Item 16. Form 10-K Summary.

None.

SIGNAT****URES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	February 6, 2026	/s/ A. Brad Hill
		A. Brad Hill President and Chief Executive Officer (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

		MID-AMERICA APARTMENT COMMUNITIES, INC.
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. Clay Holder
		A. Clay Holder Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	February 6, 2026	/s/ David Herring
		David Herring Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
Date:	February 6, 2026	/s/ H. Eric Bolton, Jr.
		H. Eric Bolton, Jr. Chairman of the Board of Directors
Date:	February 6, 2026	/s/ Alan B. Graf, Jr.
		Alan B. Graf, Jr. Director
Date:	February 6, 2026	/s/ Deborah H. Caplan
		Deborah H. Caplan Director
Date:	February 6, 2026	/s/ John P. Case
		John P. Case Director
Date:	February 6, 2026	/s/ Tamara Fischer
		Tamara Fischer Director
Date:	February 6, 2026	/s/ Sheila K. McGrath
		Sheila K. McGrath Director
Date:	February 6, 2026	/s/ Edith Kelly-Green
		Edith Kelly-Green Director
Date:	February 6, 2026	/s/ Claude B. Nielsen
		Claude B. Nielsen Director
Date:	February 6, 2026	/s/ Gary Shorb
		Gary Shorb Director
Date:	February 6, 2026	/s/ David P. Stockert
		David P. Stockert Director

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		MID-AMERICA APARTMENTS, L.P.
		a Tennessee Limited Partnership
		By: Mid-America Apartment Communities, Inc., its general partner
Date:	February 6, 2026	/s/ A. Brad Hill
		A. Brad Hill President and Chief Executive Officer (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant as an officer or director of Mid-America Apartment Communities, Inc., in its capacity as the general partner of the registrant and on the dates indicated.

		MID-AMERICA APARTMENTS, L.P.
		a Tennessee Limited Partnership
		By: Mid-America Apartment Communities, Inc., its general partner
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. Clay Holder
		A. Clay Holder Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	February 6, 2026	/s/ David Herring
		David Herring Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
Date:	February 6, 2026	/s/ H. Eric Bolton, Jr.
		H. Eric Bolton, Jr. Chairman of the Board of Directors
Date:	February 6, 2026	/s/ Alan B. Graf, Jr.
		Alan B. Graf, Jr. Director
Date:	February 6, 2026	/s/ Deborah H. Caplan
		Deborah H. Caplan Director
Date:	February 6, 2026	/s/ John P. Case
		John P. Case Director
Date:	February 6, 2026	/s/ Tamara Fischer
		Tamara Fischer Director
Date:	February 6, 2026	/s/ Sheila K. McGrath
		Sheila K. McGrath Director
Date:	February 6, 2026	/s/ Edith Kelly-Green
		Edith Kelly-Green Director
Date:	February 6, 2026	/s/ Claude B. Nielsen
		Claude B. Nielsen Director
Date:	February 6, 2026	/s/ Gary Shorb
		Gary Shorb Director
Date:	February 6, 2026	/s/ David P. Stockert
		David P. Stockert Director

Report of Independent Regist****ered Public Accounting Firm

To the Shareholders and the Board of Directors of Mid-America Apartment Communities, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Mid-America Apartment Communities, Inc. (the Company) as of December 31, 2025 and 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, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 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, 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 6, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

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, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

		Valuation of Embedded Derivative
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, 2025, the fair value of the Company’s embedded derivative asset was $14.3 million. Auditing the Company’s valuation of this bifurcated embedded derivative was challenging as the Company uses a valuation methodology that uses and weights various inputs and calculations in the analysis, including risk adjusted yields of relevant Company bond issuances and yields and spreads of relevant indices, estimated 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. 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 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.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2005.

Memphis, Tennessee

February 6, 2026

F-1

Report of Independent Registered Public Accounting Firm

To the Partners of Mid-America Apartments, L.P.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Mid-America Apartments, L.P. (the Operating Partnership) as of December 31, 2025 and 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, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on the Operating Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Operating Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Operating Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

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, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

		Valuation of Embedded Derivative
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, 2025, the fair value of the Operating Partnership’s embedded derivative asset was $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 uses and weights various inputs 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. 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 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.

/s/ Ernst & Young LLP

We have served as the Operating Partnership’s auditor since 2012.

Memphis, Tennessee

February 6, 2026

F-2

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Mid-America Apartment Communities, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Mid-America Apartment Communities, Inc.’s internal control over financial reporting as of December 31, 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, 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, 2025 and 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, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 6, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Memphis, Tennessee

February 6, 2026

F-3

Mid-America Apartment Communities, Inc.

Consolidated B****alance Sheets

December 31, 2025 and 2024

(Dollars in thousands, except per share data)

		December 31, 2025				December 31, 2024
Assets
Real estate assets:
Land		$	2,129,401			$	2,096,912
Buildings and improvements and other			14,852,509				14,160,799
Development and capital improvements in progress			426,759				470,282
			17,408,669				16,727,993
Less: Accumulated depreciation			(5,914,017	)			(5,327,584	)
			11,494,652				11,400,409
Undeveloped land			73,359				73,359
Investment in real estate joint venture			41,313				41,650
Real estate assets, net			11,609,324				11,515,418
Cash and cash equivalents			60,258				43,018
Restricted cash			13,717				13,743
Other assets			245,683				232,426
Assets held for sale			46,401				7,764
Total assets		$	11,975,383			$	11,812,369
Liabilities and equity
Liabilities:
Unsecured notes payable, net		$	5,044,979			$	4,620,690
Secured notes payable, net			360,393				360,267
Accrued expenses and other liabilities			730,366				683,748
Total liabilities			6,135,738				5,664,705
Redeemable common stock(1)			20,402				22,230
Shareholders’ equity:
Preferred stock, $0.01 par value per share, 20,000,000 shares authorized;8.50% Series I Cumulative Redeemable Shares, liquidation preference $50.00per share, 867,846 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively			9				9
Common stock, $0.01 par value per share, 145,000,000 shares authorized;116,878,077 and 116,883,421 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively(1)			1,166				1,166
Additional paid-in capital			7,401,962				7,417,453
Accumulated distributions in excess of net income			(1,734,986	)			(1,469,557	)
Accumulated other comprehensive loss			(5,300	)			(6,940	)
Total MAA shareholders’ equity			5,662,851				5,942,131
Noncontrolling interests - OP Units			141,503				155,409
Total Company’s shareholders’ equity			5,804,354				6,097,540
Noncontrolling interests - consolidated real estate entities			14,889				27,894
Total equity			5,819,243				6,125,434
Total liabilities and equity		$	11,975,383			$	11,812,369

(1)

Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 are 146,875 and 143,822, respectively.

See accompanying notes to consolidated financial statements.

F-4

Mid-America Apartment Communities, Inc.

Consolidated Statem****ents of Operations

Years ended December 31, 2025, 2024 and 2023

(Dollars in thousands, except per share data)

		2025				2024				2023
Revenues:
Rental and other property revenues		$	2,209,126			$	2,191,015			$	2,148,468
Expenses:
Operating expenses, excluding real estate taxes and insurance			518,860				502,735				461,540
Real estate taxes and insurance			318,947				317,357				306,601
Depreciation and amortization			622,295				585,616				565,063
Total property operating expenses			1,460,102				1,405,708				1,333,204
Property management expenses			74,779				72,040				67,784
General and administrative expenses			54,807				56,516				58,578
Interest expense			185,257				168,544				149,234
(Gain) loss on sale of depreciable real estate assets			(72,066	)			(55,003	)			62
Gain on sale of non-depreciable real estate assets			—				—				(54	)
Other non-operating expense (income)			47,161				(1,655	)			(31,185	)
Income before income tax expense			459,086				544,865				570,845
Income tax expense			(4,595	)			(5,240	)			(4,744	)
Income from continuing operations before real estate joint venture activity			454,491				539,625				566,101
Income from real estate joint venture			2,075				1,951				1,730
Net income			456,566				541,576				567,831
Net income attributable to noncontrolling interests			9,657				14,033				15,025
Net income available for shareholders			446,909				527,543				552,806
Dividends to MAA Series I preferred shareholders			3,688				3,688				3,688
Net income available for MAA common shareholders		$	443,221			$	523,855			$	549,118
Earnings per common share - basic:
Net income available for MAA common shareholders		$	3.79			$	4.49			$	4.71
Earnings per common share - diluted:
Net income available for MAA common shareholders		$	3.78			$	4.49			$	4.71

See accompanying notes to consolidated financial statements.

F-5

Mid-America Apartment Communities, Inc.

Consolidated Statements of Comprehensive Income

Years ended December 31, 2025, 2024 and 2023

(Dollars in thousands)

		2025				2024				2023
Net income		$	456,566			$	541,576			$	567,831
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments			1,689				1,878				1,326
Total comprehensive income			458,255				543,454				569,157
Comprehensive income attributable to noncontrolling interests			(9,706	)			(14,087	)			(15,063	)
Comprehensive income attributable to MAA		$	448,549			$	529,367			$	554,094

See accompanying notes to consolidated financial statements.

F-6

Mid-America Apartment Communities, Inc.

Consolidated Stat****ements of Equity

Years ended December 31, 2025, 2024 and 2023

(Dollars and shares in thousands)

		Mid-America Apartment Communities, Inc. Shareholders																																Noncontrolling
		Preferred Stock								Common Stock								Additional				Accumulated Distributions				Accumulated Other				Noncontrolling Interests -				Interests - Consolidated									Redeemable
		Shares				Amount				Shares				Amount				Paid-In Capital				in Excess of Net Income				Comprehensive Loss				Operating Partnership				Real Estate Entities				Total Equity					Common Stock
EQUITY BALANCE DECEMBER 31, 2022			868			$	9				115,344			$	1,152			$	7,202,834			$	(1,188,854	)		$	(10,052	)		$	163,595			$	21,064			$	6,189,748				$	20,671
Net income			—				—				—				—				—				552,806				—				14,963				62				567,831					—
Other comprehensive income - derivative instruments			—				—				—				—				—				—				1,288				38				—				1,326					—
Issuance and registration of common shares			—				—				1,244				12				203,333				—				—				—				—				203,345					2,135
Shares repurchased and retired			—				—				(57	)			—				(7,870	)			—				—				—				—				(7,870	)				—
Shares issued in exchange for common units			—				—				21				—				1,092				—				—				(1,092	)			—				—					—
Shares issued in exchange for redeemable stock			—				—				—				4				577				—				—				—				—				581					(581	)
Redeemable stock fair market value adjustment			—				—				—				—				—				3,058				—				—				—				3,058					(3,058	)
Adjustment for noncontrolling interests in Operating Partnership			—				—				—				—				(3,486	)			—				—				3,486				—				—					—
Amortization of unearned compensation			—				—				—				—				18,198				—				—				—				—				18,198					—
Dividends on preferred stock			—				—				—				—				—				(3,688	)			—				—				—				(3,688	)				—
Dividends on common stock ($5.670 per share)			—				—				—				—				—				(661,585	)			—				—				—				(661,585	)				—
Distributions on noncontrolling interests units ($5.670 per unit)			—				—				—				—				—				—				—				(17,862	)			—				(17,862	)				—
Acquisition of noncontrolling interest			—				—				—				—				(14,757	)			—				—				—				(1,000	)			(15,757	)				—
Contributions from noncontrolling interest			—				—				—				—				—				—				—				—				2,630				2,630					—
EQUITY BALANCE DECEMBER 31, 2023			868			$	9				116,552			$	1,168			$	7,399,921			$	(1,298,263	)		$	(8,764	)		$	163,128			$	22,756			$	6,279,955				$	19,167
Net income			—				—				—				—				—				527,543				—				14,033				—				541,576					—
Other comprehensive income - derivative instruments			—				—				—				—				—				—				1,824				54				—				1,878					—
Issuance and registration of common shares			—				—				158				2				(725	)			—				—				—				—				(723	)				2,420
Shares repurchased and retired			—				—				(38	)			(1	)			(4,973	)			—				—				—				—				(4,974	)				—
Shares issued in exchange for common units			—				—				68				1				3,528				—				—				(3,529	)			—				—					—
Shares issued in exchange for redeemable stock			—				—				—				(4	)			2,073				—				—				—				—				2,069					(2,069	)
Redeemable stock fair market value adjustment			—				—				—				—				—				(2,712	)			—				—				—				(2,712	)				2,712
Adjustment for noncontrolling interests in Operating Partnership			—				—				—				—				(21	)			—				—				21				—				—					—
Amortization of unearned compensation			—				—				—				—				17,650				—				—				—				—				17,650					—
Dividends on preferred stock			—				—				—				—				—				(3,688	)			—				—				—				(3,688	)				—
Dividends on common stock ($5.925 per share)			—				—				—				—				—				(692,437	)			—				—				—				(692,437	)				—
Distributions on noncontrolling interests units ($5.925 per unit)			—				—				—				—				—				—				—				(18,298	)			—				(18,298	)				—
Contributions from noncontrolling interest			—				—				—				—				—				—				—				—				5,138				5,138					—
EQUITY BALANCE DECEMBER 31, 2024			868			$	9				116,740			$	1,166			$	7,417,453			$	(1,469,557	)		$	(6,940	)		$	155,409			$	27,894			$	6,125,434				$	22,230
Net income (loss)			—				—				—				—				—				446,909				—				11,384				(1,727	)			456,566					—
Other comprehensive income - derivative instruments			—				—				—				—				—				—				1,640				49				—				1,689					—
Issuance and registration of common shares			—				—				85				1				(663	)			—				—				—				—				(662	)				2,400
Shares repurchased and retired			—				—				(228	)			(2	)			(30,334	)			—				—				—				—				(30,336	)				—
Exercise of stock options			—				—				—				—				38				—				—				—				—				38					—
Shares issued in exchange for common units			—				—				134				1				6,758				—				—				(6,759	)			—				—					—
Shares issued in exchange for redeemable stock			—				—				—				—				2,109				—				—				—				—				2,109					(2,109	)
Redeemable stock fair market value adjustment			—				—				—				—				—				2,119				—				—				—				2,119					(2,119	)
Adjustment for noncontrolling interests in Operating Partnership			—				—				—				—				516				—				—				(516	)			—				—					—
Amortization of unearned compensation			—				—				—				—				18,275				—				—				—				—				18,275					—
Dividends on preferred stock			—				—				—				—				—				(3,688	)			—				—				—				(3,688	)				—
Dividends on common stock ($6.075 per share)			—				—				—				—				—				(710,769	)			—				—				—				(710,769	)				—
Distributions on noncontrolling interests units ($6.075 per unit)			—				—				—				—				—				—				—				(18,064	)			—				(18,064	)				—
Acquisition of noncontrolling interest			—				—				—				—				(12,190	)			—				—				—				(14,596	)			(26,786	)				—
Contributions from noncontrolling interest			—				—				—				—				—				—				—				—				3,318				3,318					—
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

See accompanying notes to consolidated financial statements.

F-7

Mid-America Apartment Communities, Inc.

Consolidated Statem****ents of Cash Flows

Years ended December 31, 2025, 2024 and 2023

**(**Dollars in thousands)

		2025				2024				2023
Cash flows from operating activities:
Net income		$	456,566			$	541,576			$	567,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			622,969				586,402				565,857
(Gain) loss on sale of depreciable real estate assets			(72,066	)			(55,003	)			62
Gain on sale of non-depreciable real estate assets			—				—				(54	)
Gain on consolidation of third-party development			—				(11,239	)			—
(Gain) loss on embedded derivative in preferred shares			(1,111	)			18,751				(18,528	)
Stock compensation expense			16,839				15,789				15,699
Amortization of debt issuance costs, discounts and premiums			6,564				6,036				5,909
Gain on investments			(7,457	)			(7,809	)			(4,449	)
Change in accrued expenses and other liabilities			46,618				38,592				29,313
Net change in other operating accounts and operating activities			9,253				(34,803	)			(24,453	)
Net cash provided by operating activities			1,078,175				1,098,292				1,137,187
Cash flows from investing activities:
Purchases of real estate and other assets			(133,447	)			(301,071	)			(223,453	)
Capital improvements and other			(360,238	)			(322,372	)			(341,224	)
Development costs			(272,030	)			(313,888	)			(198,152	)
Distributions from real estate joint venture			337				327				312
Contributions to affiliates			(9,850	)			(2,874	)			(16,636	)
Proceeds from real estate asset dispositions			81,353				84,209				2,946
Proceeds from sale of markable equity securities			—				9,975				—
Net proceeds from insurance recoveries			3,657				20,195				945
Net cash used in investing activities			(690,218	)			(825,499	)			(775,262	)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper			426,000				(245,000	)			475,000
Proceeds from notes payable			397,416				1,091,646				—
Principal payments on notes payable			(400,000	)			(400,000	)			(353,861	)
Payment of deferred financing costs			(10,911	)			(10,317	)			(2	)
Repurchase of common shares			(27,235	)			—				—
Distributions to noncontrolling interests			(18,222	)			(18,260	)			(17,671	)
Dividends paid on common shares			(709,024	)			(686,900	)			(651,717	)
Dividends paid on preferred shares			(3,688	)			(3,688	)			(3,688	)
Proceeds from issuances of common shares			1,452				1,230				205,070
Acquisition of noncontrolling interests			(26,786	)			—				(15,757	)
Net change in other financing activities			255				166				(5,279	)
Net cash used in financing activities			(370,743	)			(271,123	)			(367,905	)
Net increase (decrease) in cash, cash equivalents and restricted cash			17,214				1,670				(5,980	)
Cash, cash equivalents and restricted cash, beginning of period			56,761				55,091				61,071
Cash, cash equivalents and restricted cash, end of period		$	73,975			$	56,761			$	55,091
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets:
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents		$	60,258			$	43,018			$	41,314
Restricted cash			13,717				13,743				13,777
Total cash, cash equivalents and restricted cash		$	73,975			$	56,761			$	55,091
Supplemental information:
Interest paid		$	190,259			$	164,883			$	157,566
Income taxes paid			300				3,343				4,002
Non-cash transactions:
Distributions on common shares/ units declared and accrued		$	183,324			$	181,738			$	176,162
Accrued construction in progress			25,914				32,903				23,345
Interest capitalized			18,863				17,435				12,376
Conversion of OP Units to shares of common stock			6,759				3,529				1,092

See accompanying notes to consolidated financial statements.

F-8

Mid-America Apartments, L.P.

Consolidated B****alance Sheets

December 31, 2025 and 2024

(Dollars in thousands)

		December 31, 2025				December 31, 2024
Assets
Real estate assets:
Land		$	2,129,401			$	2,096,912
Buildings and improvements and other			14,852,509				14,160,799
Development and capital improvements in progress			426,759				470,282
			17,408,669				16,727,993
Less: Accumulated depreciation			(5,914,017	)			(5,327,584	)
			11,494,652				11,400,409
Undeveloped land			73,359				73,359
Investment in real estate joint venture			41,313				41,650
Real estate assets, net			11,609,324				11,515,418
Cash and cash equivalents			60,258				43,018
Restricted cash			13,717				13,743
Other assets			245,683				232,426
Assets held for sale			46,401				7,764
Total assets		$	11,975,383			$	11,812,369
Liabilities and capital
Liabilities:
Unsecured notes payable, net		$	5,044,979			$	4,620,690
Secured notes payable, net			360,393				360,267
Accrued expenses and other liabilities			730,366				683,748
Due to general partner			19				19
Total liabilities			6,135,757				5,664,724
Redeemable common units(1)			20,402				22,230
Operating Partnership capital:
Preferred units, 8.50% Series I Cumulative Redeemable Units, 867,846 preferred units outstanding as of December 31, 2025 and December 31, 2024, respectively			66,840				66,840
General partner, 116,878,077 and 116,883,421 OP Units outstanding as of December 31, 2025 and December 31, 2024, respectively(1)			5,601,367				5,882,336
Limited partners, 2,941,839 and 3,075,552 OP Units outstanding as of December 31, 2025 and December 31, 2024, respectively(1)			141,503				155,409
Accumulated other comprehensive loss			(5,375	)			(7,064	)
Total operating partners’ capital			5,804,335				6,097,521
Noncontrolling interests - consolidated real estate entities			14,889				27,894
Total equity			5,819,224				6,125,415
Total liabilities and equity		$	11,975,383			$	11,812,369

(1)

Number of units outstanding represents total OP Units regardless of classification on the Consolidated Balance Sheets. The number of units classified as redeemable common units on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 are 146,875 and 143,822, respectively.

See accompanying notes to consolidated financial statements.

F-9

Mid-America Apartments, L.P.

Consolidated Statem****ents of Operations

Years ended December 31, 2025, 2024 and 2023

(Dollars in thousands, except per unit data)

		2025				2024				2023
Revenues:
Rental and other property revenues		$	2,209,126			$	2,191,015			$	2,148,468
Expenses:
Operating expenses, excluding real estate taxes and insurance			518,860				502,735				461,540
Real estate taxes and insurance			318,947				317,357				306,601
Depreciation and amortization			622,295				585,616				565,063
Total property operating expenses			1,460,102				1,405,708				1,333,204
Property management expenses			74,779				72,040				67,784
General and administrative expenses			54,807				56,516				58,578
Interest expense			185,257				168,544				149,234
(Gain) loss on sale of depreciable real estate assets			(72,066	)			(55,003	)			62
Gain on sale of non-depreciable real estate assets			—				—				(54	)
Other non-operating expense (income)			47,161				(1,655	)			(31,185	)
Income before income tax expense			459,086				544,865				570,845
Income tax expense			(4,595	)			(5,240	)			(4,744	)
Income from continuing operations before real estate joint venture activity			454,491				539,625				566,101
Income from real estate joint venture			2,075				1,951				1,730
Net income			456,566				541,576				567,831
Net (loss) income attributable to noncontrolling interests			(1,727	)			—				62
Net income available for MAALP unitholders			458,293				541,576				567,769
Distributions to MAALP preferred unitholders			3,688				3,688				3,688
Net income available for MAALP common unitholders		$	454,605			$	537,888			$	564,081
Earnings per common unit - basic:
Net income available for MAALP common unitholders		$	3.79			$	4.49			$	4.71
Earnings per common unit - diluted:
Net income available for MAALP common unitholders		$	3.78			$	4.49			$	4.71

See accompanying notes to consolidated financial statements.

F-10

Mid-America Apartments, L.P.

Consolidated Statements of Comprehensive Income

Years ended December 31, 2025, 2024 and 2023

(Dollars in thousands)

		2025				2024				2023
Net income		$	456,566			$	541,576			$	567,831
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments			1,689				1,878				1,326
Total comprehensive income			458,255				543,454				569,157
Comprehensive loss (income) attributable to noncontrolling interests			1,727				—				(62	)
Comprehensive income attributable to MAALP		$	459,982			$	543,454			$	569,095

See accompanying notes to consolidated financial statements.

F-11

Mid-America Apartments, L.P.

Consolidated Statements of Changes in Capital

Years ended December 31, 2025, 2024 and 2023

(Dollars in thousands)

		Mid-America Apartments, L.P. Unitholders																Noncontrolling
		Limited Partner				General Partner				Preferred Units				Accumulated Other Comprehensive Loss				Interests - Consolidated Real Estate Entities				Total Partnership Capital					Redeemable Common Units
CAPITAL BALANCE DECEMBER 31, 2022		$	163,595			$	5,948,498			$	66,840			$	(10,268	)		$	21,064			$	6,189,729				$	20,671
Net income			14,963				549,118				3,688				—				62				567,831					—
Other comprehensive income - derivative instruments			—				—				—				1,326				—				1,326					—
Issuance of units			—				203,345				—				—				—				203,345					2,135
Units repurchased and retired			—				(7,870	)			—				—				—				(7,870	)				—
General partner units issued in exchange for limited partner units			(1,092	)			1,092				—				—				—				—					—
Units issued in exchange for redeemable units			—				581				—				—				—				581					(581	)
Redeemable units fair market value adjustment			—				3,058				—				—				—				3,058					(3,058	)
Adjustment for limited partners’ capital at redemption value			3,524				(3,524	)			—				—				—				—					—
Amortization of unearned compensation			—				18,198				—				—				—				18,198					—
Distributions to preferred unitholders			—				—				(3,688	)			—				—				(3,688	)				—
Distributions to common unitholders ($5.670 per unit)			(17,862	)			(661,585	)			—				—				—				(679,447	)				—
Acquisition of noncontrolling interest			—				(14,757	)			—				—				(1,000	)			(15,757	)				—
Contribution from noncontrolling interest			—				—				—				—				2,630				2,630					—
CAPITAL BALANCE DECEMBER 31, 2023		$	163,128			$	6,036,154			$	66,840			$	(8,942	)		$	22,756			$	6,279,936				$	19,167
Net income			14,033				523,855				3,688			—					—				541,576					—
Other comprehensive income - derivative instruments			—				—				—				1,878				—				1,878					—
Issuance of units			—				(723	)			—				—				—				(723	)				2,420
Units repurchased and retired			—				(4,974	)			—				—				—				(4,974	)				—
General partner units issued in exchange for limited partner units			(3,529	)			3,529				—				—				—				—					—
Units issued in exchange for redeemable units			—				2,069				—				—				—				2,069					(2,069	)
Redeemable units fair market value adjustment			—				(2,712	)			—				—				—				(2,712	)				2,712
Adjustment for limited partners’ capital at redemption value			75				(75	)			—				—				—				—					—
Amortization of unearned compensation			—				17,650				—				—				—				17,650					—
Distributions to preferred unitholders			—				—				(3,688	)			—				—				(3,688	)				—
Distributions to common unitholders ($5.925 per unit)			(18,298	)			(692,437	)			—				—				—				(710,735	)				—
Contribution from noncontrolling interest			—				—				—				—				5,138				5,138					—
CAPITAL BALANCE DECEMBER 31, 2024		$	155,409			$	5,882,336			$	66,840			$	(7,064	)		$	27,894			$	6,125,415				$	22,230
Net income (loss)			11,384				443,221				3,688			—					(1,727	)			456,566					—
Other comprehensive income - derivative instruments			—				—				—				1,689				—				1,689					—
Issuance of units			—				(662	)			—				—				—				(662	)				2,400
Units repurchased and retired			—				(30,336	)			—				—				—				(30,336	)				—
Exercise of unit options			—				38				—				—				—				38					—
General partner units issued in exchange for limited partner units			(6,759	)			6,759				—				—				—				—					—
Units issued in exchange for redeemable units			—				2,109				—				—				—				2,109					(2,109	)
Redeemable units fair market value adjustment			—				2,119				—				—				—				2,119					(2,119	)
Adjustment for limited partners’ capital at redemption value			(467	)			467				—				—				—				—					—
Amortization of unearned compensation			—				18,275				—				—				—				18,275					—
Distributions to preferred unitholders			—				—				(3,688	)			—				—				(3,688	)				—
Distributions to common unitholders ($6.075 per unit)			(18,064	)			(710,769	)			—				—				—				(728,833	)				—
Acquisition of noncontrolling interest			—				(12,190	)			—				—				(14,596	)			(26,786	)				—
Contribution from noncontrolling interest			—				—				—				—				3,318				3,318					—
CAPITAL BALANCE DECEMBER 31, 2025		$	141,503			$	5,601,367			$	66,840			$	(5,375	)		$	14,889			$	5,819,224				$	20,402

See accompanying notes to consolidated financial statements.

F-12

Mid-America Apartments, L.P.

Consolidated Statem****ents of Cash Flows

Years ended December 31, 2025, 2024 and 2023

(Dollars in thousands)

		2025				2024				2023
Cash flows from operating activities:
Net income		$	456,566			$	541,576			$	567,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			622,969				586,402				565,857
(Gain) loss on sale of depreciable real estate assets			(72,066	)			(55,003	)			62
Gain on sale of non-depreciable real estate assets			—				—				(54	)
Gain on consolidation of third-party development			—				(11,239	)			—
(Gain) loss on embedded derivative in preferred shares			(1,111	)			18,751				(18,528	)
Stock compensation expense			16,839				15,789				15,699
Amortization of debt issuance costs, discounts and premiums			6,564				6,036				5,909
Gain on investments			(7,457	)			(7,809	)			(4,449	)
Change in accrued expenses and other liabilities			46,618				38,592				29,313
Net change in other operating accounts and operating activities			9,253				(34,803	)			(24,453	)
Net cash provided by operating activities			1,078,175				1,098,292				1,137,187
Cash flows from investing activities:
Purchases of real estate and other assets			(133,447	)			(301,071	)			(223,453	)
Capital improvements and other			(360,238	)			(322,372	)			(341,224	)
Development costs			(272,030	)			(313,888	)			(198,152	)
Distributions from real estate joint venture			337				327				312
Contributions to affiliates			(9,850	)			(2,874	)			(16,636	)
Proceeds from real estate asset dispositions			81,353				84,209				2,946
Proceeds from sale of markable equity securities			—				9,975				—
Net proceeds from insurance recoveries			3,657				20,195				945
Net cash used in investing activities			(690,218	)			(825,499	)			(775,262	)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper			426,000				(245,000	)			475,000
Proceeds from notes payable			397,416				1,091,646				—
Principal payments on notes payable			(400,000	)			(400,000	)			(353,861	)
Payment of deferred financing costs			(10,911	)			(10,317	)			(2	)
Repurchase of common shares			(27,235	)			—				—
Distributions paid on common units			(727,246	)			(705,160	)			(669,388	)
Distributions paid on preferred units			(3,688	)			(3,688	)			(3,688	)
Proceeds from issuances of common units			1,452				1,230				205,070
Acquisition of noncontrolling interests			(26,786	)			—				(15,757	)
Net change in other financing activities			255				166				(5,279	)
Net cash used in financing activities			(370,743	)			(271,123	)			(367,905	)
Net increase (decrease) in cash, cash equivalents and restricted cash			17,214				1,670				(5,980	)
Cash, cash equivalents and restricted cash, beginning of period			56,761				55,091				61,071
Cash, cash equivalents and restricted cash, end of period		$	73,975			$	56,761			$	55,091
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets:
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents		$	60,258			$	43,018			$	41,314
Restricted cash			13,717				13,743				13,777
Total cash, cash equivalents and restricted cash		$	73,975			$	56,761			$	55,091
Supplemental information:
Interest paid		$	190,259			$	164,883			$	157,566
Income taxes paid			300				3,343				4,002
Non-cash transactions:
Distributions on common units declared and accrued		$	183,324			$	181,738			$	176,162
Accrued construction in progress			25,914				32,903				23,345
Interest capitalized			18,863				17,435				12,376

See accompanying notes to consolidated financial statements.

F-13

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

Notes to Consolidated Financial Statements

Years ended December 31, 2025, 2024 and 2023

1.

Organization and Summary of Significant Accounting Policies

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

As of December 31, 2025, MAA owned 116,878,077 OP Units (or 97.5% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

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

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

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

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

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

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

F-14

Organization of Mid-America Apartment Communities, Inc.

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, the Company 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. As of December 31, 2025, the Company also had eight development communities under construction, totaling 2,522 apartment units once complete, and development costs of $625.6 million had been incurred through December 31, 2025 with respect to those development communities. The Company expects to complete five of these developments in 2026, one in 2027 and two in 2028. As of December 31, 2025, 35 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of December 31, 2025.

Basis of Presentation and Principles of Consolidation

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

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

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.

Noncontrolling Interests

As of December 31, 2025, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details.

The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of December 31, 2025, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $386.4 million, and consolidated liabilities were $16.7 million after intercompany eliminations. As of December 31, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $432.2 million, and consolidated liabilities were $27.1 million, net of eliminations. During the year ended December 31, 2025, the Company paid $26.8 million to acquire the noncontrolling interests of two consolidated real estate entities.

F-15

In July 2024, the Company agreed to finance substantially all of a third-party’s development of a 239-unit multifamily apartment community currently under construction located in Charlotte, North Carolina. The development was determined to be a VIE with the Company designated as the primary beneficiary, resulting in the consolidation of the development by the Company and the recognition of $11.2 million of gain on the consolidation of a third-party development included within “Other non-operating expense (income)” in the Consolidated Statements of Operations. The Company initially funded $70.5 million upon entering into the financing agreement. The initial and ongoing funding are included within “Development costs” in the Consolidated Statements of Cash Flows. This development delivered its first units in the third quarter of 2025 and is expected to be completed in the first quarter of 2026 and reach stabilization in the fourth quarter of 2026 at a total cost of approximately $112 million. The Company has the option to purchase the development once it is stabilized.

Real Estate Assets and Depreciation and Amortization

Real estate assets are carried at depreciated cost and consist of land, buildings and improvements and other, and development and capital improvements in progress (see “Development Costs” below). Repairs and maintenance costs are expensed as incurred, while significant improvements, renovations and recurring capital replacements are capitalized and depreciated over their estimated useful lives. Recurring capital replacements typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. In addition to these costs, the Company also capitalizes salary costs directly identifiable with renovation work. These expenditures extend the useful life of the property and increase the property’s fair market value. The cost of interior painting and blinds are typically expensed as incurred.

Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which range from three to 40 years. The line item “Buildings and improvements and other” in the Consolidated Balance Sheets includes land improvements and buildings, which have a useful life ranging from five to 40 years, as well as furniture, fixtures and equipment, which have a useful life of three to five years.

Development Costs

Development projects and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary costs during the construction period, are capitalized and reported in the accompanying Consolidated Balance Sheets as “Development and capital improvements in progress” during the construction period. Interest is capitalized in accordance with accounting standards governing the capitalization of interest. Upon completion and certification for occupancy of individual buildings or floors within a development, amounts representing the completed portion of total estimated development costs for the project are transferred to “Buildings and improvements and other” as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer. The assets are depreciated over their estimated useful lives. Total capitalized costs (including capitalized interest, property taxes, insurance and salaries) during the years ended December 31, 2025, 2024 and 2023 were $27.9 million, $26.0 million and $20.6 million, respectively. Certain costs associated with the lease-up of development projects, including cost of model units, furnishings and signs, are capitalized and amortized over their respective estimated useful lives. All other costs relating to renting development projects are expensed as incurred.

Acquisition of Real Estate Assets

In accordance with Accounting Standards Codification, or ASC, Topic 805, Business Combinations, most acquisitions of operating properties qualify as an asset acquisition. Accordingly, the cost of the real estate acquired, including acquisition costs, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and other, and identified intangible assets, consisting of the value of in-place leases and other contracts, on a relative fair value basis. Acquisition costs include appraisal fees, title fees, broker fees and other legal costs to acquire the property.

The purchase price of an acquired property is allocated based on the relative fair value of the individual components as a proportion of the total assets acquired. The Company allocates the cost of the tangible assets of an acquired property by valuing the building as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a building using methods similar to those used by independent appraisers. These methods include using stabilized net operating income, or NOI, and market specific capitalization and discount rates. The Company allocates the cost of land based on its relative fair value if acquired with a multifamily community or records the value based on the purchase price paid if acquired separately. In allocating the cost of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the residential leases acquired in connection with each of its property acquisitions approximate at-market rates since the residential lease terms generally do not extend beyond one year.

For residential leases, the fair value of the in-place leases and resident relationships is amortized over the remaining term of the resident leases. For retail and commercial leases, the fair value of in-place leases and tenant relationships is amortized over the remaining term of the leases. The net amount of these lease intangibles included in “Other assets” totaled $0.3 million and $1.0 million as of December 31, 2025 and 2024, respectively.

F-16

Impairment of Long-lived Assets

The Company accounts for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal of long-lived assets. Management periodically evaluates long-lived assets, including investments in real estate, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors. Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated.

Undeveloped Land

Undeveloped land includes sites intended for future multifamily developments and sites for future commercial development, which are carried at cost and evaluated for impairment when indicators are present. Any costs incurred prior to commencement of pre-development activities are expensed as incurred.

Cash and Cash Equivalents

Investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents.

Restricted Cash

Restricted cash consists of security deposits required to be held separately, escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves, and cash held for exchanges under Section 1031(b) of the Internal Revenue Code of 1986, as amended, or the Code. Cash held for Section 1031(b) exchanges is presented within “Cash, cash equivalents and restricted cash” in the accompanying Consolidated Statements of Cash Flows.

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture, as well as six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $41.3 million and $41.7 million as of December 31, 2025 and 2024, respectively, and is included in “Investment in real estate joint venture” in the accompanying Consolidated Balance Sheets.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of December 31, 2025 and 2024, the Company’s investments in the limited partnerships were $78.2 million and $62.2 million, respectively, and are included in “Other assets” in the accompanying Consolidated Balance Sheets, with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at estimated fair value, recognized in “Other non-operating expense (income)” in the accompanying Consolidated Statements of Operations. During the years ended December 31, 2025, 2024 and 2023, the Company recognized income of $6.5 million, $13.1 million and $1.6 million, respectively, from its investments in the limited partnerships. As of December 31, 2025, the Company was committed to make additional capital contributions totaling $20.8 million if and when called by the general partners of the limited partnerships.

Other Assets

Other assets consist primarily of receivables, the value of derivative contracts, right-of-use lease assets, investments in technology-focused limited partnerships, marketable equity securities, deferred rental concessions, the unamortized value of in-place leases and resident relationships, deferred financing costs relating to the revolving credit facility and commercial paper program and other prepaid expenses.

F-17

Marketable Equity Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Consolidated Statements of Operations. As of December 31, 2025 and 2024, the Company’s investment in the marketable equity securities was $3.9 million and $3.3 million, respectively. During the year ended December 31, 2024, the Company sold a portion of the marketable securities for net proceeds of $10.0 million and recognized a net realized gain on sale of $8.3 million. During the years ended December 31, 2025, 2024 and 2023, the Company recognized $0.5 million of unrealized gains, $5.3 million of unrealized losses and $2.9 million of unrealized gains, respectively, from its investment in marketable equity securities.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of accrued dividends payable, accrued real estate taxes, unearned income, right-of-use lease liabilities, security deposits, accrued payroll, general liability and workers compensation insurance, accrued capital improvements in progress, accrued interest payable, net deferred tax liability (see Note 7), accrued loss contingencies (see Note 11), accounts payable and other accrued expenses. The following table reflects a detail of the Company’s “Accrued expenses and other liabilities” balances as of December 31, 2025 and 2024 (dollars in thousands):

		December 31, 2025				December 31, 2024
Accrued dividends payable		$	183,324			$	181,738
Accrued real estate taxes			142,803				139,970
Unearned income			66,139				64,626
Accrued legal and litigation			62,543				11,070
Accrued interest payable			40,734				35,125
Accrued payroll			28,892				27,564
Security deposits			28,144				27,565
Accrued capital improvements in progress			25,914				32,903
Right-of-use lease liabilities			24,279				26,091
General liability and workers compensation insurance			19,414				23,353
Accounts payable, accrued expenses and other			108,180				113,743
Total		$	730,366			$	683,748

Loss Contingencies

The outcomes of claims, disputes and legal proceedings are subject to significant uncertainty. The Company records an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. The Company also accrues an estimate of defense costs expected to be incurred in connection with legal matters. Management reviews these accruals quarterly and makes revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, management does not accrue the loss. However, if the loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then management discloses a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible loss, or range of loss, then a statement to that effect is disclosed.

The assessment of whether a loss is probable or a reasonable possibility, and whether the loss or range of loss is reasonably estimable, often involves a series of complex judgments about future events. Among the factors considered in this assessment, are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if reasonably estimable), the progress of the matter, existing law and precedent, the opinions or views of legal counsel and other advisers, management’s experience in similar matters, the facts available to management at the time of assessment, and how the Company intends to respond, or has responded, to the proceeding or claim. Management’s assessment of these factors may change over time as individual proceedings or claims progress. For matters where management is not currently able to reasonably estimate a range of reasonably possible loss, the factors that have contributed to this determination include the following: (i) the damages sought are indeterminate; (ii) the proceedings are in the early stages; (iii) the matters involve novel or unsettled legal theories or a large or uncertain number of actual or potential cases or parties; and/or (iv) discussions with the parties in matters that are ultimately expected to be resolved through negotiation and settlement have not reached the point where management believes a reasonable estimate of loss, or range of loss, can be made. The Company believes that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. See Note 11 for additional disclosures regarding loss contingencies.

F-18

Equity Forward Sale Agreements

In August 2021, MAA entered into, and in the future may enter into, forward sale agreements for the sale and issuance of shares of its common stock, either through an underwritten public offering or through MAA’s at-the-market share offering program, or ATM program. When MAA enters into a forward sale agreement, the contract requires MAA to sell its shares to a counterparty at a predetermined price at a future date, which price is subject to adjustment during the term of the contract for MAA’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. MAA generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company accounts for the shares of MAA’s common stock reserved for issuance upon settlement as equity in accordance with ASC Topic 815-40, Contracts in Entity’s Own Equity, which permits equity classification when a contract is considered indexed to its own stock and the contract requires or permits the issuing entity to settle the contract in shares (either physically or net in shares).

The guidance in ASC Topic 815-40 establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock by evaluating the instrument’s contingent exercise provisions and the instrument’s settlement provisions. In evaluating the forward sale agreements MAA entered into, management concluded that (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market of MAA’s common stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to MAA’s common stock.

Before the issuance of shares of MAA’s common stock upon physical or net share settlement of the forward sale agreements, the shares issuable upon settlement of the forward sale agreements are reflected in MAA’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sale agreements over the number of shares of common stock that could be purchased by MAA in the open market (based on the average market price during the period) using the proceeds to be received upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When MAA physically or net share settles a forward sale agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic earnings per share. See Note 8 for additional disclosures regarding equity forward sale agreements.

Revenue Recognition

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

In accordance with ASC Topic 842, rental revenues and reimbursable property revenues meet the criteria to be aggregated into a single lease component and are reported on a combined basis in the line item “Rental revenues,” as presented in the disaggregation of the Company’s revenues in Note 13. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues,” as presented in the disaggregation of the Company’s revenues in Note 13.

Advertising Costs

Costs associated with advertising activities are expensed as incurred and were $34.5 million, $31.7 million and $26.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

F-19

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of December 31, 2025 and 2024, right-of-use assets recorded within “Other assets” totaled $38.0 million and $40.5 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $24.3 million and $26.1 million, respectively, in the Consolidated Balance Sheets. Lease expense recognized for the years ended December 31, 2025, 2024 and 2023 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the years ended December 31, 2025 and 2024 was also immaterial. See Note 11 for additional disclosures regarding leases.

Income Taxes

MAA has elected to be taxed as a REIT under the Code and intends to continue to operate in such a manner. The current and continuing qualification as a REIT depends on MAA’s ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain requirements with respect to the nature and diversity of MAA’s assets and sources of MAA’s gross income. As long as MAA qualifies for taxation as a REIT, it will generally not be subject to U.S. federal corporate income tax on its taxable income that is currently distributed to shareholders. This treatment substantially eliminates the “double taxation” (i.e., income taxation at both the corporate and shareholder levels) that generally results from an investment in a corporation. Even if MAA qualifies as a REIT, MAA may be subject to U.S. federal income and excise taxes in certain situations, such as if MAA fails to distribute timely all of its taxable income with respect to a taxable year. MAA also will be required to pay a 100% tax on any net income on non-arm’s length transactions between MAA and one of its taxable REIT subsidiaries, or TRS. Furthermore, MAA and its shareholders may be subject to state or local taxation in various state or local jurisdictions, including those in which MAA transacts business or its shareholders reside, and the applicable state and local tax laws may not conform to the U.S. federal income tax treatment. Any taxes imposed on MAA would reduce its operating cash flows and net income.

The Company has elected TRS status for certain of its corporate subsidiaries. As a result, the TRS incur both federal and state income taxes on any taxable income after consideration of any net operating losses. The TRS use the liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. A valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax assets will not be realized.

The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. See Note 7 for additional disclosures regarding income taxes.

Fair Value Measurements

The Company applies the guidance in ASC Topic 820, Fair Value Measurements and Disclosures, to the valuation of acquired real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 for the Company’s financial instruments as well as the Company’s derivative accounting policies are summarized in Note 6 utilizing the following hierarchy:

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

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

Level 3 - Unobservable inputs for the assets or liability.

Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 and Level 3 of the fair value hierarchy.

Use of Estimates

Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with GAAP. Actual results could differ from those estimates.

F-20

Recently Issued Accounting Pronouncement

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 is effective for all public entities for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. 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. Management is currently evaluating the impact this standard may have on the consolidated financial statements and related disclosures upon adoption.

2.

Earnings per Common Share of MAA

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

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.

For the years ended December 31, 2025 and 2023, MAA’s diluted earnings per share was computed using the treasury stock method, and for the year ended December 31, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):

Calculation of Earnings per common share - basic		2025				2024				2023
Net income		$	456,566			$	541,576			$	567,831
Net income attributable to noncontrolling interests			(9,657	)			(14,033	)			(15,025	)
Unvested restricted shares (allocation of earnings)			(237	)			(75	)			(224	)
Dividends to MAA Series I preferred shareholders			(3,688	)			(3,688	)			(3,688	)
Net income available for MAA common shareholders, adjusted		$	442,984			$	523,780			$	548,894
Weighted average common shares - basic			116,954				116,776				116,521
Earnings per common share - basic		$	3.79			$	4.49			$	4.71
Calculation of Earnings per common share - diluted
Net income		$	456,566			$	541,576			$	567,831
Net income attributable to noncontrolling interests (1)			(9,657	)			(14,033	)			(15,025	)
Unvested restricted shares (allocation of earnings)			—				(75	)			—
Dividends to MAA Series I preferred shareholders			(3,688	)			(3,688	)			(3,688	)
Net income available for MAA common shareholders, adjusted		$	443,221			$	523,780			$	549,118
Weighted average common shares - basic			116,954				116,776				116,521
Effect of dilutive securities			195				—				124
Weighted average common shares - diluted			117,149				116,776				116,645
Earnings per common share - diluted		$	3.78			$	4.49			$	4.71

(1)

For the years ended December 31, 2025, 2024 and 2023, 3.0 million, 3.1 million and 3.1 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

F-21

3.

Earnings per OP Unit of MAALP

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

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.

For the year ended December 31, 2025 and 2023, MAALP’s diluted earnings per common unit was computed using the treasury stock method, and for the years ended December 31, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, as presented below (dollars and units in thousands, except per unit amounts):

Calculation of Earnings per common unit - basic		2025				2024				2023
Net income		$	456,566			$	541,576			$	567,831
Net loss (income) attributable to noncontrolling interests			1,727				—				(62	)
Unvested restricted units (allocation of earnings)			(237	)			(75	)			(224	)
Distributions to MAALP Series I preferred unitholders			(3,688	)			(3,688	)			(3,688	)
Net income available for MAALP common unitholders, adjusted		$	454,368			$	537,813			$	563,857
Weighted average common units - basic			119,938				119,875				119,674
Earnings per common unit - basic		$	3.79			$	4.49			$	4.71
Calculation of Earnings per common unit - diluted
Net income		$	456,566			$	541,576			$	567,831
Net loss (income) attributable to noncontrolling interests			1,727				—				(62	)
Unvested restricted units (allocation of earnings)			—				(75	)			—
Distributions to MAALP Series I preferred unitholders			(3,688	)			(3,688	)			(3,688	)
Net income available for MAALP common unitholders, adjusted		$	454,605			$	537,813			$	564,081
Weighted average common units - basic			119,938				119,875				119,674
Effect of dilutive securities			195				—				124
Weighted average common units - diluted			120,133				119,875				119,798
Earnings per common unit - diluted		$	3.78			$	4.49			$	4.71

4.

Stock-Based Compensation

Overview

MAA accounts for its stock-based employee compensation plans in accordance with accounting standards governing stock-based compensation. These standards require an entity to measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Any liability awards issued are remeasured at each reporting period.

MAA’s stock compensation plans consist of a number of incentives provided to attract and retain independent directors, executive officers and key employees. Incentives are currently granted under the 2023 Omnibus Incentive Plan, or the Omnibus Plan, which was approved at the 2023 annual meeting of MAA shareholders. The Omnibus Plan allows for the grant of awards, including restricted stock and stock options, with respect to up to 1,000,000 shares. Prior to the Omnibus Plan, incentives were awarded under the Amended and Restated 2013 Stock Incentive Plan, or the Stock Incentive Plan, which was approved at the 2018 annual meeting of MAA shareholders. The Stock Incentive Plan allowed for the grant of awards, including restricted stock and stock options, with respect to up to 2,000,000 shares. MAA believes that such awards better align the interests of its employees with those of its shareholders. The Omnibus Plan and the Stock Incentive Plan are collectively referred to as the Stock Plans.

F-22

Compensation expense is generally recognized for service based restricted stock awards using the straight-line method over the vesting period of the shares regardless of cliff or ratable vesting distinctions. Compensation expense for market and performance based restricted stock awards is generally recognized using the accelerated amortization method with each vesting tranche valued as a separate award, with a separate vesting date, consistent with the estimated value of the award at each period end. Additionally, compensation expense is adjusted for actual forfeitures for all awards in the period that the award was forfeited. Compensation expense for stock options is generally recognized on a straight-line basis over the requisite service period. MAA presents stock compensation expense in the Consolidated Statements of Operations in “General and administrative expenses.”

Total compensation expense under the Stock Plans was $18.3 million, $17.7 million and $18.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Of these amounts, total compensation expense capitalized was $2.0 million, $1.9 million and $2.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the total unrecognized compensation expense was $16.1 million. This cost is expected to be recognized over the remaining weighted average period of 0.9 years. Total cash paid for the settlement of plan shares totaled $3.1 million, $5.0 million and $7.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Information concerning grants under the Stock Plans is provided below.

Restricted Stock

In general, restricted stock is earned based on either a service condition, market condition, performance condition or a combination thereof and generally vests ratably over a period from the grant date up to three years. Service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of MAA common stock on the date of grant. Market based awards are earned when MAA reaches a specified stock price or specified return on the stock price (price appreciation plus dividends) and are valued on the grant date using a Monte Carlo simulation. Performance based awards are earned when MAA reaches certain operational goals, such as funds available for distribution targets, and are valued based upon the market price of MAA common stock on the date of grant as well as the probability of reaching the stated targets. MAA remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The weighted average grant date fair value per share of restricted stock awards granted with a market condition during the years ended December 31, 2025, 2024 and 2023, was $99.70, $85.94 and $102.55, respectively.

The following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended December 31, 2025, 2024 and 2023:

		2025		2024		2023
Risk free rate		4.448%		4.158%		4.096%
Dividend yield		4.046%		4.449%		3.550%
Volatility		22.54%		22.87%		28.99%
Requisite service period		3 years		3 years		3 years

The risk free rate was based on a zero coupon risk-free rate. The dividend yield was based on the closing stock price of MAA stock on the date of grant. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns, and implied volatility was based on the trailing month average of daily implied volatilities interpolating between the volatilities implied by stock call option contracts that were closest to the terms shown and closest to the money. The requisite service period is based on the criteria for the separate restricted stock awards according to the related vesting schedule.

A summary of the status of the nonvested restricted shares as of December 31, 2025, and the changes for the year ended December 31, 2025, is presented below:

Nonvested Shares		Shares				Weighted Average Grant-Date Fair Value
Nonvested as of January 1, 2025			107,003			$	161.68
Issued			68,655				139.33
Vested			(64,317	)			170.59
Forfeited			(1,745	)			155.24
Nonvested as of December 31, 2025			109,596			$	142.55

The total fair value of shares vested during the years ended December 31, 2025, 2024 and 2023 was $11.0 million, $14.7 million and $17.3 million, respectively.

Stock Options

No options were outstanding as of December 31, 2025. No stock options were granted or expired during the years ended December 31, 2025, 2024 and 2023. There were 463 options exercised during the year ended December 31, 2025 and no options exercised during the years ended December 31, 2024 and 2023. These exercises resulted in net proceeds that were negligible during the year ended December 31, 2025.

F-23

5.

Borrowings

The following table summarizes the Company’s outstanding debt as of December 31, 2025 and 2024 (dollars in thousands):

										As of December 31, 2025
Unsecured debt		December 31, 2025				December 31, 2024				Weighted Average Effective Rate				Weighted Average Contract Maturity
Fixed rate senior notes		$	4,400,000			$	4,400,000				3.8	%		1/2/2032
Variable rate commercial paper program			676,000				250,000				3.9	%		1/8/2026
Debt issuance costs, discounts and premiums			(31,021	)			(29,310	)
Total unsecured debt		$	5,044,979			$	4,620,690				3.8	%
Secured debt
Fixed rate property mortgages		$	363,293			$	363,293				4.4	%		1/26/2049
Debt issuance costs			(2,900	)			(3,026	)
Total secured debt		$	360,393			$	360,267				4.4	%
Total outstanding debt		$	5,405,372			$	4,980,957				3.8	%

Unsecured Revolving Credit Facility

In October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. 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. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of December 31, 2025, there was no outstanding balance under the revolving credit facility, while $5.0 million of capacity was used to support outstanding letters of credit.

Unsecured Commercial Paper

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days. 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. As of December 31, 2025, there were $676.0 million of borrowings outstanding under the commercial paper program. For the year ended December 31, 2025, the average daily borrowings outstanding under the commercial paper program were $379.9 million.

Unsecured Senior Notes

As of December 31, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2032.

In January 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum and at an issue price of 99.019%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, and commenced on September 15, 2024. The notes have an effective interest rate of 5.123%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program.

In May 2024, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300% per annum and at an issue price of 99.496%. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, and commenced on August 15, 2024. The notes have an effective interest rate of 5.382%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program.

In June 2024, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program.

In December 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, and commenced on September 1, 2025. The notes have an effective interest rate of 5.053%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program.

F-24

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%. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2026. The notes have an effective interest rate of 4.755%. The proceeds from the sale of the notes were used to repay borrowings under MAALP’s commercial paper program, which were used to repay MAALP’s 2015 publicly issued notes that matured in November 2025.

In November 2025, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity.

Secured Property Mortgages

As of December 31, 2025, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

Upcoming Debt Obligations

As of December 31, 2025, MAALP’s debt obligations over the next 12 months consist of approximately $976.0 million of principal obligations, including $676.0 million of commercial paper borrowings due January 2026 and $300.0 million of unsecured senior notes due September 2026.

Schedule of Maturities

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2025, as well as the amortization of debt issuance costs, discounts and premiums (in thousands):

		Maturities				Amortization				Total
2026		$	976,000			$	(484	)		$	975,516
2027			600,000				(1,093	)			598,907
2028			400,000				(1,481	)			398,519
2029			550,000				4,833				554,833
2030			300,000				(1,427	)			298,573
Thereafter			2,613,293				(34,269	)			2,579,024
Total		$	5,439,293			$	**(**33,921	)		$	5,405,372

6.

Financial Instruments and Derivatives

Financial Instruments Not Carried at Fair Value

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

Fixed rate notes payable as of December 31, 2025 and 2024 totaled $4.7 billion for each time period, and had estimated fair values of $4.5 billion and $4.4 billion (excluding prepayment penalties) as of December 31, 2025 and 2024, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of December 31, 2025 and 2024 totaled $676.0 million and $250.0 million, respectively, and the variable rate debt had estimated fair values of $676.0 million and $250.0 million as of December 31, 2025 and 2024, respectively. The fair values of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days, and management concluded these rates reasonably estimate current market rates.

Financial Instruments Measured at Fair Value on a Recurring Basis

As of December 31, 2025, the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Series I preferred stock (see Note 8). The Company has recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. The derivative asset is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at the Company’s option beginning on October 1, 2026 at the redemption price of $50.00 per share. The Company may use various inputs in the analysis, including risk adjusted yields of relevant MAALP bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option.

F-25

The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating expense (income)” in the accompanying Consolidated Statements of Operations. As of December 31, 2025 and 2024, the fair value of the embedded derivative was $14.3 million and $13.2 million, respectively.

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

Terminated Cash Flow Hedges of Interest

As of December 31, 2025, the Company had $5.3 million recorded in “Accumulated other comprehensive loss,” or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next 12 months, the Company estimates an additional $1.5 million will be reclassified to earnings as an increase to “Interest expense.”

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

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively (dollars in thousands):

Derivatives in Cash Flow		Location of Loss Reclassified		Net Loss Reclassified from AOCL into Interest Expense
Hedging Relationships		from AOCL into Income		2025				2024				2023
Terminated interest rate swaps		Interest expense		$	(1,689	)		$	(1,878	)		$	(1,326	)

Derivatives Not Designated		Location of Gain (Loss) Recognized		Gain (Loss) Recognized in Earnings on Derivative
as Hedging Instruments		in Earnings on Derivative		2025				2024				2023
Preferred stock embedded derivative		Other non-operating expense (income)		$	1,111			$	(18,751	)		$	18,528

7.

Income Taxes

Due to the structure of MAA as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the MAA level. In addition, as MAALP is structured as a limited partnership, and its partners recognize their proportionate share of income or loss in their tax returns, no provision for federal income taxes has been made at the MAALP level. Historically, the Company has incurred certain state and local income, excise and franchise taxes.

Taxable REIT Subsidiaries

A TRS is an entity that is subject to federal, state and any applicable local corporate income tax without the benefit of the dividends paid deduction applicable to REITs. The Company’s TRS generated taxable income of $7.6 million, $8.3 million and $4.6 million, and recognized income tax expense of $1.5 million, $1.8 million and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. One of the Company’s TRS generally provides the Company with services (property management services to a real estate joint venture and other services) for which the Company reimburses the TRS. In addition, one of the Company’s TRS owns the investments in the technology-focused limited partnerships and marketable securities that generate investment income and losses. The investment income or loss is recognized for tax purposes at the time of sale or exchange of the investment.

In addition to the TRS income tax provision, income tax expense primarily relates to the Texas-based margin tax for all Texas apartment communities. Income tax expense for the Company was $4.6 million, $5.2 million and $4.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, as presented in “Income tax expense” in the accompanying Consolidated Statements of Operations.

As of December 31, 2025 and 2024, there were no deferred tax assets and the components of the Company’s deferred tax liabilities were as follows (dollars in thousands):

		December 31, 2025				December 31, 2024
Deferred tax liability:
Unrealized gain from limited partnerships		$	5,348			$	4,048
Unrealized gain from marketable securities & other			900				861
Total deferred tax liability		$	6,248			$	4,909

F-26

The net deferred tax liability balances are reflected in “Accrued expenses and other liabilities” in the accompanying Consolidated Balance Sheets. The TRS have no reserve for uncertain tax positions for the years ended December 31, 2025 and 2024, and management does not believe there will be any material changes in the TRS unrecognized tax positions over the next 12 months. If necessary, the TRS accrue interest and penalties on unrecognized tax benefits as a component of income tax expense.

Net Operating Loss Carryforwards

As of December 31, 2025, the Company held federal net operating loss, or NOL, carryforwards of $43.9 million for income tax purposes that expire in the years 2029 to 2032. Utilization of any NOL carryforwards is subject to an annual limitation due to ownership change limitations provided by Section 382 of the Code and similar state provisions. The annual limitations may result in the expiration of NOL carryforwards prior to utilization. The Company may use these NOL to offset all or a portion of the taxable income generated at the REIT level. Tax years 2022 through 2025 are subject to examination by the Internal Revenue Service. No tax examination is currently in process.

Taxable Composition of Distributions

For income tax purposes, dividends paid to holders of common stock generally consist of ordinary income, return of capital, capital gains, qualified dividends and un-recaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2025, 2024 and 2023, dividends per common share held for the entire year were estimated to be taxable as follows:

		2025								2024								2023
		Amount				Percentage				Amount				Percentage				Amount				Percentage
Ordinary income		$	6.02				99.40	%		$	5.80				98.61	%		$	5.60				100.00	%
Capital gains			0.04				0.60	%			0.08				1.39	%			—				—
Total		$	6.06				100	%		$	5.88				100	%		$	5.60				100	%

The Company designated the per share amounts above as capital gain dividends in accordance with the requirements of the Code. The difference between net income available to common shareholders for financial reporting purposes and taxable income before dividend deductions relates primarily to temporary differences such as depreciation and amortization and taxable gains on sold properties.

8.

Shareholders’ Equity of MAA

As of December 31, 2025, 116,878,077 shares of common stock of MAA and 2,941,839 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,819,916 common shares and units. As of December 31, 2024, 116,883,421 shares of common stock of MAA and 3,075,552 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,958,973 common shares and units.

Preferred Stock

As of December 31, 2025, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

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

(1)

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

(2)

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

See Note 6 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock.

Direct Stock Purchase and Distribution Reinvestment Plan

MAA has a Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, pursuant to which MAA’s common shareholders have the ability to reinvest all or part of their distributions from MAA into shares of MAA’s common stock and holders of Class A OP Units have the ability to reinvest all or part of their distributions from the Operating Partnership into shares of MAA’s common stock. The DRSPP also provides the opportunity to make optional cash investments in MAA’s common stock of at least $250, but not more than $5,000 in any given month. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA may elect to sell shares under the DRSPP at up to a 5% discount. Shares of MAA’s common stock totaling 10,006 in 2025, 10,610 in 2024 and 9,787 in 2023 were acquired by participants under the DRSPP. MAA did not offer a discount for optional cash purchases in 2025, 2024 or 2023.

F-27

Equity Forward Sale Agreements

In August 2021, MAA entered into two 18-month forward sale agreements with respect to a total of 1.1 million shares of its common stock at an initial forward sale price of $190.56 per share, which is net of issuance costs. Under the forward sale agreements, the forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and was decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. In January 2023, MAA settled its two forward sale agreements with respect to a total of 1.1 million shares at a forward price per share of $185.23, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of MAA common stock and commissions paid to sales agents, for net proceeds of $203.7 million. The impact of the forward sale agreements was not dilutive to the Company’s diluted earnings per share for the years ended December 31, 2023.

At-the-Market Equity Offering Program

MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the years ended December 31, 2025, 2024 and 2023, MAA did not sell any shares of common stock through the ATM program. As of December 31, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.

9.

Partners’ Capital of MAALP

Common units of limited partnership interests in MAALP are represented by OP Units. As of December 31, 2025, there were 119,819,916 OP Units outstanding, 116,878,077, or 97.5%, of which represent Class B OP Units (common units issued to or held by MAALP’s general partner or any of its subsidiaries), which were owned by MAA, MAALP’s general partner. The remaining 2,941,839 OP Units were Class A OP Units owned by Class A limited partners. As of December 31, 2024, there were 119,958,973 OP Units outstanding, 116,883,421, or 97.4%, of which were owned by MAA and 3,075,552 of which were owned by the Class A limited partners.

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

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

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

As of December 31, 2025, a total of 2,941,839 Class A OP Units were outstanding and redeemable for 2,941,839 shares of MAA common stock, with an approximate value of $408.7 million, based on the closing price of MAA’s common stock on December 31, 2025 of $138.91 per share. As of December 31, 2024, a total of 3,075,552 Class A OP Units were outstanding and redeemable for 3,075,552 shares of MAA common stock, with an approximate value of $475.4 million, based on the closing price of MAA’s common stock on December 31, 2024 of $154.57 per share. MAALP pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock.

F-28

As of December 31, 2025, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of December 31, 2025, 867,846 units of the MAALP Series I preferred units were outstanding and owned by MAA. See Note 6 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

10.

Employee Benefit Plans

The following provides details of the employee benefit plans not previously discussed in Note 4.

401(k) Savings Plans

MAA’s 401(k) Savings Plan, or 401(k) Plan, is a defined contribution plan that satisfies the requirements of Section 401(a) and 401(k) of the Code. MAA’s Board of Directors has the discretion to approve matching contributions to the 401(k) Plan. MAA recognized expense from the 401(k) Plan of $5.3 million, $4.9 million and $4.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Non-Qualified Executive Deferred Compensation Retirement Plan

MAA has adopted the MAA Non-Qualified Executive Deferred Compensation Retirement Plan Amended and Restated effective January 1, 2016, or the Deferred Compensation Plan, for certain executive employees. Under the terms of the Deferred Compensation Plan, employees may elect to defer a percentage of their compensation and bonus, and MAA may, but is not obligated to, match a portion of the employees’ salary deferral. MAA recognized expense on its match to the Deferred Compensation Plan for the years ended December 31, 2025, 2024 and 2023 of $0.2 million, $0.3 million and $0.4 million, respectively.

Non-Qualified Deferred Compensation Plan for Outside Company Directors

MAA has adopted the Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended effective November 30, 2010, or the Directors Deferred Compensation Plan, which allows non-employee directors to defer their director fees by having the fees held by MAA as shares of MAA’s common stock. Directors can also choose to have their annual restricted stock grants issued into the Directors Deferred Compensation Plan. Amounts deferred through the Directors Deferred Compensation Plan are distributed to the directors in two annual installments beginning in the first 90 days of the year following the director’s departure from the board. Participating directors may choose to have the amount issued to them in shares of MAA’s common stock or paid to them as cash at the market value of MAA’s common stock as of the end of the year the director ceases to serve on the board.

For the years ended December 31, 2025, 2024 and 2023, directors deferred 9,742 shares, 11,439 shares and 9,459 shares of common stock, respectively, with weighted-average grant date fair values of $158.55, $140.85 and $145.96, respectively, into the Directors Deferred Compensation Plan. The shares of common stock held in the Directors Deferred Compensation Plan are classified outside of permanent equity in redeemable stock with changes in the redemption amount recorded immediately to retained earnings because the directors have redemption rights not solely within the control of MAA. Additionally, any shares that become mandatorily redeemable because a departed director has elected to receive a cash payout are recorded as a liability. As of December 31, 2025 and 2024, there was no liability related to mandatorily redeemable shares.

Employee Stock Ownership Plan

MAA’s Employee Stock Ownership Plan, or ESOP, is a non-contributory stock bonus plan that satisfies the requirements of Section 401(a) of the Code. On December 31, 2010, the ESOP was frozen by amendment, whereby effective January 1, 2011, no additional employees became eligible for the plan, no additional contributions were made to the ESOP, and all participants with an account balance under the ESOP became 100% vested. The Company did not contribute to the ESOP during 2025, 2024 or 2023. As of December 31, 2025, the ESOP held 117,914 shares with a fair value of $16.4 million.

11.

Commitments and Contingencies

Leases

The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of December 31, 2025, the Company’s operating leases had a weighted average remaining lease term of approximately 36 years and a weighted average discount rate of approximately 4.6%.

F-29

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2025 (in thousands):

		Operating Leases
2026		$	3,098
2027			3,136
2028			1,714
2029			820
2030			771
Thereafter			54,187
Total minimum lease payments			63,726
Net present value adjustments			(39,447	)
Right-of-use lease liabilities		$	24,279

Legal Proceedings

In late 2022 and early 2023, multiple putative class action lawsuits were filed against RealPage, Inc. and approximately 50 of the largest owners and operators of apartment communities in the country, including the Company, alleging that RealPage and such owners and operators conspired to artificially inflate multifamily residential rental prices through the use of RealPage’s revenue management software. In April 2023, those cases were centralized in the U.S. District Court for the Middle District of Tennessee in a case captioned In Re: RealPage, Inc., Rental Software Antitrust Litigation (No. II) (the “Class Action Litigation”). On January 26, 2026, the Company entered into a settlement agreement with the named plaintiffs in the Class Action Litigation, individually and on behalf of the class members. The settlement agreement remains subject to preliminary and final approval by the court. Under the terms of the settlement agreement, the Company will pay an aggregate of $53.0 million into a settlement fund to settle all claims asserted, or that could have been asserted, against the Company relating to the alleged conduct at issue in the Class Action Litigation. The settlement payment will be made in two equal installments of $26.5 million, with the first installment payable no earlier than March 2, 2026 and the second installment payable 30 days after the first payment. The settlement amount is inclusive of the recovery amount for class members, fees for the plaintiffs’ counsel, and the costs of administering the settlement. In addition, the settlement agreement includes certain prospective commitments regarding the Company’s business practices, including provisions relating to the disclosure and use of nonpublic data and the Company’s use of revenue management software, all of which the Company believes are consistent with its existing practices and will not require material changes to current operations. Under the settlement agreement, if the number of eligible class members opting out of the settlement exceeds a specified level, the Company may request that the settlement terms be revised, and if the parties then cannot agree on revised settlement terms within 60 days (as may be extended by the parties), the settlement agreement will terminate. There can be no assurance as to the ultimate outcome of the Class Action Litigation with respect to the Company, including no assurance that the settlement agreement will be approved by the court or that any revised settlement terms, if applicable, will be finalized by the parties and approved by the court. If the settlement agreement is not approved by the court or the parties otherwise cannot finalize a settlement, the Company plans to vigorously defend itself in the Class Action Litigation and the Company believes there are defenses, both factual and legal, to the allegations against it.

Other lawsuits making allegations similar to those asserted in the Class Action Litigation and seeking monetary damages and penalties, injunctive relief, and attorneys’ fees and costs have also been filed. In November 2023, a lawsuit alleging violations of the District of Columbia’s antitrust laws was filed in the Superior Court of the District of Columbia by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company. Similarly, in July 2025, the Commonwealth of Kentucky, through its Attorney General, filed a lawsuit in the U.S. District Court for the Eastern District of Kentucky against RealPage, Inc. and several of the state’s largest landlords, including the Company, alleging violations of federal antitrust laws and state consumer protection laws, among other things. The Company believes there are defenses, both factual and legal, to the allegations in these proceedings and the Company plans to vigorously defend itself. As these proceedings are ongoing, it is not possible for the Company to predict any outcome or estimate the amount of loss, if any, which could be associated with any adverse decision. The Company does not believe these proceedings will have a material adverse effect on its financial condition or its results of operations; however can provide no such assurance.

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

As of December 31, 2025 and 2024, the Company’s accrual for loss contingencies relating to the pending settlement described above and unresolved legal matters, including the cost to defend, was $62.5 million and $11.1 million in the aggregate, respectively. The accrual for loss contingencies is presented in “Accrued expenses and other liabilities” in the accompanying Consolidated Balance Sheets and in “Other non-operating expense (income)” in the accompanying Consolidated Statements of Operations.

F-30

12.

Related Party Transactions

The cash management of the Company is managed by the Operating Partnership. In general, cash receipts are remitted to the Operating Partnership and all cash disbursements are funded by the Operating Partnership. As a result of these transactions, the Operating Partnership had a negligible payable to MAA, its general partner, as of December 31, 2025 and 2024 that is eliminated in the preparation of MAA’s consolidated financial statements. The Partnership Agreement does not require the due to/due from balance to be settled in cash until liquidation of the Operating Partnership, and therefore, there is no regular settlement schedule for such amounts.

13.

Segment Information

As of December 31, 2025, the Company owned and operated 293 multifamily apartment communities (which does not include development communities under construction) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

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

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

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

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

F-31

Property revenues, property operating expenses (excluding depreciation and amortization) and NOI for each reportable segment for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

		2025				2024				2023
Revenues:
Same Store
Rental revenues		$	2,062,887			$	2,067,665			$	2,063,344
Other property revenues			14,275				12,362				11,752
Total Same Store revenues			2,077,162				2,080,027				2,075,096
Non-Same Store and Other
Rental revenues			130,464				108,952				72,874
Other property revenues			1,500				2,036				498
Total Non-Same Store and Other revenues			131,964				110,988				73,372
Total rental and other property revenues		$	2,209,126			$	2,191,015			$	2,148,468
Expenses:
Same Store
Real estate taxes		$	266,588			$	268,746			$	265,296
Personnel			171,123				163,923				157,656
Utilities			139,489				134,181				131,197
Building repair and maintenance			99,574				97,045				95,955
Office operations			35,594				34,560				30,366
Insurance			32,471				32,858				30,713
Marketing			28,059				26,528				24,103
Total Same Store expenses			772,898				757,841				735,286
Non-Same Store and Other
Total Non-Same Store and Other expenses			64,909				62,251				32,855
Total property operating expenses, excluding depreciation and amortization		$	837,807			$	820,092			$	768,141
Net Operating Income:
Same Store NOI		$	1,304,264			$	1,322,186			$	1,339,810
Non-Same Store and Other NOI			67,055				48,737				40,517
Total NOI			1,371,319				1,370,923				1,380,327
Depreciation and amortization			(622,295	)			(585,616	)			(565,063	)
Property management expenses			(74,779	)			(72,040	)			(67,784	)
General and administrative expenses			(54,807	)			(56,516	)			(58,578	)
Interest expense			(185,257	)			(168,544	)			(149,234	)
Gain (loss) on sale of depreciable real estate assets			72,066				55,003				(62	)
Gain on sale of non-depreciable real estate assets			—				—				54
Other non-operating (expense) income			(47,161	)			1,655				31,185
Income tax expense			(4,595	)			(5,240	)			(4,744	)
Income from real estate joint venture			2,075				1,951				1,730
Net income attributable to noncontrolling interests			(9,657	)			(14,033	)			(15,025	)
Dividends to MAA Series I preferred shareholders			(3,688	)			(3,688	)			(3,688	)
Net income available for MAA common shareholders		$	443,221			$	523,855			$	549,118

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

		December 31, 2025				December 31, 2024
Assets:
Same Store		$	9,606,769			$	9,840,140
Non-Same Store and Other			2,180,086				1,814,597
Corporate			188,528				157,632
Total assets		$	11,975,383			$	11,812,369

F-32

14.

Real Estate Acquisitions and Dispositions

Acquisitions

In August 2025, the Company closed on the acquisition of a 318-unit multifamily apartment community located in Kansas City, Kansas for approximately $96 million.

In October, September and May 2024, the Company closed on acquisitions of a 386-unit multifamily apartment community located in Dallas, Texas for approximately $106 million, a 310-unit multifamily apartment community located in Orlando, Florida for approximately $84 million and a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million, respectively.

Each of the above transactions was determined to be an asset acquisition for accounting purposes and the purchase price was allocated to the assets acquired based on their relative fair values. See Note 1 for additional disclosures regarding fair value measurements.

In October 2025, the Company acquired a 1-acre land parcel in Kansas City, Kansas for approximately $1 million and a 3-acre land parcel in Phoenix, Arizona for approximately $27 million. In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million.

In December, August and April 2024, the Company acquired a 3-acre land parcel in Raleigh/Durham, North Carolina for approximately $5 million, a 3-acre land parcel in Richmond, Virginia for approximately $14 million and a 13-acre land parcel in Phoenix, Arizona for approximately $11 million, respectively.

Dispositions

In March 2025, the Company closed on the dispositions of a 336-unit and a 240-unit multifamily apartment community located in Columbia, South Carolina for net proceeds of approximately $81 million, resulting in gain on the sale of depreciable real estate assets of approximately $72 million.

In December 2024, the Company closed on the disposition of a 272-unit multifamily apartment community located in Richmond, Virginia for net proceeds of approximately $47 million, resulting in gain on the sale of depreciable real estate assets of approximately $33 million. In October 2024, the Company closed on the disposition of a 216-unit multifamily apartment community located in Charlotte, North Carolina for net proceeds of approximately $38 million, resulting in gain on the sale of depreciable real estate assets of approximately $22 million.

During the years ended December 31, 2025 and 2024, the Company did not dispose of any land parcels.

As of December 31, 2025, a 316-unit multifamily apartment community located in Houston, Texas and a 362-unit multifamily apartment community located in Dallas, Texas were classified as held for sale. The criteria for classifying the communities as held for sale were met during December 2025, and the properties remained in the Company’s portfolio as of December 31, 2025. As a result, the assets associated with the communities were presented as “Assets held for sale” in the accompanying Consolidated Balance Sheet as of December 31, 2025.

As of December 31, 2024, a 336-unit multifamily apartment community and a 240-unit multifamily apartment community located in Columbia, South Carolina were classified as held for sale. The criteria for classifying the communities as held for sale were met during December 2024, and the properties remained in the Company’s portfolio as of December 31, 2024. As a result, the assets associated with the communities were presented as “Assets held for sale” in the accompanying Consolidated Balance Sheet as of December 31, 2024.

F-33

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

Schedule III — Real Estate a****nd Accumulated Depreciation

December 31, 2025

(Dollars in thousands)

									Initial Cost								Costs Capitalized Subsequent to Acquisition								Gross Amount carried as of December 31, 2025
Property		Location		Encumbrances					Land				Buildings and Fixtures				Land				Buildings and Fixtures				Land				Buildings and Fixtures				Total (3)				Accumulated Depreciation (4)				Net				Date of Construction		Date Acquired
MAA Ross Bridge		Birmingham, AL		$	—				$	2,641			$	28,842			$	—			$	6,206			$	2,641			$	35,048				37,689			$	(17,085	)		$	20,604			2009		2011
MAA Riverchase		Birmingham, AL			—					3,762				22,079				—				8,388				3,762				30,467				34,229				(15,825	)			18,404			2010		2013
MAA Trussville		Birmingham, AL			—					3,403				31,813				—				9,228				3,403				41,041				44,444				(19,413	)			25,031			1996/97		2013
MAA Eagle Ridge		Birmingham, AL			—					852				7,667				—				6,697				852				14,364				15,216				(11,380	)			3,836			1986		1998
MAA Traditions		Gulf Shores, AL			—					3,212				25,162				—				10,446				3,212				35,608				38,820				(17,264	)			21,556			2007		2013
MAA Edgewater		Huntsville, AL			—					4,944				38,673				—				13,760				4,944				52,433				57,377				(23,307	)			34,070			1990		2013
MAA Providence Main		Huntsville, AL			—					1,740				10,152				—				25,487				1,740				35,639				37,379				(21,504	)			15,875			1993		1997
MAA Madison Lakes		Madison, AL			—					3,602				28,934				—				7,582				3,602				36,516				40,118				(17,018	)			23,100			2000		2013
MAA Cypress Village		Orange Beach, AL			—					1,291				12,238				—				4,385				1,291				16,623				17,914				(7,796	)			10,118			2008		2013
MAA Liberty Park		Vestavia Hills, AL			—					3,922				30,977				—				11,571				3,922				42,548				46,470				(20,579	)			25,891			2000		2013
MAA Sky View		Gilbert, AZ			—					2,668				14,577				—				4,763				2,668				19,340				22,008				(10,690	)			11,318			2007		2009
MAA City Gate		Mesa, AZ			—					4,219				26,255				—				7,177				4,219				33,432				37,651				(15,613	)			22,038			2002		2013
MAA Lyon's Gate		Phoenix, AZ			—					7,901				27,182				—				8,794				7,901				35,976				43,877				(19,524	)			24,353			2007		2008
MAA Fountainhead		Phoenix, AZ			—		(1)			12,212				56,705				—				6,421				12,212				63,126				75,338				(17,959	)			57,379			2015		2016
MAA Foothills		Phoenix, AZ			—					12,741				47,701				—				9,026				12,741				56,727				69,468				(35,647	)			33,821			2005		2006
MAA Phoenix Midtown		Phoenix, AZ			—					9,001				—				—				74,992				9,001				74,992				83,993				(18,227	)			65,766			2021		2019
MAA Central Ave		Phoenix, AZ			—					11,323				90,350				—				3,134				11,323				93,484				104,807				(7,327	)			97,480			2022		2023
Novel Val Vista		Phoenix, AZ			—					7,285				—				—				69,415				7,285				69,415				76,700				(6,226	)			70,474			2020		2020
MAA Old Town Scottsdale		Scottsdale, AZ			—					7,820				51,627				—				15,072				7,820				66,699				74,519				(29,901	)			44,618			1994/95		2013
MAA Camelback		Scottsdale, AZ			—					3,612				20,273				—				8,165				3,612				28,438				32,050				(12,793	)			19,257			1999		2013
MAA SkySong		Scottsdale, AZ			—					—				55,748				—				7,101				—				62,849				62,849				(18,363	)			44,486			2014		2015
MAA River North		Denver, CO			—					14,500				28,900				—				43,692				14,500				72,592				87,092				(19,438	)			67,654			2018		2016
MAA Promenade		Denver, CO			—					24,111				81,317				—				26,233				24,111				107,550				131,661				(25,269	)			106,392			2017/19		2018
MAA Westglenn		Denver, CO			—					8,077				—				—				75,338				8,077				75,338				83,415				(18,060	)			65,355			2021		2018
MAA Tiffany Oaks		Altamonte Springs, FL			—					1,024				9,219				—				11,637				1,024				20,856				21,880				(14,660	)			7,220			1985		1996
MAA Lakewood Ranch		Bradenton, FL			—					2,980				40,230				—				16,656				2,980				56,886				59,866				(24,021	)			35,845			1999		2013
MAA Indigo Point		Brandon, FL			—					1,167				10,500				—				8,972				1,167				19,472				20,639				(13,393	)			7,246			1989		2000
MAA Brandon		Brandon, FL			—					2,896				26,111				—				12,952				2,896				39,063				41,959				(29,831	)			12,128			1998		1997
MAA Coral Springs		Coral Springs, FL			—					9,600				40,004				—				23,346				9,600				63,350				72,950				(40,112	)			32,838			1996		2004
MAA Steeplegate		Gainesville, FL			—					1,800				15,879				—				7,950				1,800				23,829				25,629				(15,380	)			10,249			1999		1998
MAA Magnolia Parke		Gainesville, FL			—					2,040				16,338				—				2,953				2,040				19,291				21,331				(9,580	)			11,751			2009		2011
MAA Heathrow		Heathrow, FL			—					4,101				35,684				—				7,378				4,101				43,062				47,163				(21,376	)			25,787			1997		2013
MAA 220 Riverside		Jacksonville, FL			—					2,381				35,514				—				11,007				2,381				46,521				48,902				(12,841	)			36,061			2015		2012
MAA Town Center		Jacksonville, FL			—					4,000				19,495				—				5,579				4,000				25,074				29,074				(12,421	)			16,653			2008		2011
MAA Mandarin North		Jacksonville, FL			—					854				7,500				—				6,492				854				13,992				14,846				(11,294	)			3,552			1987		1995
MAA Deerwood		Jacksonville, FL			—					1,533				13,835				—				9,302				1,533				23,137				24,670				(17,951	)			6,719			1987		1997
MAA Southlake		Jacksonville, FL			—					1,430				12,883				—				13,407				1,430				26,290				27,720				(20,872	)			6,848			1985		1996
MAA Fleming Island		Jacksonville, FL			—					4,047				35,052				—				11,567				4,047				46,619				50,666				(30,702	)			19,964			2003		2003
MAA Belmont		Jacksonville, FL			—					1,411				14,967				—				6,865				1,411				21,832				23,243				(13,913	)			9,330			1998		1998
MAA Mandarin Lakes		Jacksonville, FL			—					2,857				6,475				—				26,764				2,857				33,239				36,096				(18,383	)			17,713			1987/2008		1995
MAA Tapestry Park		Jacksonville, FL			—					6,417				36,069				—				5,618				6,417				41,687				48,104				(19,963	)			28,141			2009		2011
MAA Atlantic		Jacksonville, FL			—					1,678				15,179				—				14,143				1,678				29,322				31,000				(23,032	)			7,968			1986		1997
MAA Lake Mary		Lake Mary, FL			—		(2)			6,346				41,539				—				28,580				6,346				70,119				76,465				(28,820	)			47,645			2012		2013
MAA Town Park		Lake Mary, FL			—					9,223				66,873				—				15,181				9,223				82,054				91,277				(40,524	)			50,753			2004/05		2013
MAA Heather Glen		Orlando, FL			—					4,662				56,988				—				11,726				4,662				68,714				73,376				(32,622	)			40,754			2000		2013
MAA Randal Lakes		Orlando, FL			—					8,859				50,553				—				54,110				8,859				104,663				113,522				(29,240	)			84,282			2014/17		2013
MAA Robinson		Orlando, FL			—					6,003				—				—				91,906				6,003				91,906				97,909				(21,517	)			76,392			2021		2018
MAA Baldwin Park		Orlando, FL			—					18,101				144,200				—				9,567				18,101				153,767				171,868				(55,540	)			116,328			2011		2016
MAA Crosswater		Orlando, FL			—					7,046				52,585				—				4,923				7,046				57,508				64,554				(19,064	)			45,490			2013		2016
MAA Parkside		Orlando, FL			—					5,669				49,754				—				12,493				5,669				62,247				67,916				(22,149	)			45,767			1999		2016
MAA Lake Nona		Orlando, FL			—					7,880				41,175				—				10,322				7,880				51,497				59,377				(23,960	)			35,417			2006		2012
MAA Sand Lake		Orlando, FL			—					7,635				—				—				56,687				7,635				56,687				64,322				(14,362	)			49,960			2021		2019
MAA Boggy Creek		Orlando, FL			—					10,879				72,838				—				1,506				10,879				74,344				85,223				(3,731	)			81,492			2023		2024
MAA Palm Harbor		Palm Harbor, FL			—					6,900				26,613				—				7,584				6,900				34,197				41,097				(19,551	)			21,546			2000		2009
MAA Emerald Coast		Panama City, FL			—					893				14,276				—				8,967				893				23,243				24,136				(14,972	)			9,164			2000		1998
MAA Twin Lakes		Sanford, FL			—					3,091				47,793				—				10,705				3,091				58,498				61,589				(27,419	)			34,170			2005		2013
MAA Oak Grove		Tallahassee, FL			—					1,480				4,805				—				16,849				1,480				21,654				23,134				(17,929	)			5,205			1992		1997
MAA Southwood		Tallahassee, FL			—					3,600				25,914				—				4,662				3,600				30,576				34,176				(12,181	)			21,995			2003		2011
MAA Belmere		Tampa, FL			—					852				7,667				—				13,009				852				20,676				21,528				(14,195	)			7,333			1984		1994
MAA Hampton Preserve		Tampa, FL			—					17,029				131,398				—				9,781				17,029				141,179				158,208				(43,091	)			115,117			2012/21		2013/22
MAA Carrollwood		Tampa, FL			—					927				7,355				—				10,098				927				17,453				18,380				(12,858	)			5,522			1980		1998
MAA Bay View		Tampa, FL			—					4,541				28,381				—				3,781				4,541				32,162				36,703				(11,455	)			25,248			1997		2016
MAA Harbour Island		Tampa, FL			—					16,296				116,193				—				23,362				16,296				139,555				155,851				(52,152	)			103,699			1997		2016
MAA Hyde Park		Tampa, FL			—					16,891				95,259				—				15,614				16,891				110,873				127,764				(40,470	)			87,294			1994		2016
MAA Rocky Point		Tampa, FL			—					35,260				153,102				—				29,853				35,260				182,955				218,215				(65,835	)			152,380			1994-96		2016
MAA SoHo Square		Tampa, FL			—		(1)			5,190				56,296				—				2,751				5,190				59,047				64,237				(18,791	)			45,446			2012		2016
MAA Tampa Oaks		Tampa, FL			—					2,891				19,055				—				6,573				2,891				25,628				28,519				(13,917	)			14,602			2005		2008

F-34

									Initial Cost								Costs Capitalized Subsequent to Acquisition								Gross Amount carried as of December 31, 2025
Property		Location		Encumbrances					Land				Buildings and Fixtures				Land				Buildings and Fixtures				Land				Buildings and Fixtures				Total (3)				Accumulated Depreciation (4)				Net				Date of Construction		Date Acquired
MAA Seven Oaks		Wesley Chapel, FL			—					3,051				42,768				—				8,406				3,051				51,174				54,225				(23,254	)			30,971			2004		2013
MAA Windermere		Windermere, FL			—		(1)			2,711				36,710				—				4,743				2,711				41,453				44,164				(19,249	)			24,915			2009		2013
MAA Briarcliff		Atlanta, GA			—					24,614				114,921				—				14,468				24,614				129,389				154,003				(45,010	)			108,993			1996		2016
MAA Brookhaven		Atlanta, GA			—					29,048				106,463				—				16,979				29,048				123,442				152,490				(45,774	)			106,716			1989-92		2016
MAA Brookwood		Atlanta, GA			—		(2)			11,168				52,758				—				9,964				11,168				62,722				73,890				(28,798	)			45,092			2008		2012
MAA Buckhead		Atlanta, GA			—					8,633				19,844				—				12,929				8,633				32,773				41,406				(16,320	)			25,086			2002		2012
MAA Centennial Park		Atlanta, GA			—					13,650				10,950				—				64,717				13,650				75,667				89,317				(17,371	)			71,946			2018		2016
MAA Chastain		Atlanta, GA			—					30,223				82,964				—				8,336				30,223				91,300				121,523				(31,996	)			89,527			1990		2016
MAA Dunwoody		Atlanta, GA			—					15,799				48,054				—				9,709				15,799				57,763				73,562				(20,929	)			52,633			1995		2016
MAA Gardens		Atlanta, GA			—					17,907				56,093				—				15,783				17,907				71,876				89,783				(26,454	)			63,329			1996		2016
MAA Glen		Atlanta, GA			—					13,878				51,079				—				9,760				13,878				60,839				74,717				(22,161	)			52,556			1996		2016
MAA Lenox		Atlanta, GA			—					23,876				165,572				—				8,596				23,876				174,168				198,044				(64,989	)			133,055			2006/15		2016
MAA Midtown		Atlanta, GA			—					7,000				44,000				—				42,482				7,000				86,482				93,482				(19,893	)			73,589			2017		2016
MAA Oglethorpe		Atlanta, GA			—					6,856				31,441				—				9,759				6,856				41,200				48,056				(23,013	)			25,043			1994		2008
MAA Peachtree Hills		Atlanta, GA			—					11,974				55,264				—				3,404				11,974				58,668				70,642				(19,978	)			50,664			1992-94/2009		2016
MAA Piedmont Park		Atlanta, GA			—					11,025				34,277				—				7,822				11,025				42,099				53,124				(14,306	)			38,818			1999		2016
MAA Riverside		Atlanta, GA			—					23,765				89,369				—				17,283				23,765				106,652				130,417				(41,429	)			88,988			1996		2016
MAA Spring		Atlanta, GA			—					18,596				57,819				—				12,146				18,596				69,965				88,561				(26,374	)			62,187			1999		2016
MAA Stratford		Atlanta, GA			—					—				30,051				—				8,800				—				38,851				38,851				(15,351	)			23,500			1999		2016
MAA West Midtown		Atlanta, GA			—					7,000				—				—				84,550				7,000				84,550				91,550				(10,821	)			80,729			2021		2021
MAA Berkeley Lake		Duluth, GA			—					1,960				15,707				—				4,728				1,960				20,435				22,395				(11,048	)			11,347			1998		2013
MAA McDaniel Farm		Duluth, GA			—					3,985				32,206				—				9,048				3,985				41,254				45,239				(21,867	)			23,372			1997		2013
MAA Pleasant Hill		Duluth, GA			—					6,753				32,202				—				11,059				6,753				43,261				50,014				(22,325	)			27,689			1996		2013
MAA Prescott		Duluth, GA			—					3,840				24,011				—				10,944				3,840				34,955				38,795				(22,813	)			15,982			2001		2004
MAA River Oaks		Duluth, GA			—					4,349				13,579				—				6,770				4,349				20,349				24,698				(12,141	)			12,557			1992		2013
MAA River Place		Duluth, GA			—					2,059				19,158				—				8,257				2,059				27,415				29,474				(13,606	)			15,868			1994		2013
MAA Mount Vernon		Dunwoody, GA			—					6,861				23,748				—				6,418				6,861				30,166				37,027				(14,411	)			22,616			1997		2013
MAA Lake Lanier		Gainesville, GA			—					6,710				40,994				—				17,058				6,710				58,052				64,762				(37,821	)			26,941			1998/2001		2005
MAA Shiloh		Kennesaw, GA			—					4,864				45,893				—				11,760				4,864				57,653				62,517				(28,659	)			33,858			2002		2013
MAA Milstead		LaGrange, GA			—					3,100				29,240				—				6,399				3,100				35,639				38,739				(15,884	)			22,855			1998		2008
MAA Barrett Creek		Marietta, GA			—					5,661				26,186				—				7,033				5,661				33,219				38,880				(17,402	)			21,478			1999		2013
MAA Benton		Pooler, GA			—					3,550				66,347				—				11,749				3,550				78,096				81,646				(37,346	)			44,300			2001/08		2013
MAA Avala		Savannah, GA			—					1,500				24,862				—				5,052				1,500				29,914				31,414				(14,402	)			17,012			2009		2011
MAA Hammocks		Savannah, GA			—					2,441				36,863				—				11,732				2,441				48,595				51,036				(23,142	)			27,894			1997		2013
MAA Huntington		Savannah, GA			—					2,521				8,223				—				4,012				2,521				12,235				14,756				(6,117	)			8,639			1986		2013
MAA Georgetown Grove		Savannah, GA			—					1,288				11,579				—				6,013				1,288				17,592				18,880				(14,230	)			4,650			1997		1998
MAA Wilmington Island		Savannah, GA			—					2,864				25,315				—				8,677				2,864				33,992				36,856				(21,439	)			15,417			1999		2006
MAA West Village		Smyrna, GA			—					14,410				73,733				—				16,171				14,410				89,904				104,314				(35,594	)			68,720			2006/12		2014
MAA Prairie Trace		Overland Park, KS			—					3,500				40,614				—				5,226				3,500				45,840				49,340				(13,049	)			36,291			2015		2015
MAA ONE28		Olathe, KS			—					7,846				89,274				—				536				7,846				89,810				97,656				(1,078	)			96,578			2024		2025
MAA Pinnacle		Lexington, KY			—					2,024				31,525				—				10,709				2,024				42,234				44,258				(27,266	)			16,992			2000		1998
MAA Lakepointe		Lexington, KY			—					411				3,699				—				3,767				411				7,466				7,877				(6,026	)			1,851			1986		1994
MAA Mansion		Lexington, KY			—					694				6,242				—				6,113				694				12,355				13,049				(9,877	)			3,172			1989		1994
MAA Village		Lexington, KY			—					900				8,097				—				8,000				900				16,097				16,997				(12,444	)			4,553			1989		1994
MAA Westport		Louisville, KY			—					1,169				10,518				—				15,818				1,169				26,336				27,505				(19,537	)			7,968			1985		1994
MAA Fallsgrove		Rockville, MD			—					17,524				58,896				—				9,870				17,524				68,766				86,290				(24,028	)			62,262			2003		2016
MAA The Station		Kansas City, MO			—					5,814				46,241				—				9,909				5,814				56,150				61,964				(24,187	)			37,777			2010		2012
MAA Denton Pointe		Kansas City, MO			—					5,520				50,939				—				32,623				5,520				83,562				89,082				(22,644	)			66,438			2013/14/17		2015
MAA Beaver Creek		Apex, NC			—					7,491				34,863				—				5,441				7,491				40,304				47,795				(18,961	)			28,834			2007		2013
MAA Hermitage		Cary, NC			—					896				8,099				—				7,248				896				15,347				16,243				(12,308	)			3,935			1988		1997
MAA 900 Waterford		Cary, NC			—					4,000				20,250				—				8,341				4,000				28,591				32,591				(18,119	)			14,472			1996		2005
MAA 1225		Charlotte, NC			—					9,612				22,342				—				42,025				9,612				64,367				73,979				(22,947	)			51,032			2010		2010
MAA Ayrsley		Charlotte, NC			—					2,481				52,119				—				23,972				2,481				76,091				78,572				(33,118	)			45,454			2008		2013
MAA Ballantyne		Charlotte, NC			—					16,216				44,817				—				8,174				16,216				52,991				69,207				(19,053	)			50,154			2004		2016
MAA Beverly Crest		Charlotte, NC			—					3,161				24,004				—				11,483				3,161				35,487				38,648				(14,995	)			23,653			1996		2013
MAA Chancellor Park		Charlotte, NC			—					5,311				28,016				—				11,010				5,311				39,026				44,337				(17,832	)			26,505			1999		2013
MAA City Grand		Charlotte, NC			—					1,620				17,499				—				3,816				1,620				21,315				22,935				(9,561	)			13,374			2005		2013
MAA Enclave		Charlotte, NC			—					1,461				18,984				—				4,683				1,461				23,667				25,128				(10,092	)			15,036			2008		2013
MAA Gateway		Charlotte, NC			—					17,528				57,444				—				21,400				17,528				78,844				96,372				(28,214	)			68,158			2000		2016
MAA Legacy Park		Charlotte, NC			—					2,891				28,272				—				8,365				2,891				36,637				39,528				(16,803	)			22,725			2001		2013
MAA LoSo		Charlotte, NC			—					14,600				108,076				—				18,675				14,600				126,751				141,351				(12,100	)			129,251			2021		2022
MAA Prosperity Creek		Charlotte, NC			—					4,591				27,713				—				5,683				4,591				33,396				37,987				(16,085	)			21,902			2005		2013
MAA Reserve		Charlotte, NC			—					4,628				44,282				—				16,983				4,628				61,265				65,893				(18,605	)			47,288			2013		2013
MAA South Line		Charlotte, NC			—					18,835				58,795				—				9,854				18,835				68,649				87,484				(22,762	)			64,722			2009		2016
MAA South Park		Charlotte, NC			—					20,869				65,517				—				15,403				20,869				80,920				101,789				(29,097	)			72,692			1996		2016
MAA University Lake		Charlotte, NC			—					3,250				31,389				—				9,490				3,250				40,879				44,129				(19,728	)			24,401			1998		2013
MAA Uptown		Charlotte, NC			—					10,888				30,078				—				12,560				10,888				42,638				53,526				(14,426	)			39,100			2000		2016
MAA Optimist Park		Charlotte, NC			—					10,574				95,346				—				1,997				10,574				97,343				107,917				(7,780	)			100,137			2023		2023
MAA Cornelius		Cornelius, NC			—					4,571				29,151				—				5,212				4,571				34,363				38,934				(16,690	)			22,244			2009		2013
MAA Patterson		Durham, NC			—					2,590				27,126				—				6,322				2,590				33,448				36,038				(15,947	)			20,091			1997		2013
MAA Research Park		Durham, NC			—					4,201				37,682				—				9,107				4,201				46,789				50,990				(22,329	)			28,661			2002		2013
MAA Duke Forest		Durham, NC			—					3,271				15,609				—				4,946				3,271				20,555				23,826				(10,733	)			13,093			1985		2013
MAA Huntersville		Huntersville, NC			—					4,251				31,948				—				6,979				4,251				38,927				43,178				(19,044	)			24,134			2008		2013
MAA Fifty-One		Matthews, NC			—					3,071				21,830				—				9,179				3,071				31,009				34,080				(16,226	)			17,854			2008		2013

F-35

									Initial Cost								Costs Capitalized Subsequent to Acquisition								Gross Amount carried as of December 31, 2025
Property		Location		Encumbrances					Land				Buildings and Fixtures				Land				Buildings and Fixtures				Land				Buildings and Fixtures				Total (3)				Accumulated Depreciation (4)				Net				Date of Construction		Date Acquired
MAA Matthews Commons		Matthews, NC			—					3,690				28,536				—				5,398				3,690				33,934				37,624				(16,054	)			21,570			2008		2013
MAA Arringdon		Morrisville, NC			—					6,401				31,134				—				8,843				6,401				39,977				46,378				(18,759	)			27,619			2003		2013
MAA Brierdale		Raleigh, NC			—					7,372				50,202				—				5,600				7,372				55,802				63,174				(26,506	)			36,668			2010		2013
MAA Brier Falls		Raleigh, NC			—					6,572				48,910				—				5,574				6,572				54,484				61,056				(25,273	)			35,783			2008		2013
MAA Crabtree		Raleigh, NC			—					2,241				18,434				—				6,018				2,241				24,452				26,693				(11,025	)			15,668			1997		2013
MAA Trinity		Raleigh, NC			—					5,232				45,138				—				9,364				5,232				54,502				59,734				(26,583	)			33,151			2000/02		2013
MAA Hue		Raleigh, NC			—					3,690				29,910				—				7,709				3,690				37,619				41,309				(14,189	)			27,120			2009		2010
MAA Wade Park		Raleigh, NC			—					19,434				98,288				—				32,165				19,434				130,453				149,887				(48,058	)			101,829			2011/17/19		2016
MAA Preserve		Raleigh, NC			—					5,831				21,980				—				30,321				5,831				52,301				58,132				(29,987	)			28,145			2004		2006
MAA Providence		Raleigh, NC			—					4,695				29,007				—				4,366				4,695				33,373				38,068				(19,447	)			18,621			2007		2008
MAA Vale		Raleigh, NC			—					8,422				72,220				—				1,699				8,422				73,919				82,341				(4,827	)			77,514			2023		2024
MAA Nixie		Raleigh, NC			—					15,328				—				—				134,816				15,328				134,816				150,144				(5,710	)			144,434			2022		2022
MAA Desert Vista		North Las Vegas, NV			—					4,091				29,826				—				4,605				4,091				34,431				38,522				(16,682	)			21,840			2009		2013
MAA Palm Vista		North Las Vegas, NV			—					4,909				25,643				—				8,063				4,909				33,706				38,615				(17,062	)			21,553			2007		2013
MAA Tanglewood		Anderson, SC			—					427				3,853				—				5,536				427				9,389				9,816				(6,689	)			3,127			1980		1994
MAA 1201 Midtown		Charleston, SC			—					18,679				63,759				—				20,433				18,679				84,192				102,871				(21,463	)			81,408			2015/18		2016
MAA Cypress Cove		Charleston, SC			—					3,610				28,645				—				12,250				3,610				40,895				44,505				(16,823	)			27,682			2001		2013
MAA Hampton Pointe		Charleston, SC			—					3,971				22,790				—				13,673				3,971				36,463				40,434				(17,120	)			23,314			1986		2013
MAA Westchase		Charleston, SC			—					4,571				20,091				—				9,499				4,571				29,590				34,161				(14,702	)			19,459			1985		2013
MAA James Island		Charleston, SC			—					920				24,097				—				9,710				920				33,807				34,727				(16,033	)			18,694			1987		2013
MAA Rivers Walk		Charleston, SC			—					8,831				39,430				—				4,542				8,831				43,972				52,803				(13,452	)			39,351			2013/16		2013
MAA Crowfield		Goose Creek, SC			—					1,321				14,163				—				7,118				1,321				21,281				22,602				(10,732	)			11,870			1985		2013
MAA Highland Ridge		Greenville, SC			—					482				4,337				—				4,539				482				8,876				9,358				(6,748	)			2,610			1984		1995
MAA Howell Commons		Greenville, SC			—					1,304				11,740				—				7,857				1,304				19,597				20,901				(15,490	)			5,411			1987		1997
MAA Innovation		Greenville, SC			—					4,437				52,026				—				3,936				4,437				55,962				60,399				(17,738	)			42,661			2015		2016
MAA Paddock Club		Greenville, SC			—					1,200				10,800				—				5,306				1,200				16,106				17,306				(13,024	)			4,282			1996		1997
MAA Haywood		Greenville, SC			—					360				2,925				—				7,542				360				10,467				10,827				(7,668	)			3,159			1983		1993
MAA Spring Creek		Greenville, SC			—					583				5,374				—				5,676				583				11,050				11,633				(8,330	)			3,303			1985		1995
MAA Greene		Greenville, SC			—					5,427				66,546				—				4,595				5,427				71,141				76,568				(12,314	)			64,254			2019		2019
MAA Runaway Bay		Mt. Pleasant, SC			—					1,096				7,269				—				13,944				1,096				21,213				22,309				(13,733	)			8,576			1988		1995
MAA Commerce Park		North Charleston, SC			—					2,780				33,966				—				7,662				2,780				41,628				44,408				(19,861	)			24,547			2008		2013
MAA Point Place		Simpsonville, SC			—					1,216				18,666				—				4,616				1,216				23,282				24,498				(11,946	)			12,552			2008		2010
MAA Park Place		Spartanburg, SC			—					723				6,504				—				4,109				723				10,613				11,336				(8,637	)			2,699			1987		1997
MAA Waters Edge		Summerville, SC			—					2,103				9,187				—				8,630				2,103				17,817				19,920				(9,144	)			10,776			1985		2013
MAA Farm Springs		Summerville, SC			—					2,800				26,295				—				4,993				2,800				31,288				34,088				(18,981	)			15,107			2007		2007
MAA Hamilton		Chattanooga, TN			—					1,131				10,632				—				10,755				1,131				21,387				22,518				(12,796	)			9,722			1989		1992
MAA Heritage Park		Chattanooga, TN			—					972				8,954				—				10,293				972				19,247				20,219				(11,507	)			8,712			1987		1988
MAA Cloverdale		Chattanooga, TN			—					217				1,957				—				6,293				217				8,250				8,467				(5,487	)			2,980			1986		1991
MAA Windridge		Chattanooga, TN			—					817				7,416				—				7,270				817				14,686				15,503				(11,136	)			4,367			1984		1997
MAA Kirby Station		Memphis, TN			—					1,148				10,337				—				13,519				1,148				23,856				25,004				(18,917	)			6,087			1978		1994
MAA Southwind		Memphis, TN			—					1,498				20,483				—				22,152				1,498				42,635				44,133				(35,019	)			9,114			1992		1994
MAA Park Estate		Memphis, TN			—					178				1,141				—				4,762				178				5,903				6,081				(4,467	)			1,614			1974		1977
MAA Dexter Lake		Memphis, TN			—					3,407				16,043				—				55,504				3,407				71,547				74,954				(43,233	)			31,721			2000		1998
MAA Murfreesboro		Murfreesboro, TN			—					915				14,774				—				6,612				915				21,386				22,301				(13,933	)			8,368			1999		1998
MAA Acklen		Nashville, TN			—					12,761				58,906				—				4,613				12,761				63,519				76,280				(18,397	)			57,883			2015		2017
MAA Indian Lake		Nashville, TN			—					4,950				28,053				—				5,034				4,950				33,087				38,037				(16,030	)			22,007			2010		2011
MAA Kennesaw Farms		Nashville, TN			—					3,456				22,443				—				7,411				3,456				29,854				33,310				(15,154	)			18,156			2008		2010
MAA Brentwood		Nashville, TN			—					1,191				10,739				—				12,774				1,191				23,513				24,704				(17,783	)			6,921			1986		1994
MAA Charlotte Ave		Nashville, TN			—					7,898				54,480				—				4,347				7,898				58,827				66,725				(14,873	)			51,852			2016		2017
MAA Bellevue		Nashville, TN			—					17,193				64,196				—				12,270				17,193				76,466				93,659				(31,038	)			62,621			1996/2015		2013
MAA Nashville West		Nashville, TN			—					2,963				33,673				—				15,385				2,963				49,058				52,021				(29,915	)			22,106			2001		1998
MAA Monthaven Park		Nashville, TN			—					2,736				28,902				—				9,952				2,736				38,854				41,590				(27,130	)			14,460			2000		2004
MAA Park		Nashville, TN			—					1,524				14,800				—				11,837				1,524				26,637				28,161				(21,976	)			6,185			1987		1995
MAA Cool Springs		Nashville, TN			—					6,670				—				—				56,663				6,670				56,663				63,333				(20,249	)			43,084			2012		2010
MAA Sam Ridley		Nashville, TN			—					3,350				28,308				—				8,171				3,350				36,479				39,829				(18,824	)			21,005			2009		2010
MAA Balcones Woods		Austin, TX			—					1,598				14,398				—				17,110				1,598				31,508				33,106				(20,909	)			12,197			1983		1997
MAA Canyon Creek		Austin, TX			—					3,621				32,137				—				5,524				3,621				37,661				41,282				(17,967	)			23,315			2008		2013
MAA Canyon Pointe		Austin, TX			—					3,778				20,201				—				6,264				3,778				26,465				30,243				(13,277	)			16,966			2003		2013
MAA Double Creek		Austin, TX			—					3,131				29,375				—				3,756				3,131				33,131				36,262				(16,007	)			20,255			2013		2013
MAA Onion Creek		Austin, TX			—					4,902				33,010				—				6,345				4,902				39,355				44,257				(19,242	)			25,015			2009		2013
MAA Wells Branch		Austin, TX			—		(1)			3,722				32,283				—				5,559				3,722				37,842				41,564				(17,679	)			23,885			2008		2013
MAA Quarry Oaks		Austin, TX			—					4,621				34,461				—				17,154				4,621				51,615				56,236				(22,821	)			33,415			1996		2013
MAA Sunset Valley		Austin, TX			—					3,150				11,393				—				7,921				3,150				19,314				22,464				(12,062	)			10,402			1996		2004
MAA Western Oaks		Austin, TX			—		(2)			9,100				49,339				—				7,479				9,100				56,818				65,918				(26,666	)			39,252			2001		2009
MAA Barton Creek		Austin, TX			—					8,683				21,497				—				6,136				8,683				27,633				36,316				(10,227	)			26,089			1998		2016
MAA Park Mesa		Austin, TX			—					4,653				19,828				—				3,834				4,653				23,662				28,315				(8,255	)			20,060			1992		2016
MAA South Lamar		Austin, TX			—					20,542				74,093				—				32,436				20,542				106,529				127,071				(34,959	)			92,112			2011/17		2016
MAA West Austin		Austin, TX			—		(1)			7,805				48,843				—				10,148				7,805				58,991				66,796				(23,203	)			43,593			2009		2016
MAA Brushy Creek		Austin, TX			—					2,900				24,009				—				8,200				2,900				32,209				35,109				(20,553	)			14,556			2003		2006
MAA East Austin		Austin, TX			—					2,281				6,169				—				18,368				2,281				24,537				26,818				(14,298	)			12,520			1987		1995
MAA Barton Skyway		Austin, TX			—					1,405				12,769				—				15,010				1,405				27,779				29,184				(17,834	)			11,350			1977		1997
MAA Windmill Hill		Austin, TX			—					5,006				—				—				55,388				5,006				55,388				60,394				(10,735	)			49,659			2022		2020
MAA Shoal Creek		Bedford, TX			—					4,982				27,377				—				12,995				4,982				40,372				45,354				(18,420	)			26,934			1996		2013
MAA Willow Creek		Bedford, TX			—					3,109				33,488				—				16,550				3,109				50,038				53,147				(23,764	)			29,383			1996		2013

F-36

									Initial Cost								Costs Capitalized Subsequent to Acquisition								Gross Amount carried as of December 31, 2025
Property		Location		Encumbrances					Land				Buildings and Fixtures				Land				Buildings and Fixtures				Land				Buildings and Fixtures				Total (3)				Accumulated Depreciation (4)				Net				Date of Construction		Date Acquired
MAA Hebron		Carrollton, TX			—					4,231				42,237				—				4,851				4,231				47,088				51,319				(21,247	)			30,072			2011		2013
MAA Cedar Park		Cedar Park, TX			—					7,232				56,640				—				11,118				7,232				67,758				74,990				(31,580	)			43,410			2005		2013
MAA Grand Cypress		Cypress, TX			—					3,881				24,267				—				7,250				3,881				31,517				35,398				(12,363	)			23,035			2008		2013
MAA Medical District		Dallas, TX			—					4,050				33,779				—				7,708				4,050				41,487				45,537				(17,824	)			27,713			2007		2013
MAA Highlands North		Dallas, TX			—					988				8,893				—				8,244				988				17,137				18,125				(12,135	)			5,990			1986		1998
MAA Grand Courtyards		Dallas, TX			—					2,730				22,240				—				10,660				2,730				32,900				35,630				(19,651	)			15,979			2000		2006
MAA Lowes Farm		Dallas, TX			—					5,016				41,091				—				7,042				5,016				48,133				53,149				(22,921	)			30,228			2008		2011
MAA Frisco Bridges		Dallas, TX			—					14,845				66,571				—				69,110				14,845				135,681				150,526				(49,821	)			100,705			2009/13/21		2013
MAA McKinney Avenue		Dallas, TX			—					34,765				40,127				—				17,369				34,765				57,496				92,261				(21,664	)			70,597			1993/96		2016
MAA Worthington		Dallas, TX			—					13,713				43,268				—				15,282				13,713				58,550				72,263				(20,471	)			51,792			1993/2008		2016
MAA Abbey		Dallas, TX			—					2,711				4,369				—				1,733				2,711				6,102				8,813				(2,157	)			6,656			1996		2016
MAA Addison Circle		Dallas, TX			—					12,308				189,419				—				42,730				12,308				232,149				244,457				(82,565	)			161,892			1998-2000		2016
MAA North Hall		Dallas, TX			—					13,030				14,383				—				9,191				13,030				23,574				36,604				(8,467	)			28,137			1998		2016
MAA Eastside		Dallas, TX			—					7,134				58,095				—				8,701				7,134				66,796				73,930				(25,301	)			48,629			2008		2016
MAA Gallery		Dallas, TX			—					4,391				7,910				—				4,654				4,391				12,564				16,955				(4,613	)			12,342			1999		2016
MAA Heights		Dallas, TX			—					26,245				37,922				—				11,691				26,245				49,613				75,858				(17,623	)			58,235			1998-99/2009		2016
MAA Katy Trail		Dallas, TX			—					10,333				32,456				—				4,362				10,333				36,818				47,151				(12,391	)			34,760			2010		2016
MAA Legacy		Dallas, TX			—		(1)			6,575				55,277				—				15,330				6,575				70,607				77,182				(23,636	)			53,546			2000		2016
MAA Meridian		Dallas, TX			—					8,780				13,654				—				2,726				8,780				16,380				25,160				(6,083	)			19,077			1991		2016
MAA Uptown Village		Dallas, TX			—					34,974				33,213				—				14,941				34,974				48,154				83,128				(18,609	)			64,519			1995-2000		2016
MAA Watermark		Dallas, TX			—					960				14,438				—				6,102				960				20,540				21,500				(13,368	)			8,132			2002		2004
MAA Cathedral Arts		Dallas, TX			—					13,511				91,568				—				1,843				13,511				93,411				106,922				(4,172	)			102,750			2024		2024
MAA Bear Creek		Euless, TX			—					6,453				30,048				—				10,961				6,453				41,009				47,462				(19,958	)			27,504			1998		2013
MAA Fairview		Fairview, TX			—					2,171				35,077				—				4,679				2,171				39,756				41,927				(17,488	)			24,439			2012		2013
MAA Starwood		Frisco, TX			—					3,240				26,069				—				4,870				3,240				30,939				34,179				(15,944	)			18,235			2009		2010
MAA Grapevine		Grapevine, TX			—					2,351				29,757				—				12,980				2,351				42,737				45,088				(19,673	)			25,415			1985/86		2013
MAA Greenwood Forest		Houston, TX			—					3,465				23,482				—				6,400				3,465				29,882				33,347				(12,587	)			20,760			1994		2013
MAA Legacy Pines		Houston, TX			—					2,142				19,066				—				7,958				2,142				27,024				29,166				(18,564	)			10,602			1999		2003
MAA Energy Park		Houston, TX			—					2,061				15,830				—				7,698				2,061				23,528				25,589				(13,651	)			11,938			1996		2007
MAA 510		Houston, TX			—					7,226				33,366				—				4,160				7,226				37,526				44,752				(13,733	)			31,019			2014		2016
MAA Afton Oaks		Houston, TX			—					11,503				65,469				—				7,095				11,503				72,564				84,067				(26,970	)			57,097			2017		2016
MAA Midtown Square		Houston, TX			—					19,038				89,570				—				16,417				19,038				105,987				125,025				(38,595	)			86,430			1999/2013		2016
MAA Ranchstone		Houston, TX			—					1,480				14,807				—				8,153				1,480				22,960				24,440				(12,734	)			11,706			1996		2007
MAA Woodwind		Houston, TX			—					1,968				19,928				—				11,945				1,968				31,873				33,841				(17,709	)			16,132			1999		2006
MAA Vintage Park		Houston, TX			—		(1)			8,211				40,352				—				6,590				8,211				46,942				55,153				(13,968	)			41,185			2014		2014
MAA Greater Heights		Houston, TX			—		(2)			13,107				62,764				—				6,982				13,107				69,746				82,853				(18,637	)			64,216			2015		2016
MAA Park Point		Houston, TX			—					9,031				—				—				46,779				9,031				46,779				55,810				(10,859	)			44,951			2021		2018
MAA Fall Creek		Humble, TX			—					5,985				40,011				—				10,661				5,985				50,672				56,657				(28,637	)			28,020			2007		2007
MAA Bella Casita		Irving, TX			—					2,521				26,432				—				8,680				2,521				35,112				37,633				(17,018	)			20,615			2007		2010
MAA Valley Ranch		Irving, TX			—					5,072				37,397				—				18,978				5,072				56,375				61,447				(28,443	)			33,004			1997		2013
MAA Las Colinas		Irving, TX			—		(2)			3,902				40,691				—				7,079				3,902				47,770				51,672				(20,775	)			30,897			2006		2013
MAA Remington Hills		Irving, TX			—					4,390				21,822				—				21,746				4,390				43,568				47,958				(19,926	)			28,032			1984		2013
MAA Times Square		McKinney, TX			—					1,130				28,058				—				8,817				1,130				36,875				38,005				(19,253	)			18,752			2009		2010
MAA Stonebridge Ranch		McKinney, TX			—					4,034				19,528				—				7,827				4,034				27,355				31,389				(10,938	)			20,451			2000		2013
MAA Market Center		Plano, TX			—					16,894				110,705				—				12,441				16,894				123,146				140,040				(35,917	)			104,123			2013/15		2014
MAA Highwood		Plano, TX			—					864				7,783				—				6,189				864				13,972				14,836				(10,469	)			4,367			1983		1998
MAA Los Rios		Plano, TX			—					3,273				28,823				—				13,219				3,273				42,042				45,315				(28,305	)			17,010			2000		2003
MAA Boulder Ridge		Roanoke, TX			—					3,382				26,930				—				13,740				3,382				40,670				44,052				(24,896	)			19,156			1999		2005
MAA Copper Ridge		Roanoke, TX			—					4,166				—				—				50,823				4,166				50,823				54,989				(18,611	)			36,378			2009/20		2008
MAA Ashton Oaks		Round Rock, TX			—					5,511				36,241				—				6,573				5,511				42,814				48,325				(20,057	)			28,268			2009		2013
MAA Round Rock		Round Rock, TX			—					4,691				45,379				—				7,031				4,691				52,410				57,101				(24,233	)			32,868			1997		2013
MAA Sierra Vista		Round Rock, TX			—					2,561				16,488				—				7,359				2,561				23,847				26,408				(11,923	)			14,485			1999		2013
MAA Alamo Ranch		San Antonio, TX			—					2,380				26,982				—				6,006				2,380				32,988				35,368				(16,811	)			18,557			2009		2011
MAA Bulverde		San Antonio, TX			—					4,257				36,759				—				4,366				4,257				41,125				45,382				(12,659	)			32,723			2014		2014
MAA Haven at Blanco		San Antonio, TX			—					5,411				45,958				—				7,702				5,411				53,660				59,071				(24,818	)			34,253			2010		2012
MAA Westover Hills		San Antonio, TX			—					4,000				24,992				—				6,255				4,000				31,247				35,247				(16,847	)			18,400			2009		2009
MAA Cypresswood		Spring, TX			—					576				5,190				—				9,352				576				14,542				15,118				(8,856	)			6,262			1984		1994
MAA Kirkwood		Stafford, TX			—					1,918				15,846				—				8,752				1,918				24,598				26,516				(14,939	)			11,577			1996		2004
MAA Valleywood		Woodlands, TX			—					539				4,850				—				10,230				539				15,080				15,619				(8,616	)			7,003			1984		1994
MAA at Daybreak		Salt Lake City, UT			—					7,025				—				—				87,540				7,025				87,540				94,565				(10,634	)			83,931			2021		2021
MAA Carlyle Square		Alexandria, VA			—					29,728				154,309				—				8,961				29,728				163,270				192,998				(55,964	)			137,034			2006/13		2016
MAA National Landing		Arlington, VA			—					30,452				125,091				—				21,097				30,452				146,188				176,640				(52,497	)			124,143			2001		2016
MAA Centreville		Centreville, VA			—					7,664				70,012				—				10,168				7,664				80,180				87,844				(26,652	)			61,192			1996		2016
MAA Stonefield		Charlottesville, VA			—					11,044				36,689				—				3,466				11,044				40,155				51,199				(12,652	)			38,547			2013		2014
MAA Adalay Bay		Chesapeake, VA			—					5,280				31,341				—				6,232				5,280				37,573				42,853				(17,943	)			24,910			2002		2012
MAA Cobblestone Square		Fredericksburg, VA			—					10,990				48,696				—				6,877				10,990				55,573				66,563				(19,993	)			46,570			2012		2016
MAA Greenbrier		Fredericksburg, VA			—					4,842				21,677				—				8,518				4,842				30,195				35,037				(12,997	)			22,040			1980		2013
MAA Seasons		Fredericksburg, VA			—					14,490				32,083				—				45,773				14,490				77,856				92,346				(30,526	)			61,820			2011		2011
MAA Cosners Corner		Fredericksburg, VA			—					12,825				51,078				—				5,395				12,825				56,473				69,298				(17,922	)			51,376			2013/16		2013
MAA Glen Allen		Glen Allen, VA			—					4,851				21,678				—				5,996				4,851				27,674				32,525				(13,357	)			19,168			1986		2013
MAA West End		Glen Allen, VA			—					4,661				18,908				—				5,594				4,661				24,502				29,163				(11,350	)			17,813			1987		2013
MAA Township		Hampton, VA			—					1,509				8,189				—				17,735				1,509				25,924				27,433				(15,303	)			12,130			1987		1995
MAA Pavilion Place		Midlothian, VA			—					6,733				29,221				—				11,031				6,733				40,252				46,985				(18,311	)			28,674			1989		2013
MAA Radius		Newport News, VA			—					5,040				36,481				—				12,428				5,040				48,909				53,949				(15,588	)			38,361			2012		2015

F-37

									Initial Cost								Costs Capitalized Subsequent to Acquisition								Gross Amount carried as of December 31, 2025
Property		Location		Encumbrances					Land				Buildings and Fixtures				Land				Buildings and Fixtures				Land				Buildings and Fixtures				Total (3)				Accumulated Depreciation (4)				Net				Date of Construction		Date Acquired
MAA Chase Gayton		Richmond, VA			—					6,021				29,004				—				8,229				6,021				37,233				43,254				(17,361	)			25,893			1984		2013
MAA Hunton Park		Richmond, VA			—					4,930				35,598				—				13,091				4,930				48,689				53,619				(22,278	)			31,341			2003		2011
MAA West Creek		Richmond, VA			—					10,112				36,136				—				17,858				10,112				53,994				64,106				(15,142	)			48,964			2015/17		2015
MAA Tysons Corner		McLean, VA			—					30,776				82,021				—				17,567				30,776				99,588				130,364				(34,036	)			96,328			1990		2016
Total Residential Properties					—					1,963,942				10,361,334				—				4,036,874				1,963,942				14,398,208				16,362,150				**(**5,820,403	)			10,541,747
MAA 220 Riverside Retail		Jacksonville, FL			—					119				2,902				—				1,136				119				4,038				4,157				(966	)			3,191			2015		2019
MAA Parkside Retail		Orlando, FL			—					742				11,924				—				2,680				742				14,604				15,346				(4,726	)			10,620			1999		2016
MAA Robinson Retail		Orlando, FL			—					—				563				—				259				—				822				822				(102	)			720			2021		2018
MAA Harbour Island Retail		Tampa, FL			—					386				4,315				—				522				386				4,837				5,223				(1,556	)			3,667			1997		2016
MAA Rocky Point Retail		Tampa, FL			—					34				51				—				451				34				502				536				(390	)			146			1994-96		2016
MAA SoHo Square Retail		Tampa, FL			—		(1)			268				4,033				—				220				268				4,253				4,521				(1,962	)			2,559			2012		2016
MAA Buckhead Retail		Atlanta, GA			—					867				3,465				—				1,291				867				4,756				5,623				(1,943	)			3,680			2012		2012
MAA Piedmont Park Retail		Atlanta, GA			—					426				1,089				—				180				426				1,269				1,695				(386	)			1,309			1999		2016
MAA Riverside Office		Atlanta, GA			—					9,680				22,108				—				22,786				9,680				44,894				54,574				(14,623	)			39,951			1996		2016
MAA Riverside Retail		Atlanta, GA			—					889				2,340				—				2,926				889				5,266				6,155				(1,846	)			4,309			1996		2016
Post Training Facility		Atlanta, GA			—					1,092				968				—				243				1,092				1,211				2,303				(737	)			1,566			1999		2016
MAA West Village Retail		Smyrna, GA			—					3,408				8,446				—				3,615				3,408				12,061				15,469				(4,113	)			11,356			2012		2014
MAA Denton Pointe Retail		Kansas City, MO			—					700				4,439				—				2,004				700				6,443				7,143				(1,936	)			5,207			2014		2015
MAA 1225 Retail		Charlotte, NC			—					52				199				—				302				52				501				553				(247	)			306			2010		2010
MAA Gateway Retail		Charlotte, NC			—					318				1,430				—				135				318				1,565				1,883				(530	)			1,353			2000		2016
MAA South Line Retail		Charlotte, NC			—					470				1,289				—				417				470				1,706				2,176				(545	)			1,631			2009		2016
MAA Uptown Retail		Charlotte, NC			—					319				1,144				—				40				319				1,184				1,503				(397	)			1,106			1998		2016
MAA Leasing Center		Charlotte, NC			—					1,290				1,488				—				719				1,290				2,207				3,497				(633	)			2,864			1998		2016
MAA Hue Retail		Raleigh, NC			—					—				2,129				—				148				—				2,277				2,277				(584	)			1,693			2010		2018
MAA Wade Park Retail		Raleigh, NC			—					317				4,552				—				304				317				4,856				5,173				(2,108	)			3,065			2011		2016
MAA Greene Retail		Greenville, SC			—					—				—				—				39				—				39				39				(2	)			37			2019		2019
MAA South Lamar Retail		Austin, TX			—					421				3,072				—				779				421				3,851				4,272				(1,248	)			3,024			2011		2016
MAA Frisco Bridges Retail		Dallas, TX			—					779				6,593				—				1,275				779				7,868				8,647				(2,731	)			5,916			2009		2016
MAA McKinney Avenue Retail		Dallas, TX			—					1,581				5,982				—				1,003				1,581				6,985				8,566				(2,169	)			6,397			1996		2016
MAA Worthington Retail		Dallas, TX			—					108				495				—				441				108				936				1,044				(353	)			691			1993/2008		2016
MAA Addison Circle Office		Dallas, TX			—					1,395				4,280				—				5,881				1,395				10,161				11,556				(2,662	)			8,894			1998-2000		2016
MAA Addison Circle Retail		Dallas, TX			—					448				21,386				—				4,843				448				26,229				26,677				(9,050	)			17,627			1998-2000		2016
MAA North Hall Retail		Dallas, TX			—					347				716				—				156				347				872				1,219				(346	)			873			1998		2016
MAA Eastside Retail		Dallas, TX			—					682				10,645				—				1,719				682				12,364				13,046				(3,889	)			9,157			2008		2016
MAA Heights Retail		Dallas, TX			—					1,065				3,314				—				1,036				1,065				4,350				5,415				(1,461	)			3,954			1997		2016
MAA Katy Trail Retail		Dallas, TX			—					465				4,883				—				367				465				5,250				5,715				(1,640	)			4,075			2010		2016
MAA Legacy Retail		Dallas, TX			—		(1)			150				3,334				—				628				150				3,962				4,112				(1,290	)			2,822			2000		2016
MAA Midtown Square Retail		Houston, TX			—					1,322				16,005				—				1,931				1,322				17,936				19,258				(5,660	)			13,598			1999/2013		2016
Rise Condo Devel LP Retail		Houston, TX			—					—				2,280				—				182				—				2,462				2,462				(801	)			1,661			1999/2013		2016
MAA Bella Casita Retail		Irving, TX			—					46				186				—				276				46				462				508				(210	)			298			2007		2010
MAA Times Square Retail		McKinney, TX			—					253				1,310				—				8,854				253				10,164				10,417				(2,467	)			7,950			2009		2010
MAA Carlyle Square Retail		Alexandria, VA			—					1,048				7,930				—				435				1,048				8,365				9,413				(2,763	)			6,650			2006/16		2016
Total Retail / Commercial Properties					—					31,487				171,285				—				70,223				31,487				241,508				272,995				**(**79,072	)			193,923
MAA Milepost 35		Denver, CO			—					22,280				—				—				153,550				22,280				153,550				175,830				(8,285	)			167,545			N/A		2022
MAA Point Hope		Charleston, SC			—					8,911				—				—				15,346				8,911				15,346				24,257				—				24,257			N/A		2025
MAA Breakwater		Tampa, FL			—					23,514				—				—				170,861				23,514				170,861				194,375				(3,594	)			190,781			N/A		2022
Modera Liberty Row		Charlotte, NC			—					14,579				60,473				—				50,286				14,579				110,759				125,338				(1,552	)			123,786			N/A		2024
MAA Plaza Midwood		Charlotte, NC			—					9,778				—				—				77,332				9,778				77,332				87,110				—				87,110			N/A		2022
Modera Chandler		Phoenix, AZ			—					10,935				—				—				64,856				10,935				64,856				75,791				—				75,791			N/A		2024
MAA One Scottsdale		Phoenix, AZ			—					23,588				—				—				6,195				23,588				6,195				29,783				—				29,783			N/A		2025
MAA Rove		Richmond, VA			—					11,504				—				—				41,583				11,504				41,583				53,087				—				53,087			N/A		2024
Total Active Development Properties					—					125,089				60,473				—				580,009				125,089				640,482				765,571				**(**13,431	)			752,140
Total Properties					—					2,120,518				10,593,092				—				4,687,106				2,120,518				15,280,198				17,400,716				**(**5,912,906	)			11,487,810
Total Land Held for Future Developments					—					73,359				—				—				—				73,359				—				73,359				—				73,359			N/A		Various
Total Properties in Predevelopment					—					16,738				—				—				25,681				16,738				25,681				42,419				(105	)			42,314			N/A		Various
Corporate Properties					—									42,947				(7,855	)			(69,558	)			(7,855	)			(26,611	)			(34,466	)			(1,006	)			(35,472	)		Various		Various
Total Other					—					90,097				42,947				**(**7,855	)			**(**43,877	)			82,242				**(**930	)			81,312				**(**1,111	)			80,201
Total Real Estate Assets, net of Real Estate Joint Venture				$	—				$	2,210,615			$	10,636,039			$	**(**7,855	)		$	4,643,229			$	2,202,760			$	15,279,268			$	17,482,028			$	**(**5,914,017	)		$	11,568,011

(1)

Encumbered by a $191.3 million secured property mortgage, with a fixed interest rate of 4.43%, which matures on February 10, 2049.

(2)

Encumbered by a $172.0 million secured property mortgage, with a fixed interest rate of 4.44%, which matures on January 10, 2049.

(3)

The aggregate cost for federal income tax purposes was approximately $13.9 billion (unaudited) as of December 31, 2025. The aggregate cost for book purposes exceeds the total gross amount of real estate assets for federal income tax purposes, principally due to purchase accounting adjustments recorded under accounting principles generally accepted in the United States of America.

(4)

Depreciation is recognized on a straight-line basis over the estimated useful asset life, which ranges from five to 40 years for land improvements and buildings, three to five years for furniture, fixtures and equipment and approximately six months for the fair market value of in-place residential leases.

F-38

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

Schedu****le III — Real Estate and Accumulated Depreciation

Years ended December 31, 2025, 2024 and 2023

The following table summarizes the Company’s changes in real estate investments and accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

		2025				2024				2023
Real estate investments:
Balance at beginning of year		$	16,801,352			$	16,006,618			$	15,246,658
Acquisitions (1)			133,625				377,144				223,735
Less: fair market value of leases included in acquisitions			(728	)			(2,371	)			(2,050	)
Improvement and development			630,164				581,050				546,237
Assets held for sale			(41,475	)			(39,724	)			—
Disposition of real estate assets (2)			(40,910	)			(121,365	)			(7,962	)
Balance at end of year		$	17,482,028			$	16,801,352			$	16,006,618
Accumulated depreciation:
Balance at beginning of year		$	5,327,584			$	4,864,690			$	4,302,747
Depreciation			619,036				581,539				562,760
Assets held for sale			(2,295	)			(30,218	)			—
Disposition of real estate assets (2)			(30,308	)			(88,427	)			(817	)
Balance at end of year		$	5,914,017			$	5,327,584			$	4,864,690

(1)

Includes non-cash activity related to acquisitions.

(2)

Includes assets sold, casualty losses and removal of certain fully depreciated assets.

See accompanying reports of independent registered public accounting firm.

F-39