Mid-America Apartment Communities (MAA) 10-K risk factor changes: FY2025 vs FY2024

General economic conditions in the U.S. have fluctuated in recent [removed: quarters,] [added: years,] and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market.

As of December 31, [removed: 2024,] [added: 2025,] substantially all of our investments are concentrated in the multifamily sector.

As of December 31, [removed: 2024,] [added: 2025,] approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida.

Operations from new acquisitions, development [removed: projects and] [added: projects,] redevelopment [removed: activities] [added: activities, and platform initiatives] may fail to perform as expected.

We intend to [added: continue to] acquire, develop and redevelop apartment communities as part of our business strategy.

Such significant [removed: changes] [added: change] over a relatively short period of time could result in unintended negative effects, such as creating employee dissatisfaction that could affect retention of [added: other] key employees or impacting short-term strategic initiatives, which could adversely affect our business.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: seven] [added: eight] development communities under construction representing [removed: 2,312] [added: 2,522] units once complete.

For example, we [removed: are currently] [added: recently entered into] a [removed: defendant, among other companies, in] [added: settlement agreement to settle] lawsuits filed by plaintiffs individually and on behalf of a purported class of plaintiffs alleging that RealPage, Inc. and many of the largest owners and operators of apartment communities in the country, including us, conspired to artificially inflate [removed: the prices of] multifamily [removed: rents] [added: residential rental prices] above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws.

Similarly, [removed: another lawsuit] [added: other lawsuits] alleging violations of [removed: the District of Columbia’s] antitrust [added: and other] laws [removed: has] [added: have] been filed by the District of Columbia [added: and the Commonwealth of Kentucky] against RealPage and a number of large apartment community owners and operators, including us.

For more detail on these [removed: lawsuits,] [added: legal proceedings,] see Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K.

To the extent a disease outbreak or other public health event adversely affects our business, financial condition, results of operations and cash flows, it may also have the effect of heightening many of the other [removed: risk] [added: risks] described in this Annual Report on Form 10-K.

As of December 31, [removed: 2024,] [added: 2025,] the amount of our total debt was [removed: $5.0] [added: $5.4] billion.

As of December 31, [removed: 2024,] [added: 2025,] we had outstanding borrowings of [removed: $5.0] [added: $5.4] billion.

MAA’s Board of Directors may modify [removed: our] [added: MAA’s] dividend policy from time to time.

As of December 31, [removed: 2024,] [added: 2025,] 867,846 shares of preferred stock were issued and outstanding, all of which shares were MAA Series I preferred stock.

Also, as of December 31, [removed: 2024,] [added: 2025,] MAA owned approximately [removed: 97.4%] [added: 97.5%] of the OP Units.

Further, we intend to continue to implement platform initiatives across our apartment communities as part of our business strategy.

Once implemented, platform initiatives may not perform as we expect.

We may also overestimate the revenue (or expense savings) that such platform initiatives may generate.

In the last few years, we have transformed our executive team by elevating several internal candidates to key leadership positions.

A failure to keep pace with developments in technology could impair our operations or competitive position.

Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence.

These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements.

If we are unable to do so on a timely basis or at a reasonable cost, or fail to do so, our business could suffer.

Also, we may not achieve the benefits that we anticipate from any new system, software or technology, and a failure to do so could result in higher than anticipated costs or could adversely affect our results of operations.

The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including the duration and scope of the event in the U.S. and any associated governmental directives; our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis; federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent; the regulatory focus on landlords as distinguished from other providers of essential services; and the extent of the impact on our development and redevelopment programs and activities due to governmental directives or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs.

In the last three years, we have transformed our executive team by elevating internal candidates to the offices of Chief Executive Officer (effective April 1, 2025), President, Chief Financial Officer, Chief Administrative Officer, Chief Strategy and Analysis Officer and Chief Technology and Innovation Officer.

The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including:

the duration and scope of the event in the U.S.;

our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis;

federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent, such as the various orders that were issued by governmental authorities and public officials during the COVID-19 pandemic to temporarily halt residential evictions;

the regulatory focus on landlords as distinguished from other providers of essential services;

our ability to renew leases or relet units on favorable terms, or at all, including as a result of unfavorable economic and market conditions in those markets where our properties are located;

our ability to lease or relet units due to social distancing or other restrictions that may frustrate our leasing activities;

our ability to successfully complete the lease-up of properties in our lease-up portfolio and attain expected rental and occupancy rates due to social distancing or other restrictions that may frustrate our leasing activities, which, for example, led us to temporarily close property amenities and temporarily prohibit public access in our property leasing offices during the COVID-19 pandemic;

our ability to continue our apartment unit redevelopment programs and attain increased rental rates for renovated or upgraded units due to social distancing or other restrictions, which, for example, caused us to temporarily suspend our apartment unit redevelopment activities during the COVID-19 pandemic;

our ability to complete the construction of properties in our development portfolio on schedule and on budget due to social distancing or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs;

the impact of supply chain disruptions and inflationary pressures on our normal business operations, including repair and maintenance work and unit renovations and upgrades;

disruption and instability in the financial markets, which experienced significant volatility during the COVID-19 pandemic, or deteriorations in credit and financing conditions (or a refusal or failure of one or more lenders under our unsecured revolving credit facility to fund their respective financing commitment to us), which could affect our ability to access capital necessary to fund our business operations or refinance maturing debt on a timely basis, on attractive terms, or at all, which would adversely affect our ability to meet liquidity and capital expenditure requirements;

stock market volatility that negatively affects the market price of our securities, including market conditions unrelated to our operating performance or prospects;

the impact on our workforce of any vaccine mandate implemented by governmental authorities, which could result in employee attrition; and

our ability to manage our business to the extent our management or other personnel are impacted in significant numbers and are not willing, available or allowed to conduct work.

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 [removed: 97.4%] [added: 97.5%] interest as of December 31, [removed: 2024.][added: 2025.]

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 December 31, [removed: 2024,] [added: 2025,] we owned and operated 293 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 December 31, [removed: 2024,] [added: 2025,] we had [removed: seven] [added: 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 December 31, [removed: 2024.][added: 2025.]

For the year ended December 31, [removed: 2024,] [added: 2025,] net income available for MAA common shareholders was [removed: $523.9] [added: $443.2] million as compared to [removed: $549.1] [added: $523.9] million for the year ended December 31, [removed: 2023.][added: 2024.]

Results for the year ended December 31, [removed: 2023] [added: 2025] included [removed: $18.5] [added: $72.1] million of [added: gain related to the sale of depreciable real estate assets, $6.1 million of] non-cash [added: gain, net of tax, from investments, $4.6 million in net casualty] gain [added: and $1.1 million of non-cash gain] related to the fair value adjustment of the embedded derivative in the MAA Series I preferred [removed: shares and $3.5] [added: shares, partially offset by $61.9] million of [removed: non-cash gain, net of tax, from investments.][added: legal costs and settlements.]

Revenues for the year ended December 31, [removed: 2024] [added: 2025] increased [removed: 2.0%] [added: 0.8%] as compared to the year ended December 31, [removed: 2023,] [added: 2024,] driven by [removed: a 44.7%] [added: an 18.9%] increase in our Non-Same Store and Other segment.

Property operating expenses, excluding depreciation and amortization, for the year ended December 31, [removed: 2024] [added: 2025] increased by [removed: 6.8%] [added: 2.2%] as compared to the year ended December 31, [removed: 2023,] [added: 2024,] driven by a [removed: 3.9%] [added: 2.0%] increase in our Same Store segment and [removed: 71.8%] [added: 4.3%] increase in our Non-Same Store and Other segment.

During the year ended December 31, [removed: 2024,] [added: 2025, the change in] revenue [removed: growth] for our Same Store segment [removed: continued to be] [added: was] primarily driven by [removed: growth in] average effective rent per unit.

The average effective rent per unit for our Same Store segment [removed: increased] [added: decreased] to [removed: an average effective rent per unit of $1,688] [added: $1,690] for the year ended December 31, [removed: 2024] [added: 2025 as] compared to [removed: $1,684] [added: $1,698] for the year ended December 31, [removed: 2023.][added: 2024.]

This represents [removed: an increase] [added: a decrease] of [removed: 0.3%] [added: 0.5%] for the year ended December 31, [removed: 2024] [added: 2025] as compared to the year ended December 31, [removed: 2023.][added: 2024.]

For the year ended December 31, [removed: 2024,] [added: 2025,] average physical occupancy for our Same Store segment was [removed: 95.5%,] [added: 95.6%] as compared to [removed: 95.6%] [added: 95.5%] for the year ended December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2024,] [added: 2025,] resident turnover for our Same Store segment was [removed: 42.0%] [added: 40.2%] as compared to [removed: 44.9%] [added: 42.0%] as of December 31, [removed: 2023.][added: 2024.]

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 [removed: 39] [added: 38] defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities.

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 [removed: formation and] [added: formation,] in-migration [added: and housing affordability] over the long term.

A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent [removed: pricing] [added: growth] on new leases and renewals than what we achieved in the year ended December 31, [removed: 2024.][added: 2025.]

[removed: Overall] [added: However, overall] borrowing costs remain at elevated levels [added: as compared to our in-place fixed rate debt,] and we expect this trend to continue.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $250.0] [added: $676.0] million of variable rate debt outstanding under our commercial paper program.

Our continued exposure to elevated interest rates [removed: will be a result of additional variable rate] [added: is primarily attributable to existing variable-rate] borrowings [removed: or] [added: and any] future financing [removed: and refinancing] activities.

For the year ended December 31, [removed: 2024,] [added: 2025,] we achieved net income available for MAA common shareholders of [removed: $523.9] [added: $443.2] million, a [removed: 4.6%] [added: 15.4%] decrease as compared to the year ended December 31, [removed: 2023,] [added: 2024,] and total revenue growth of [removed: $42.5] [added: $18.1] million, representing a [removed: 2.0%] [added: 0.8%] increase in property revenues as compared to the year ended December 31, [removed: 2023.][added: 2024.]

The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the year ended December 31, [removed: 2024] [added: 2025] as compared to the year ended December 31, [removed: 2023.][added: 2024.]

A discussion of the results of operations for the year ended December 31, [removed: 2023] [added: 2024] as compared to the year ended December 31, [removed: 2022] [added: 2023] is found in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, [removed: 2023,] [added: 2024,] filed with the SEC on February [removed: 9, 2024,] [added: 7, 2025,] which is available free of charge on the SEC’s website at https://www.sec.gov and on our website at https://www.maac.com, on the “For Investors” page under “Filings and Financials—Annual Reports.”

The following table reflects our property revenues by segment for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] (dollars in thousands):

| | | December 31, [removed: 2024] [added: 2025] | | | | December 31, [removed: 2023] [added: 2024] | | | | [removed: Increase] [added: Increase (decrease)] | | | | % [removed: Increase] [added: Change] | | |

The increase in property revenues for our Non-Same Store and Other segment for the year ended December 31, [removed: 2024] [added: 2025] as compared to the year ended December 31, [removed: 2023] [added: 2024] was the primary driver of total property revenue growth.

The Same Store segment generated a [removed: 0.5% increase] [added: 0.1% decrease] in revenues for the year ended December 31, [removed: 2024,] [added: 2025,] primarily the result of [added: a decrease in] average effective rent per unit [removed: growth] of [removed: 0.3%] [added: 0.5%] as compared to the year ended December 31, [removed: 2023.][added: 2024.]

The increase in property revenues from the Non-Same Store and Other segment for the year ended December 31, [removed: 2024] [added: 2025] as compared to the year ended December 31, [removed: 2023] [added: 2024] was primarily the result of increased revenues from completed development communities and recently acquired communities.

The following table reflects our property operating expenses by segment for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] (dollars in thousands):

| | | December 31, [removed: 2024] [added: 2025] | | | | December 31, [removed: 2023] [added: 2024] | | | | [removed: Increase] [added: Increase (decrease)] | | | | % [removed: Increase] [added: Change] | | |

The increase in property operating expenses for our Same Store segment for the year ended December 31, [removed: 2024] [added: 2025] as compared to the year ended December 31, [removed: 2023] [added: 2024] was primarily driven by increases in personnel expense of [removed: $7.6 million, real estate tax expense of $5.3] [added: $7.2] million, utilities expense of [removed: $4.6] [added: $5.3] million, [removed: office operations] [added: building repair and maintenance] expense of [removed: $4.6] [added: $2.5] million, [removed: insurance] [added: and marketing] expense of [removed: $2.4] [added: $1.5] million, [removed: and marketing] [added: partially offset by a decrease in property tax] expense of [removed: $2.3] [added: $2.2] million.

The increase in property operating expenses from the Non-Same Store and Other segment for the year ended December 31, [removed: 2024] [added: 2025] as compared to the year ended December 31, [removed: 2023] [added: 2024] was primarily the result of increased expenses from completed development communities and recently acquired communities.

Depreciation and amortization expense for the year ended December 31, [removed: 2024] [added: 2025] was [removed: $585.6] [added: $622.3] million, an increase of [removed: $20.6] [added: $36.7] million as compared to the year ended December 31, [removed: 2023.][added: 2024.]

The increase [added: in depreciation and amortization expense for the year ended December 31, 2025 as compared to the year ended December 31, 2024] was primarily driven by the recognition of depreciation expense associated with our completed development communities and capital spend activities made in the normal course of business during the year ended December 31, [removed: 2024,] [added: 2025,] partially offset from decreased depreciation expense from [removed: disposed] communities [added: disposed of] during the [removed: year] [added: years] ended December 31, [removed: 2023.][added: 2025 and 2024.]

Property management expenses for the year ended December 31, [removed: 2024] [added: 2025] were [removed: $72.0] [added: $74.8] million, an increase of [removed: $4.3] [added: $2.7] million as compared to the year ended December 31, [removed: 2023.][added: 2024.]

General and administrative expenses for the year ended December 31, [removed: 2024] [added: 2025] were [removed: $56.5] [added: $54.8] million, a decrease of [removed: $2.1] [added: $1.7] million as compared to the year ended December 31, [removed: 2023.][added: 2024.]

Interest expense for the year ended December 31, [removed: 2024] [added: 2025] was [removed: $168.5] [added: $185.3] million, an increase of [removed: $19.3] [added: $16.7] million as compared to the year ended December 31, [removed: 2023.][added: 2024.]

The increase was due to an increase in our average outstanding debt balance and an increase of [removed: 25] [added: nine] basis points in our effective interest [removed: rate] [added: rate, partially offset by an increase in capitalized interest] during the year ended December 31, [removed: 2024] [added: 2025] as compared to the year ended December 31, [removed: 2023.][added: 2024.]

For the [removed: year] [added: years] ended December 31, [added: 2025 and] 2024, we disposed of two apartment [removed: communities,] [added: communities each year,] resulting in [removed: a gain] [added: gains] on sale of depreciable real estate assets of [added: $72.0 million and] $55.0 [removed: million.][added: million, respectively.]

During the [removed: year] [added: years] ended December 31, [added: 2025 and] 2024, we did not dispose of any land parcels.

Other non-operating [removed: (income)] expense [added: (income)] for the year ended December 31, [removed: 2024] [added: 2025] was [removed: $1.7] [added: $47.2] million of [removed: income,] [added: expense] as compared to [removed: $31.2] [added: $1.7] million of income for the year ended December 31, [removed: 2023.][added: 2024.]

Demand for apartments in our markets was solid during 2025, as evidenced by improving occupancy and blended pricing trends, solid traffic patterns and lead volumes along with record low resident turnover.

New supply deliveries, while still elevated by historical standards, continue to be absorbed in a steady manner as the demand for apartment housing remains solid.

We believe that we will continue to see a decline in new apartment deliveries in calendar year 2026.

| Same Store | | $ | 2,077,162 | | | $ | 2,080,027 | | | $ | (2,865 | ) | | | (0.1 | )% |

| Non-Same Store and Other | | | 131,964 | | | | 110,988 | | | | 20,976 | | | | 18.9 | % |

| Total | | $ | 2,209,126 | | | $ | 2,191,015 | | | $ | 18,111 | | | | 0.8 | % |

| Same Store | | $ | 772,898 | | | $ | 757,841 | | | $ | 15,057 | | | | 2.0 | % |

| Non-Same Store and Other | | | 64,909 | | | | 62,251 | | | | 2,658 | | | | 4.3 | % |

| Total | | $ | 837,807 | | | $ | 820,092 | | | $ | 17,715 | | | | 2.2 | % |

| | | 2025 | | | | 2024 | | | |

| Development costs | | | (272,030 | ) | | | (313,888 | ) | | | 41,858 | |

During the year ended December 31, 2025, we acquired one apartment community and closed on the pre-purchase of a multifamily development community.

The decrease in cash outflows for development costs was primarily driven by decreased development activity during the year ended December 31, 2025 as compared to the year ended December 31, 2024.

| Net proceeds from (payments of) commercial paper | | $ | 426,000 | | | $ | (245,000 | ) | | $ | 671,000 | |

| Repurchase of common shares | | | (27,235 | ) | | | — | | | | (27,235 | ) |

The increase in cash outflows for repurchase of common shares resulted from MAA’s repurchase of 0.2 million shares of its common stock at an average price of $131.61 per share for total consideration of $27.2 million under its share repurchase program during the year ended December 31, 2025 as compared to no repurchase of common shares during the year ended December 31, 2024.

| Total debt | | $ | 5,405,372 | | | | 6.4 | | | | 3.8 | % |

| 2026 | | $ | 676,000 | | | $ | 299,516 | | | $ | — | | | $ | 975,516 | |

| 2028 | | | — | | | | 398,519 | | | | — | | | | 398,519 | |

| 2029 | | | — | | | | 554,833 | | | | — | | | | 554,833 | |

| 2032 | | | — | | | | 395,428 | | | | — | | | | 395,428 | |

| 2033 | | | — | | | | 393,928 | | | | — | | | | 393,928 | |

| 2034 | | | — | | | | 344,477 | | | | — | | | | 344,477 | |

| 2035 | | | — | | | | 344,342 | | | | — | | | | 344,342 | |

| Thereafter | | | — | | | | 293,497 | | | | 360,393 | | | | 653,890 | |

| Total | | $ | 676,000 | | | $ | 4,368,979 | | | $ | 360,393 | | | $ | 5,405,372 | |

| 2026 | | $ | 299,516 | | | | 1.2 | % |

| 2028 | | | 398,519 | | | | 4.2 | % |

| 2029 | | | 554,833 | | | | 3.7 | % |

| 2032 | | | 395,428 | | | | 5.4 | % |

| 2033 | | | 393,928 | | | | 4.8 | % |

| 2034 | | | 344,477 | | | | 5.1 | % |

| 2035 | | | 344,342 | | | | 5.1 | % |

| Thereafter | | | 653,890 | | | | 3.8 | % |

| Total | | $ | 4,729,372 | | | | 3.8 | % |

The revolving credit facility bears interest at a variable rate, at MAALP’s election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP’s credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP’s credit rating.

In October 2025, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program from $625.0 million to $750.0 million.

For the year ended December 31, 2025, the average daily borrowings outstanding under the commercial paper program were $379.9 million.

In November 2025, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due

January 2033 with a coupon rate of 4.650% per annum and at an issue price of 99.354%.

Demand for apartments in our markets was strong during 2024, which contributed to the steady absorption of the record-level volume of new supply delivered during the year, which we believe has now peaked.

The strong demand resulted in record low resident turnover, steady occupancy and strong renewal pricing and collections.

We believe that in calendar year 2025 we will see continued decline in the amount of new apartment deliveries impacting our portfolio and we will enter a new multi-year cycle with demand outpacing supply.

| Same Store | | $ | 2,084,836 | | | $ | 2,075,096 | | | $ | 9,740 | | | | 0.5 | % |

| Non-Same Store and Other | | | 106,179 | | | | 73,372 | | | | 32,807 | | | | 44.7 | % |

| Total | | $ | 2,191,015 | | | $ | 2,148,468 | | | $ | 42,547 | | | | 2.0 | % |

| Same Store | | $ | 763,659 | | | $ | 735,286 | | | $ | 28,373 | | | | 3.9 | % |

| Non-Same Store and Other | | | 56,433 | | | | 32,855 | | | | 23,578 | | | | 71.8 | % |

| Total | | $ | 820,092 | | | $ | 768,141 | | | $ | 51,951 | | | | 6.8 | % |

For the year ended December 31, 2023, we did not dispose of any apartment communities.

During the year ended December 31, 2023, we disposed of one land parcel, resulting in the recognition of a negligible gain on sale of non-depreciable real estate assets.

| | | 2024 | | | | 2023 | | | |

| Gain on debt extinguishment (1) | | | — | | | | (57 | ) | |

| Mark-to-market debt adjustment (4) | | | — | | | | (25 | ) | |

(4)

| (Gain) loss on sale of depreciable real estate assets | | | (55,003 | ) | | | 62 | |

| Gain on sale of non-depreciable real estate assets | | | — | | | | (54 | ) |

| Gain on debt extinguishment (1) | | | — | | | | (57 | ) |

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

| Development costs | | | (313,888 | ) | | | (198,152 | ) | | | (115,736 | ) |

| Proceeds from real estate asset dispositions | | | 84,209 | | | | 2,946 | | | | 81,263 | |

During the year ended December 31, 2023, we acquired two apartment communities.

The increase in cash outflows for development costs was primarily driven by increased development activity, including financing a third-party’s development of a 239-unit multifamily apartment community currently under construction located in Charlotte, North Carolina, during the year ended December 31, 2024 as compared to the year ended December 31, 2023.

The increase in cash inflows from proceeds from real estate asset dispositions resulted from the disposition of two multifamily communities during the year ended December 31, 2024 as compared to the disposition of one land parcel during the year ended December 31, 2023.

| Net change in commercial paper | | $ | (245,000 | ) | | $ | 475,000 | | | $ | (720,000 | ) |

| Principal payments on notes payable | | | (400,000 | ) | | | (353,861 | ) | | | (46,139 | ) |

| Payment of deferred financing costs | | | (10,317 | ) | | | (2 | ) | | | (10,315 | ) |

| Proceeds from issuances of common shares | | | 1,230 | | | | 205,070 | | | | (203,840 | ) |

| Net change in other financing activities | | | 166 | | | | (5,279 | ) | | | 5,445 | |

The increase in cash outflows from principal payments on notes payable primarily resulted from the retirement of $400.0 million of unsecured senior notes during the year ended December 31, 2024 as compared to the retirement of $350.0 million of unsecured senior notes during the year ended December 31, 2023.

The increase in cash outflows related to payment of deferred financing costs resulted from the closing costs of $10.3 million related to the issuance of $1.1 billion of unsecured senior notes during the year ended December 31, 2024 as compared to negligible deferred financing costs during the year ended December 31, 2023.

The decrease in cash inflows related to the proceeds from issuances of common shares resulted from the proceeds from the settlement of two forward sale agreements with respect to a total of 1.1 million shares at a forward price per share of $185.23 during the year ended December 31, 2023.

The increase in cash inflows from the net change in other financing activities was primarily driven by fewer 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, and more contributions received from noncontrolling interest during the year ended December 31, 2024 as compared to year ended December 31, 2023.

| Total debt | | $ | 4,980,957 | | | | 7.3 | | | | 3.8 | % |

| 2025 | | $ | 250,000 | | | $ | 399,340 | | | $ | — | | | $ | 649,340 | |

| 2026 | | | — | | | | 298,744 | | | | — | | | | 298,744 | |

| 2028 | | | — | | | | 397,911 | | | | — | | | | 397,911 | |

| 2029 | | | — | | | | 556,359 | | | | — | | | | 556,359 | |

| 2032 | | | — | | | | 394,680 | | | | — | | | | 394,680 | |

| 2033 | | | — | | | | — | | | | — | | | | — | |

As of December 31, [removed: 2024, 21.2%] [added: 2025, 24.5%] of our total market capitalization consisted of debt borrowings.

As of December 31, [removed: 2024, 95.0%] [added: 2025, 87.5%] of our outstanding debt was subject to fixed rates.

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 December 31, [removed: 2024,] [added: 2025,] we maintained full or partial ownership of apartment communities, including communities currently in development, across 16 states and the District of Columbia, summarized as follows:

As of December 31, [removed: 2024,] [added: 2025,] 35 of the Company’s apartment communities included retail components.

Number of communities includes [removed: seven] [added: eight] communities under development as of December 31, [removed: 2024.][added: 2025.]

Number of units excludes development units not yet delivered as of December 31, [removed: 2024.][added: 2025.]

MAA is the sole general partner of the Operating Partnership, holding [removed: 116,883,421] [added: 116,878,077] OP Units, comprising a [removed: 97.4%] [added: 97.5%] partnership interest in the Operating Partnership as of December 31, [removed: 2024.][added: 2025.]

take an opportunistic approach to buying, [removed: selling, developing] [added: developing, selling] and renovating apartment communities;

[removed: providing] [added: delivering] management information and improved customer services through technology innovations;

Our residents have the ability to conduct business with us 24 hours a day, [removed: 7] [added: seven] days a week and complete online leasing applications, leases and renewals through our web-based resident portal.

We acquired the following properties during the year ended December 31, [removed: 2024:][added: 2025:]

| Multifamily [removed: Acquisitions] [added: Acquisition] | | Market | | Units | | Date Acquired |

Construction of this development commenced in the second quarter of [removed: 2024.][added: 2025.]

During the year ended December 31, [removed: 2024,] [added: 2025,] we incurred [removed: $313.9] [added: $272.0] million in development costs and completed [removed: three] [added: one] development [removed: projects.][added: project.]

The following multifamily projects were under development as of December 31, [removed: 2024] [added: 2025] (dollars in thousands):

| MAA Nixie | | Raleigh/Durham, NC | | [removed: |] 406 | | [removed: | | 73 | | |] $ | [removed: 127,944 | | | $ | 145,500 |] [added: 142,841] | | [removed: $] | [removed: 358] | [added: 352] | | 3rd Quarter 2025 |

| MAA Breakwater | | Tampa, FL | | | 495 | | | | [removed: —] [added: 344] | | | [added: $] | [removed: 154,540] [added: 192,360] | | | [added: $] | 197,500 | | | [added: $] | 399 | | | [removed: 4th] [added: 1st] Quarter [removed: 2025] [added: 2026] |

| Modera Liberty Row (1) | | Charlotte, NC | | | 239 | | | | [removed: —] [added: 228] | | | | [removed: 100,492] [added: 111,567] | | [added: (3)] | | 112,000 | | | | 469 | | | 1st Quarter 2026 |

| MAA Plaza Midwood (2) | | Charlotte, NC | | | 302 | | | | [removed: —] [added: 88] | | | | [removed: 29,105] [added: 87,111] | | | | 101,500 | | | | 336 | | | [removed: 4th] [added: 3rd] Quarter 2026 |

| Modera Chandler (2) | | Phoenix, AZ | | | 345 | | | | — | | | | [removed: 34,068] [added: 75,791] | | | | 117,500 | | | | 341 | | | 4th Quarter 2026 |

| MAA [removed: Porter] [added: Rove] | | Richmond, VA | | | 306 | | | | — | | | | [removed: 15,994] [added: 53,087] | | | | 99,500 | | | | 325 | | | 3rd Quarter 2027 |

| MAA Milepost 35 II | | Denver, CO | | | 219 | | | | — | | | | [removed: 15,038] [added: 51,656] | | | | 78,000 | | | | 356 | | | 4th Quarter 2026 |

We have the option to purchase the property once [removed: construction is complete and the property] [added: it] is stabilized.

The following multifamily development [removed: projects were] [added: project was] completed during the year ended December 31, [removed: 2024] [added: 2025] (dollars in thousands):

| Project | | Location | | Total Units | | [removed: | |] Development Costs | | | | Development Costs per Unit | | | Construction Completed |

In deciding to sell an apartment community, we consider current market conditions and generally solicit competing bids from unrelated parties for these individual [removed: properties, considering the sales price and other key terms of each proposal.][added: properties.]

During the year ended December 31, [removed: 2024,] [added: 2025,] we disposed of two multifamily communities totaling [removed: 488] [added: 576] units.

During the year ended December 31, [removed: 2024,] [added: 2025,] we renovated the kitchens and bathrooms of [removed: 5,665] [added: 5,995] apartment units at an average cost of [removed: $6,219] [added: $6,080] per apartment unit, achieving average rental rate increases of [removed: 7.3%] [added: 7.0%] above the normal market rate for similar but non-renovated apartment units.

As of December 31, [removed: 2024,] [added: 2025,] we had completed installation of Smart Home technology in over 96,000 units across our apartment community portfolio providing an increase in average effective rent per unit of approximately $25 per month since the initiative began during the first quarter of 2019.

Separately, we continued our [added: WiFi retrofit program at select apartment communities, as well as our] property repositioning program to upgrade and reposition the amenity and common areas at [removed: certain of our] [added: select] apartment [removed: communities.][added: communities for higher and above market rent growth after projects are completed and units are fully repriced.]

[removed: Operating] [added: operating] apartment communities in a variety of markets [added: primarily] across the Southeast, Southwest, and Mid-Atlantic regions of the [removed: U.S.][added: U.S.;]

[removed: Operating] [added: operating] apartment communities in a variety of submarkets within our markets (urban, suburban, inner loop, [removed: etc.)][added: etc.);]

[removed: Operating] [added: operating] apartment communities of different product types such as high-rise, mid-rise and garden [removed: style][added: style; and]

[removed: Offering] [added: offering] a variety of different rent price points within a market or [removed: submarket][added: submarket.]

As of December 31, [removed: 2024,] [added: 2025,] we employed [removed: 2,532] [added: 2,507] associates.

[removed: This group] [added: The committee] works collaboratively with our Chief Executive Officer and other members of our executive team to [added: help] ensure [removed: our policies] [added: employment related policies, practices,] and [removed: actions] [added: educational efforts] are [removed: guided by our culture of inclusivity] [added: consistently applied] and [removed: are] [added: in a manner intended to be] free from [removed: discriminatory practices] [added: discrimination] and bias.

As of December 31, [removed: 2024,] [added: 2025,] ethnic/cultural minorities represented approximately [removed: 54%] [added: 55%] of our workforce, [removed: 43%] [added: 44%] of our collective corporate, regional and property leadership positions and [removed: 55%] [added: 49%] of our associates promoted during the year ended December 31, [removed: 2024.][added: 2025.]

Also, as of December 31, [removed: 2024,] [added: 2025,] females represented approximately [removed: 46%] [added: 45%] of our workforce, [removed: 57%] [added: 56%] of our collective corporate, regional and property leadership positions and [removed: 54%] [added: 50%] of our associates promoted during the year ended December 31, [removed: 2024.][added: 2025.]

We utilize a variety of communication channels to provide associates with timely information that is relevant to their role in the company, to company-wide initiatives and [added: to] their professional interests.

We also believe the best way to gain in-depth insight into [removed: how associates feel about working] [added: our associates’ outlook on their experience] at MAA is to provide regular, frequent, and trusted opportunities to safely share feedback.

We are also driven to prove that we are [removed: listening,] [added: listening to feedback given,] and that real action and improvements are executed as a result.

As of December 31, [removed: 2024,] [added: 2025,] our total debt was [removed: 29.0%] [added: 30.2%] of our adjusted total assets.

| Consolidated | | | 301 | | (2) | | 102,814 | | (3) |

| Total | | | 302 | | | | 103,083 | | |

providing quality housing, exceptional service and a high-quality resident experience;

| MAA ONE28 | | Kansas City, MO-KS | | 318 | | August 2025 |

| MAA Point Hope (1) | | Charleston, SC | | 18.7 | | June 2025 |

| MAA ONE28 II | | Kansas City, MO-KS | | 0.9 | | October 2025 |

| MAA One Scottsdale | | Phoenix, AZ | | 3.2 | | October 2025 |

| MAA Point Hope (2) | | Charleston, SC | | | 336 | | | | — | | | | 24,257 | | | | 91,000 | | | | 271 | | | 1st Quarter 2028 |

| MAA One Scottsdale | | Phoenix, AZ | | | 280 | | | | — | | | | 29,783 | | | | 135,000 | | | | 482 | | | 3rd Quarter 2028 |

| Total | | | | | 2,522 | | | | 660 | | | $ | 625,612 | | | $ | 932,000 | | | | | | | |

(3)

Represents the cost to MAA, net of the $9.6 million non-equity contribution from the third party developer.

| | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | As of December 31, 2025 | | | | | | | | | |

We then consider the sales price and other key terms of each proposal.

We spent $7.8 million on the WiFi retrofit program and $12.1 million on the property repositioning program during the year ended December 31, 2025.

These values inform our human capital management approach, including how we recruit, develop and retain our workforce and support an environment where associates feel included and respected.

We maintain policies and practices intended to support a respectful and inclusive workplace and to promote equal employment opportunity and fair treatment.

These practices are integrated into and support ongoing operations.

Our Inclusion & Belonging Committee is comprised of associates from across the organization and is intended to support ongoing review of policies, practices, and educational efforts related to inclusion.

We recruit from a diverse range of sources and talent pools including advertising open positions on job boards that target a broad range of candidate populations.

| Consolidated | | | 300 | | (2) | | 102,079 | | (3) |

| Total | | | 301 | | | | 102,348 | | |

(1)

| MAA Vale | | Raleigh, NC | | 306 | | May 2024 |

| MAA Boggy Creek | | Orlando, FL | | 310 | | September 2024 |

| MAA Cathedral Arts | | Dallas, TX | | 386 | | October 2024 |

| Modera Chandler (1) | | Phoenix, AZ | | 345 | | April 2024 |

| MAA Porter | | Richmond, VA | | 3.3 | | August 2024 |

| MAA Nixie II | | Raleigh/Durham, NC | | 3.3 | | December 2024 |

| Total | | | | | 2,312 | | | | 73 | | | $ | 477,181 | | | $ | 851,500 | | | | | | | |

| | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | As of December 31, 2024 | | | | | | | | | | | |

| Novel Daybreak (1) | | Salt Lake City, UT | | 400 | | | | $ | 95,091 | | | $ | 238 | | 3rd Quarter 2024 |

| Novel Val Vista (1) | | Phoenix, AZ | | 317 | | | | | 78,707 | | | | 248 | | 4th Quarter 2024 |

| MAA Milepost 35 | | Denver, CO | | 352 | | | | | 123,634 | | | | 351 | | 4th Quarter 2024 |

| Total | | | | | 1,069 | | | $ | 297,432 | | | | | | |

We own 80% of the joint venture that owns this property.

The program includes targeted plans to move all apartment units at such apartment communities to higher rents.

For the year ended December 31, 2024, we spent $4.8 million on this program.

We strive to recruit, develop and retain a talented and diverse workforce that mirrors the diversity of our residents and the communities where we do business.

We are committed to an inclusive working environment that not only values diversity in ideas and opinions, but also fosters a sense of belonging and connection where associates feel recognized and appreciated regardless of individual differences.

Our goal through these efforts is to support and promote inclusive diversity, equal opportunity and fair treatment for all those working at the company and as a result create more value for all the constituents we serve.

Our Inclusive Diversity Council is comprised of individuals across all areas of our company whose aim is to cultivate conversations, expand education and examine our practices surrounding diversity and inclusion.

We recruit from a diverse range of sources including historically Black colleges and universities as well as technical/trade schools.

The environmental studies we received on properties that we have acquired have not revealed any material environmental liabilities.

| | | For the fiscal year ended December [removed: 31, 2024] [added: 31, 2025] |

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive [removed: officers] [added: officers] during the relevant recovery period pursuant to §240.10D-1(b).

The aggregate market value of the [removed: 77,079,482] [added: 80,567,299] shares of common stock of Mid-America Apartment Communities, Inc. held by non-affiliates was approximately [removed: $11.0] [added: $11.9] billion based on the closing price of [removed: $142.61] [added: $148.01] as reported on the New York Stock Exchange on June [removed: 28, 2024.][added: 30, 2025.]

As of February [removed: 4, 2025,] [added: 3, 2026,] there were [removed: 116,901,778] [added: 116,901,020] shares of Mid-America Apartment Communities, Inc. common stock outstanding.

Portions of the proxy statement for the annual shareholders meeting of Mid-America Apartment Communities, Inc. to be held on May [removed: 20, 2025] [added: 19, 2026] are incorporated by reference into Part III of this report.

We expect to file our proxy statement within 120 days after December 31, [removed: 2024.][added: 2025.]

| 7A. | [Quantitative and Qualitative Disclosures About Market Risk.](#item_7a__quantitative_and_qualitative_di) | [removed: 42] [added: 41] |

| 8. | [Financial Statements and Supplementary Data.](#item_8__financial_statements_and_supplem) | [removed: 42] [added: 41] |

| 9. | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.](#item_9__changes_in_and_disagreements_wit) | [removed: 42] [added: 41] |

| 9A. | [Controls and Procedures.](#item_9a__controls_and_procedures) | [removed: 42] [added: 41] |

| 10. | [Directors, Executive Officers and Corporate Governance.](#item_10_directors_executive_ficers_corpo) | [removed: 44] [added: 43] |

| 11. | [Executive Compensation.](#item_11_executive_compensation) | [removed: 44] [added: 43] |

| 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.](#item_12_security_ownership_certain_benef) | [removed: 44] [added: 43] |

| 13. | [Certain Relationships and Related Transactions, and Director Independence.](#item_13_certain_relationships_related_tr) | [removed: 44] [added: 43] |

| 14. | [Principal Accountant Fees and Services.](#item_14_principal_accounting_fees_servic) | [removed: 44] [added: 43] |

| 15. | [Exhibits and Financial Statement Schedules.](#item_15_exhibits_financial_statement_sch) | [removed: 45] [added: 44] |

| 16. | [Form 10-K Summary](#item_16_form_10k_summary). | [removed: 49] [added: 48] |

This report combines the Annual Reports on Form 10-K for the year ended December 31, [removed: 2024] [added: 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 [removed: 97.4%] [added: 97.5%] owned subsidiary, Mid-America Apartments, L.P., are both required to file annual reports under the Securities Exchange Act of 1934, as amended.

As of December 31, [removed: 2024,] [added: 2025,] MAA owned [removed: 116,883,421] [added: 116,878,077] OP Units [removed: (97.4%] [added: (97.5%] of the total number of OP Units).

The Operating Partnership holds, directly or indirectly, all of the [added: Company’s] real estate assets.

This Annual Report on Form 10-K contains 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 [removed: Act, with respect to our expectations for future periods.][added: Act.]

Forward-looking statements do not discuss historical fact, but instead [removed: include] [added: are] statements related to expectations, projections, [removed: intentions or other items related to] [added: intentions, assumptions and beliefs regarding] the future.

Such forward-looking statements include, [removed: without limitation,] [added: 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, [removed: performance or] [added: performance,] achievements [added: or outcomes] to be materially different from the [removed: results of operations, financial conditions] [added: future results, performance, achievements] or [removed: plans] [added: outcomes] expressed or implied by such forward-looking statements.

In light of the significant uncertainties inherent in [removed: the] [added: these] forward-looking [removed: statements included herein,] [added: statements,] the inclusion of such [removed: information] [added: statements] should not be regarded as a representation by us or any other person that the [removed: results] [added: results, performance, achievements] or [removed: conditions] [added: outcomes] described in such statements [removed: or our objectives and plans] will be achieved.

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

adverse changes in real estate markets, [removed: including, but not limited to,] [added: 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;

cyber liability or potential liability for breaches of our or our service providers’ information technology [removed: systems] [added: systems,] or business operations disruptions;

disease outbreaks and other public health [removed: events,] [added: events] and measures that are taken by federal, state and local governmental authorities in response to such outbreaks and events;

We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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

Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this Annual Report on Form 10-K may not prove to be accurate.

inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors;

New factors may also emerge from time to time that could have a material adverse effect on our business.

Our [added: Senior] Vice President [removed: Cyber] [added: Information] Security [added: and Privacy] has a dotted line reporting relationship to our Chief Administrative Officer and General Counsel to help ensure that risks from cybersecurity threats are considered as part of the broader ERM process.

Partnering with our Chief Technology and Innovation Officer is our [added: Senior] Vice President [removed: Cyber Security,] [added: Information Security and Privacy,] who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies.

The following schedule summarizes our apartment community portfolio by location as of December 31, [removed: 2024,] [added: 2025,] as well as occupancy levels and average effective rent per unit by location for the year ended December 31, [removed: 2024:][added: 2025:]

| Dallas, TX | | | [removed: 27] [added: 26] | | | | [removed: 10,117] [added: 9,755] | | | | 95.3 | % | | | 1,662 | |

| Raleigh/Durham, NC | | | 15 | | | | 5,350 | | | | [removed: 95.8] [added: 95.6] | % | | | [removed: 1,540] [added: 1,524] | |

| Fort Worth, TX | | | 9 | | | | 3,687 | | | | [removed: 95.3] [added: 95.5] | % | | | 1,579 | |

| Northern Virginia | | | 4 | | | | 1,888 | | | | [removed: 96.6] [added: 96.2] | % | | | [removed: 2,445] [added: 2,550] | |

| San Antonio, TX | | | 4 | | | | 1,504 | | | | [removed: 95.6] [added: 95.2] | % | | | [removed: 1,373] [added: 1,340] | |

| Kansas City, MO-KS | | | 3 | | | | 1,110 | | | | [removed: 95.8] [added: 95.6] | % | | | [removed: 1,614] [added: 1,670] | |

| Norfolk / Hampton / Virginia Beach, VA | | | 3 | | | | 788 | | | | [removed: 94.8] [added: 95.9] | % | | | [removed: 1,671] [added: 1,734] | |

| Las Vegas, NV | | | 2 | | | | 721 | | | | [removed: 96.5] [added: 95.6] | % | | | [removed: 1,582] [added: 1,598] | |

| South Florida, FL | | | 1 | | | | 480 | | | | [removed: 95.5] [added: 95.4] | % | | | [removed: 2,421] [added: 2,452] | |

| Louisville, KY | | | 1 | | | | 384 | | | | 95.7 | % | | | [removed: 1,201] [added: 1,235] | |

| Gulf Shores, AL | | | 1 | | | | 324 | | | | [removed: 95.3] [added: 95.2] | % | | | [removed: 1,429] [added: 1,406] | |

| Panama City, FL | | | 1 | | | | 254 | | | | 95.2 | % | | | [removed: 1,687] [added: 1,623] | |

| Salt Lake City, UT | | | 1 | | | | 400 | | | | [removed: 69.5] [added: 86.4] | % | | | [removed: 1,766] [added: 1,707] | |

| Atlanta, GA | | | 1 | | | | 340 | | | | 82.1 | % | | | [removed: 2,115] [added: 2,009] | |

Number of communities includes [removed: seven] [added: eight] communities under development as of December 31, [removed: 2024.][added: 2025.]

Average physical occupancy is calculated by dividing the average daily number of units occupied in [removed: 2024] [added: 2025] by the total number of units at each apartment community.

As of December 31, [removed: 2024,] [added: 2025,] we had $363.3 million of indebtedness collateralized, secured and outstanding as set forth in Schedule III – Real Estate and Accumulated Depreciation included in this Annual Report on Form 10-K.

| Atlanta, GA | | | 29 | | | | 11,434 | | | | 95.3 | % | | $ | 1,791 | |

| Austin, TX | | | 20 | | | | 6,795 | | | | 95.1 | % | | | 1,532 | |

| Charlotte, NC | | | 20 | | | | 5,995 | | | | 95.8 | % | | | 1,645 | |

| Orlando, FL | | | 14 | | | | 5,907 | | | | 95.8 | % | | | 1,983 | |

| Houston, TX | | | 15 | | | | 4,859 | | | | 95.8 | % | | | 1,450 | |

| Nashville, TN | | | 12 | | | | 4,375 | | | | 95.6 | % | | | 1,669 | |

| Jacksonville, FL | | | 10 | | | | 3,496 | | | | 95.6 | % | | | 1,478 | |

| Charleston, SC | | | 11 | | | | 3,168 | | | | 96.0 | % | | | 1,831 | |

| Phoenix, AZ | | | 9 | | | | 2,968 | | | | 95.8 | % | | | 1,702 | |

| Greenville, SC | | | 10 | | | | 2,354 | | | | 95.9 | % | | | 1,356 | |

| Savannah, GA | | | 6 | | | | 1,837 | | | | 95.2 | % | | | 1,707 | |

| Memphis, TN | | | 3 | | | | 1,193 | | | | 94.9 | % | | | 1,426 | |

| Richmond, VA | | | 6 | | | | 1,732 | | | | 96.3 | % | | | 1,698 | |

| Birmingham, AL | | | 5 | | | | 1,462 | | | | 95.8 | % | | | 1,426 | |

| Fredericksburg, VA | | | 4 | | | | 1,435 | | | | 96.5 | % | | | 1,944 | |

| Huntsville, AL | | | 3 | | | | 1,228 | | | | 93.4 | % | | | 1,276 | |

| Denver, CO | | | 3 | | | | 1,118 | | | | 95.4 | % | | | 1,939 | |

| Chattanooga, TN | | | 4 | | | | 943 | | | | 95.6 | % | | | 1,262 | |

| Lexington, KY | | | 4 | | | | 924 | | | | 96.2 | % | | | 1,329 | |

| Tallahassee, FL | | | 2 | | | | 604 | | | | 96.1 | % | | | 1,558 | |

| Gainesville, FL | | | 2 | | | | 468 | | | | 95.6 | % | | | 1,710 | |

| Rockville, MD | | | 1 | | | | 361 | | | | 96.4 | % | | | 2,353 | |

| Charlottesville, VA | | | 1 | | | | 251 | | | | 96.1 | % | | | 2,126 | |

| Same Store | | | 278 | | | | 96,568 | | | | 95.6 | % | | $ | 1,690 | |

| Phoenix, AZ | | | 4 | | (5) | | 640 | | | | 84.1 | % | | | 1,799 | |

| Charlotte, NC | | | 3 | | | | 668 | | | | 43.9 | % | | | 2,058 | |

| Dallas, TX | | | 2 | | | | 748 | | | | 77.1 | % | | | 1,642 | |

| Raleigh/Durham, NC | | | 2 | | | | 712 | | | | 50.2 | % | | | 1,693 | |

| Memphis, TN | | | 1 | | | | 618 | | | | 93.2 | % | | | 1,236 | |

| Austin, TX | | | 1 | | | | 384 | | | | 94.6 | % | | | 1,235 | |

| Denver, CO | | | 1 | | | | 352 | | | | 85.0 | % | | | 2,139 | |

| Tampa, FL | | | 1 | | | | 344 | | | | 27.5 | % | | | 3,058 | |

| Kansas City, MO-KS | | | 1 | | | | 318 | | | | 74.6 | % | | | 1,494 | |

| Houston, TX | | | 1 | | | | 316 | | | | 94.4 | % | | | 1,276 | |

| Orlando, FL | | | 1 | | | | 310 | | | | 93.2 | % | | | 1,966 | |

| Gulf Shores, AL | | | 1 | | | | 96 | | | | 95.8 | % | | | 2,299 | |

| Charleston, SC | | | 1 | | (5) | | — | | | | — | | | | — | |

| Total (6) | | | 301 | | | | 102,814 | | | | 94.3 | % | | $ | 1,695 | |

| Atlanta, GA | | | 29 | | | | 11,434 | | | | 94.6 | % | | $ | 1,819 | |

| Austin, TX | | | 20 | | | | 6,829 | | | | 95.0 | % | | | 1,585 | |

| Charlotte, NC | | | 19 | | | | 5,651 | | | | 95.6 | % | | | 1,638 | |

| Orlando, FL | | | 13 | | | | 5,643 | | | | 95.9 | % | | | 1,979 | |

| Houston, TX | | | 16 | | | | 5,175 | | | | 95.4 | % | | | 1,432 | |

| Nashville, TN | | | 12 | | | | 4,375 | | | | 95.9 | % | | | 1,691 | |

| Jacksonville, FL | | | 10 | | | | 3,496 | | | | 95.7 | % | | | 1,514 | |

| Charleston, SC | | | 11 | | | | 3,168 | | | | 96.1 | % | | | 1,801 | |

| Phoenix, AZ | | | 9 | | | | 2,968 | | | | 95.3 | % | | | 1,734 | |

| Greenville, SC | | | 10 | | | | 2,354 | | | | 95.8 | % | | | 1,331 | |

| Savannah, GA | | | 6 | | | | 1,837 | | | | 95.8 | % | | | 1,706 | |

| Memphis, TN | | | 4 | | | | 1,811 | | | | 95.2 | % | | | 1,371 | |

| Richmond, VA | | | 6 | | | | 1,732 | | | | 96.4 | % | | | 1,659 | |

| Birmingham, AL | | | 5 | | | | 1,462 | | | | 95.6 | % | | | 1,403 | |

| Fredericksburg, VA | | | 4 | | | | 1,435 | | | | 96.6 | % | | | 1,850 | |

| Huntsville, AL | | | 3 | | | | 1,228 | | | | 95.2 | % | | | 1,307 | |

| Denver, CO | | | 3 | | | | 1,118 | | | | 95.3 | % | | | 1,974 | |

| Chattanooga, TN | | | 4 | | | | 943 | | | | 95.4 | % | | | 1,291 | |

| Lexington, KY | | | 4 | | | | 924 | | | | 96.4 | % | | | 1,273 | |

| Tallahassee, FL | | | 2 | | | | 604 | | | | 95.6 | % | | | 1,538 | |

| Gainesville, FL | | | 2 | | | | 468 | | | | 95.8 | % | | | 1,692 | |

| Maryland, MD | | | 1 | | | | 361 | | | | 96.4 | % | | | 2,265 | |

| Charlottesville, VA | | | 1 | | | | 251 | | | | 96.3 | % | | | 2,081 | |

| Same Store | | | 279 | | | | 97,290 | | | | 95.5 | % | | $ | 1,688 | |

| Charlotte, NC | | | 4 | | (5) | | 696 | | | | 89.5 | % | | | 1,908 | |

| Phoenix, AZ | | | 3 | | (5) | | 640 | | | | 88.3 | % | | | 1,887 | |

| Columbia, SC | | | 2 | | | | 576 | | | | 92.9 | % | | | 1,247 | |

| Orlando, FL | | | 2 | | | | 574 | | | | 87.9 | % | | | 2,098 | |

| Raleigh/Durham, NC | | | 2 | | | | 379 | | | | 70.8 | % | | | 1,876 | |

| Denver, CO | | | 1 | | | | 352 | | | | 66.9 | % | | | 2,268 | |

| Austin, TX | | | 1 | | | | 350 | | | | 95.5 | % | | | 1,626 | |

| Dallas, TX | | | 1 | | | | 386 | | | | 44.0 | % | | | 1,978 | |

| Tampa, FL | | | 1 | | (5) | | — | | | | — | | | | — | |

| Gulf Shores, AL | | | 1 | | | | 96 | | | | 95.7 | % | | | 2,325 | |

| Total (6) | | | 300 | | | | 102,079 | | | | 94.8 | % | | $ | 1,697 | |

As of February [removed: 4, 2025,] [added: 3, 2026,] there were approximately [removed: 2,000] [added: 1,900] holders of record of the common stock.

MAA’s Board of Directors may modify [removed: our] [added: MAA’s] dividend policy from time to time.

During the year ended December 31, [removed: 2024,] [added: 2025,] MAA issued [removed: 10,610] [added: 10,006] shares through the DRSPP and no shares were issued at a discount.

As of December 31, [removed: 2024,] [added: 2025,] there were [removed: 119,958,973] [added: 119,819,916] OP Units outstanding in the Operating Partnership, of which [removed: 116,883,421] [added: 116,878,077] OP Units, or [removed: 97.4%,] [added: 97.5%,] were owned by MAA and [removed: 3,075,552] [added: 2,941,839] OP Units, or [removed: 2.6%,] [added: 2.5%,] were owned by limited partners.

During the year ended December 31, [removed: 2024,] [added: 2025,] MAA issued a total of [removed: 68,419] [added: 133,714] shares of common stock upon redemption of OP Units.

During the year ended December 31, [removed: 2024,] [added: 2025,] MAA did not sell any shares of common stock under the ATM program.

As of December 31, [removed: 2024,] [added: 2025,] 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

As of December 31, [removed: 2024, no] [added: 2025, 206,916] shares have been repurchased under the authorization.

The following table reflects repurchases of shares of MAA’s common stock during the three months ended December 31, [removed: 2024:][added: 2025:]

| October 1, [removed: 2024] [added: 2025] - October 31, [removed: 2024] [added: 2025] | | | — | | | $ | — | | | | — | | | | 4,000,000 | |

| November 1, [removed: 2024] [added: 2025] - November 30, [removed: 2024] [added: 2025] | | | — | | | $ | — | | | | — | | | | 4,000,000 | |

The following graph compares the cumulative total returns of the shareholders of MAA since December 31, [removed: 2019] [added: 2020] with the S&P 500 Index and the Dow Jones (DJ) U.S. Real Estate Apartments Index.

[removed: ][added: ]

| | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | [removed: |]

| | | [removed: 2019 | | | |] 2020 | | | | 2021 | | | | 2022 | | | | 2023 | | | | 2024 | | | | [added: 2025 | | |]

See “Purchases of Equity Securities” below.

| December 1, 2025 - December 31, 2025 | | | 206,916 | | | $ | 131.61 | | | | 206,916 | | | | 3,793,084 | |

| Total | | | 206,916 | | | | | | | | 206,916 | | | | 3,793,084 | |

| | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Mid-America Apartment Communities, Inc. | | $ | 100.00 | | | $ | 185.87 | | | $ | 130.58 | | | $ | 116.13 | | | $ | 139.29 | | | $ | 130.43 | |

| S&P 500 Index | | | 100.00 | | | | 128.71 | | | | 105.40 | | | | 133.10 | | | | 166.40 | | | | 196.16 | |

| DJ U.S. Real Estate Apartments Index | | | 100.00 | | | | 161.76 | | | | 109.86 | | | | 117.67 | | | | 141.76 | | | | 129.69 | |

| December 1, 2024 - December 31, 2024 | | | — | | | $ | — | | | | — | | | | 4,000,000 | |

| Total | | | — | | | | | | | | — | | | | 4,000,000 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Mid-America Apartment Communities, Inc. | | $ | 100.00 | | | $ | 99.36 | | | $ | 184.68 | | | $ | 129.74 | | | $ | 115.38 | | | $ | 138.39 | | |

| S&P 500 Index | | | 100.00 | | | | 118.40 | | | | 152.39 | | | | 124.79 | | | | 157.59 | | | | 197.02 | | |

| DJ U.S. Real Estate Apartments Index | | | 100.00 | | | | 88.07 | | | | 142.47 | | | | 96.76 | | | | 103.64 | | | | 124.86 | | |

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 December 31, [removed: 2024.][added: 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 December 31, [removed: 2024] [added: 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.

MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of MAA’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on such evaluation, MAA’s management concluded that MAA’s internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

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 December 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting.

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 December 31, [removed: 2024.][added: 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 December 31, [removed: 2024] [added: 2025] to ensure that information required to be disclosed by the Operating Partnership in its in 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.

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, conducted an evaluation of the effectiveness of the Operating Partnership’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on such evaluation, management of the Operating Partnership has concluded that the Operating Partnership’s internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

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 December 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

During the quarter ended December 31, [removed: 2024,] [added: 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.

During the quarter ended December 31, [removed: 2024,] [added: 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.

The information contained in MAA’s [removed: 2025] [added: 2026] Proxy Statement in the sections entitled “Board Structure and Composition,” “Director Nominees for Election” and “Executive Officers of the Registrant,” is incorporated herein by reference in response to this Item 10.

The Company has an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities that applies to all personnel of the Company, including directors, officers and employees and other covered persons, as well as the Company itself.

The Company believes that its insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company.

A copy of the Company’s insider trading policy is filed as Exhibit 19 to this Annual Report on Form 10-K.

The information contained in MAA’s [removed: 2025] [added: 2026] Proxy Statement in the sections entitled “Executive Compensation Tables,” “Director Compensation Table,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Committee Report” and “Compensation Discussion and Analysis” is incorporated herein by reference in response to this Item 11.

The information contained in MAA’s [removed: 2025] [added: 2026] Proxy Statement in the sections entitled “Security Ownership of Management,” “Security Ownership of Certain Beneficial Owners” and “Securities Authorized for Issuance Under Equity Compensation Plans” is incorporated herein by reference in response to this Item 12.

The information contained in MAA’s [removed: 2025] [added: 2026] Proxy Statement in the sections entitled “Certain Relationships and Related Party Transactions” and “Indebtedness of Management” is incorporated herein by reference in response to this Item 13.

The information contained in MAA’s [removed: 2025] [added: 2026] Proxy Statement in the section entitled “Audit and Non-Audit Fees” is incorporated herein by reference in response to this Item 14.

| | [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#consolidated_balance_sheets)] [added: 2024](#consolidated_balance_sheets)] | F-4 |

| | [Consolidated Statements of Operations for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#consolidated_statements_operations)] [added: 2023](#consolidated_statements_operations)] | F-5 |

| | [Consolidated Statements of Comprehensive Income for the](#consolidated_statements_comprehensive_in) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-6 |

| | [Consolidated Statements of Equity for the](#consolidated_statements_equity) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-7 |

| | [Consolidated Statements of Cash Flows for the](#consolidated_statements_cash_flows) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-8 |

| | [Consolidated Balance Sheets as of](#consolidated_balance_sheets2) December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | F-9 |

| | [Consolidated Statements of Operations for the](#consolidated_statements_operations2) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-10 |

| | [Consolidated Statements of Comprehensive Income for the](#comprehensive_in2) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-11 |

| | [Consolidated Statements of Changes in Capital for the](#consolidated_statements_changes_in_capit) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-12 |

| | [Consolidated Statements of Cash Flows for the](#consolidated_statements_cash_flows2) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-13 |

| | [Notes to Consolidated Financial Statements for the](#notes_to_consolidated_financial_statemen) years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | F-14 |

| | [Schedule III – Real Estate and Accumulated Depreciation as of](#schedule_iii_real_estate_accumulated_dep) December 31, [removed: 2024] [added: 2025] | F-34 |

| 4.17 | | [Seventh Supplemental Indenture, dated as of January 10, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on January 10, 2024 and incorporated herein by [removed: reference).](https://www.sec.gov/ix?doc=/Archives/edgar/data/912595/000119312524005931/d865882d8k.htm)] [added: reference).](https://www.sec.gov/Archives/edgar/data/912595/000119312524005931/d865882dex42.htm)] |

| [removed: 4.20] [added: 4.21] | | [Description of Securities (Filed as Exhibit 4.15 to the Registrant’s Annual Report on Form 10-K filed on February 20, 2020 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912595/000156459020005582/maa-ex415_1341.htm) |

| 10.1† | | [Employment Agreement, dated as of [removed: March 24, 2015,] [added: April 1, 2025] by and between the Registrant and H. Eric Bolton, Jr. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March [removed: 24, 2015] [added: 31, 2025] and incorporated herein by [removed: reference).](https://www.sec.gov/Archives/edgar/data/912595/000114420415018088/v404804_ex10-1.htm)] [added: reference).](https://www.sec.gov/Archives/edgar/data/1581776/000095017025047730/maa-ex10_1.htm)] |

| 10.16 | | [removed: [Fourth] [added: [Fifth] Amended and Restated Credit Agreement, dated as of [removed: July 25, 2022,] [added: October 21, 2025,] by and among Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, KeyBank National Association and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Truist Bank, U.S. Bank National Association, PNC Bank, National Association, Citibank, N.A., TD Bank, N.A., and Mizuho Bank, LTD., as Co-Documentation Agents, and the lenders party thereto (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on [removed: July 28, 2022] [added: October 30, 2025] and incorporated herein by [removed: reference).](https://www.sec.gov/Archives/edgar/data/912595/000095017022013379/maa-ex10_1.htm)] [added: reference).](https://www.sec.gov/Archives/edgar/data/912595/000119312525248770/maa-ex10_1.htm)] |

| 19 | | [Statement of Company Policy on Insider Trading and [removed: Disclosure](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex19.htm)] [added: Disclosure (Filed as Exhibit 19 to the Registrant’s Annual Report on Form 10-K filed on February 7, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1581776/000095017025016287/maa-ex19.htm)] |

| 21.1 | | [List of [removed: Subsidiaries.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex21_1.htm)] [added: Subsidiaries.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex21_1.htm)] |

| 23.1 | | [Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for [removed: MAA.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex23_1.htm)] [added: MAA.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex23_1.htm)] |

| 23.2 | | [Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for [removed: MAALP.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex23_2.htm)] [added: MAALP.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex23_2.htm)] |

| 31.1 | | [MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex31_1.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex31_1.htm)] |

| 31.2 | | [MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex31_2.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex31_2.htm)] |

| 31.3 | | [MAALP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex31_3.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex31_3.htm)] |

| 31.4 | | [MAALP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex31_4.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex31_4.htm)] |

| 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 [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex32_1.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex32_1.htm)] |

| 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 [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex32_2.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex32_2.htm)] |

| 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 [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex32_3.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex32_3.htm)] |

| 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 [removed: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000095017025016287/maa-ex32_4.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/912595/000119312526041208/maa-ex32_4.htm)] |

| 101 | | The following financial information from Mid-America Apartment Communities, Inc.’s and Mid-America Apartments, L.P.’s Annual Report on Form 10-K for the period ended December 31, [removed: 2024,] [added: 2025,] filed with the SEC on February [removed: 7, 2025,] [added: 6, 2026,] formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023;] [added: 2024;] (ii) the Consolidated Statements of Operations for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] (iv) the Consolidated Statements of Equity/Changes in Capital for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] (v) the Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] (vi) Notes to Consolidated Financial Statements; and (vii) Schedule III - Real Estate and Accumulated Depreciation as of December 31, [removed: 2024.] [added: 2025.] |

| 4.20 | | [Tenth Supplemental Indenture, dated as of November 10, 2025, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 10, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1581776/000119312525274276/maa-ex4_2.htm) |

| 10.22 | | [Settlement Agreement dated January 26, 2026, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., and the Plaintiffs.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000912595/000119312526027241/maa-20260126.htm) |

| | | |

| 10.22† | | [Retirement and Transition Services Agreement by and between Albert M. Campbell, III and Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912595/000095017023070045/maa-ex10_1.htm) |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ H. Eric Bolton, Jr. |

| | | H. Eric Bolton, Jr. Chairman of the Board of Directors [removed: Chief Executive Officer (Principal Executive Officer)] |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ H. Eric Bolton, Jr. |

| | | H. Eric Bolton, Jr. Chairman of the Board of Directors [removed: Chief Executive Officer (Principal Executive Officer)] |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ A. Clay Holder |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ David Herring |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Alan B. Graf, Jr. |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Deborah H. Caplan |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ John P. Case |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Tamara Fischer |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Sheila K. McGrath |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Edith Kelly-Green |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Claude B. Nielsen |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Gary Shorb |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ David P. Stockert |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ A. Clay Holder |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ David Herring |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Alan B. Graf, Jr. |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Deborah H. Caplan |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ John P. Case |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Tamara Fischer |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Sheila K. McGrath |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Edith Kelly-Green |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Claude B. Nielsen |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ Gary Shorb |

| Date: | February [removed: 7, 2025] [added: 6, 2026] | /s/ David P. Stockert |

We have audited the accompanying consolidated balance sheets of Mid-America Apartment Communities, Inc. (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February [removed: 7, 2025] [added: 6, 2026] expressed an unqualified opinion thereon.

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, [removed: subjective] [added: subjective,] or complex judgments.

| *Description of the Matter* | | As disclosed in Notes 6 and 8 to the consolidated financial statements, the Series I Preferred Stock shares (“preferred shares”) include a redemption feature which represents an embedded call option exercisable at the Company’s option beginning on October 1, 2026 at the redemption price of $50 per share. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred shares 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. At December 31, [removed: 2024,] [added: 2025,] the fair value of the Company’s embedded derivative asset was [removed: $13.2] [added: $14.3] million. Auditing the Company’s valuation of this bifurcated embedded derivative was challenging as the Company uses a [removed: complex] valuation methodology that [removed: may use] [added: uses and weights] various inputs [added: and calculations] in the analysis, including risk adjusted yields of relevant Company bond issuances and yields and spreads of relevant indices, estimated [added: coupon] yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. [added: The selection and weighting of inputs can materially impact the fair value.] |

| *How We Addressed the Matter in Our Audit* | | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred stock to [added: independently obtained] observable market data. We also assessed the completeness and accuracy of the underlying data used by the Company in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Company and the underlying inputs and assumptions noted above. |

We have audited the accompanying consolidated balance sheets of Mid-America Apartments, L.P. (the Operating Partnership) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

| *Description of the Matter* | | As disclosed in Notes 6 and 9 to the consolidated financial statements, the MAALP Series I Preferred Units (“preferred units”) have the same characteristics as the MAA Series I Preferred Stock shares (“preferred shares”), and thus include a redemption feature which represents an embedded call option exercisable at the Operating Partnership’s option beginning on October 1, 2026 at the redemption price of $50 per unit. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred units to the value of the preferred units assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. At December 31, [removed: 2024,] [added: 2025,] the fair value of the Operating Partnership’s embedded derivative asset was [removed: $13.2] [added: $14.3] million. Auditing the Operating Partnership’s valuation of this bifurcated embedded derivative was challenging as the Operating Partnership uses a complex valuation methodology that [removed: may use] [added: uses and weights] various inputs [added: and calculations] in the analysis, including risk adjusted yields of relevant Operating Partnership bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. [added: The selection and weighting of inputs can materially impact the fair value.] |

| *How We Addressed the Matter in Our Audit* | | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Operating Partnership’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred units to [added: independently obtained] observable market data. We also assessed the completeness and accuracy of the underlying data used by the Operating Partnership in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Operating Partnership and the underlying inputs and assumptions noted above. |

We have audited Mid-America Apartment Communities, Inc.’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Mid-America Apartment Communities, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February [removed: 7, 2025] [added: 6, 2026] expressed an unqualified opinion thereon.

December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

| Date: | February 6, 2026 | /s/ A. Brad Hill |

| | | A. Brad Hill President and Chief Executive Officer (Principal Executive Officer) |

| Date: | February 6, 2026 | /s/ A. Brad Hill |

| | | A. Brad Hill Director President and Chief Executive Officer (Principal Executive Officer) |

| Date: | February 6, 2026 | /s/ A. Brad Hill |

| | | A. Brad Hill President and Chief Executive Officer (Principal Executive Officer) |

| Date: | February 6, 2026 | /s/ A. Brad Hill |

| | | A. Brad Hill Director President and Chief Executive Officer (Principal Executive Officer) |

February 6, 2026

February 6, 2026

February 6, 2026

| | | | 17,408,669 | | | | 16,727,993 | |

| | | | 11,494,652 | | | | 11,400,409 | |

| Net income (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 446,909 | | | | — | | | | 11,384 | | | | (1,727 | ) | | | 456,566 | | | | | — | |

| Shares issued in exchange for redeemable stock | | | — | | | | — | | | | — | | | | — | | | | 2,109 | | | | — | | | | — | | | | — | | | | — | | | | 2,109 | | | | | (2,109 | ) |

| Acquisition of noncontrolling interest | | | — | | | | — | | | | — | | | | — | | | | (12,190 | ) | | | — | | | | — | | | | — | | | | (14,596 | ) | | | (26,786 | ) | | | | — | |

| EQUITY BALANCE DECEMBER 31, 2025 | | | 868 | | | $ | 9 | | | | 116,731 | | | $ | 1,166 | | | $ | 7,401,962 | | | $ | (1,734,986 | ) | | $ | (5,300 | ) | | $ | 141,503 | | | $ | 14,889 | | | $ | 5,819,243 | | | | $ | 20,402 | |

| Change in accrued expenses and other liabilities | | | 46,618 | | | | 38,592 | | | | 29,313 | |

| Repurchase of common shares | | | (27,235 | ) | | | — | | | | — | |

| | | | 17,408,669 | | | | 16,727,993 | |

| | | | 11,494,652 | | | | 11,400,409 | |

| Net income (loss) | | | 11,384 | | | | 443,221 | | | | 3,688 | | | — | | | | | (1,727 | ) | | | 456,566 | | | | | — | |

| Issuance of units | | | — | | | | (662 | ) | | | — | | | | — | | | | — | | | | (662 | ) | | | | 2,400 | |

| Redeemable units fair market value adjustment | | | — | | | | 2,119 | | | | — | | | | — | | | | — | | | | 2,119 | | | | | (2,119 | ) |

| Distributions to common unitholders ($6.075 per unit) | | | (18,064 | ) | | | (710,769 | ) | | | — | | | | — | | | | — | | | | (728,833 | ) | | | | — | |

| Acquisition of noncontrolling interest | | | — | | | | (12,190 | ) | | | — | | | | — | | | | (14,596 | ) | | | (26,786 | ) | | | | — | |

| CAPITAL BALANCE DECEMBER 31, 2025 | | $ | 141,503 | | | $ | 5,601,367 | | | $ | 66,840 | | | $ | (5,375 | ) | | $ | 14,889 | | | $ | 5,819,224 | | | | $ | 20,402 | |

| Change in accrued expenses and other liabilities | | | 46,618 | | | | 38,592 | | | | 29,313 | |

| Repurchase of common shares | | | (27,235 | ) | | | — | | | | — | |

Prior period amounts for changes in accrued expenses and other liabilities have been reclassified on the consolidated statements of cash flows as separate line items to conform to the current year presentation.

| Accrued legal and litigation | | | 62,543 | | | | 11,070 | |

In 2024, the Financial Accounting Standards Board issued Accounting Standard Update, or ASU, 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)*.

This ASU requires disclosure in the notes to the financial statements, at each interim and annual reporting period, of specified information about certain costs and expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption.

Also required is a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated.

This ASU should be applied either prospectively to financial statements issued after the effective date of this update or retrospectively to all prior periods presented in the financial statements.

The Company will adopt this standard with its fiscal 2028 annual filing.

During the three and twelve months ended December 31, 2025, MAA repurchased 0.2 million shares of its common stock at an average price of $131.61 per share for total consideration of $27.2 million under its share repurchase program.

During the three and twelve months ended December 31, 2025, MAALP repurchased 0.2 million of its OP Units from MAA at an average price of $131.61 per unit for total consideration of $27.2 million.

| Issued | | | 68,655 | | | | 139.33 | |

| Vested | | | (64,317 | ) | | | 170.59 | |

| | | |

| | | |

| Date: | February 7, 2025 | /s/ James K. Lowder |

| | | James K. Lowder Director |

| Date: | February 7, 2025 | /s/ Thomas H. Lowder |

| | | Thomas H. Lowder Director |

| Date: | February 7, 2025 | /s/ H. Eric Bolton, Jr. |

| | | H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer (Principal Executive Officer) |

| Date: | February 7, 2025 | /s/ H. Eric Bolton, Jr. |

| | | H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer (Principal Executive Officer) |

| Date: | February 7, 2025 | /s/ James K. Lowder |

| | | James K. Lowder Director |

| Date: | February 7, 2025 | /s/ Thomas H. Lowder |

| | | Thomas H. Lowder Director |

February 7, 2025

February 7, 2025

February 7, 2025

| | | | | | | | | |

| | | | 16,727,993 | | | | 15,932,757 | |

| | | | 11,400,409 | | | | 11,068,067 | |

| EQUITY BALANCE DECEMBER 31, 2021 | | | 868 | | | $ | 9 | | | | 115,205 | | | $ | 1,151 | | | $ | 7,230,956 | | | $ | (1,255,807 | ) | | $ | (11,132 | ) | | $ | 165,116 | | | $ | 23,614 | | | $ | 6,153,907 | | | | $ | 30,185 | |

| Net income (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 637,436 | | | | — | | | | 17,633 | | | | (293 | ) | | | 654,776 | | | | | — | |

| Shares reclassified to liabilities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | (2,148 | ) |

| Acquisition of noncontrolling interest | | | — | | | | — | | | | — | | | | — | | | | (37,443 | ) | | | — | | | | — | | | | — | | | | (5,627 | ) | | | (43,070 | ) | | | | — | |

| | | | 16,727,993 | | | | 15,932,757 | |

| | | | 11,400,409 | | | | 11,068,067 | |

| CAPITAL BALANCE DECEMBER 31, 2021 | | $ | 165,116 | | | $ | 5,909,700 | | | $ | 66,840 | | | $ | (11,382 | ) | | $ | 23,614 | | | $ | 6,153,888 | | | | $ | 30,185 | |

| Net income (loss) | | | 17,633 | | | | 633,748 | | | | 3,688 | | | | — | | | | (293 | ) | | | 654,776 | | | | | — | |

| Issuance of units | | | — | | | | (123 | ) | | | — | | | | — | | | | — | | | | (123 | ) | | | | 1,687 | |

| Shares reclassified to liabilities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | (2,148 | ) |

| Distributions to common unitholders ($4.9875 per unit) | | | (15,871 | ) | | | (575,848 | ) | | | — | | | | — | | | | — | | | | (591,719 | ) | | | | — | |

| Acquisition of noncontrolling interest | | | — | | | | (37,443 | ) | | | — | | | | — | | | | (5,627 | ) | | | (43,070 | ) | | | | — | |

Two of the technology-focused limited partnerships that are accounted for as investments in unconsolidated affiliates have distributed publicly traded marketable equity securities to the Company and the other limited partners.

During the years ended December 31, 2023 and 2022, the Company received marketable equity securities totaling $7.7 million and $18.0 million, respectively, which are noncash investing activities.

In 2023, the Financial Accounting Standards Board issued Accounting Standard Update, or ASU, 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which expands disclosures about federal, state and foreign income taxes in an entity’s income tax rate reconciliation table and regarding cash taxes paid.

| Nonvested as of January 1, 2024 | | | 96,430 | | | $ | 172.18 | |

| Issued | | | 137,412 | | | | 112.03 | |

| Vested | | | (126,757 | ) | | | 115.84 | |

| Forfeited | | | (82 | ) | | | 164.24 | |

Options to purchase 463 shares of MAA’s common stock were outstanding as of December 31, 2024.