Effect of dilutive securities		187			—			241			—
Weighted average common units - diluted		120,137			119,888			120,173			119,848
Earnings per common unit - diluted	$	0.92		$	0.86		$	2.46		$	2.09

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MAA Equity

6 Months Ended

Jun. 30, 2025

M A A Equity [Abstract]

MAA Equity

4. MAA Equity

Changes in MAA’s total equity and its components for the three months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE MARCH 31, 2025	$	9	$	1,166	$	7,422,913		$	(1,467,858	)	$	(6,522	)	$	154,810		$	28,952	$	6,133,470
Net income		—		—		—			108,127			—			2,748			—		110,875
Other comprehensive income - derivative     instruments		—		—		—			—			412			17			—		429
Issuance and registration of common shares		—		1		(1,107	)		—			—			—			—		(1,106	)
Shares repurchased and retired		—				(1,769	)		—			—			—			—		(1,769	)
Shares issued in exchange for common units		—		1		5,608			—			—			(5,609	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value     adjustment		—		—		—			2,724			—			—			—		2,724
Adjustment for noncontrolling interests in    Operating Partnership		—		—		58			—			—			(58	)		—		—
Amortization of unearned compensation		—		—		3,815			—			—			—			—		3,815
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.5150 per     share)		—		—		—			(177,411	)		—			—			—		(177,411	)
Distributions on noncontrolling interests units    ($1.5150 per unit)		—		—		—			—			—			(4,469	)		—		(4,469	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,520		1,520
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock			Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE MARCH 31, 2024	$	9	$	1,168		$	7,406,189		$	(1,326,654	)	$	(8,263	)	$	161,909		$	23,032	$	6,257,390
Net income		—		—			—			101,953			—			2,709			—		104,662
Other comprehensive income - derivative     instruments		—		—			—			—			488			15			—		503
Issuance and registration of common shares		—		2			(892	)		—			—			—			—		(890	)
Shares repurchased and retired		—		(1	)		(4,131	)		—			—			—			—		(4,132	)
Shares issued in exchange for common units		—		1			2,008			—			—			(2,009	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value     adjustment		—		—			—			(1,445	)		—			—			—		(1,445	)
Adjustment for noncontrolling interests in    Operating Partnership		—		—			206			—			—			(206	)		—		—
Amortization of unearned compensation		—		—			3,805			—			—			—			—		3,805
Dividends on preferred stock		—		—			—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per     share)		—		—			—			(171,925	)		—			—			—		(171,925	)
Distributions on noncontrolling interests units    ($1.4700 per unit)		—		—			—			—			—			(4,513	)		—		(4,513	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,630		1,630
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232

Changes in MAA’s total equity and its components for the six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2024	$	9	$	1,166	$	7,417,453		$	(1,469,557	)	$	(6,940	)	$	155,409		$	27,894	$	6,125,434
Net income		—		—		—			289,800			—			7,481			—		297,281
Other comprehensive income - derivative     instruments		—		—		—			—			830			28			—		858
Issuance and registration of common shares		—		1		(950	)		—			—			—			—		(949	)
Shares repurchased and retired		—				(3,071	)		—			—			—			—		(3,071	)
Exercise of stock options		—		—		38			—			—			—			—		38
Shares issued in exchange for common units		—		1		6,367			—			—			(6,368	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value     adjustment		—		—		—			829			—			—			—		829
Adjustment for noncontrolling interests in     Operating Partnership		—		—		5			—			—			(5	)		—		—
Amortization of unearned compensation		—		—		9,676			—			—			—			—		9,676
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($3.0300 per    share)		—		—		—			(354,568	)		—			—			—		(354,568	)
Distributions on noncontrolling interests units    ($3.0300 per unit)		—		—		—			—			—			(9,106	)		—		(9,106	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,578		2,578
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock			Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2023	$	9	$	1,168		$	7,399,921		$	(1,298,263	)	$	(8,764	)	$	163,128		$	22,756	$	6,279,955
Net income		—		—			—			245,702			—			6,570			—		252,272
Other comprehensive income - derivative     instruments		—		—			—			—			989			31			—		1,020
Issuance and registration of common shares		—		2			(799	)		—			—			—			—		(797	)
Shares repurchased and retired		—		(1	)		(4,973	)		—			—			—			—		(4,974	)
Shares issued in exchange for common units		—		1			2,602			—			—			(2,603	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value     adjustment		—		—			—			(1,043	)		—			—			—		(1,043	)
Adjustment for noncontrolling interests in     Operating Partnership		—		—			104			—			—			(104	)		—		—
Amortization of unearned compensation		—		—			10,330			—			—			—			—		10,330
Dividends on preferred stock		—		—			—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($2.9400 per    share)		—		—			—			(343,545	)		—			—			—		(343,545	)
Distributions on noncontrolling interests units    ($2.9400 per unit)		—		—			—			—			—			(9,117	)		—		(9,117	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,906		1,906
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232

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MAALP Capital

6 Months Ended

Jun. 30, 2025

M A A L P Capital [Abstract]

MAALP Capital

5. MAALP Capital

Changes in MAALP’s total capital and its components for the three months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2025	$	5,889,484		$	154,810		$	66,840		$	(6,635	)	$	28,952	$	6,133,451
Net income		107,205			2,748			922			—			—		110,875
Other comprehensive income - derivative instruments		—			—			—			429			—		429
Issuance of units		(1,106	)		—			—			—			—		(1,106	)
Units repurchased and retired		(1,769	)		—			—			—			—		(1,769	)
General partner units issued in exchange for limited     partner units		5,609			(5,609	)		—			—			—		—
Units issued in exchange for redeemable stock		2,109			—			—			—			—		2,109
Redeemable units fair market value adjustment		2,724			—			—			—			—		2,724
Adjustment for limited partners’ capital at redemption value		41			(41	)		—			—			—		—
Amortization of unearned compensation		3,815			—			—			—			—		3,815
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.5150 per unit)		(177,411	)		(4,469	)		—			—			—		(181,880	)
Contribution from noncontrolling interest		—			—			—			—			1,520		1,520
CAPITAL BALANCE JUNE 30, 2025	$	5,830,701		$	147,439		$	66,840		$	(6,206	)	$	30,472	$	6,069,246

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2024	$	6,014,015		$	161,909		$	66,840		$	(8,425	)	$	23,032	$	6,257,371
Net income		101,031			2,709			922			—			—		104,662
Other comprehensive income - derivative instruments		—			—			—			503			—		503
Issuance of units		(890	)		—			—			—			—		(890	)
Units repurchased and retired		(4,132	)		—			—			—			—		(4,132	)
General partner units issued in exchange for limited     partner units		2,009			(2,009	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,445	)		—			—			—			—		(1,445	)
Adjustment for limited partners’ capital at redemption value		191			(191	)		—			—			—		—
Amortization of unearned compensation		3,805			—			—			—			—		3,805
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4700 per unit)		(171,925	)		(4,513	)		—			—			—		(176,438	)
Contribution from noncontrolling interest		—			—			—			—			1,630		1,630
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213

Changes in MAALP’s total capital and its components for the six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2024	$	5,882,336		$	155,409		$	66,840		$	(7,064	)	$	27,894	$	6,125,415
Net income		287,956			7,481			1,844			—			—		297,281
Other comprehensive income - derivative instruments		—			—			—			858			—		858
Issuance of units		(949	)		—			—			—			—		(949	)
Units repurchased and retired		(3,071	)		—			—			—			—		(3,071	)
Exercise of unit options		38			—			—			—			—		38
General partner units issued in exchange for limited     partner units		6,368			(6,368	)		—			—			—		—
Units issued in exchange for redeemable stock		2,109			—			—			—			—		2,109
Redeemable units fair market value adjustment		829			—			—			—			—		829
Adjustment for limited partners’ capital at redemption value		(23	)		23			—			—			—		—
Amortization of unearned compensation		9,676			—			—			—			—		9,676
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($3.0300 per unit)		(354,568	)		(9,106	)		—			—			—		(363,674	)
Contribution from noncontrolling interest		—			—			—			—			2,578		2,578
CAPITAL BALANCE JUNE 30, 2025	$	5,830,701		$	147,439		$	66,840		$	(6,206	)	$	30,472	$	6,069,246

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2023	$	6,036,154		$	163,128		$	66,840		$	(8,942	)	$	22,756	$	6,279,936
Net income		243,858			6,570			1,844			—			—		252,272
Other comprehensive income - derivative instruments		—			—			—			1,020			—		1,020
Issuance of units		(797	)		—			—			—			—		(797	)
Units repurchased and retired		(4,974	)		—			—			—			—		(4,974	)
General partner units issued in exchange for limited     partner units		2,603			(2,603	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,043	)		—			—			—			—		(1,043	)
Adjustment for limited partners’ capital at redemption value		73			(73	)		—			—			—		—
Amortization of unearned compensation		10,330			—			—			—			—		10,330
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.9400 per unit)		(343,545	)		(9,117	)		—			—			—		(352,662	)
Contribution from noncontrolling interest		—			—			—			—			1,906		1,906
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213

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Borrowings

6 Months Ended

Jun. 30, 2025

Notes To Financial Statements [Abstract]

Borrowings

6. Borrowings

The following table summarizes the Company’s outstanding debt as of June 30, 2025 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,400,000			3.7	%	5/9/2031
Variable rate commercial paper program		315,000			4.7	%	7/6/2025
Debt issuance costs, discounts and premiums		(27,187	)
Total unsecured debt	$	4,687,813			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293			4.4	%	1/26/2049
Debt issuance costs		(2,963	)
Total secured debt	$	360,330			4.4	%
Total outstanding debt	$	5,048,143			3.8	%

Unsecured Revolving Credit Facility

MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of June 30, 2025, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit.

Unsecured Commercial Paper

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of June 30, 2025, MAALP had $315.0 million of borrowings outstanding under the commercial paper program. For the three months ended June 30, 2025, the average daily borrowings outstanding under the commercial paper program were $301.6 million.

Unsecured Senior Notes

As of June 30, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2031.

Secured Property Mortgages

As of June 30, 2025, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

Upcoming Debt Obligations

As of June 30, 2025, MAALP’s debt obligations over the next 12 months consist of approximately $715 million of principal obligations, including $315.0 million of commercial paper borrowings due July 2025 and $400.0 million of unsecured senior notes due November 2025.

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Financial Instruments and Derivatives

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Financial Instruments and Derivatives

7. Financial Instruments and Derivatives

Financial Instruments Not Carried at Fair Value

Cash and cash equivalents, restricted cash and accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair value due to their short term nature.

Fixed rate notes payable as of June 30, 2025 and December 31, 2024 totaled $4.7 billion for each time period and had estimated fair values of $4.5 billion and $4.4 billion (excluding prepayment penalties) as of June 30, 2025 and December 31, 2024, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of June 30, 2025 and December 31, 2024 totaled $315.0 million and $250.0 million, respectively, and the variable rate debt had estimated fair values of $315.0 million and $250.0 million as of June 30, 2025 and December 31, 2024, respectively. The fair values of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days, and management concluded these rates reasonably estimate current market rates.

Financial Instruments Measured at Fair Value on a Recurring Basis

As of June 30, 2025, the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Series I preferred stock (see Note 8). The Company has recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. The derivative asset is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at the Company’s option beginning on October 1, 2026 at the redemption price of $50.00 per share. The Company may use various inputs in the analysis, including risk adjusted yields of relevant MAALP bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option.

The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the fair value of the embedded derivative was $14.4 million and $13.2 million, respectively.

The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of June 30, 2025 and December 31, 2024 were classified as Level 2 in the fair value hierarchy. The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and are classified as Level 1 in the fair value hierarchy.

Terminated Cash Flow Hedges of Interest

As of June 30, 2025, the Company had $6.2 million recorded in “Accumulated other comprehensive loss,” or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next 12 months, the Company estimates an additional $1.6 million will be reclassified to earnings as an increase to “Interest expense.”

Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

		Net Loss Reclassified from AOCL into Interest Expense
	Location of Loss Reclassified	Three months ended June 30,
Derivatives in Cash Flow Hedging Relationships	from AOCL into Income	2025			2024
Terminated interest rate swaps	Interest expense	$	(429	)	$	(503	)
		Six months ended June 30,
		2025			2024
Terminated interest rate swaps	Interest expense	$	(858	)	$	(1,020	)

		Gain (Loss) Recognized in Earnings on Derivative
	Location of Gain (Loss) Recognized	Three months ended June 30,
Derivative Not Designated as Hedging Instrument	in Earnings on Derivative	2025		2024
Preferred stock embedded derivative	Other non-operating (income) expense	$	1,693	$	(9,286	)
		Six months ended June 30,
		2025		2024
Preferred stock embedded derivative	Other non-operating (income) expense	$	1,283	$	3,806

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Shareholders' Equity of MAA

6 Months Ended

Jun. 30, 2025

Shareholders Equity Of M A A [Abstract]

Shareholders' Equity of MAA

8. Shareholders’ Equity of MAA

As of June 30, 2025, 117,071,410 shares of common stock of MAA and 2,949,657 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 120,021,067 common shares and units. As of June 30, 2024, 116,858,044 shares of common stock of MAA and 3,093,707 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,951,751 common shares and units.

Preferred Stock

As of June 30, 2025, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description	Outstanding Shares		Liquidation Preference(1)		Optional Redemption Date	Redemption Price(2)		Stated Dividend Yield			Approximate Dividend Rate
MAA Series I		867,846	$	50.00	10/1/2026	$	50.00		8.50	%	$	4.25

(1)The total liquidation preference for the outstanding preferred stock is $43.4 million.

(2)The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock.

At-the-Market Share Offering Program

MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three and six months ended June 30, 2025 and 2024, MAA did not sell any shares of common stock under its ATM program. As of June 30, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

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Partners' Capital of MAALP

6 Months Ended

Jun. 30, 2025

Partners' Capital Notes [Abstract]

Partners' Capital of MAALP

9. Partners’ Capital of MAALP

Common units of limited partnership interests in MAALP are represented by OP Units. As of June 30, 2025, there were 120,021,067 OP Units outstanding, 117,071,410, or 97.5%, of which represent Class B OP Units (common units issued to or held by MAALP’s general partner or any of its subsidiaries), which were owned by MAA, MAALP’s general partner. The remaining 2,949,657 OP Units were Class A OP Units owned by Class A limited partners. As of June 30, 2024, there were 119,951,751 OP Units outstanding, 116,858,044, or 97.4%, of which were owned by MAA and 3,093,707 of which were owned by the Class A limited partners.

MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of MAALP subject to the restrictions specifically contained within MAALP’s agreement of limited partnership, or the Partnership Agreement. Unless otherwise stated in the Partnership Agreement, this power includes, but is not limited to, acquiring, leasing or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness and securing such indebtedness by mortgage, deed of trust, pledge or other lien on MAALP’s assets; and distribution of MAALP’s cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted to it if the general partner remains in supervision of the designee.

Under the Partnership Agreement, MAALP may issue Class A OP Units and Class B OP Units. Class A OP Units are any OP Units other than Class B OP Units, while Class B OP Units are those issued to or held by MAALP’s general partner or any of its subsidiaries. In general, the limited partners do not have the power to participate in the management or control of MAALP’s business except in limited circumstances, including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement.

Net income of MAALP (after allocations to preferred ownership interests) is allocated to the general partner and limited partners based on their respective ownership percentages of MAALP. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to MAALP in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, MAALP generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of MAALP. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed.

As of June 30, 2025, a total of 2,949,657 Class A OP Units were outstanding and redeemable for 2,949,657 shares of MAA common stock, with an approximate value of $436.6 million, based on the closing price of MAA’s common stock on June 30, 2025 of $148.01 per share. As of June 30, 2024, a total of 3,093,707 Class A OP Units were outstanding and redeemable for 3,093,707 shares of MAA common stock, with an approximate value of $441.2 million, based on the closing price of MAA’s common stock on June 30, 2024 of $142.61 per share. MAALP
pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock.

As of June 30, 2025, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of June 30, 2025, 867,846 units of the MAALP Series I preferred units were outstanding and owned by MAA. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Loss Contingency [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Leases

The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of June 30, 2025, the Company’s operating leases had a weighted average remaining lease term of approximately 35 years and a weighted average discount rate of approximately 4.6%.

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2025 (in thousands):

	Operating Leases
2025	$	1,533
2026		3,093
2027		3,131
2028		1,709
2029		815
Thereafter		54,856
Total minimum lease payments		65,137
Net present value adjustments		(39,899	)
Right-of-use lease liabilities	$	25,238

Legal Proceedings

In late 2022 and early 2023, approximately 28 putative class action lawsuits were filed against RealPage, Inc., along with over 50 of the largest owners and operators of apartment communities in the country, including the Company (the “RealPage Litigation”), alleging that RealPage and lessors of multifamily residential real estate conspired to artificially inflate the prices of multifamily residential real estate above competitive levels through the use of RealPage’s revenue management software. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. The Company believes the RealPage Litigation is without merit as it pertains to the Company and plans to vigorously defend the RealPage Litigation. On April 10, 2023, the Joint Panel on Multidistrict Litigation issued an order centralizing the cases in the U.S. District Court for the Middle District of Tennessee for coordinated or consolidated pretrial proceedings. Another lawsuit alleging violations of the District of Columbia’s antitrust laws and seeking similar relief was filed in the Superior Court of the District of Columbia in November 2023 by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company. The Company believes there are defenses, both factual and legal, to the allegations in these various proceedings and the Company plans to vigorously defend itself. As these proceedings are ongoing, it is not possible for the Company to predict any outcome or estimate the amount of loss, if any, which could be associated with any adverse decision. While the Company does not believe that any of these proceedings will have a material adverse effect on its financial condition, the Company cannot give assurance that the proceedings will not have a material effect on its results of operations.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows in the event of a negative outcome. Matters that arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance.

As of June 30, 2025 and December 31, 2024, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $6.7 million and $11.1 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.

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Segment Information

6 Months Ended

Jun. 30, 2025

Notes To Financial Statements [Abstract]

Segment Information

11. Segment Information

As of June 30, 2025, the Company owned and operated 291 multifamily apartment communities (which does not include development communities under construction) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

•Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year.

•Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms.

On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.

Revenues and NOI for each reportable segment for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Same Store
Rental revenues	$	514,756		$	517,114		$	1,030,163		$	1,032,963
Other property revenues		4,199			3,306			7,617			5,990
Total Same Store revenues		518,955			520,420			1,037,780			1,038,953
Non-Same Store and Other
Rental revenues		30,195			25,677			60,418			49,644
Other property revenues		752			338			999			1,460
Total Non-Same Store and Other revenues		30,947			26,015			61,417			51,104
Total rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Expenses:
Same Store
Real estate taxes	$	69,020		$	67,956		$	132,355		$	135,823
Personnel		43,249			41,264			84,833			80,736
Utilities		33,616			32,219			67,527			64,403
Building repair and maintenance		27,151			26,138			49,593			47,802
Office operations		9,311			8,435			18,880			16,876
Marketing		8,521			7,981			15,273			14,079
Insurance		8,475			8,117			16,912			16,280
Total Same Store expenses		199,343			192,110			385,373			375,999
Non-Same Store and Other
Total Non-Same Store and Other expenses		15,311			13,686			30,634			27,599
Total property operating expenses, excluding depreciation and amortization	$	214,654		$	205,796		$	416,007		$	403,598
Net Operating Income:
Same Store NOI	$	319,612		$	328,310		$	652,407		$	662,954
Non-Same Store and Other NOI		15,636			12,329			30,783			23,505
Total NOI		335,248			340,639			683,190			686,459
Depreciation and amortization		(153,521	)		(145,022	)		(305,871	)		(288,042	)
Property management expenses		(17,511	)		(17,201	)		(38,089	)		(37,196	)
General and administrative expenses		(12,813	)		(12,671	)		(28,432	)		(29,716	)
Interest expense		(45,111	)		(41,265	)		(90,272	)		(81,626	)
(Loss) gain on sale of depreciable real estate assets		(69	)		(23	)		71,842			(25	)
Other non-operating income (expense)		4,722			(19,244	)		5,556			4,282
Income tax expense		(600	)		(1,020	)		(1,638	)		(2,815	)
Income from real estate joint venture		530			469			995			951
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858

Assets for each reportable segment as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

	June 30, 2025		December 31, 2024
Assets:
Same Store	$	9,713,459	$	9,840,140
Non-Same Store and Other		1,943,122		1,814,597
Corporate		179,016		157,632
Total assets	$	11,835,597	$	11,812,369

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Real Estate Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Real Estate Acquisitions and Dispositions

12. Real Estate Acquisitions and Dispositions

Acquisitions

In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million. During the six months ended June 30, 2025, the Company did not acquire any multifamily apartment communities.

In May 2024, the Company closed on the acquisition of a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million. In April 2024, the Company also acquired a 13-acre land parcel in Phoenix, Arizona for approximately $11 million.

Dispositions

In March 2025, the Company closed on the dispositions of a 336-unit and a 240-unit multifamily apartment community located in Columbia, South Carolina for net proceeds of approximately $81 million, resulting in gain on the sale of depreciable real estate assets of approximately $72 million. During the six months ended June 30, 2025, the Company did not dispose of any land parcels.

During the six months ended June 30, 2024, the Company did not dispose of any multifamily apartment communities or land parcels.

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Organization and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared by the Company’s management in accordance with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80% to 100% of all consolidated subsidiaries, including the Operating Partnership. In management’s opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE’s economic performance and which party controls such activities. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights, and the Company has concluded it is the primary beneficiary of MAALP. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below).

Noncontrolling Interests

Noncontrolling Interests

As of June 30, 2025, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details.

The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of June 30, 2025, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $508.9 million, and consolidated liabilities were $26.0 million, net of eliminations. As of December 31, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $432.2 million, and consolidated liabilities were $27.1 million, net of eliminations.

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture, as well as six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $41.7 million as of June 30, 2025 and December 31, 2024, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of June 30, 2025 and December 31, 2024, the Company’s investments in the limited partnerships were $71.3 million and $62.2 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended June 30, 2025 and 2024, the Company recognized $0.1 million of expense and $0.3 million of income, respectively, from its investments in the limited partnerships. During the six months ended June 30, 2025 and 2024, the Company recognized $1.6 million and $8.5 million of income, respectively, from its investments in the limited partnerships. As of June 30, 2025, the Company was committed to make additional capital contributions totaling $23.2 million if and when called by the general partners of the limited partnerships.

Marketable Equity Securities

Marketable Equity Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the Company’s investment in the marketable equity securities was $1.9 million and $3.3 million, respectively. During the three months ended June 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $6.7 million and a net realized gain on sale of $5.6 million. In addition, during the three months ended June 30, 2025 and 2024, the Company recognized $0.4 million and $1.2 million of expense, respectively, from its investment in marketable equity securities. During the six months ended June 30, 2025 and 2024, the Company recognized $1.4 million and $4.2 million of expense, respectively, from its investment in marketable equity securities.

Revenue Recognition

Revenue Recognition

The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases, using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94% of the Company’s total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5% of the Company’s total revenues represent reimbursable property revenues from its residents for utility reimbursements, which are generally recognized and due on a monthly basis as residents obtain control of the service over the term of the lease. The remaining 1% of the Company’s total revenues represents other non-lease property revenues primarily driven by nonrefundable fees and commissions, which are recognized when earned.

In accordance with ASC Topic 842, rental revenues and reimbursable property revenues meet the criteria to be aggregated into a single lease component and are reported on a combined basis in the line item “Rental revenues,” as presented in the disaggregation of the Company’s revenues in Note 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues,” as presented in the disaggregation of the Company’s revenues in Note 11.

Leases

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of June 30, 2025 and December 31, 2024, right-of-use assets recorded within “Other assets” totaled $39.3 million and $40.5 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $25.2 million and $26.1 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended June 30, 2025 and 2024 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the six months ended June 30, 2025 and 2024 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair value Measurements

Fair Value Measurements

The Company applies the guidance in ASC Topic 820, Fair Value Measurements and Disclosures, to the valuation of acquired real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets, if applicable, and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 for the Company’s financial instruments as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy:

Level 1 - Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the assets or liability.

Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 of the fair value hierarchy.

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Earnings Per Common Share of MAA (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Common Share Of M A A [Abstract]

Schedule of Computation of Earnings Per Share

For the three and six months ended June 30, 2025, MAA’s diluted earnings per share was computed using the treasury stock method, and for the three and six months ended June 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Calculation of Earnings per common share - basic
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Unvested restricted shares (allocation of earnings)		(59	)		(47	)		(156	)		(111	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	107,146		$	100,984		$	287,800		$	243,747
Weighted average common shares - basic		116,976			116,783			116,908			116,727
Earnings per common share - basic	$	0.92		$	0.86		$	2.46		$	2.09
Calculation of Earnings per common share - diluted
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests (1)		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Unvested restricted shares (allocation of earnings)		—			(47	)		—			(111	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	107,205		$	100,984		$	287,956		$	243,747
Weighted average common shares - basic		116,976			116,783			116,908			116,727
Effect of dilutive securities		187			—			241			—
Weighted average common shares - diluted		117,163			116,783			117,149			116,727
Earnings per common share - diluted	$	0.92		$	0.86		$	2.46		$	2.09

(1)For the three and six months ended June 30, 2025 and 2024, 3.0 million OP Units and 3.1 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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Earnings Per OP Unit of MAALP (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Diluted Earnings per Common Unit

For the three and six months ended June 30, 2025, MAALP’s diluted earnings per common unit was computed using the treasury stock method, and for the three and six months ended June 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, as presented below (dollars and units in thousands, except per unit amounts):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Calculation of Earnings per common unit - basic
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Unvested restricted units (allocation of earnings)		(59	)		(47	)		(156	)		(111	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	109,894		$	103,693		$	295,281		$	250,317
Weighted average common units - basic		119,950			119,888			119,932			119,848
Earnings per common unit - basic	$	0.92		$	0.86		$	2.46		$	2.09
Calculation of Earnings per common unit - diluted
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Unvested restricted units (allocation of earnings)		—			(47	)		—			(111	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAALP common unitholders, adjusted	$	109,953		$	103,693		$	295,437		$	250,317
Weighted average common units - basic		119,950			119,888			119,932			119,848
Effect of dilutive securities		187			—			241			—
Weighted average common units - diluted		120,137			119,888			120,173			119,848
Earnings per common unit - diluted	$	0.92		$	0.86		$	2.46		$	2.09

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MAA Equity (Tables)

6 Months Ended

Jun. 30, 2025

M A A Equity [Abstract]

Summary of Changes in Total Equity and its Components

Changes in MAA’s total equity and its components for the three months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE MARCH 31, 2025	$	9	$	1,166	$	7,422,913		$	(1,467,858	)	$	(6,522	)	$	154,810		$	28,952	$	6,133,470
Net income		—		—		—			108,127			—			2,748			—		110,875
Other comprehensive income - derivative     instruments		—		—		—			—			412			17			—		429
Issuance and registration of common shares		—		1		(1,107	)		—			—			—			—		(1,106	)
Shares repurchased and retired		—				(1,769	)		—			—			—			—		(1,769	)
Shares issued in exchange for common units		—		1		5,608			—			—			(5,609	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value     adjustment		—		—		—			2,724			—			—			—		2,724
Adjustment for noncontrolling interests in    Operating Partnership		—		—		58			—			—			(58	)		—		—
Amortization of unearned compensation		—		—		3,815			—			—			—			—		3,815
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.5150 per     share)		—		—		—			(177,411	)		—			—			—		(177,411	)
Distributions on noncontrolling interests units    ($1.5150 per unit)		—		—		—			—			—			(4,469	)		—		(4,469	)
Contribution from noncontrolling interest		—		—		—			—			—			—			1,520		1,520
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock			Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE MARCH 31, 2024	$	9	$	1,168		$	7,406,189		$	(1,326,654	)	$	(8,263	)	$	161,909		$	23,032	$	6,257,390
Net income		—		—			—			101,953			—			2,709			—		104,662
Other comprehensive income - derivative     instruments		—		—			—			—			488			15			—		503
Issuance and registration of common shares		—		2			(892	)		—			—			—			—		(890	)
Shares repurchased and retired		—		(1	)		(4,131	)		—			—			—			—		(4,132	)
Shares issued in exchange for common units		—		1			2,008			—			—			(2,009	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value     adjustment		—		—			—			(1,445	)		—			—			—		(1,445	)
Adjustment for noncontrolling interests in    Operating Partnership		—		—			206			—			—			(206	)		—		—
Amortization of unearned compensation		—		—			3,805			—			—			—			—		3,805
Dividends on preferred stock		—		—			—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per     share)		—		—			—			(171,925	)		—			—			—		(171,925	)
Distributions on noncontrolling interests units    ($1.4700 per unit)		—		—			—			—			—			(4,513	)		—		(4,513	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,630		1,630
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232

Changes in MAA’s total equity and its components for the six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2024	$	9	$	1,166	$	7,417,453		$	(1,469,557	)	$	(6,940	)	$	155,409		$	27,894	$	6,125,434
Net income		—		—		—			289,800			—			7,481			—		297,281
Other comprehensive income - derivative     instruments		—		—		—			—			830			28			—		858
Issuance and registration of common shares		—		1		(950	)		—			—			—			—		(949	)
Shares repurchased and retired		—				(3,071	)		—			—			—			—		(3,071	)
Exercise of stock options		—		—		38			—			—			—			—		38
Shares issued in exchange for common units		—		1		6,367			—			—			(6,368	)		—		—
Shares issued in exchange for redeemable stock		—		—		2,109			—			—			—			—		2,109
Redeemable stock fair market value     adjustment		—		—		—			829			—			—			—		829
Adjustment for noncontrolling interests in     Operating Partnership		—		—		5			—			—			(5	)		—		—
Amortization of unearned compensation		—		—		9,676			—			—			—			—		9,676
Dividends on preferred stock		—		—		—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($3.0300 per    share)		—		—		—			(354,568	)		—			—			—		(354,568	)
Distributions on noncontrolling interests units    ($3.0300 per unit)		—		—		—			—			—			(9,106	)		—		(9,106	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,578		2,578
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock			Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2023	$	9	$	1,168		$	7,399,921		$	(1,298,263	)	$	(8,764	)	$	163,128		$	22,756	$	6,279,955
Net income		—		—			—			245,702			—			6,570			—		252,272
Other comprehensive income - derivative     instruments		—		—			—			—			989			31			—		1,020
Issuance and registration of common shares		—		2			(799	)		—			—			—			—		(797	)
Shares repurchased and retired		—		(1	)		(4,973	)		—			—			—			—		(4,974	)
Shares issued in exchange for common units		—		1			2,602			—			—			(2,603	)		—		—
Shares issued in exchange for redeemable stock		—		(4	)		2,073			—			—			—			—		2,069
Redeemable stock fair market value     adjustment		—		—			—			(1,043	)		—			—			—		(1,043	)
Adjustment for noncontrolling interests in     Operating Partnership		—		—			104			—			—			(104	)		—		—
Amortization of unearned compensation		—		—			10,330			—			—			—			—		10,330
Dividends on preferred stock		—		—			—			(1,844	)		—			—			—		(1,844	)
Dividends on common stock ($2.9400 per    share)		—		—			—			(343,545	)		—			—			—		(343,545	)
Distributions on noncontrolling interests units    ($2.9400 per unit)		—		—			—			—			—			(9,117	)		—		(9,117	)
Contribution from noncontrolling interest		—		—			—			—			—			—			1,906		1,906
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166		$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232

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MAALP Capital (Tables)

6 Months Ended

Jun. 30, 2025

M A A L P Capital [Abstract]

Summary of Changes in Total Capital and its Components

Changes in MAALP’s total capital and its components for the three months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2025	$	5,889,484		$	154,810		$	66,840		$	(6,635	)	$	28,952	$	6,133,451
Net income		107,205			2,748			922			—			—		110,875
Other comprehensive income - derivative instruments		—			—			—			429			—		429
Issuance of units		(1,106	)		—			—			—			—		(1,106	)
Units repurchased and retired		(1,769	)		—			—			—			—		(1,769	)
General partner units issued in exchange for limited     partner units		5,609			(5,609	)		—			—			—		—
Units issued in exchange for redeemable stock		2,109			—			—			—			—		2,109
Redeemable units fair market value adjustment		2,724			—			—			—			—		2,724
Adjustment for limited partners’ capital at redemption value		41			(41	)		—			—			—		—
Amortization of unearned compensation		3,815			—			—			—			—		3,815
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.5150 per unit)		(177,411	)		(4,469	)		—			—			—		(181,880	)
Contribution from noncontrolling interest		—			—			—			—			1,520		1,520
CAPITAL BALANCE JUNE 30, 2025	$	5,830,701		$	147,439		$	66,840		$	(6,206	)	$	30,472	$	6,069,246

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE MARCH 31, 2024	$	6,014,015		$	161,909		$	66,840		$	(8,425	)	$	23,032	$	6,257,371
Net income		101,031			2,709			922			—			—		104,662
Other comprehensive income - derivative instruments		—			—			—			503			—		503
Issuance of units		(890	)		—			—			—			—		(890	)
Units repurchased and retired		(4,132	)		—			—			—			—		(4,132	)
General partner units issued in exchange for limited     partner units		2,009			(2,009	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,445	)		—			—			—			—		(1,445	)
Adjustment for limited partners’ capital at redemption value		191			(191	)		—			—			—		—
Amortization of unearned compensation		3,805			—			—			—			—		3,805
Distributions to preferred unitholders		—			—			(922	)		—			—		(922	)
Distributions to common unitholders ($1.4700 per unit)		(171,925	)		(4,513	)		—			—			—		(176,438	)
Contribution from noncontrolling interest		—			—			—			—			1,630		1,630
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213

Changes in MAALP’s total capital and its components for the six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2024	$	5,882,336		$	155,409		$	66,840		$	(7,064	)	$	27,894	$	6,125,415
Net income		287,956			7,481			1,844			—			—		297,281
Other comprehensive income - derivative instruments		—			—			—			858			—		858
Issuance of units		(949	)		—			—			—			—		(949	)
Units repurchased and retired		(3,071	)		—			—			—			—		(3,071	)
Exercise of unit options		38			—			—			—			—		38
General partner units issued in exchange for limited     partner units		6,368			(6,368	)		—			—			—		—
Units issued in exchange for redeemable stock		2,109			—			—			—			—		2,109
Redeemable units fair market value adjustment		829			—			—			—			—		829
Adjustment for limited partners’ capital at redemption value		(23	)		23			—			—			—		—
Amortization of unearned compensation		9,676			—			—			—			—		9,676
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($3.0300 per unit)		(354,568	)		(9,106	)		—			—			—		(363,674	)
Contribution from noncontrolling interest		—			—			—			—			2,578		2,578
CAPITAL BALANCE JUNE 30, 2025	$	5,830,701		$	147,439		$	66,840		$	(6,206	)	$	30,472	$	6,069,246

	Mid-America Apartments, L.P. Unitholders’ Capital
	General Partner			Limited Partners			Preferred Units			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2023	$	6,036,154		$	163,128		$	66,840		$	(8,942	)	$	22,756	$	6,279,936
Net income		243,858			6,570			1,844			—			—		252,272
Other comprehensive income - derivative instruments		—			—			—			1,020			—		1,020
Issuance of units		(797	)		—			—			—			—		(797	)
Units repurchased and retired		(4,974	)		—			—			—			—		(4,974	)
General partner units issued in exchange for limited     partner units		2,603			(2,603	)		—			—			—		—
Units issued in exchange for redeemable stock		2,069			—			—			—			—		2,069
Redeemable units fair market value adjustment		(1,043	)		—			—			—			—		(1,043	)
Adjustment for limited partners’ capital at redemption value		73			(73	)		—			—			—		—
Amortization of unearned compensation		10,330			—			—			—			—		10,330
Distributions to preferred unitholders		—			—			(1,844	)		—			—		(1,844	)
Distributions to common unitholders ($2.9400 per unit)		(343,545	)		(9,117	)		—			—			—		(352,662	)
Contribution from noncontrolling interest		—			—			—			—			1,906		1,906
CAPITAL BALANCE JUNE 30, 2024	$	5,944,728		$	157,905		$	66,840		$	(7,922	)	$	24,662	$	6,186,213

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Borrowings (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of June 30, 2025 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,400,000			3.7	%	5/9/2031
Variable rate commercial paper program		315,000			4.7	%	7/6/2025
Debt issuance costs, discounts and premiums		(27,187	)
Total unsecured debt	$	4,687,813			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293			4.4	%	1/26/2049
Debt issuance costs		(2,963	)
Total secured debt	$	360,330			4.4	%
Total outstanding debt	$	5,048,143			3.8	%

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Financial Instruments and Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Effect of Derivative Instruments on Consolidated Statement of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

		Net Loss Reclassified from AOCL into Interest Expense
	Location of Loss Reclassified	Three months ended June 30,
Derivatives in Cash Flow Hedging Relationships	from AOCL into Income	2025			2024
Terminated interest rate swaps	Interest expense	$	(429	)	$	(503	)
		Six months ended June 30,
		2025			2024
Terminated interest rate swaps	Interest expense	$	(858	)	$	(1,020	)

		Gain (Loss) Recognized in Earnings on Derivative
	Location of Gain (Loss) Recognized	Three months ended June 30,
Derivative Not Designated as Hedging Instrument	in Earnings on Derivative	2025		2024
Preferred stock embedded derivative	Other non-operating (income) expense	$	1,693	$	(9,286	)
		Six months ended June 30,
		2025		2024
Preferred stock embedded derivative	Other non-operating (income) expense	$	1,283	$	3,806

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Shareholders' Equity of MAA (Tables)

6 Months Ended

Jun. 30, 2025

Shareholders Equity Of M A A [Abstract]

Schedule of Cumulative Redeemable Preferred Stock

As of June 30, 2025, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description	Outstanding Shares		Liquidation Preference(1)		Optional Redemption Date	Redemption Price(2)		Stated Dividend Yield			Approximate Dividend Rate
MAA Series I		867,846	$	50.00	10/1/2026	$	50.00		8.50	%	$	4.25

(1)The total liquidation preference for the outstanding preferred stock is $43.4 million.

(2)The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2025

Loss Contingency [Abstract]

Schedule of Right-of-Use Lease Obligations

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2025 (in thousands):

	Operating Leases
2025	$	1,533
2026		3,093
2027		3,131
2028		1,709
2029		815
Thereafter		54,856
Total minimum lease payments		65,137
Net present value adjustments		(39,899	)
Right-of-use lease liabilities	$	25,238

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Notes To Financial Statements [Abstract]

Revenues and NOI for Reportable Segment

Revenues and NOI for each reportable segment for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Same Store
Rental revenues	$	514,756		$	517,114		$	1,030,163		$	1,032,963
Other property revenues		4,199			3,306			7,617			5,990
Total Same Store revenues		518,955			520,420			1,037,780			1,038,953
Non-Same Store and Other
Rental revenues		30,195			25,677			60,418			49,644
Other property revenues		752			338			999			1,460
Total Non-Same Store and Other revenues		30,947			26,015			61,417			51,104
Total rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Expenses:
Same Store
Real estate taxes	$	69,020		$	67,956		$	132,355		$	135,823
Personnel		43,249			41,264			84,833			80,736
Utilities		33,616			32,219			67,527			64,403
Building repair and maintenance		27,151			26,138			49,593			47,802
Office operations		9,311			8,435			18,880			16,876
Marketing		8,521			7,981			15,273			14,079
Insurance		8,475			8,117			16,912			16,280
Total Same Store expenses		199,343			192,110			385,373			375,999
Non-Same Store and Other
Total Non-Same Store and Other expenses		15,311			13,686			30,634			27,599
Total property operating expenses, excluding depreciation and amortization	$	214,654		$	205,796		$	416,007		$	403,598
Net Operating Income:
Same Store NOI	$	319,612		$	328,310		$	652,407		$	662,954
Non-Same Store and Other NOI		15,636			12,329			30,783			23,505
Total NOI		335,248			340,639			683,190			686,459
Depreciation and amortization		(153,521	)		(145,022	)		(305,871	)		(288,042	)
Property management expenses		(17,511	)		(17,201	)		(38,089	)		(37,196	)
General and administrative expenses		(12,813	)		(12,671	)		(28,432	)		(29,716	)
Interest expense		(45,111	)		(41,265	)		(90,272	)		(81,626	)
(Loss) gain on sale of depreciable real estate assets		(69	)		(23	)		71,842			(25	)
Other non-operating income (expense)		4,722			(19,244	)		5,556			4,282
Income tax expense		(600	)		(1,020	)		(1,638	)		(2,815	)
Income from real estate joint venture		530			469			995			951
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858

Assets for Reportable Segment

Assets for each reportable segment as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

	June 30, 2025		December 31, 2024
Assets:
Same Store	$	9,713,459	$	9,840,140
Non-Same Store and Other		1,943,122		1,814,597
Corporate		179,016		157,632
Total assets	$	11,835,597	$	11,812,369

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Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025 USD ($) Properties Property Community State shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2025 USD ($) Properties Property Community State shares	Jun. 30, 2024 USD ($) shares	Dec. 31, 2028 Property	Dec. 31, 2027 Property	Dec. 31, 2026 Property	Dec. 31, 2025 Property	Dec. 31, 2024 USD ($) shares
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	117,071,410	116,858,044	117,071,410	116,858,044
Number of Real Estate Properties | Community	291		291
Number of units under development community | Properties	2,648		2,648
Development and capital improvements in progress	$ 484,955		$ 484,955						$ 470,282
Number of States in which Entity Operates | State	16		16
Consolidated assets	$ 11,835,597		$ 11,835,597						11,812,369
Consolidated liabilities	5,745,197		5,745,197						$ 5,664,705
Real Estate Investments, Joint Ventures	$ 23,200		$ 23,200
Percentage Of Rental Revenue From Leasing Of Apartment Homes			94.00%
Percentage Of Reimbursable Revenue From Leasing Of Apartment Homes			5.00%
Percentage of Rental Revenue and Other Income From Non-leasing Activities			1.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets		Other assets						Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities		Accrued expenses and other liabilities
Operating Lease, Right-of-Use Asset	$ 39,300		$ 39,300						$ 40,500
Right-of-use Lease, Liability	25,238		25,238						26,100
Net proceeds from sale of marketable equity securities		$ 6,700	0	$ 6,729
Net realized / unrealized gain on sale		5,600
Marketable equity securities	1,900		1,900						3,300
Marketable Equity Securities [Member]
Real Estate Properties [Line Items]
Investment Expense	400	1,200	1,400	4,200
Limited Partnership [Member]
Real Estate Properties [Line Items]
Investment Income		$ 300	1,600	$ 8,500
Investment Expense	100
Other Assets [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	71,300		71,300						62,200
Real Estate [Member] | Post Massachusetts Avenue [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	$ 41,700		$ 41,700						$ 41,700
Maximum [Member] | Accounting Standards Update 2016-02 [Member]
Real Estate Properties [Line Items]
Operating lease, term of contract	1 year		1 year
Development Properties [Member] | Scenario Forecast [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property					1	1	4	2
Retail [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	35		35
M A A L P [Member]
Real Estate Properties [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			97.50%	97.40%
Limited Partnership [Member]
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	117,071,410		117,071,410						116,883,421
Number of Real Estate Properties | Property	1		1
Development and capital improvements in progress	$ 484,955		$ 484,955						$ 470,282
Consolidated assets	11,835,597		11,835,597						11,812,369
Consolidated liabilities	5,745,216		5,745,216						5,664,724
Net proceeds from sale of marketable equity securities			0	$ 6,729
Limited Partnership [Member] | Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
Real Estate Properties [Line Items]
Consolidated assets	508,900		508,900						432,200
Consolidated liabilities	$ 26,000		$ 26,000						$ 27,100
Limited Partnership [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80.00%		80.00%
Limited Partnership [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100.00%		100.00%
Limited Partnership [Member] | Development Properties [Member] | Costs Incurred To Date [Member]
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 616,300		$ 616,300

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Earnings Per Common Share of MAA - Schedule of Computation of Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share Disclosure [Line Items]
Net income		$ 110,875	$ 104,662	$ 297,281	$ 252,272
Net income attributable to noncontrolling interests		(2,748)	(2,709)	(7,481)	(6,570)
Unvested restricted shares (allocation of earnings)		(59)	(47)	(156)	(111)
Dividends to MAA Series I preferred shareholders		(922)	(922)	(1,844)	(1,844)
Net income available for MAA common shareholders, adjusted		$ 107,146	$ 100,984	$ 287,800	$ 243,747
Weighted average common shares - basic		116,976	116,783	116,908	116,727
Earnings per common share - basic		$ 0.92	$ 0.86	$ 2.46	$ 2.09
Net income attributable to noncontrolling interests	[1]	$ (2,748)	$ (2,709)	$ (7,481)	$ (6,570)
Unvested restricted shares (allocation of earnings)		0	(47)	0	(111)
Dividends to MAA Series I preferred shareholders		(922)	(922)	(1,844)	(1,844)
Net income available for MAA common shareholders, adjusted		$ 107,205	$ 100,984	$ 287,956	$ 243,747
Weighted average common shares - diluted		117,163	116,783	117,149	116,727
Effect of dilutive securities		187	0	241	0
Earnings per common share - diluted		$ 0.92	$ 0.86	$ 2.46	$ 2.09
Limited Partnership Units [Member]
Earnings Per Share Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		3,000	3,100	3,000	3,100

[1] For the three and six months ended June 30, 2025 and 2024, 3.0 million OP Units and 3.1 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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Earnings Per OP Unit of MAALP - Schedule of Diluted Earnings per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share Disclosure [Line Items]
Net income	$ 110,875	$ 104,662	$ 297,281	$ 252,272
Distributions to MAALP Series I preferred unitholders	$ (922)	$ (922)	$ (1,844)	$ (1,844)
Effect of dilutive securities	187	0	241	0
Weighted average common shares - diluted	117,163	116,783	117,149	116,727
Limited Partnership [Member]
Earnings Per Share Disclosure [Line Items]
Net income	$ 110,875	$ 104,662	$ 297,281	$ 252,272
Unvested restricted units (allocation of earnings)	(59)	(47)	(156)	(111)
Distributions to MAALP Series I preferred unitholders	(922)	(922)	(1,844)	(1,844)
Net income available for MAALP common unitholders, adjusted	$ 109,894	$ 103,693	$ 295,281	$ 250,317
Weighted average common units - basic	119,950	119,888	119,932	119,848
Earnings per common unit - basic	$ 0.92	$ 0.86	$ 2.46	$ 2.09
Net income available for MAALP common unitholders, adjusted	$ 109,953	$ 103,693	$ 295,437	$ 250,317
Weighted average common units - basic	119,950	119,888	119,932	119,848
Effect of dilutive securities	187		241
Weighted average common shares - diluted	120,137	119,888	120,173	119,848
Earnings per common unit - diluted	$ 0.92	$ 0.86	$ 2.46	$ 2.09

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MAA Equity - Summary of Changes in Total Equity and its Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 6,125,434
Ending Balance	$ 6,069,265		6,069,265
Mid America Apartment Communities Inc. Shareholders Equity [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	6,133,470	$ 6,257,390	6,125,434	$ 6,279,955
Net income	110,875	104,662	297,281	252,272
Other comprehensive income - derivative instruments	429	503	858	1,020
Issuance and registration of common shares	(1,106)	(890)	(949)	(797)
Shares repurchased and retired	(1,769)	(4,132)	(3,071)	(4,974)
Exercise of stock options			38
Shares issued in exchange for redeemable stock	2,109	2,069	2,109	2,069
Redeemable stock fair market value adjustment	2,724	(1,445)	829	(1,043)
Amortization of unearned compensation	3,815	3,805	9,676	10,330
Dividends on preferred stock	(922)	(922)	(1,844)	(1,844)
Dividends on common stock	(177,411)	(171,925)	(354,568)	(343,545)
Distributions on noncontrolling interests units	(4,469)	(4,513)	(9,106)	(9,117)
Contribution from noncontrolling interest	1,520	1,630	2,578	1,906
Ending Balance	6,069,265	6,186,232	6,069,265	6,186,232
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9	9	9	9
Ending Balance	9	9	9	9
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,166	1,168	1,166	1,168
Issuance and registration of common shares	1	2	1	2
Shares repurchased and retired		(1)		(1)
Shares issued in exchange for common units	1	1	1	1
Shares issued in exchange for redeemable stock		(4)		(4)
Ending Balance	1,168	1,166	1,168	1,166
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,422,913	7,406,189	7,417,453	7,399,921
Issuance and registration of common shares	(1,107)	(892)	(950)	(799)
Shares repurchased and retired	(1,769)	(4,131)	(3,071)	(4,973)
Exercise of stock options			38
Shares issued in exchange for common units	5,608	2,008	6,367	2,602
Shares issued in exchange for redeemable stock	2,109	2,073	2,109	2,073
Adjustment for noncontrolling interests in Operating Partnership	58	206	5	104
Amortization of unearned compensation	3,815	3,805	9,676	10,330
Ending Balance	7,431,627	7,409,258	7,431,627	7,409,258
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(1,467,858)	(1,326,654)	(1,469,557)	(1,298,263)
Net income attributable to MAA	108,127	101,953	289,800	245,702
Redeemable stock fair market value adjustment	2,724	(1,445)	829	(1,043)
Dividends on preferred stock	(922)	(922)	(1,844)	(1,844)
Dividends on common stock	(177,411)	(171,925)	(354,568)	(343,545)
Ending Balance	(1,535,340)	(1,398,993)	(1,535,340)	(1,398,993)
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Other Comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(6,522)	(8,263)	(6,940)	(8,764)
Other comprehensive income - derivative instruments	412	488	830	989
Ending Balance	(6,110)	(7,775)	(6,110)	(7,775)
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	154,810	161,909	155,409	163,128
Net Income attributable to noncontrolling interest	2,748	2,709	7,481	6,570
Other comprehensive income - derivative instruments	17	15	28	31
Shares issued in exchange for common units	(5,609)	(2,009)	(6,368)	(2,603)
Adjustment for noncontrolling interests in Operating Partnership	(58)	(206)	(5)	(104)
Distributions on noncontrolling interests units	(4,469)	(4,513)	(9,106)	(9,117)
Ending Balance	147,439	157,905	147,439	157,905
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Consolidated Real Estate Entities [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	28,952	23,032	27,894	22,756
Contribution from noncontrolling interest	1,520	1,630	2,578	1,906
Ending Balance	$ 30,472	$ 24,662	$ 30,472	$ 24,662

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MAA Equity - Summary of Changes in Total Equity and its Components (Parenthetical) (Details) - Mid America Apartment Communities Inc. Shareholders Equity [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Equity [Line Items]
Dividends on common stock, per share	$ 1.515	$ 1.47	$ 3.03	$ 2.94
Distributions on noncontrolling interests per units	$ 1.515	$ 1.47	$ 3.03	$ 2.94

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MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - M A A L P [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	$ 6,133,451	$ 6,257,371	$ 6,125,415	$ 6,279,936
Net Income Available for Common Unitholders	110,875	104,662	297,281	252,272
Other comprehensive income - derivative instruments	429	503	858	1,020
Issuance of units	(1,106)	(890)	(949)	(797)
Units repurchased and retired	(1,769)	(4,132)	(3,071)	(4,974)
Exercise of stock options			38
Units issued in exchange for redeemable stock	2,109	2,069	2,109	2,069
Redeemable stock fair market value adjustment	2,724	(1,445)	829	(1,043)
Amortization of unearned compensation	3,815	3,805	9,676	10,330
Dividends on preferred stock	(922)	(922)	(1,844)	(1,844)
Distributions	(181,880)	(176,438)	(363,674)	(352,662)
Contribution from noncontrolling interest	1,520	1,630	2,578	1,906
Ending Balance	6,069,246	6,186,213	6,069,246	6,186,213
Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	154,810	161,909	155,409	163,128
Net income (loss)	2,748	2,709	7,481	6,570
General partner units issued in exchange for limited partner units	(5,609)	(2,009)	(6,368)	(2,603)
Adjustment for limited partners’ capital at redemption value	(41)	(191)	23	(73)
Distributions	(4,469)	(4,513)	(9,106)	(9,117)
Ending Balance	147,439	157,905	147,439	157,905
General Partners' Capital Account [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	5,889,484	6,014,015	5,882,336	6,036,154
Net Income Allocated to General Partners	107,205	101,031	287,956	243,858
Issuance of units	(1,106)	(890)	(949)	(797)
Units repurchased and retired	(1,769)	(4,132)	(3,071)	(4,974)
Exercise of stock options			38
General partner units issued in exchange for limited partner units	5,609	2,009	6,368	2,603
Units issued in exchange for redeemable stock	2,109	2,069	2,109	2,069
Redeemable stock fair market value adjustment	2,724	(1,445)	829	(1,043)
Adjustment for limited partners’ capital at redemption value	41	191	(23)	73
Amortization of unearned compensation	3,815	3,805	9,676	10,330
Distributions	(177,411)	(171,925)	(354,568)	(343,545)
Ending Balance	5,830,701	5,944,728	5,830,701	5,944,728
Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	66,840	66,840	66,840	66,840
Net income (loss)	922	922	1,844	1,844
Dividends on preferred stock	(922)	(922)	(1,844)	(1,844)
Ending Balance	66,840	66,840	66,840	66,840
AOCI Attributable to Noncontrolling Interest [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	(6,635)	(8,425)	(7,064)	(8,942)
Other comprehensive income - derivative instruments	429	503	858	1,020
Ending Balance	(6,206)	(7,922)	(6,206)	(7,922)
Noncontrolling Interests-Consolidated Real Estate Entities [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	28,952	23,032	27,894	22,756
Contribution from noncontrolling interest	1,520	1,630	2,578	1,906
Ending Balance	$ 30,472	$ 24,662	$ 30,472	$ 24,662

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MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
M A A L P [Member] | Limited Partner [Member]
Capital Disclosure [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 1.515	$ 1.47	$ 3.03	$ 2.94

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Borrowings - Summary of Outstanding Debt (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Debt Instrument [Line Items]
Total Outstanding Debt	$ 5,048,143
Debt Instrument, Interest Rate, Effective Percentage	3.80%
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Contract Maturity	Jan. 26, 2049
Commercial Paper Notes [Member] | Variable Rate Commercial Paper Program [Member]
Debt Instrument [Line Items]
Contract Maturity	Jul. 06, 2025
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,687,813
Debt Instrument, Interest Rate, Effective Percentage	3.80%
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 4,400,000
Debt Instrument, Interest Rate, Effective Percentage	3.70%
Contract Maturity	May 09, 2031
Unsecured Debt [Member] | Variable Rate Commercial Paper Program [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 315,000
Debt Instrument, Interest Rate, Effective Percentage	4.70%
Unsecured Debt [Member] | $1 billion unsecured revolving credit facility [Member]
Debt Instrument [Line Items]
Debt issuance costs, discounts and premiums	$ (27,187)
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	360,330
Debt issuance costs	$ (2,963)
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 363,293
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Contract Maturity	Dec. 31, 2049

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Borrowings - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-Term Debt, Maturity, Year One	$ 715,000,000
Unsecured debt	$ 4,687,813,000	$ 4,620,690,000
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date	Jan. 26, 2049
Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Payment Terms	397
Debt Instrument, Face Amount	$ 315,000,000
Average daily borrowings outstanding under commercial paper program	301,600,000
Unsecured debt	315,000,000
Maximum [Member] | Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	625,000,000
Unsecured Senior Notes Due November 2025 [Member
Debt Instrument [Line Items]
Unsecured debt	$ 400,000,000
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date	May 09, 2031
Debt Instrument, Face Amount	$ 4,400,000,000
Unsecured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current Borrowing capacity	1,250,000,000
Line of credit facility, maximum Borrowing capacity	$ 2,000,000,000
Debt instrument, Maturity date	Oct. 01, 2026
Line of Credit Facility, Amount Outstanding	$ 0
Letters of Credit Outstanding, Amount	$ 4,500,000
Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, Basis spread on variable rate	0.70%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Unsecured Debt [Member] | Minimum [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Unsecured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, Basis spread on variable rate	1.40%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Unsecured Debt [Member] | Maximum [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	30 years
Unsecured Debt [Member] | Public Income Notes [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 4,400,000,000
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date	Dec. 31, 2049
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 363,293,000

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Financial Instruments and Derivatives - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
		Jun. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Preferred Stock, Redemption Price Per Share	[1]	$ 50
Preferred Stock, Redemption Date		Oct. 01, 2026
Variable Rate Commercial Paper Program [Member]
Derivative [Line Items]
Debt instruments Carrying Value		$ 315.0	$ 250.0
Variable Rate Commercial Paper Program		$ 315.0	250.0
Variable Rate Commercial Paper Program [Member] | Maximum [Member]
Derivative [Line Items]
Debt Renewal Period		30 days
Designated as Hedging Instrument
Derivative [Line Items]
Realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments		$ 6.2
Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months		1.6
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset		14.4	13.2
Fixed Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		4,700.0	4,700.0
Notes Payable, Fair Value Disclosure		$ 4,500.0	$ 4,400.0

[1] The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

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Financial Instruments and Derivatives - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net			$ 1,283	$ 3,806
Designated as Hedging Instrument
Derivative [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (429)	$ (503)	$ (858)	$ (1,020)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 1,693	$ (9,286)	$ 1,283	$ 3,806

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Shareholders' Equity of MAA - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Equity [Line Items]
Common stock, shares outstanding	117,071,410	116,858,044	117,071,410	116,858,044	116,883,421
Common Shares Issuable Upon Conversion Of Convertible Stock	2,949,657	3,093,707	2,949,657	3,093,707
Total common shares and operating partnership units outstanding	120,021,067	119,951,751	120,021,067	119,951,751
At The Market Offering [Member]
Equity [Line Items]
Common stock shares sold	0	0	0	0
Number Of Shares Remaining For Issuance			4,000,000
Maximum [Member] | At The Market Offering [Member]
Equity [Line Items]
Common stock shares sold			4,000,000

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Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares		6 Months Ended		12 Months Ended
		Jun. 30, 2025		Dec. 31, 2024
Equity [Line Items]
Preferred Stock, Shares Outstanding		867,846		867,846
Preferred Stock, Liquidation Preference Per Share		$ 50	[1]	$ 50
Preferred Stock, Redemption Date		Oct. 01, 2026
Preferred Stock, Redemption Price Per Share	[2]	$ 50
Preferred Stock, Dividend Rate, Percentage		8.50%		8.50%
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 4.25
Redeemable Preferred Stock [Member]
Equity [Line Items]
Preferred Stock, Shares Outstanding		867,846

[1] The total liquidation preference for the outstanding preferred stock is $43.4 million.

[2] The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

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Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Parenthetical) (Details) $ in Millions	Jun. 30, 2025 USD ($)
M A A Equity [Abstract]
Preferred Stock, Liquidation Preference, Value	$ 43.4

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Partners' Capital of MAALP - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Schedule Of Capital Structure [Line Items]
Operating partnership units outstanding	120,021,067	119,951,751
General Partners' Capital Account, Units Outstanding	117,071,410	116,858,044
Limited Partners' Capital Account, Units Outstanding	2,949,657	3,093,707
Common Shares Issuable Upon Conversion Of Convertible Stock	2,949,657	3,093,707
Limited Partners' Capital Account	$ 436.6	$ 441.2
Redeemable Capital Shares Par Or Stated Value Per Share	$ 148.01	$ 142.61
Preferred Stock, Shares Outstanding	867,846		867,846
Redeemable Preferred Stock [Member]
Schedule Of Capital Structure [Line Items]
Preferred Stock, Shares Outstanding	867,846
M A A L P [Member]
Schedule Of Capital Structure [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	97.50%	97.40%

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Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Operating lease weighted average remaining lease term	35 years
Operating lease weighted average discount rate	4.60%
Loss contingency accrual	$ 6.7	$ 11.1
Apartment Communities [Member]
Loss Contingencies [Line Items]
Lease expiration year	2074
Office Lease [Member]
Loss Contingencies [Line Items]
Lease expiration year	2028

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Commitments and Contingencies - Schedule of Right-of-Use Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Loss Contingency [Abstract]
2025	$ 1,533
2026	3,093
2027	3,131
2028	1,709
2029	815
Thereafter	54,856
Total minimum lease payments	65,137
Net present value adjustments	(39,899)
Right-of-use lease liabilities	$ 25,238	$ 26,100
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities

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Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2025 State Segment Community
Segment Reporting Information [Line Items]
Number of owned or owned interests of apartment communities | Community	291
Number of States in which Entity Operates	16
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of reportable segments | Segment	2
Period properties owned and stabilized	12 months
Occupancy Level For Stabilized Communities	90.00%
Period Properties Stabilized	90 days
Excluding Construction in Progress [Member]
Segment Reporting Information [Line Items]
Number of States in which Entity Operates	16
Same Store [Member]
Segment Reporting Information [Line Items]
Period properties owned and stabilized	12 months

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Segment Information - Revenues and NOI for Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Information
Total operating revenues	$ 549,902	$ 546,435	$ 1,099,197	$ 1,090,057
Total property operating expenses, excluding depreciation and amortization	214,654	205,796	416,007	403,598
Net Operating Income	335,248	340,639	683,190	686,459
Depreciation and amortization	(153,521)	(145,022)	(305,871)	(288,042)
Property management expenses	(17,511)	(17,201)	(38,089)	(37,196)
General and administrative expenses	(12,813)	(12,671)	(28,432)	(29,716)
Interest expense	(45,111)	(41,265)	(90,272)	(81,626)
(Loss) gain on sale of depreciable real estate assets	(69)	(23)	71,842	(25)
Other non-operating income (expense)	4,722	(19,244)	5,556	4,282
Income tax expense	(600)	(1,020)	(1,638)	(2,815)
Income from real estate joint venture	530	469	995	951
Net income (loss) attributable to noncontrolling interests	(2,748)	(2,709)	(7,481)	(6,570)
Dividends to MAA Series I preferred shareholders	(922)	(922)	(1,844)	(1,844)
Net income available for MAA common shareholders	107,205	101,031	287,956	243,858
Same Store [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	514,756	517,114	1,030,163	1,032,963
Other operating income expense net	4,199	3,306	7,617	5,990
Total operating revenues	518,955	520,420	1,037,780	1,038,953
Total property operating expenses, excluding depreciation and amortization	199,343	192,110	385,373	375,999
Real estate taxes	69,020	67,956	132,355	135,823
Personnel	43,249	41,264	84,833	80,736
Utilities	33,616	32,219	67,527	64,403
Building repair and maintenance	27,151	26,138	49,593	47,802
Office operations	9,311	8,435	18,880	16,876
Marketing	8,521	7,981	15,273	14,079
Insurance	8,475	8,117	16,912	16,280
Net Operating Income	319,612	328,310	652,407	662,954
Non-Same Store and Other [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	30,195	25,677	60,418	49,644
Other operating income expense net	752	338	999	1,460
Total operating revenues	30,947	26,015	61,417	51,104
Total property operating expenses, excluding depreciation and amortization	15,311	13,686	30,634	27,599
Net Operating Income	$ 15,636	$ 12,329	$ 30,783	$ 23,505

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Segment Information - Assets for Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 11,835,597	$ 11,812,369
Same Store [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,713,459	9,840,140
Non-Same Store and Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,943,122	1,814,597
Corporate Assets [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 179,016	$ 157,632

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Real Estate Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	May 31, 2024 USD ($) ApartmentUnit	Apr. 30, 2024 USD ($) a	Jun. 30, 2025 USD ($) a ApartmentUnit	Mar. 31, 2025 USD ($) ApartmentUnit	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) a ApartmentUnit	Jun. 30, 2024 USD ($) ApartmentUnit
Business Acquisition [Line Items]
Number of acquired multifamily apartment communities or land parcels | ApartmentUnit							0
Gain (loss) on sale of depreciable real estate assets			$ (69)		$ (23)	$ 71,842	$ (25)
Multifamily [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ApartmentUnit				336
Number of multifamily apartment communities | ApartmentUnit			0			0
Charleston
Business Acquisition [Line Items]
Acquisition cost						$ 9,000
Charleston | Land
Business Acquisition [Line Items]
Area of land | a			19			19
Phoenix
Business Acquisition [Line Items]
Acquisition cost		$ 11,000
Phoenix | Land
Business Acquisition [Line Items]
Area of land | a		13
Columbia | Multifamily [Member]
Business Acquisition [Line Items]
Gross proceeds from disposition				$ 81,000
Number of units in real estate property | ApartmentUnit				240
Gain (loss) on sale of depreciable real estate assets				$ 72,000
Raleigh Nc | Multifamily [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ApartmentUnit	306
Proceeds used to purchase apartment communities	$ 81,000