294Q326623600015817762400000912595false--12-31255MAAIhttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrentAndNoncurrenthttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-10-012030-01-01http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2049-12-31http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrentAndNoncurrenthttp://fasb.org/srt/2025#ChiefExecutiveOfficerMember0001581776maa:MarketableEquitySecuritiesMember2024-01-012024-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-06-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-01-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:PreferredStockMember2025-06-300001581776maa:FixedRateDebtMember2025-09-300001581776maa:LimitedPartnershipUnitsMember2025-01-012025-09-300001581776us-gaap:UnsecuredDebtMembersrt:MaximumMember2025-10-012025-10-310001581776maa:A1BillionUnsecuredRevolvingCreditFaciltiyMemberus-gaap:UnsecuredDebtMember2025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2024-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-09-300001581776maa:FixedRateDebtMember2024-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2024-01-012024-09-300001581776maa:LimitedPartnershipMember2025-07-012025-09-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2025-01-012025-09-300001581776maa:CharlestonMember2025-01-012025-06-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2024-06-300001581776maa:LimitedPartnershipsMember2025-07-012025-09-300001581776maa:MAALPMember2025-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2024-01-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2025-07-012025-09-300001581776maa:SameStoreMember2024-07-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2025-01-012025-09-300001581776us-gaap:RetailMember2025-09-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2025-07-012025-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2024-06-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2024-07-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2023-12-310001581776maa:Mid-AmericaApartmentCommunitiesIncMember2025-01-012025-09-300001581776maa:LimitedPartnershipMember2024-01-012024-09-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2024-09-300001581776us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2025-01-012025-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2025-01-012025-09-300001581776maa:NonSameStoreAndOtherMember2025-07-012025-09-300001581776maa:SameStoreMember2025-09-300001581776maa:VariableRateCommercialPaperProgramMembersrt:MaximumMember2025-01-012025-09-300001581776us-gaap:PreferredPartnerMembermaa:MAALPMember2024-01-012024-09-3000015817762025-07-012025-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2025-06-300001581776us-gaap:PreferredPartnerMembermaa:MAALPMember2024-07-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001581776maa:VariableRateCommercialPaperProgramMemberus-gaap:UnsecuredDebtMember2025-09-300001581776maa:MAALPMemberus-gaap:PreferredPartnerMember2023-12-310001581776maa:PhoenixAZMember2024-04-012024-04-300001581776us-gaap:LandMembermaa:PhoenixAZMember2024-04-300001581776maa:AClayHolderMember2025-07-012025-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2023-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-12-310001581776maa:MAALPMember2025-01-012025-09-300001581776maa:VariableRateCommercialPaperProgramMemberus-gaap:CommercialPaperMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001581776us-gaap:CorporateMember2024-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-06-300001581776us-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2025-09-300001581776us-gaap:NondesignatedMember2024-01-012024-09-300001581776maa:MAALPMember2024-07-012024-09-300001581776maa:DevelopmentPropertiesMembersrt:ScenarioForecastMember2028-12-310001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2025-09-300001581776us-gaap:UnsecuredDebtMembersrt:MinimumMember2025-10-012025-10-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2025-06-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2023-12-310001581776us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2025-10-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2024-12-310001581776maa:SameStoreMember2025-01-012025-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2023-12-310001581776maa:NonSameStoreAndOtherMember2025-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2025-09-300001581776maa:NonSameStoreAndOtherMember2025-01-012025-09-300001581776maa:MelanieCarpenterMember2025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-07-012025-09-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2024-01-012024-09-300001581776maa:MAALPMember2025-07-012025-09-300001581776maa:AmberFairbanksMember2025-07-012025-09-300001581776maa:DevelopmentPropertiesMembersrt:ScenarioForecastMember2025-12-310001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2024-06-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2025-06-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:PreferredStockMember2024-12-310001581776maa:NonSameStoreAndOtherMember2024-01-012024-09-300001581776maa:AClayHolderMember2025-09-300001581776maa:AtTheMarketOfferingMembersrt:MaximumMember2025-01-012025-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-07-012025-09-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2024-07-012024-09-300001581776maa:LimitedPartnershipsMember2024-07-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:PreferredStockMember2024-06-300001581776us-gaap:CommercialPaperMembersrt:MaximumMember2025-10-310001581776maa:DevelopmentPropertiesMembersrt:ScenarioForecastMember2026-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2024-09-3000015817762025-09-300001581776us-gaap:FairValueMeasurementsRecurringMember2024-12-310001581776maa:LimitedPartnershipMembersrt:MinimumMember2025-09-300001581776maa:AtTheMarketOfferingMember2024-01-012024-09-300001581776maa:PostMassachusettsAvenueMemberus-gaap:RealEstateMember2024-12-310001581776maa:ColumbiaScMembersrt:MultifamilyMember2025-01-012025-03-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-09-300001581776maa:MAALPMember2023-12-310001581776maa:AtTheMarketOfferingMember2025-07-012025-09-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2023-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:PreferredStockMember2025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2025-01-012025-09-300001581776us-gaap:NondesignatedMember2025-07-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001581776us-gaap:NondesignatedMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-06-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-3000015817762024-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2025-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2024-12-310001581776srt:OfficeBuildingMember2025-01-012025-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2025-07-012025-09-300001581776us-gaap:PreferredPartnerMembermaa:MAALPMember2024-06-300001581776maa:NonSameStoreAndOtherMember2024-07-012024-09-300001581776maa:DevelopmentPropertiesMembermaa:CostsIncurredToDateMembermaa:LimitedPartnershipMember2025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2025-09-300001581776us-gaap:UnsecuredDebtMembermaa:FixedRateDebtSeniorNotesMembersrt:MaximumMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-09-300001581776maa:LimitedPartnershipMember2025-01-012025-09-300001581776maa:LimitedPartnershipMember2025-09-300001581776us-gaap:UnsecuredDebtMemberus-gaap:RevolvingCreditFacilityMember2025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2024-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2025-09-300001581776maa:LimitedPartnershipMembersrt:MaximumMember2025-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2024-07-012024-09-300001581776us-gaap:DesignatedAsHedgingInstrumentMember2025-07-012025-09-300001581776us-gaap:UnsecuredDebtMemberus-gaap:RevolvingCreditFacilityMember2025-10-012025-10-310001581776maa:OrlandoFLMembersrt:MultifamilyMember2024-09-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-07-012024-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-12-310001581776us-gaap:UnsecuredDebtMembersrt:MinimumMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2025-06-300001581776maa:LimitedPartnershipMember2024-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-3100015817762025-10-270001581776maa:RobertJDelprioreMember2025-07-012025-09-300001581776srt:MultifamilyMember2025-03-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-09-300001581776maa:PostMassachusettsAvenueMemberus-gaap:RealEstateMember2025-09-300001581776maa:AtTheMarketOfferingMember2025-01-012025-09-300001581776maa:LimitedPartnershipMember2024-07-012024-09-300001581776maa:VariableRateCommercialPaperProgramMember2024-12-310001581776maa:KansasCityKansasMember2025-08-012025-08-310001581776us-gaap:SecuredDebtMembermaa:FixedRatePropertyMortgagesMember2025-01-012025-09-300001581776maa:SameStoreMember2024-01-012024-09-300001581776us-gaap:NondesignatedMember2024-07-012024-09-300001581776maa:LimitedPartnershipMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RealEstateMember2024-12-310001581776maa:TimothyArgoMember2025-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2025-06-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-07-012025-09-300001581776maa:ExcludingConstructionInProgressMember2025-09-300001581776us-gaap:SecuredDebtMembermaa:FixedRatePropertyMortgagesMember2025-09-300001581776maa:MAALPMemberus-gaap:PreferredPartnerMember2025-07-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300001581776us-gaap:CommercialPaperMember2025-01-012025-09-300001581776us-gaap:CommonStockMember2025-01-012025-09-300001581776maa:SameStoreMember2025-07-012025-09-300001581776us-gaap:LandMembermaa:RichmondVAMember2024-08-310001581776maa:TimothyArgoMember2025-07-012025-09-300001581776us-gaap:UnsecuredDebtMember2025-09-300001581776maa:MAALPMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2023-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2024-06-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2024-06-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2024-12-310001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2025-07-012025-09-300001581776maa:RobertJDelprioreMember2025-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-01-012025-09-300001581776maa:LimitedPartnershipMember2024-09-3000015817762023-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-01-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-09-300001581776maa:LimitedPartnershipsMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2024-12-310001581776maa:MAALPMember2024-01-012024-09-300001581776maa:MAALPMember2024-09-300001581776maa:MAALPMember2024-06-300001581776maa:MAALPMember2024-01-012024-09-300001581776us-gaap:AociAttributableToNoncontrollingInterestMembermaa:MAALPMember2024-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-07-012024-09-300001581776maa:UnsecuredSeniorNotesDueSeptemberTwoThousandTwentySixMember2025-09-3000015817762024-01-012024-09-300001581776us-gaap:UnsecuredDebtMembermaa:FixedRateDebtSeniorNotesMember2025-01-012025-09-300001581776us-gaap:PreferredPartnerMembermaa:MAALPMember2024-09-300001581776maa:AtTheMarketOfferingMember2024-07-012024-09-300001581776maa:MAALPMember2024-12-310001581776us-gaap:LimitedPartnerMember2025-01-012025-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2024-12-310001581776us-gaap:LimitedPartnerMembermaa:MAALPMember2024-01-012024-09-300001581776maa:ColumbiaScMembersrt:MultifamilyMember2025-03-310001581776us-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-09-300001581776maa:MarketableEquitySecuritiesMember2024-07-012024-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2023-12-310001581776us-gaap:UnsecuredDebtMembermaa:FixedRateDebtSeniorNotesMembersrt:MinimumMember2025-01-012025-09-300001581776maa:LimitedPartnershipUnitsMember2025-07-012025-09-300001581776maa:UnsecuredSeniorNotesDueNovemberTwoThousandTwentyFiveMember2025-09-300001581776maa:RaleighNcMembersrt:MultifamilyMember2024-05-012024-05-310001581776us-gaap:RelatedPartyMembermaa:LimitedPartnershipMember2024-12-310001581776us-gaap:PreferredPartnerMembermaa:MAALPMember2025-06-300001581776us-gaap:CommercialPaperMember2025-10-310001581776maa:DevelopmentPropertiesMembersrt:ScenarioForecastMember2027-12-310001581776maa:RaleighNcMembersrt:MultifamilyMember2024-05-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2024-01-012024-09-300001581776us-gaap:CommercialPaperMembersrt:MaximumMember2025-09-300001581776maa:LimitedPartnershipMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RealEstateMember2025-09-300001581776maa:LimitedPartnershipUnitsMember2024-07-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:CommonStockMember2024-01-012024-09-300001581776maa:NonSameStoreAndOtherMember2024-12-310001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2024-06-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-06-300001581776maa:LimitedPartnershipUnitsMember2024-01-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001581776maa:MarketableEquitySecuritiesMember2025-01-012025-09-300001581776srt:MultifamilyMembermaa:KansasCityKansasMember2025-08-310001581776maa:OrlandoFLMembersrt:MultifamilyMember2024-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2024-07-012024-09-3000015817762025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-09-300001581776maa:MelanieCarpenterMember2025-07-012025-09-3000015817762024-07-012024-09-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2025-06-3000015817762024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-07-012024-09-300001581776us-gaap:LimitedPartnerMembermaa:MAALPMember2025-01-012025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2024-07-012024-09-300001581776maa:SameStoreMember2024-12-3100015817762024-01-012024-12-310001581776us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001581776maa:AmberFairbanksMember2025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-09-300001581776us-gaap:CumulativePreferredStockMember2025-01-012025-09-300001581776maa:LimitedPartnershipMember2024-01-012024-12-310001581776maa:LimitedPartnershipMember2023-12-310001581776us-gaap:RelatedPartyMembermaa:LimitedPartnershipMember2025-09-300001581776us-gaap:FairValueMeasurementsRecurringMember2025-09-300001581776maa:NoncontrollingInterestOperatingPartnershipMembermaa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2024-06-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMembermaa:NoncontrollingInterestsConsolidatedRealEstateEntitiesMember2025-06-300001581776us-gaap:UnsecuredDebtMembermaa:FixedRateDebtSeniorNotesMemberus-gaap:IncomeNotesMember2025-09-300001581776us-gaap:AccountingStandardsUpdate201602Membersrt:MaximumMember2025-09-300001581776maa:MAALPMemberus-gaap:PreferredPartnerMember2025-09-300001581776us-gaap:LandMembermaa:CharlestonMember2025-06-300001581776maa:FixedRatePropertyMortgagesMember2025-01-012025-09-300001581776maa:MAALPMember2025-06-300001581776maa:RichmondVAMember2024-08-012024-08-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2025-01-012025-09-300001581776us-gaap:PreferredPartnerMembermaa:MAALPMember2025-01-012025-09-300001581776us-gaap:OtherAssetsMember2024-12-310001581776srt:ApartmentBuildingMember2025-01-012025-09-300001581776us-gaap:OtherAssetsMember2025-09-300001581776us-gaap:CorporateMember2025-09-300001581776maa:MAALPMemberus-gaap:LimitedPartnerMember2024-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMember2025-06-300001581776us-gaap:CommercialPaperMember2025-09-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2023-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2023-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:PreferredStockMember2023-12-310001581776maa:VariableRateCommercialPaperProgramMember2025-09-300001581776us-gaap:UnsecuredDebtMembermaa:FixedRateDebtSeniorNotesMember2025-09-300001581776maa:LimitedPartnershipsMember2024-01-012024-09-300001581776maa:MarketableEquitySecuritiesMember2025-07-012025-09-300001581776us-gaap:LimitedPartnerMembermaa:MAALPMember2024-07-012024-09-300001581776us-gaap:LimitedPartnerMembermaa:MAALPMember2025-07-012025-09-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2025-07-012025-09-300001581776us-gaap:RedeemablePreferredStockMember2025-09-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2025-09-300001581776us-gaap:UnsecuredDebtMembersrt:MaximumMember2025-01-012025-09-300001581776maa:GeneralPartnersCapitalAccountMembermaa:MAALPMember2024-12-310001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2024-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:PreferredStockMember2024-09-300001581776us-gaap:SecuredDebtMember2025-09-300001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2024-06-300001581776us-gaap:NoncontrollingInterestMembermaa:MAALPMember2024-01-012024-09-300001581776maa:MAALPMemberus-gaap:PreferredPartnerMember2024-12-310001581776maa:MidAmericaApartmentCommunitiesIncShareholdersEquityMemberus-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001581776us-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-30utr:acrexbrli:puremaa:Segmentxbrli:sharesmaa:Communitymaa:Propertyiso4217:USDxbrli:sharesmaa:Propertiesmaa:ApartmentUnitiso4217:USDmaa:State

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, ~~2013~~2025

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

For the transition period from ______ to ______

Commission File Number: ~~333~~001-~~190028~~12762 (Mid-01America Apartment Communities, Inc.)

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

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

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

6584 POPLAR AVENUE
MEMPHIS, TENNESSEE	38138
(Address of principal executive offices)	(Zip Code)

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

(Address of principal executive offices) (Zip Code)

(901) 682-6600

(Registrant'’s telephone number, including area code)

N/A

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

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

¨ Yes þ No


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

Indicate by check mark whether the registrant: (1) has ~~submitted~~filed ~~electronically~~all ~~and~~reports ~~posted on its corporate Web site, if any, every Interactive Data File~~ required to be ~~submitted~~filed ~~and~~by ~~posted~~Section ~~pursuant~~13 toor ~~Rule~~15(d) ~~405~~ of ~~Regulation~~the ~~S-T~~Securities ~~(§232.405~~Exchange Act of ~~this~~1934 ~~chapter)~~ during the preceding 12 months (or for such shorter period that the registrant was required to ~~submit~~file such reports), and ~~post~~(2) has been subject to such ~~files)~~filing requirements for the past 90 days.

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

Indicate by check mark whether the registrant ishas asubmitted ~~large~~electronically ~~accelerated~~every ~~filer,~~Interactive anData ~~accelerated~~File ~~filer,~~required ato ~~non-accelerated~~be ~~filer,~~submitted orpursuant ato ~~smaller~~Rule ~~reporting~~405 ~~company. See~~of ~~definitions~~Regulation S-T (§232.405 of ~~“large~~this ~~accelerated~~chapter) ~~filer,”~~during ~~“accelerated~~the ~~filer”~~preceding ~~and~~12 ~~“smaller~~months ~~reporting~~(or ~~company”~~for insuch ~~Rule~~shorter ~~12b-2~~period ofthat the ~~Exchange~~registrant ~~Act~~was required to submit such files).

~~Large accelerated filer ¬ Accelerated filer ¬ Non~~Mid-~~accelerated~~America ~~filer~~Apartment þCommunities, ~~(Do~~Inc. ~~not~~Yes ~~check~~☒ ifNo a☐ ~~smaller~~Mid-America ~~reporting~~Apartments, ~~company)~~L.P. ~~Smaller~~Yes ~~reporting~~☒ ~~company~~No ¬☐

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


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


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

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

     Mid-America Apartment Communities, Inc.  ☐

    

     Mid-America Apartments, L.P.  ☐

    

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

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

1Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Mid-America Apartment Communities, Inc.	Number of Shares Outstanding at
Class	October 27, 2025
Common Stock, $0.01 par value	117,081,742

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

TABLE OF CONTENTS

		~~Page~~	Page
PART I – FINANCIAL INFORMATION	~~PART I – FINANCIAL INFORMATION~~
Item 1.	Financial Statements.		5
	Condensed Consolidated Balance Sheets as of September 30, 2013 (Unaudited) and December 31, 2012 (Unaudited).	3
	Mid-America Apartment Communities, Inc.
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2013 (Unaudited) and 2012 (Unaudited).	4
		Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.	5
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2013 (Unaudited) and 2012 (Unaudited).	5
		Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024.	6
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2013 (Unaudited) and 2012 (Unaudited).	6
		Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024.	7
	Notes to Condensed Consolidated Financial Statements (Unaudited).	7
		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024.	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	25
	Mid-America Apartments, L.P.
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	37
		Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.	9
Item 4.	Controls and Procedures.	37
		Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024.	10
	PART II – OTHER INFORMATION
		Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024.	11
Item 1.	Legal Proceedings.	37
		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024.	12
Item 1A.	Risk Factors.	37
	Notes to Condensed Consolidated Financial Statements.		13
Item 2.	~~Unregistered~~Management’s ~~Sales~~Discussion and Analysis of ~~Equity~~Financial ~~Securities~~Condition and ~~Use~~Results of ~~Proceeds~~Operations.	48	29
Item 3.	~~Defaults~~Quantitative ~~Upon~~and ~~Senior~~Qualitative ~~Securities~~Disclosures About Market Risk.	48	41
Item 4.	~~Mine~~Controls ~~Safety~~and ~~Disclosures~~Procedures.	48	41
Item 5.	Other Information.	48
PART II – OTHER INFORMATION
Item 6.	Exhibits.	49
Item 1.	Legal Proceedings.		42
	Signatures.	50
Item 1A.	Risk Factors.		42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		42
Item 3.	Defaults Upon Senior Securities.		42
Item 4.	Mine Safety Disclosures.		42
Item 5.	Other Information.		43
Item 6.	Exhibits.		44
	Signatures.		45

Explanatory Note

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

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

As of September 30, 2025, MAA owned 117,081,742 OP Units (97.5% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

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

•

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

•

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

•

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

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. We believe it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an umbrella partnership REIT, or UPREIT. MAA’s interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA’s percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA’s only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA’s primary function is acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership from time to time. The Operating Partnership holds, directly or indirectly, all of the 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 presentation of MAA’s shareholders’ equity and the Operating Partnership’s capital are the principal areas of difference between the condensed consolidated financial statements of MAA and those of the Operating Partnership. MAA’s shareholders’ equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership’s capital may include common capital and preferred capital of the general partner (MAA), limited partners’ common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

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

•

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

•

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

•

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

•

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

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

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except per share data)


	September 30, 2025			December 31, 2024
Assets
Real estate assets:
Land	$	2,112,192		$	2,096,912
Buildings and improvements and other		14,746,047			14,160,799
Development and capital improvements in progress		449,390			470,282
		17,307,629			16,727,993
Less: Accumulated depreciation		(5,787,596	)		(5,327,584	)
		11,520,033			11,400,409
Undeveloped land		73,359			73,359
Investment in real estate joint venture		41,870			41,650
Real estate assets, net		11,635,262			11,515,418

Cash and cash equivalents		32,249			43,018
Restricted cash		13,683			13,743
Other assets		245,391			232,426
Assets held for sale		—			7,764
Total assets	$	11,926,585		$	11,812,369

Liabilities and equity
Liabilities:
Unsecured notes payable, net	$	4,836,998		$	4,620,690
Secured notes payable, net		360,361			360,267
Accrued expenses and other liabilities		714,924			683,748
Total liabilities		5,912,283			5,664,705

Redeemable common stock		20,223			22,230

Shareholders’ equity:
Preferred stock, $0.01 par value per share, 20,000,000 shares authorized; 8.50% Series I Cumulative Redeemable Shares, liquidation preference $50.00 per share, 867,846 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		9			9
Common stock, $0.01 par value per share, 145,000,000 shares authorized; 117,081,742 and 116,883,421 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively ⁽¹⁾		1,168			1,166
Additional paid-in capital		7,435,697			7,417,453
Accumulated distributions in excess of net income		(1,612,912	)		(1,469,557	)
Accumulated other comprehensive loss		(5,692	)		(6,940	)
Total MAA shareholders’ equity		5,818,270			5,942,131
Noncontrolling interests - OP Units		145,165			155,409
Total Company’s shareholders’ equity		5,963,435			6,097,540
Noncontrolling interests - consolidated real estate entities		30,644			27,894
Total equity		5,994,079			6,125,434
Total liabilities and equity	$	11,926,585		$	11,812,369

(1)

Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 are 144,730 and 143,822, respectively.

See accompanying notes to condensed consolidated financial statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per share data)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Revenues:
Rental and other property revenues	$	554,373		$	551,126		$	1,653,570		$	1,641,183
Expenses:
Operating expenses, excluding real estate taxes and insurance		137,235			134,475			394,655			378,887
Real estate taxes and insurance		78,829			77,086			237,416			236,272
Depreciation and amortization		156,650			146,722			462,521			434,764
Total property operating expenses		372,714			358,283			1,094,592			1,049,923
Property management expenses		18,183			17,265			56,272			54,461
General and administrative expenses		12,525			12,728			40,957			42,444
Interest expense		46,277			42,726			136,549			124,352
(Gain) loss on sale of depreciable real estate assets		—			—			(71,842	)		25
Other non-operating expense (income)		1,253			1,678			(4,303	)		(2,604	)
Income before income tax expense		103,421			118,446			401,345			372,582
Income tax expense		(1,766	)		(670	)		(3,404	)		(3,485	)
Income from continuing operations before real estate joint venture activity		101,655			117,776			397,941			369,097
Income from real estate joint venture		389			454			1,384			1,405
Net income		102,044			118,230			399,325			370,502
Net income attributable to noncontrolling interests		2,506			3,035			9,987			9,605
Net income available for shareholders		99,538			115,195			389,338			360,897
Dividends to MAA Series I preferred shareholders		922			922			2,766			2,766
Net income available for MAA common shareholders	$	98,616		$	114,273		$	386,572		$	358,131

Earnings per common share - basic:
Net income available for MAA common shareholders	$	0.84		$	0.98		$	3.30		$	3.07

Earnings per common share - diluted:
Net income available for MAA common shareholders	$	0.84		$	0.98		$	3.30		$	3.07

See accompanying notes to condensed consolidated financial statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net income	$	102,044		$	118,230		$	399,325		$	370,502
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments		430			428			1,288			1,448
Total comprehensive income		102,474			118,658			400,613			371,950
Less: Comprehensive income attributable to noncontrolling interests		(2,518	)		(3,047	)		(10,027	)		(9,648	)
Comprehensive income attributable to MAA	$	99,956		$	115,611		$	390,586		$	362,302

See accompanying notes to condensed consolidated financial statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)


	Nine months ended September 30,
Cash flows from operating activities:	2025			2024
Net income	$	399,325		$	370,502
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		463,027			435,342
(Gain) loss on sale of depreciable real estate assets		(71,842	)		25
Gain on consolidation of third-party development		—			(11,033	)
(Gain) loss on embedded derivative in preferred shares		(3,292	)		14,451
Stock compensation expense		12,143			12,396
Amortization of debt issuance costs, discounts and premiums		4,866			4,568
Gain on investments		(5,770	)		(3,666	)
Net change in operating accounts and other operating activities		18,046			36,580
Net cash provided by operating activities		816,503			859,165

Cash flows from investing activities:
Purchases of real estate and other assets		(104,880	)		(189,104	)
Capital improvements and other		(257,163	)		(235,856	)
Development costs		(207,295	)		(255,216	)
Distributions from real estate joint venture		—			284
Contributions to affiliates		(8,175	)		(1,874	)
Proceeds from sale of marketable equity securities		—			9,975
Proceeds from real estate asset dispositions		81,128			—
Net proceeds from insurance recoveries		3,692			20,203
Net cash used in investing activities		(492,693	)		(651,588	)

Cash flows from financing activities:
Net proceeds from (payments of) commercial paper		213,000			(5,000	)
Proceeds from notes payable		—			744,551
Principal payments on notes payable		—			(400,000	)
Payment of deferred financing costs		—			(7,150	)
Distributions to noncontrolling interests		(13,766	)		(13,739	)
Dividends paid on common shares		(531,645	)		(515,085	)
Dividends paid on preferred shares		(2,766	)		(2,766	)
Proceeds from issuances of common shares		1,089			955
Net change in other financing activities		(551	)		(373	)
Net cash used in financing activities		(334,639	)		(198,607	)

Net (decrease) increase in cash, cash equivalents and restricted cash		(10,829	)		8,970
Cash, cash equivalents and restricted cash, beginning of period		56,761			55,091
Cash, cash equivalents and restricted cash, end of period	$	45,932		$	64,061

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


Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	$	32,249	$	50,232
Restricted cash		13,683		13,829
Total cash, cash equivalents and restricted cash	$	45,932	$	64,061

Supplemental information:
Interest paid	$	152,760	$	126,502
Income taxes paid		242		3,273
Non-cash transactions:
Distributions on common shares/units declared and accrued	$	181,836	$	176,335
Accrued construction in progress		37,223		39,047
Interest capitalized		14,691		12,188
Conversion of OP Units to shares of common stock		6,759		3,529

See accompanying notes to condensed consolidated financial statements.

Mid-America Apartments, L.P.

Condensed Consolidated Balance Sheets

September 30, 2013 and December 31, 2012

(Unaudited)

(Dollars in thousands~~, except unit data~~)

	September 30, 2013				December 31, 2012
		September 30, 2025				December 31, 2024
Assets:
Assets
Real estate assets:
Land	$	~~394,848~~$	2,112,192		$	~~386,088~~$	2,096,912
Buildings and improvements	3,247,869				3,158,301
Buildings and improvements and other			14,746,047				14,160,799
Furniture, fixtures and equipment	102,013				97,270
Development and capital improvements in progress			449,390				470,282
Development and capital improvements in progress	31,600				52,414
			17,307,629				16,727,993
	3,776,330				3,694,073
Less: Accumulated depreciation			(5,787,596	)			(5,327,584	)
Less accumulated depreciation	(1,068,873		)		(1,019,624		)
			11,520,033				11,400,409
	2,707,457				2,674,449
Undeveloped land			73,359				73,359
Land held for future development	5,450				1,205
Investment in real estate joint venture			41,870				41,650
Commercial properties, net	7,664				8,058
Real estate assets, net			11,635,262				11,515,418
Investments in real estate joint ventures	3,237				4,837
Cash and cash equivalents			32,249				43,018
Real estate assets, net	2,723,808				2,688,549
Restricted cash			13,683				13,743
Cash and cash equivalents	181,105				8,934
Other assets			245,391				232,426
Restricted cash	58,579				809
Assets held for sale			—				7,764
Deferred financing costs, net	13,629				13,842
Total assets		$	11,926,585			$	11,812,369
Other assets	47,030				29,038
Liabilities and capital
Goodwill	4,106				4,106
Liabilities:
Total assets	$	3,028,257			$	2,745,278
Unsecured notes payable, net		$	4,836,998			$	4,620,690
Liabilities and Capital:
Secured notes payable, net			360,361				360,267
Liabilities:
Accrued expenses and other liabilities			714,924				683,748
Secured notes payable	$	1,050,202			$	1,190,848
Due to general partner			19				19
Unsecured notes payable	810,000				483,000
Total liabilities			5,912,302				5,664,724
Accounts payable	6,962				4,553
Redeemable common units			20,223				22,230
Fair market value of interest rate swaps	9,858				21,423
Operating Partnership capital:
Accrued expenses and other liabilities	109,271				94,467
Preferred units, 8.50% Series I Cumulative Redeemable Units, 867,846 preferred units outstanding as of September 30, 2025 and December 31, 2024, respectively			66,840				66,840
Security deposits	6,892				6,650
General partner, 117,081,742 and 116,883,421 OP Units outstanding as of September 30, 2025 and December 31, 2024, respectively ⁽¹⁾			5,757,187				5,882,336
Due to general partner	22				617
Limited partners, 2,941,839 and 3,075,552 OP Units outstanding as of September 30, 2025 and December 31, 2024, respectively ⁽¹⁾			145,165				155,409
Total liabilities	1,993,207				1,801,558
Accumulated other comprehensive loss			(5,776	)			(7,064	)
Redeemable units	5,039				4,713
Total operating partners’ capital			5,963,416				6,097,521
Capital:
Noncontrolling interests - consolidated real estate entities			30,644				27,894
General partner: 42,744,978 OP Units outstanding at September 30, 2013 and 42,316,398 OP Units outstanding at December 31, 2012	994,916				927,734
Total equity			5,994,060				6,125,415
Limited partners: 1,701,955 OP Units outstanding at September 30, 2013 and 1,731,672 OP Units outstanding at December 31, 2012	39,783				38,154
Total liabilities and equity		$	11,926,585			$	11,812,369
Accumulated other comprehensive losses	(4,688		)		(26,881		)
Total capital	1,030,011				939,007
Total liabilities and capital	$	3,028,257			$	2,745,278

(1)

Number of units outstanding ~~represent~~represents total OP Units regardless of classification on the ~~consolidated~~Condensed ~~balance~~Consolidated ~~sheet~~Balance Sheets. The number of units classified as redeemable common units on the ~~consolidated~~Condensed ~~balance~~Consolidated ~~sheet~~Balance atSheets as of September 30, ~~2013~~2025 and December 31, ~~2012~~2024 are 80144,~~626~~730 and 72143,~~786~~822, respectively.

See accompanying notes to condensed consolidated financial statements.

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Operations

Three and nine months ended September 30, 2013 and 2012

(Unaudited)

(Dollars in thousands, except per unit data)

	~~Three months ended September 30,~~	Three months ended September 30,							~~Nine months ended September 30,~~	Nine months ended September 30,
	2013				2012				2013				2012
		2025				2024				2025				2024
Operating revenues:
Revenues:
Rental revenues	$	125,522			$	113,015			$	366,191			$	323,223
Rental and other property revenues		$	554,373			$	551,126			$	1,653,570			$	1,641,183
Other property revenues	10,772				9,966				31,596				29,084
Expenses:
Total property revenues	136,294				122,981				397,787				352,307
Operating expenses, excluding real estate taxes and insurance			137,235				134,475				394,655				378,887
Management fee income	146				209				465				687
Real estate taxes and insurance			78,829				77,086				237,416				236,272
Total operating revenues	136,440				123,190				398,252				352,994
Depreciation and amortization			156,650				146,722				462,521				434,764
Property operating expenses:
Total property operating expenses			372,714				358,283				1,094,592				1,049,923
Personnel	15,085				14,156				43,791				40,966
Property management expenses			18,183				17,265				56,272				54,461
Building repairs and maintenance	4,595				4,292				11,661				11,543
General and administrative expenses			12,525				12,728				40,957				42,444
Real estate taxes and insurance	16,811				14,167				48,395				41,085
Interest expense			46,277				42,726				136,549				124,352
Utilities	7,580				7,381				21,108				19,678
(Gain) loss on sale of depreciable real estate assets			—				—				(71,842	)			25
Landscaping	2,922				2,640				8,677				7,864
Other non-operating expense (income)			1,253				1,678				(4,303	)			(2,604	)
Other operating	9,160				8,653				26,758				24,928
Income before income tax expense			103,421				118,446				401,345				372,582
Depreciation and amortization	33,000				30,979				97,883				89,701
Income tax expense			(1,766	)			(670	)			(3,404	)			(3,485	)
Total property operating expenses	89,153				82,268				258,273				235,765
Income from continuing operations before real estate joint venture activity			101,655				117,776				397,941				369,097
Acquisition expenses	—				1,343				499				1,574
Income from real estate joint venture			389				454				1,384				1,405
Property management expenses	5,193				5,460				15,970				16,484
Net income			102,044				118,230				399,325				370,502
General and administrative expenses	3,976				3,527				10,604				10,436
Distributions to MAALP Series I preferred unitholders			922				922				2,766				2,766
Merger related expenses	5,561				—				11,298				—
Net income available for MAALP common unitholders		$	101,122			$	117,308			$	396,559			$	367,736
Integration related expenses	35				—				35				—
Earnings per common unit - basic:
Income from continuing operations before non-operating items	32,522				30,592				101,573				88,735
Net income available for MAALP common unitholders		$	0.84			$	0.98			$	3.30			$	3.07
Interest and other non-property income	16				89				86				343
Earnings per common unit - diluted:
Interest expense	(14,941		)		(14,530		)		(45,715		)		(42,437		)
Net income available for MAALP common unitholders		$	0.84			$	0.98			$	3.30			$	3.07
(Loss) gain on debt extinguishment/modification	(218		)		—				(387		)		5
Amortization of deferred financing costs	(820		)		(971		)		(2,427		)		(2,611		)
Net casualty (loss) gain after insurance and other settlement proceeds	—				(22		)		455				(24		)
Gain on sale of non-depreciable assets	—				48				—				45
Income from continuing operations before gain (loss) from real estate joint ventures	16,559				15,206				53,585				44,056
Gain (loss) from real estate joint ventures	60				(72		)		161				(170		)
Income from continuing operations	16,619				15,134				53,746				43,886
Discontinued operations:
Income from discontinued operations before gain on sale	651				557				3,042				3,635
Net casualty (loss) gain after insurance and other settlement proceeds on discontinued operations	(1		)		99				(5		)		43
Gain on sale of discontinued operations	28,806				16,092				60,585				38,474
Consolidated net income	46,075				31,882				117,368				86,038
Net income available for Mid-America Apartments, L.P. common unitholders	$	46,075			$	31,882			$	117,368			$	86,038
Earnings per common unit - basic and diluted:
Income from continuing operations available for common unitholders	$	0.38			$	0.35			$	1.21			$	1.03
Income from discontinued property operations available for common unitholders	0.66				0.39				1.44				0.99
Net income available for common unitholders	$	1.04			$	0.74			$	2.65			$	2.02
Distributions declared per common unit	$	0.6950			$	0.6600			$	2.0850			$	1.9800

See accompanying notes to condensed consolidated financial statements.

410

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Comprehensive Income

Three and nine months ended September 30, 2013 and 2012

(Unaudited)

(Dollars in thousands)

	~~Three months ended September 30,~~	Three months ended September 30,					~~Nine months ended September 30,~~	Nine months ended September 30,
	2013			2012			2013			2012
		2025			2024			2025			2024
Consolidated net income	$	46,075		$	31,882		$	117,368		$	86,038
Net income		$	102,044		$	118,230		$	399,325		$	370,502
Other comprehensive income:
Unrealized (loss) gain from the effective portion of derivative instruments	(1,826		)	(2,903		)	10,095			(8,197		)
Adjustment for net losses reclassified to net income from derivative instruments			430			428			1,288			1,448
Reclassification adjustment for losses included in net income for the effective portion of derivative instruments	3,621			4,815			12,098			15,308
Comprehensive income attributable to MAALP		$	102,474		$	118,658		$	400,613		$	371,950
Comprehensive income attributable to Mid-America Apartments, L.P.	$	47,870		$	33,794		$	139,561		$	93,149
See accompanying notes to condensed consolidated financial statements.

5See accompanying notes to condensed consolidated financial statements.

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Cash Flows

Nine months ended September 30, 2013 and 2012

(Unaudited)

	Nine months ended September 30,
	2013			2012
Cash flows from operating activities:
Consolidated net income	$	117,368		$	86,038
Adjustments to reconcile net income to net cash provided by operating activities:
Retail revenue accretion	(29		)	(21		)
Depreciation and amortization	101,923			97,300
Stock compensation expense	1,729			1,730
Redeemable units issued	535			428
Amortization of debt premium	(948		)	(541		)
(Gain) loss from investments in real estate joint ventures	(161		)	170
Loss on debt extinguishment	387			322
Derivative interest expense	827			590
Gain on sale of non-depreciable assets	—			(45		)
Gain on sale of discontinued operations	(60,585		)	(38,474		)
Net casualty gain and other settlement proceeds	(450		)	(19		)
Changes in assets and liabilities:
Restricted cash	(390		)	63
Other assets	(7,740		)	(4,369		)
Accounts payable	2,409			3,562
Accrued expenses and other	13,200			9,764
Security deposits	242			442
Net cash provided by operating activities	168,317			156,940
Cash flows from investing activities:
Purchases of real estate and other assets	(89,866		)	(314,909		)
Normal capital improvements	(35,451		)	(36,649		)
Construction capital and other improvements	(3,873		)	(2,561		)
Renovations to existing real estate assets	(8,616		)	(11,070		)
Development	(26,129		)	(54,242		)
Distributions from real estate joint ventures	8,311			11,880
Contributions to real estate joint ventures	(183		)	(204		)
Proceeds from disposition of real estate assets	102,204			97,113
Funding of escrow for exchange acquisitions	(57,380		)	—
Net cash used in investing activities	(110,983		)	(310,642		)
Cash flows from financing activities:
Advances from general partner	17,219			721
Net change in credit lines	177,000			(235,064		)
Proceeds from notes payable	—			271,000
Principal payments on notes payable	(8,695		)	(11,760		)
Payment of deferred financing costs	(2,655		)	(3,577		)
Repurchase of common units	(682		)	(1,863		)
Proceeds from issuances of common units	25,038			173,960
Distributions paid on common units	(92,388		)	(83,630		)
Net cash provided by financing activities	114,837			109,787
Net increase (decrease) in cash and cash equivalents	172,171			(43,915		)
Cash and cash equivalents, beginning of period	8,934			57,200
Cash and cash equivalents, end of period	$	181,105		$	13,285
Supplemental disclosure of cash flow information:
Interest paid	$	48,534		$	47,735
Supplemental disclosure of noncash investing and financing activities:
Accrued construction in progress	$	4,190		$	6,392
Interest capitalized	$	1,118		$	1,435
Marked-to-market adjustment on derivative instruments	$	21,367		$	6,521
Fair value adjustment on debt assumed	$	704		$	2,578
Debt assumed	$	18,293		$	30,290

(Dollars in thousands)


	Nine months ended September 30,
Cash flows from operating activities:	2025			2024
Net income	$	399,325		$	370,502
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		463,027			435,342
(Gain) loss on sale of depreciable real estate assets		(71,842	)		25
Gain on consolidation of third-party development		—			(11,033	)
(Gain) loss on embedded derivative in preferred shares		(3,292	)		14,451
Stock compensation expense		12,143			12,396
Amortization of debt issuance costs, discounts and premiums		4,866			4,568
Gain on investments		(5,770	)		(3,666	)
Net change in operating accounts and other operating activities		18,046			36,580
Net cash provided by operating activities		816,503			859,165

Cash flows from investing activities:
Purchases of real estate and other assets		(104,880	)		(189,104	)
Capital improvements and other		(257,163	)		(235,856	)
Development costs		(207,295	)		(255,216	)
Distributions from real estate joint venture		—			284
Contributions to affiliates		(8,175	)		(1,874	)
Proceeds from sale of marketable equity securities		—			9,975
Proceeds from real estate asset dispositions		81,128			—
Net proceeds from insurance recoveries		3,692			20,203
Net cash used in investing activities		(492,693	)		(651,588	)

Cash flows from financing activities:
Net proceeds from (payments of) commercial paper		213,000			(5,000	)
Proceeds from notes payable		—			744,551
Principal payments on notes payable		—			(400,000	)
Payment of deferred financing costs		—			(7,150	)
Distributions paid on common units		(545,411	)		(528,824	)
Distributions paid on preferred units		(2,766	)		(2,766	)
Proceeds from issuances of common units		1,089			955
Net change in other financing activities		(551	)		(373	)
Net cash used in financing activities		(334,639	)		(198,607	)

Net (decrease) increase in cash, cash equivalents and restricted cash		(10,829	)		8,970
Cash, cash equivalents and restricted cash, beginning of period		56,761			55,091
Cash, cash equivalents and restricted cash, end of period	$	45,932		$	64,061

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


Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	$	32,249	$	50,232
Restricted cash		13,683		13,829
Total cash, cash equivalents and restricted cash	$	45,932	$	64,061

Supplemental information:
Interest paid	$	152,760	$	126,502
Income taxes paid		242		3,273
Non-cash transactions:
Distributions on common units declared and accrued	$	181,836	$	176,335
Accrued construction in progress		37,223		39,047
Interest capitalized		14,691		12,188

See accompanying notes to condensed consolidated financial statements.

612

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

Notes to Condensed Consolidated Financial Statements

September 30, 2013 and 2012

(Unaudited)

1. ~~Consolidation~~ Organization and ~~Basis~~Summary of ~~Presentation and~~ Significant Accounting Policies

~~Consolidation~~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 ~~Basis~~not any of ~~Presentation~~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.”

~~Mid-America~~As ~~Apartments,~~of ~~L.P.,~~September ~~or MAALP~~30, us2025, ~~we,~~MAA ~~our,~~owned ~~or the Operating Partnership~~117, ~~is a Memphis~~081,742 ~~Tennessee~~OP ~~based~~Units ~~limited~~(or ~~partnership~~97.5% ~~formed in 1993 and currently operates pursuant to the provisions~~ of the ~~Second~~total ~~Amended~~number ~~and Restated Agreement~~ of ~~Limited~~OP ~~Partnership, or the Partnership Agreement~~Units). ~~MAALP's sole general partner is Mid-America Apartment Communities, Inc., or~~ MAA, aconducts ~~Memphis,~~substantially ~~Tennessee-based~~all ~~self-administered~~of ~~and~~its ~~self-managed~~business ~~real estate investment trust, or REIT, that focuses on acquiring, owning~~ and ~~operating~~holds ~~apartment~~substantially ~~communities~~all ~~mainly in the Sunbelt region~~ of ~~the~~its ~~United States. As of September 30~~assets, ~~2013,~~directly ~~MAALP owned~~ or ~~owned interests in a total of 160 multifamily apartment communities comprising 48~~indirectly,~~343~~ ~~apartments located in 13 states, including four communities comprising 1,156 apartments owned~~ through ~~our~~the ~~joint~~Operating ~~venture~~Partnership, ~~Mid-America~~and ~~Multifamily~~by ~~Fund~~virtue ~~II, LLC, or Fund II. MAALP also had two development communities under construction totaling 564 units as~~ of ~~September 30,~~its ~~2013.~~ownership ~~A total~~ of ~~174 units for~~ the ~~development~~OP ~~projects~~Units ~~were completed as of September 30, 2013,~~ and ~~therefore~~being ~~have been included in~~ the ~~totals~~Operating ~~above. Total~~Partnership’s ~~expected~~sole ~~costs~~general ~~for the development projects are $74.0 million~~partner, ofMAA ~~which $43.1 million~~ has ~~been~~the ~~incurred~~ability ~~through September 30, 2013. MAALP expects~~ to ~~complete~~control ~~construction~~all ~~on one~~ of the ~~projects~~day-to-day byoperations ~~the fourth quarter~~ of ~~2013 and~~ the ~~other~~Operating ~~by the fourth quarter of 2014~~Partnership. ~~Four of our properties include retail components with approximately 107,000 square feet of gross leasable area.~~

~~Effective~~Management ~~October~~believes 1,combining ~~2013,~~the ~~pursuant~~notes to the ~~Agreement~~condensed ~~and~~consolidated ~~Plan~~financial ofstatements ~~Merger, dated as~~ of ~~June~~MAA ~~3, 2013, an indirect, wholly-owned subsidiary of MAALP, merged with~~ and ~~into~~the ~~Colonial~~Operating ~~Realty Limited~~ Partnership, orresults ~~Colonial~~in ~~LP, a Delaware limited partnership, with Colonial LP surviving~~ the ~~merger, which is referred to as the partnership merger. Immediately~~ following the partnership merger, Colonial Properties Trust, or Colonial, an Alabama real estate investment trust, merged with and into MAA, with MAA surviving the merger, which is referred to as the parent merger. The partnership merger and parent merger are collectively referred to as the "Merger" in this Quarterly Report on Form 10-Q. The combined company will operate under the name "MAA" and will be run by our existing management team. For additional information, see Note 11 to the financial statements. All other footnotes contained in this Form 10-Q have been prepared as of September 30, 2013. benefits:

•

~~The~~enhances ~~accompanying~~investors’ ~~unaudited~~understanding condensed consolidated financial statements have been prepared by our management in accordance with United States generally accepted accounting principles, or GAAP, for interim financial information and applicable rules and regulations of ~~the~~MAA ~~Securities~~ and ~~Exchange Commission, or~~ the ~~SEC,~~Operating ~~and~~Partnership ~~our~~by ~~accounting~~enabling ~~policies~~investors asto ~~set~~view forth in our December 31, 2012 annual consolidated financial statements. All significant intercompany accounts and transactions have been eliminated in consolidation. In our opinion, all adjustments necessary for a fair presentation of the ~~condensed~~business ~~consolidated~~as ~~financial statements have been included, and all such adjustments were of~~ a ~~normal~~whole recurring nature. The results of operations for the three- and nine-month periods ended September 30, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in ~~conjunction with our audited financial statements and notes thereto included in MAA's Current Report on Form 8-K filed with~~ the ~~SEC~~same onmanner ~~March 22,~~that ~~2013. The preparation of these financial statements requires~~ management toviews ~~make estimates~~ and ~~assumptions~~operates ~~that affect~~ the ~~reported~~business; amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.

•

~~Interests~~eliminates induplicative ~~MAALP~~disclosure ~~are~~and ~~represented~~provides bya ~~operating~~more ~~partnership~~streamlined ~~units,~~and orreadable OPpresentation ~~Units.~~since Asa ofsubstantial ~~September 30,~~portion ~~2013,~~of ~~there~~the ~~were~~disclosure ~~44,446,933~~in OPthese ~~Units~~accompanying ~~outstanding,~~notes ~~42,744,978,~~applies orto ~~96.2%,~~both ~~of which were owned by~~ MAA, ~~our~~and ~~general~~the ~~partner.~~Operating ~~The~~Partnership; ~~remaining 1,701,955 OP Units were owned by nonaffiliated limited partners.~~and

•

~~The~~creates ~~consolidated~~time ~~financial~~and ~~statements~~cost ~~presented~~efficiencies ~~herein~~through ~~include~~ the ~~accounts~~preparation of ~~MAALP~~one ~~and~~combined ~~all~~set ~~other~~of ~~subsidiaries~~notes ininstead ~~which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 100%~~ of ~~all~~two ~~consolidated~~separate ~~subsidiaries~~sets.

7MAA, 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.

OnThe ~~September~~presentations ~~16,~~of ~~2013,~~ MAA’s ~~transferred~~shareholders’ ~~its~~equity ~~ownership~~and the Operating Partnership’s capital are the principal areas of ~~all~~difference ~~wholly-owned~~between ~~properties~~the tocondensed ~~MAALP~~consolidated infinancial ~~exchange~~statements ~~for~~of OPMAA ~~Units. In~~and ~~accordance~~those ~~with~~of ~~entities~~the ~~under~~Operating ~~common~~Partnership. MAA’s ~~control~~shareholders’ ~~guidance~~equity ~~within~~may ~~ASC~~include ~~805,~~shares ~~Business~~of ~~Combinations~~preferred stock, ~~the~~shares ~~transfer~~of ~~represents~~common astock, ~~change~~additional paid-in ~~reporting~~capital, ~~entity~~cumulative earnings, ~~and~~cumulative ~~accordingly~~distributions, ~~MAALP~~noncontrolling ~~has~~interests, ~~accounted~~treasury ~~for~~shares, ~~these~~accumulated ~~properties~~other atcomprehensive ~~MAA's~~income ~~historical~~or ~~bases~~loss and ~~has~~redeemable ~~retrospectively~~common ~~adjusted~~stock. The ~~the~~Operating ~~financial~~Partnership’s ~~statements~~capital ~~herein~~may asinclude ifcommon ~~the~~capital ~~transfer~~and preferred capital of ~~properties~~the ~~had~~general ~~occurred~~partner on(MAA), ~~January~~limited 1partners’ common capital and preferred capital, ~~2012~~noncontrolling interests, ~~the~~accumulated ~~beginning~~other ofcomprehensive ~~the~~income ~~earliest~~or ~~period~~loss ~~presented~~and ~~herein~~redeemable common units. ~~The~~Holders ~~chart~~of ~~below~~OP ~~shows~~Units ~~our~~(other ~~historical~~than ~~results~~MAA) ofmay ~~operations~~require ~~prior~~the Operating Partnership to redeem their OP Units from time to time, in which case the ~~transfer~~Operating Partnership may, ~~our~~at ~~retrospectively~~its ~~restated~~option, ~~results~~pay ofthe ~~operations~~redemption price either in cash (in an amount per OP Unit equal, ~~and~~in general, to the ~~net~~average ~~effects~~closing price of ~~the~~MAA’s ~~transfer~~common stock on ~~our~~the ~~reported~~New ~~results~~York ofStock ~~operations~~Exchange, ~~for~~or ~~three-~~NYSE, ~~and~~over ~~nine-month~~a ~~periods~~specified ~~ended~~period ~~September~~prior ~~30,~~to ~~2013~~the ~~and~~redemption ~~2012~~date) ~~(dollars~~or inby ~~thousands,~~delivering ~~except~~one ~~per~~share ~~unit~~of ~~data~~MAA’s common stock (subject to adjustment under specified circumstances): for each OP Unit so redeemed.

	Three-month period ended September 30, 2013						Three-month period ended September 30, 2012
	Before Transfer		After Transfer		Change		Before Transfer		After Transfer		Change
Consolidated net income	$	38,024	$	46,075	$	8,051	$	30,604	$	31,882	$	1,278
Net income available for Mid-America Apartments, L.P. common unitholders	$	37,869	$	46,075	$	8,206	$	27,466	$	31,882	$	4,416
Comprehensive income	$	39,680	$	47,870	$	8,190	$	32,514	$	33,794	$	1,280
Earnings per common unit - basic and diluted	$	0.90	$	1.04	$	0.14	$	0.67	$	0.74	$	0.07

	Nine-month period ended September 30, 2013						Nine-month period ended September 30, 2012
	Before Transfer		After Transfer		Change		Before Transfer		After Transfer		Change
Consolidated net income	$	100,721	$	117,368	$	16,647	$	81,509	$	86,038	$	4,529
Net income available for Mid-America Apartments, L.P. common unitholders	$	100,247	$	117,368	$	17,121	$	78,088	$	86,038	$	7,950
Comprehensive income	$	122,461	$	139,561	$	17,100	$	88,621	$	93,149	$	4,528
Earnings per common unit - basic and diluted	$	2.40	$	2.65	$	0.25	$	1.94	$	2.02	$	0.08

MAALP invests in entities that may qualify as variable interest entities, or 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. MAALP 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 MAALP is the primary beneficiary of a VIE, MAALP considers 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 uses the equity method of accounting for its investments in entities for which it exercises significant influence, but does not have the ability to exercise control. These entities are not variable interest entities. The factors considered in determining that MAALP does not have the ability to exercise control include ownership of voting interests and participatory rights of investors.

Earnings per OP Unit

Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. For the three and nine months ended September 30, 2013 and 2012, there were no dilutive securities and therefore basic and diluted earnings per OP Unit are the same.

A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three and nine months ended September 30, 2013 and 2012 is presented below:

(dollars and units in thousands, except per unit amounts)	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Units Outstanding
Weighted average common units - basic and diluted	44,445		43,220		44,331		42,532
Calculation of Earnings per Unit - basic and diluted
Income from continuing operations	$	16,619	$	15,134	$	53,746	$	43,886
Income from discontinued operations	$	29,456	$	16,748	$	63,622	$	42,152
Earnings per unit - basic and diluted:
Income from continuing operations available for common unitholders	$	0.38	$	0.35	$	1.21	$	1.03
Income from discontinued operations available for common unitholders	0.66		0.39		1.44		0.99
Net income available for common unitholders	$	1.04	$	0.74	$	2.65	$	2.02

2. Segment Information

As of September 30, 2013, MAALP owned or had an ownership interest in 160 multifamily apartment communities in 13 different states from which it derived all significant sources of earnings and operating cash flows. Senior management evaluates performance and determines resource allocations by reviewing apartment communities individually and in the following reportable operating segments:

• Large market same store communities are generally communities:

◦ in markets with a population of at least one million and at least 1% of the total public multifamily REIT units; and

◦ that MAALP has owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Secondary market same store communities are generally communities:

◦ in markets with populations of more than one million but less than 1% of the total public multifamily REIT units or in markets with a population of less than one million; and

◦ that MAALP has owned and have been stabilized for at least a full 12 months and have not been classified as held for sale.

• Non same store communities and other includes recent acquisitions, communities in development or lease-up and communities that have been identified for disposition. Also included in non same store communities are non multifamily activities, which represent less than 1% of our portfolio.

On the first day of each calendar year, MAALP determines the composition of our same store operating segments for that year as well as adjusting the previous year, which allows MAALP to evaluate full period-over-period operating comparisons. Properties in development or lease-up will be added to the same store portfolio on the first day of the calendar year after they have been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% occupancy for 90 days. Communities that have been identified for disposition are excluded from our same store portfolio. MAALP utilizes net operating income, or NOI, in evaluating the performance of the 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. MAALP believes NOI is a helpful tool in evaluating the operating

performance of its segments because it measures the core operations of property performance by excluding partnership level expenses and other items not related to property operating performance.

Revenues and NOI for each reportable segment for the three- and nine-month periods ended September 30, 2013 and 2012 were as follows (dollars in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Revenues
Large Market Same Store	$	64,823		$	61,707		$	191,246		$	181,446
Secondary Market Same Store	52,344			50,904			155,650			150,869
Non-Same Store and Other	19,127			10,370			50,891			19,992
Total property revenues	136,294			122,981			397,787			352,307
Management fee income	146			209			465			687
Total operating revenues	$	136,440		$	123,190		$	398,252		$	352,994
NOI
Large Market Same Store	$	38,159		$	35,700		$	113,707		$	105,675
Secondary Market Same Store	30,349			29,816			92,547			89,109
Non-Same Store and Other	12,471			8,681			36,165			21,665
Total NOI	80,979			74,197			242,419			216,449
Discontinued operations NOI included above	(838		)	(2,505		)	(5,022		)	(10,206		)
Management fee income	146			209			465			687
Depreciation and amortization	(33,000		)	(30,979		)	(97,883		)	(89,701		)
Acquisition expense	—			(1,343		)	(499		)	(1,574		)
Property management expense	(5,193		)	(5,460		)	(15,970		)	(16,484		)
General and administrative expense	(3,976		)	(3,527		)	(10,604		)	(10,436		)
Merger related expenses	(5,561		)	—			(11,298		)	—
Integration related expenses	(35		)	—			(35		)	—
Interest and other non-property income	16			89			86			343
Interest expense	(14,941		)	(14,530		)	(45,715		)	(42,437		)
(Loss) gain on debt extinguishment	(218		)	—			(387		)	5
Amortization of deferred financing costs	(820		)	(971		)	(2,427		)	(2,611		)
Net casualty (loss) gain and other settlement proceeds	—			(22		)	455			(24		)
Gain on sale of non-depreciable assets	—			48			—			45
Gain (loss) from real estate joint ventures	60			(72		)	161			(170		)
Discontinued operations	29,456			16,748			63,622			42,152
Net income available for Mid-America Apartments, L.P. common unitholders	$	46,075		$	31,882		$	117,368		$	86,038

Assets for each reportable segment as of September 30, 2013 and December 31, 2012, were as follows (dollars in thousands):

	September 30, 2013		December 31, 2012
Assets
Large Market Same Store	$	1,265,355	$	1,108,827
Secondary Market Same Store	806,170		654,315
Non-Same Store and Other	674,432		943,608
Corporate assets	282,300		38,528
Total assets	$	3,028,257	$	2,745,278

3. Capital

Total capital and its components for the nine-month periods ended September 30, 2013 and 2012 were as follows (dollars in thousands, except per unit data):

	MAALP Unitholders
	Limited Partner			General Partner			AccumulatedOtherComprehensiveIncome (Loss)			TotalPartnership Capital
CAPITAL BALANCE DECEMBER 31, 2012	$	38,154		$	927,734		$	(26,881	)	$	939,007
Net income	4,518			112,850						117,368
Other comprehensive income - derivative instruments (cash flow hedges)							22,193			22,193
Issuance of units				25,038						25,038
Units repurchased and retired				(682		)				(682		)
General partner units issued in exchange for limited partner units	(550		)	550						—
Redeemable units fair market value adjustment				209						209
Adjustment for limited partners' capital at redemption value	1,218			16,597						17,815
Amortization of unearned compensation				1,729						1,729
Distributions ($2.0850 per unit)	(3,557		)	(89,109		)				(92,666		)
CAPITAL BALANCE SEPTEMBER 30, 2013	$	39,783		$	994,916		$	(4,688	)	$	1,030,011

	MAALP Unitholders
	Limited Partner			General Partner			AccumulatedOtherComprehensiveIncome (Loss)			Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2011	$	37,079		$	739,657		$	(38,579	)	$	738,157
Net income	3,770			82,268						86,038
Other comprehensive income - derivative instruments (cash flow hedges)							7,111			7,111
Issuance of units				173,962						173,962
Units repurchased and retired				(1,863		)				(1,863		)
General partner units issued in exchange for limited partner units	(2,672		)	2,672						—
Redeemable units fair market value adjustment				(168		)				(168		)
Adjustment for limited partners capital at redemption value	3,054			(3,054		)				—
Amortization of unearned compensation				1,730						1,730
Distributions ($1.9800 per unit)	(3,667		)	(81,813		)				(85,480		)
CAPITAL BALANCE SEPTEMBER 30, 2012	$	37,564		$	913,391		$	(31,468	)	$	919,487

4. Real Estate Acquisitions

On May 1, 2013, we purchased Greenwood Forest, a 316-unit apartment community located in Greenwood Forest (Houston), Texas. This property was previously a part of Mid-America Multifamily Fund I, LLC.

On May 21, 2013, we purchased Station Square at Cosner's Corner, a 260-unit apartment community located in Fredericksburg, Virginia. As part of this purchase, we also acquired land for future development.

We did not acquire any additional properties during the three months ended September 30, 2013.

5. Discontinued Operations

The following properties have been classified as discontinued operations in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended September 30, 2013 and 2012:

Community	Number of Units	Date Sold	Location	Operating Segment
Woodbridge	188	May 15, 2013	Jacksonville, Florida	Large market same store
High Ridge	160	June 13, 2013	Athens, Georgia	Secondary market same store
TPC Jacksonville	440	June 20, 2013	Jacksonville, Florida	Large market same store
Marsh Oaks	120	August 15, 2013	Jacksonville, Florida	Large market same store
Three Oaks	240	September 11, 2013	Valdosta, Georgia	Secondary market same store
Wildwood	216	September 11, 2013	Thomasville, Georgia	Secondary market same store
Shenandoah Ridge	272	September 30, 2013	Augusta, Georgia	Secondary market same store

During the three months ended June 30, 2013, we reported the 113-unit Fountain Lake apartment community as held for sale in the Condensed Consolidated Balance Sheet and in discontinued operations in our Condensed Consolidated Statement of Operations. As of September 30, 2013, we are no longer actively marketing this community and as a result Fountain Lake was classified as held for use and therefore is not included in the discontinued operation line in the Consolidated Statement of Operations as of September 30, 2013. Fountain Lake is valued at its carrying amount before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held for use, on the Condensed Consolidated Balance Sheet.

	Three months ended September 30,					Nine months ended September 30,
	2013			2012		2013			2012
Revenues
Rental revenues	$	1,378		$	4,551	$	8,035		$	18,003
Other revenues	119			402		620			1,689
Total revenues	1,497			4,953		8,655			19,692
Expenses
Property operating expenses	671			2,803		3,642			9,893
Depreciation and amortization	110			1,283		1,620			4,989
Interest expense	65			310		351			1,175
Total expense	846			4,396		5,613			16,057
Income from discontinued operations before gain on sale	651			557		3,042			3,635
Net (loss) gain on insurance and other settlement proceeds on discontinued operations	(1		)	99		(5		)	43
Gain on sale of discontinued operations	28,806			16,092		60,585			38,474
Income from discontinued operations	$	29,456		$	16,748	$	63,622		$	42,152

6. Partners' Capital

Interests in MAALP are represented by OP Units. As of September 30, 2013, there were 44,446,933 OP Units outstanding, 42,744,978, or 96.2%, of which were owned by MAA, our general partner. The remaining 1,701,955 OP Units were owned by nonaffiliated limited partners, or the Class A Limited Partners. As of September 30, 2012, there were 43,699,835 OP Units outstanding, 41,925,288 or 95.9% of which were owned by MAA and 1,774,547 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 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 cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue OP Units and determine the consideration to be received. The general partner may delegate these and other powers granted 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 may only be held by limited partners who are not affiliated with MAA, in its capacity as general partner of MAALP, while Class B OP Units may only be held by MAA, in its capacity as general partner of MAALP, and as of September 30, 2013, a total of 1,701,955 Class A OP Units in MAALP were held by limited partners unaffiliated with MAA, while a total of 42,744,978 Class B OP Units were held by MAA. 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 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 of Class B OP Units to MAA equal to the number of common stock shares 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 New York Stock Exchange 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.

At September 30, 2013, a total of 1,701,955 Class A OP Units were outstanding and redeemable for 1,701,955 shares of MAA common stock, or approximately $106,372,188 based on the closing price of MAA’s common stock on September 30, 2013 of $62.50 per share, at MAA’s option. At September 30, 2012, a total of 1,774,547 Class A OP Units were outstanding and redeemable for 1,774,547 shares of MAA common stock, or approximately $115,895,665 based on the closing price of MAA’s common stock on September 30, 2012 of $65.31 per share, at MAA’s option.

The Operating Partnership pays the same per unit distribution in respect to the OP Units as the per share dividend MAA pays in respect to its common and preferred stock.

On August 26, 2010, MAALP and MAA entered into sales agreements with Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell up to a combined total of 6,000,000 shares of MAA common stock, from time to time in at-the-market offerings or negotiated transactions through a controlled equity offering program or ATM. We terminated this ATM program, and on February 25, 2013, MAALP and MAA entered into sales agreements with J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC with materially the same terms as our sales agreements for a combined total of 4,500,000 shares of MAA common stock.

During the three months ended September 30, 2013, MAA did not issue any shares through its ATM program. During the nine months ended September 30, 2013, MAA sold 365,011 shares of common stock for net proceeds of $24.8 million through its ATM program. The gross proceeds for these issuances were $25.1 million for the nine months ended September 30, 2013. During the three- and nine-month periods ended September 30, 2012, MAA sold 812,911 shares through its ATM program for net proceeds of $53.7 million. The gross proceeds for these issuances were $54.5 million. As of September 30, 2013, there were 4,134,989 shares outstanding under the ATM. MAA contributed all proceeds from these transactions to MAALP in exchange for a number of OP Units equal to the number of shares issued by MAA.

On March 2, 2012, MAA closed on an underwritten public offering of 1,955,000 shares of common stock. UBS Investment Bank and Jeffries & Company, Inc. acted as joint bookrunning managers. This transaction resulted in net proceeds of $120 million. The gross proceeds for this offering were approximately $124.1 million. MAA had no such offerings during the three-

~~and~~Organization ~~nine~~of Mid-~~month~~America ~~periods~~Apartment ~~ended September 30~~Communities, ~~2013~~Inc. ~~MAA contributed all proceeds from this transaction to MAALP in exchange for OP Units equal to the number of shares issued.~~

~~MAALP~~The ~~and~~Company ~~MAA~~owns, ~~have~~operates, aacquires ~~Dividend~~ and ~~Distribution~~selectively ~~Reinvestment~~develops ~~and~~apartment ~~Share~~communities ~~Purchase~~primarily ~~Plan,~~located orin ~~DRSPP~~the Southeast, ~~pursuant~~Southwest toand ~~which~~Mid-Atlantic ~~MAA’s~~regions ~~shareholders~~of ~~and~~the ~~our~~U.S. ~~holders~~As of OPSeptember ~~Units~~30, ~~have~~2025, the ~~ability~~Company toowned ~~reinvest~~and ~~all~~operated or293 ~~part~~apartment ofcommunities ~~their~~(which ~~distributions~~does ~~from~~not ~~MAA’s~~include ~~common~~development ~~stock,~~communities ~~preferred~~under ~~stock~~construction) orthrough OPthe ~~Units~~Operating ~~into~~Partnership ~~MAA’s~~and ~~common~~its ~~stock.~~subsidiaries ~~The~~and ~~plan~~had ~~also~~an ~~provides~~ownership ~~the~~interest ~~opportunity~~in toone ~~make~~apartment ~~optional~~community ~~cash~~through ~~investments~~an inunconsolidated ~~common~~real ~~shares~~estate ofjoint atventure. ~~least~~As ~~$250,~~of ~~but~~September ~~not~~30, ~~more than $5~~2025,~~000~~ inthe ~~any~~Company ~~given~~also ~~month,~~had ~~free~~seven ofdevelopment ~~brokerage~~communities ~~commissions~~under ~~and~~construction, ~~charges.~~totaling ~~MAA~~2,242 inapartment ~~its~~units ~~absolute~~once ~~discretion~~complete, ~~may~~and ~~grant~~development ~~waivers~~costs toof ~~allow~~$543.2 ~~for~~million ~~optional~~had ~~cash~~been ~~payments~~incurred inthrough ~~excess~~September ~~of $5~~30,~~000.~~ To2025 ~~fulfill~~with ~~its~~respect ~~obligations~~to ~~under~~those ~~the~~development ~~DRSPP,~~communities. The ~~MAA~~Company ~~may~~expects ~~either~~to ~~issue~~complete ~~additional~~one ~~shares~~ of ~~common~~these ~~stock~~developments orin ~~repurchase~~2025, ~~common~~four ~~stock~~in 2026, one in ~~the~~2027, ~~open~~and ~~market~~one in 2028. ~~MAA~~As ~~has~~of ~~registered~~September ~~with~~30, ~~the~~2025, ~~SEC~~35 of the ~~offer~~Company’s ~~and~~apartment ~~sale~~communities ofincluded upretail tocomponents. ~~7,600,000~~The ~~shares~~Company’s ofapartment ~~common~~communities, ~~stock~~including ~~pursuant~~development tocommunities ~~the~~under ~~DRSPP.~~construction, ~~MAA~~were ~~may~~located ~~elect~~across to16 ~~sell~~states ~~shares~~and ~~under~~ the ~~DRSPP~~District atof upColumbia toas aof 5%September ~~discount~~30, 2025.

~~Common~~Basis stock shares totaling 435 and 764 during the three- and nine-month periods ended September 30, 2013 and 122 and 451 during the three- and nine-month periods ended September 30, 2012 were acquired by shareholders under the DRSPP. The issuances resulted in gross proceeds of ~~approximately~~Presentation ~~$28,000~~ and ~~$50,000~~Principles for the three- and nine-month periods ending September 30, 2013 and $8,000 and $30,000 for the three- and nine-month periods ending September 30, 2012. All funds received from these issuances were contributed by MAA to MAALP in exchange for a number of ~~OP Units equal to the number of shares issued by MAA.~~Consolidation

~~During~~The ~~the~~accompanying ~~nine~~condensed ~~months~~consolidated ~~ended~~financial ~~September 30,~~statements ~~2013,~~have ~~4,805~~been ~~shares~~prepared ofby ~~MAA~~the Company’s ~~common~~management ~~stock~~in ~~were~~accordance ~~acquired~~with ~~from~~U.S. ~~employees~~generally toaccepted ~~satisfy~~accounting ~~minimum~~principles, ~~tax~~or ~~withholding~~GAAP, ~~obligations~~and ~~that~~applicable ~~arose~~rules ~~upon~~and ~~vesting~~regulations of ~~restricted~~the ~~stock~~Securities ~~granted~~and ~~pursuant~~Exchange toCommission, ~~approved~~or ~~plans~~the SEC. ~~During~~The ~~the~~condensed ~~nine~~consolidated ~~months~~financial ~~ended~~statements ~~September 30~~of MAA presented herein include the accounts of MAA, ~~2012~~the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, 15directly or indirectly,~~565~~ ~~shares~~approximately ~~were~~80% ~~acquired~~to ~~for~~100% ~~these~~of ~~purposes~~all consolidated subsidiaries, including the Operating Partnership. ~~MAALP~~In ~~acquires~~management’s OPopinion, ~~units~~all ~~from~~adjustments ~~MAA~~necessary ~~equal~~for toa fair presentation of the ~~number~~condensed consolidated financial statements have been included, and all such adjustments were of ~~shares~~a ~~acquired~~normal byrecurring ~~MAA~~nature. ~~from~~All ~~employees~~significant tointercompany ~~satisfy~~accounts ~~tax~~and ~~withholding~~transactions ~~obligations~~have been eliminated in consolidation.

7The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. ~~Notes~~ ~~Payable~~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).

OnNoncontrolling September 30, 2013 and December 31, 2012, MAALP had total indebtedness of approximately $1.86 billion and $1.67 billion, respectively. MAALP's indebtedness as of September 30, 2013 consisted of both conventional and tax exempt debt. Borrowings were made through individual property mortgages as well as company-wide credit facilities. MAALP utilizes both secured and unsecured debt.Interests

OnAs ~~March 1~~of September 30, ~~2012~~2025, ~~MAALP~~the ~~entered~~Company ~~into~~had atwo ~~$150~~types ~~million~~of ~~unsecured~~noncontrolling ~~term~~interests ~~loan~~with ~~agreement~~respect ~~with~~to aits ~~syndicate~~consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of ~~banks~~its ~~led~~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 ~~KeyBank~~the ~~and~~holders Jof the Class A OP Units.P. ~~Morgan~~MAA ~~with~~is athe ~~variable~~sole ~~rate~~general ~~resetting~~partner ~~monthly~~of atthe ~~LIBOR~~Operating ~~plus~~Partnership aand ~~spread~~holds all of 1the outstanding Class B OP Units.~~40%~~ Net income (after allocations to ~~2.15%~~preferred ownership interests) is allocated to MAA and the noncontrolling interests based on atheir ~~leveraged-based~~respective ~~pricing~~ownership ~~grid~~percentages ~~and~~of athe ~~maturity~~Operating ~~date~~Partnership. Issuance of ~~March 1,~~additional ~~2017~~Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. In ~~July~~The ~~2012,~~issuance ~~MAALP~~of ~~received~~Class anB ~~investment~~OP ~~grade~~Units ~~rating~~generally ~~(Baa2)~~occurs ~~from~~when ~~Moody's~~MAA ~~rating~~issues ~~service,~~common ~~which~~stock ~~caused~~and the ~~variable~~issuance ~~rate~~proceeds are contributed to ~~reset~~the ~~monthly~~Operating atPartnership ~~LIBOR~~in ~~plus~~exchange afor ~~spread~~Class B OP Units equal to the number of 1shares of MAA’s common stock issued.~~10%~~ At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to ~~2.05%~~account ~~based~~for onthe anchange ~~investment~~in ~~grade~~the ~~ratings~~respective ~~grid~~percentage ownership of the underlying equity of the Operating Partnership. As MAA’s Board of ~~September 30,~~Directors ~~2013,~~established economic rights in respect to each Class A OP Unit that were equivalent to the ~~full~~economic ~~amount~~rights ~~was~~in ~~outstanding~~respect ~~under~~to ~~this~~each ~~agreement~~share of MAA common stock. See Note 9 for additional details.

OnThe ~~August 31,~~noncontrolling ~~2012,~~interests ~~MAALP~~relating ~~issued~~to ~~$175~~the ~~million~~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 ~~Senior~~the ~~Unsecured~~apartment ~~Notes~~communities tothat beare ~~funded~~owned atthrough ~~three~~the ~~separate~~consolidated ~~times~~real estate entities with a noncontrolling interest. ~~These~~ ~~notes~~The entities were ~~offered~~determined into abe ~~private~~VIE’s ~~placement~~ with ~~four~~the ~~tranches:~~Company ~~$18~~designated ~~million~~as atthe 3primary beneficiary.~~15%~~ ~~maturing~~As ona ~~November 30~~result, ~~2017;~~the ~~$20~~accounts ~~million~~of atthe 3entities are consolidated by the Company.~~61%~~ ~~maturing~~As onof ~~November~~ September 30, ~~2019;~~2025, ~~$117~~the ~~million~~consolidated atassets ~~4.17%~~of ~~maturing~~the onCompany’s ~~November 30,~~consolidated ~~2022;~~real ~~and~~estate entities with a noncontrolling interest were $20530.8 million, atand ~~4.33%~~consolidated ~~maturing~~liabilities onwere ~~November 30~~$24.2 million, ~~2024~~net of eliminations. As of ~~September 30~~December 31, ~~2013~~2024, the ~~full~~consolidated ~~amount~~assets of the ~~notes~~Company’s ~~has~~consolidated ~~been~~real ~~funded~~estate entities with a noncontrolling interest were $432.2 million, and isconsolidated ~~included~~liabilities inwere ~~our~~$27.1 ~~balance~~million, ~~sheet~~net of eliminations.

On June 14, 2013, MAALP entered into a $250 million term loan agreement with JPMorgan at a rate of LIBOR plus a spread of 1.30% on any outstanding borrowings. This agreement matures on June 14, 2014 although borrowings are only allowed to be drawn upon up until 60 days subsequent to the closing of the Merger. We had no borrowings under this agreement at September 30, 2013.

On August 7, 2013, we entered into a $500 million unsecured revolving credit facility agreement with KeyBank National Association and thirteen other banks. This agreement amends our previous unsecured credit facility with KeyBank. Interest is paid using an investment grade pricing grid using LIBOR plus a spread of 0.90% to 1.70%. As of September 30, 2013, we had $350 million borrowed under this facility.

As of September 30, 2013, approximately 35% of MAALP's outstanding debt was borrowed through secured credit facility relationships with Prudential Mortgage Capital, which are credit enhanced by the Federal National Mortgage Association, or FNMA, and Financial Federal, which are credit enhanced by the Federal Home Loan Mortgage Corporation, or Freddie Mac.

MAALP utilizes interest rate swaps and interest rate caps to help manage its current and future interest rate risk and entered into 18 interest rate swaps and 12 interest rate caps as of September 30, 2013, representing notional amounts totaling $559.0

~~million~~Investments ~~and~~in ~~$224.6~~Unconsolidated ~~million, respectively. MAALP also held 11 non-designated interest rate caps with notional amounts totaling $63.8 million as of September 30, 2013.~~Affiliates

The ~~following~~Company ~~table~~uses ~~summarizes~~the ~~our~~equity ~~outstanding~~method ~~debt~~to ~~structure~~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 $41.9 million and $41.7 million as of September 30, ~~2013~~2025 ~~(dollars~~and December 31, 2024, respectively, and is included in ~~thousands):~~“Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets.

	BorrowedBalance		EffectiveRate		ContractMaturity
Fixed Rate Secured Debt
Individual property mortgages	$	382,817	4.7	%	3/29/2019
FNMA conventional credit facilities	50,000		4.7	%	3/31/2017
Credit facility balances with:
LIBOR-based interest rate swaps	259,000		5.3	%	7/20/2014
Total fixed rate secured debt	$	691,817	4.9	%	5/4/2017
Variable Rate Secured Debt (1)
FNMA conventional credit facilities	$	189,721	0.7	%	12/2/2016
FNMA tax-free credit facilities	89,217		0.9	%	7/23/2031
Freddie Mac credit facilities	64,247		0.7	%	7/1/2014
Freddie Mac mortgage	15,200		3.6	%	1/1/2016
Total variable rate secured debt	$	358,385	0.9	%	2/3/2020
Total Secured Debt	$	1,050,202	3.5	%	4/12/2018
Unsecured Debt
Variable rate credit facility	$	350,000	1.3	%	8/7/2017
Term loan fixed with swaps	150,000		2.4	%	3/1/2017
Fixed rate senior private placement bonds	310,000		4.5	%	7/27/2021
Total Unsecured Debt	$	810,000	2.7	%	1/14/2019
Total Outstanding Debt	$	1,860,202	3.2	%	8/11/2018

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 September 30, 2025 and December 31, 2024, the Company’s investments in the limited partnerships were $76.0 million and $62.2 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended September 30, 2025 and 2024, the Company recognized $4.3 million and $0.5 million of income, respectively, from its investments in the limited partnerships. During the nine months ended September 30, 2025 and 2024, the Company recognized $6.0 million and $9.0 million of income, respectively, from its investments in the limited partnerships. As of September 30, 2025, the Company was committed to make additional capital contributions totaling $22.4 million if and when called by the general partners of the limited partnerships.

~~(1)~~Marketable ~~Includes~~Equity ~~capped balances.~~Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, the Company’s investment in the marketable equity securities was $2.7 million and $3.3 million, respectively. During the three and nine months ended September 30, 2025, the Company did not sell any marketable equity securities. During the three months ended September 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $3.3 million and recognized a net realized gain on sale of $2.7 million. During the nine months ended September 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $10.0 million and recognized a net realized gain on sale of $8. ~~Derivatives~~3 million. In addition, during the three months ended September 30, 2025 and ~~Hedging~~2024, ~~Activities~~the Company recognized $0.8 million of unrealized gains and $1.2 million of unrealized losses, respectively, from its investment in marketable equity securities. During the nine months ended September 30, 2025 and 2024, the Company recognized $0.6 million and $5.4 million of unrealized losses, respectively, from its investment in marketable equity securities.

~~Risk~~Revenue ~~Management Objective of Using Derivatives~~Recognition

~~MAALP~~The isCompany ~~exposed~~primarily leases multifamily residential apartments to ~~certain~~residents ~~risks~~under ~~arising~~operating ~~from~~leases ~~both~~generally ~~its~~due ~~business~~on ~~operations~~a ~~and~~monthly ~~economic~~basis ~~conditions~~with terms of approximately one year or less. ~~MAALP~~Rental ~~principally~~revenues ~~manages~~are ~~its~~recognized ~~exposures~~in toaccordance with Accounting Standards Codification (“ASC”) Topic 842, Leases, using a ~~wide~~method ~~variety~~that ofrepresents ~~business~~a ~~and~~straight-line ~~operational~~basis ~~risks~~over ~~through~~the ~~management~~term of ~~its~~the ~~core~~lease. ~~business~~In ~~activities.~~addition, ~~MAALP~~in ~~manages~~circumstances ~~economic~~where ~~risks,~~a ~~including~~lease ~~interest~~incentive ~~rate~~is provided to residents, ~~liquidity~~the ~~and~~incentive ~~credit~~is ~~risk,~~recognized ~~primarily~~as bya ~~managing~~reduction of rental revenues on a straight-line basis over the ~~amount,~~reasonably ~~sources~~assured ~~and~~lease ~~duration~~term. Rental revenues represent approximately 94% of ~~its~~the ~~debt~~Company’s ~~funding~~total revenues and ~~the~~include ~~use~~gross ofrents ~~derivative~~charged ~~financial~~less ~~instruments~~adjustments for concessions and bad debt. ~~Specifically~~Approximately 5% of the Company’s total revenues represent reimbursable property revenues from its residents for utility reimbursements, ~~MAALP~~which ~~enters~~are ~~into~~generally ~~derivative~~recognized ~~financial~~and ~~instruments~~due toon ~~manage~~a ~~exposures~~monthly ~~that~~basis ~~arise~~as ~~from~~residents ~~business~~obtain ~~activities~~control ~~that~~of ~~result~~the inservice over the ~~payment~~term of ~~future~~the ~~contractual~~lease. ~~and~~The ~~forecasted~~remaining ~~cash~~1% ~~amounts,~~of ~~principally~~the ~~related~~Company’s tototal ~~its~~revenues ~~borrowings,~~represents ~~the~~other ~~value~~non-lease ofproperty ~~which~~revenues ~~are~~primarily ~~determined~~driven by ~~changing~~nonrefundable ~~interest~~fees ~~rates~~and commissions, which are recognized when earned.

~~Cash~~In ~~Flow~~accordance ~~Hedges~~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 ~~Interest~~the ~~Rate~~Company’s ~~Risk~~revenues in Note 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues,” as presented in the disaggregation of the Company’s revenues in Note 11.

MAALP's objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, MAALP uses interest rate swaps and interest rate caps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for MAALP making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up front premium.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2013 and 2012, such derivatives

were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended September 30, 2013 and 2012, MAALP recorded ineffectiveness of $1,000 (increase to interest expense) and $7,000, (increase to interest expense), respectively, and during the nine months ended September 30, 2013 and 2012, MAALP recorded ineffectiveness of $26,000 (decrease to interest expense) and $40,000 (increase to interest expense), respectively, mainly attributable to a mismatch in the underlying indices of the derivatives and the hedged interest payments made on our variable-rate debt.Leases

~~Amounts~~The ~~reported~~Company inis ~~accumulated~~the lessee under certain ground, office, equipment and other ~~comprehensive~~operational ~~income~~leases, ~~related~~all toof ~~derivatives~~which ~~designated~~are accounted for as ~~qualifying~~operating ~~cash~~leases ~~flow~~in ~~hedges~~accordance ~~will~~with beASC ~~reclassified~~Topic 842. The Company recognizes a right-of-use asset for the right to ~~interest~~use ~~expense~~the asunderlying ~~interest~~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 ~~made~~recognized on ~~our~~a ~~variable~~straight-~~rate~~line ~~debt~~basis. ~~During~~As ~~the~~of ~~next~~September 1230, ~~months~~2025 and December 31, ~~MAALP~~2024, ~~estimates~~right-of-use ~~that~~assets anrecorded ~~additional~~within “Other assets” totaled $838.97 million ~~will~~and be$40.5 ~~reclassified~~million, torespectively, ~~earnings~~and asrelated anlease ~~increase~~liabilities torecorded ~~interest~~within “Accrued expenses and other liabilities” totaled $24.8 million and $26.1 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended September 30, ~~which~~2025 ~~primarily~~and ~~represents~~2024 was immaterial to the ~~difference~~Company. ~~between~~Cash ~~our~~paid ~~fixed~~for ~~interest~~amounts ~~rate~~included ~~swap~~in ~~payments~~the ~~and~~measurement of operating lease liabilities during the ~~projected~~nine ~~variable~~months ~~interest~~ended ~~rate~~September ~~swap~~30, ~~payments~~2025 and 2024 was also immaterial. See Note 10 for additional disclosures regarding leases.

AsFair ofValue ~~September 30, 2013, MAALP had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:~~Measurements

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Caps	12	$	224,631,000
Interest Rate Swaps (1)	18	$	559,000,000

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

(Level 1~~) Includes~~ ~~three~~- ~~forward~~Quoted ~~rate~~prices ~~swaps~~in ~~totaling~~active ~~$150~~markets ~~million~~for ~~where~~identical ~~the~~assets ~~debt~~or ~~has~~liabilities ~~not~~that ~~yet been issued. These swaps~~ are ~~not~~accessible ~~included~~at inthe ~~our~~measurement ~~debt discussion in MD&A or footnote 7~~date.

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

~~Derivatives~~Level ~~not~~3 ~~designated~~- asUnobservable ~~hedges~~inputs are not speculative and are used to manage MAALP's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of $5,000 for the ~~three~~assets ~~months~~or ~~ended September 30, 2013 and a loss of $25,000 for the three months ended September 30, 2012~~liability. ~~During the nine months ended September 30, 2013 and 2012, MAALP recognized a loss of $8,000 and $58,000, respectively, on derivatives not designated in hedging relationships.~~

AsCertain oflong-lived ~~September 30,~~assets ~~2013,~~are ~~MAALP~~recorded ~~had~~at fair value when they are acquired or initially consolidated. The inputs associated with the ~~following~~valuation ~~outstanding~~of ~~interest~~long-lived ~~rate~~assets ~~derivatives~~are ~~that~~generally ~~were~~included ~~not~~in ~~designated~~Level as2 ~~hedges:~~and Level 3 of the fair value hierarchy.

Interest Rate Derivative		Number of Instruments		Notional
Interest Rate Caps		11		$	63,820,000

~~Tabular~~2. Earnings ~~Disclosure~~per ofCommon ~~Fair~~Share ~~Values~~ of ~~Derivative Instruments on the Balance Sheet~~MAA

~~The~~Basic ~~table~~earnings ~~below~~per ~~presents~~share is computed using the ~~fair~~two-class ~~value~~method ofby ~~MAALP's~~dividing ~~derivative~~net ~~financial~~income ~~instruments~~available asto ~~well~~MAA ascommon ~~their~~shareholders ~~classification~~by onthe weighted average number of common shares outstanding during the ~~Consolidated~~period. ~~Balance~~All ~~Sheet~~outstanding asunvested ofrestricted ~~September 30~~share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, ~~2013~~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 ~~December 31~~other potentially dilutive common shares, ~~2012~~and the related impact to earnings, ~~respectively~~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.

~~Fair~~For ~~Values~~the ofthree ~~Derivative~~and ~~Instruments~~nine onmonths ended September 30, 2025, MAA’s diluted earnings per share was computed using the ~~Consolidated~~treasury ~~Balance~~stock ~~Sheet~~method, asand offor the three and nine months ended September 30, ~~2013~~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):

December 31, 2012 (dollars in thousands)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Calculation of Earnings per common share - basic
Net income	$	102,044		$	118,230		$	399,325		$	370,502
Net income attributable to noncontrolling interests		(2,506	)		(3,035	)		(9,987	)		(9,605	)
Unvested restricted shares (allocation of earnings)		(52	)		(53	)		(208	)		(163	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	98,564		$	114,220		$	386,364		$	357,968

Weighted average common shares - basic		117,012			116,820			116,943			116,758
Earnings per common share - basic	$	0.84		$	0.98		$	3.30		$	3.07

Calculation of Earnings per common share - diluted
Net income	$	102,044		$	118,230		$	399,325		$	370,502
Net income attributable to noncontrolling interests (1)		(2,506	)		(3,035	)		(9,987	)		(9,605	)
Unvested restricted shares (allocation of earnings)		—			(53	)		—			(163	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	98,616		$	114,220		$	386,572		$	357,968

Weighted average common shares - basic		117,012			116,820			116,943			116,758
Effect of dilutive securities		143			—			218			—
Weighted average common shares - diluted		117,155			116,820			117,161			116,758
Earnings per common share - diluted	$	0.84		$	0.98		$	3.30		$	3.07

(1)

	Asset Derivatives					Liability Derivatives
		September 30, 2013		December 31, 2012			September 30, 2013		December 31, 2012
Derivatives designated as hedging instruments	Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value		Fair Value
Interest rate contracts	Other assets	$	10,681	$	245	Fair market value of interest rate swaps	$	9,858	$	21,423
Total derivatives designated as hedging instruments		$	10,681	$	245		$	9,858	$	21,423
Derivatives not designated as hedging instruments
Interest rate contracts	Other assets	$	57	$	43		$	—	$	—
Total derivatives not designated as hedging instruments		$	57	$	43		$	—	$	—

For the three and nine months ended September 30, 2025, 2.9 million OP Units and 3.0 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2024, 3.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

~~Tabular~~3. Earnings ~~Disclosure~~per ofOP ~~the~~Unit ~~Effect~~ of ~~Derivative Instruments on the Statements of Operations~~MAALP

~~The~~Basic ~~table~~earnings ~~below~~per ~~presents~~common unit is computed using the ~~effect~~two-class ofmethod ~~our~~by ~~derivative~~dividing ~~financial~~net ~~instruments~~income onavailable for common unitholders by the ~~Consolidated~~weighted ~~Statements~~average number of ~~Operations~~OP ~~for~~Units outstanding during the ~~three~~period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and ~~nine~~participate ~~months~~in ~~ended~~undistributed ~~September 30~~earnings with common unitholders and, ~~2013~~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 ~~2012~~other potentially dilutive common units, ~~respectively~~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.

~~Effect~~For ofthe ~~Derivative~~three ~~Instruments~~and onnine months ended September 30, 2025, MAALP’s diluted earnings per common unit was computed using the ~~Consolidated~~treasury ~~Statements~~stock ofmethod, ~~Operations~~and for the three and nine months ended September 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, as presented below (dollars and units in thousands, except per unit amounts):

Three and Nine Months Ended September 30, 2013 and 2012 (dollars in thousands)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Calculation of Earnings per common unit - basic
Net income	$	102,044		$	118,230		$	399,325		$	370,502
Unvested restricted units (allocation of earnings)		(52	)		(53	)		(208	)		(163	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	101,070		$	117,255		$	396,351		$	367,573

Weighted average common units - basic		119,960			119,900			119,941			119,865
Earnings per common unit - basic	$	0.84		$	0.98		$	3.30		$	3.07

Calculation of Earnings per common unit - diluted
Net income	$	102,044		$	118,230		$	399,325		$	370,502
Unvested restricted units (allocation of earnings)		—			(53	)		—			(163	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	101,122		$	117,255		$	396,559		$	367,573

Weighted average common units - basic		119,960			119,900			119,941			119,865
Effect of dilutive securities		143			—			218			—
Weighted average common units - diluted		120,103			119,900			120,159			119,865
Earnings per common unit - diluted	$	0.84		$	0.98		$	3.30		$	3.07

Derivatives in Cash FlowHedging Relationships	Amount of Gain or (Loss)Recognized in OCI on Derivative (Effective Portion)						Location of Gain or(Loss) Reclassified from AccumulatedOCI into Income(Effective Portion)	Amount of Gain or (Loss)Reclassified fromAccumulated OCI into Income (Effective Portion)						Location of Gain or(Loss) Recognized inIncome on Derivative(Ineffective Portion andAmount Excluded fromEffectiveness Testing)	Amount of Gain or (Loss) Recognized in Income onDerivative (IneffectivePortion and AmountExcluded fromEffectiveness Testing)
Three months ended September 30,	2013			2012				2013			2012				2013			2012
Interest rate contracts	$	(1,826	)	$	(2,903	)	Interest expense	$	(3,621	)	$	(4,815	)	Interest expense	$	(1	)	$	(7	)
Total derivatives in cash flow hedging relationships	$	(1,826	)	$	(2,903	)		$	(3,621	)	$	(4,815	)		$	(1	)	$	(7	)
Nine months ended September 30,
Interest rate contracts	$	10,095		$	(8,197	)	Interest expense	$	(12,098	)	$	(15,308	)	Interest expense	$	26		$	(40	)
Total derivatives in cash flow hedging relationships	$	10,095		$	(8,197	)		$	(12,098	)	$	(15,308	)		$	26		$	(40	)
Derivatives Not Designated as Hedging Instruments
Three months ended September 30,														Location of Gain or (Loss) Recognized in Income	2013			2012
Interest rate contracts														Interest expense	$	(5	)	$	(25	)
Total															$	(5	)	$	(25	)
Nine months ended September 30,
Interest rate contracts														Interest expense	$	(8	)	$	(58	)
Total															$	(8	)	$	(58	)

~~Credit-Risk-Related~~4. MAA ~~Contingent Features~~Equity

AsChanges ~~of September 30, 2013, derivatives that were~~ in aMAA’s ~~net~~total ~~liability~~equity ~~position~~ and ~~subject~~its tocomponents ~~credit-risk-related contingent features had a termination value of $10.2 million, which includes accrued interest but excludes any adjustment~~ for ~~nonperformance~~the ~~risk.~~three ~~These~~months ~~derivatives~~ended ~~had~~September ~~a fair value~~30, ~~gross~~2025 ofand ~~asset~~2024 ~~positions,~~were ofas ~~$9.8~~follows ~~million~~(dollars atin ~~September 30, 2013.~~thousands):

Certain of our derivative contracts contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of September 30, 2013, we had not breached the provisions of these agreements. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value of $6.7 million.


	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2025	$	9	$	1,168	$	7,431,627		$	(1,535,340	)	$	(6,110	)	$	147,439		$	30,472	$	6,069,265
Net income		—		—		—			99,538			—			2,506			—		102,044
Other comprehensive income - derivative instruments		—		—		—			—			418			12			—		430
Issuance and registration of common shares		—		—		144			—			—			—			—		144
Shares repurchased and retired		—		—		(29	)		—			—			—			—		(29	)
Shares issued in exchange for common units		—		—		391			—			—			(391	)		—		—
Redeemable stock fair market value adjustment		—		—		—			1,189			—			—			—		1,189
Adjustment for noncontrolling interests in Operating Partnership		—		—		(56	)		—			—			56			—		—
Amortization of unearned compensation		—		—		3,620			—			—			—			—		3,620
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.5150 per share)		—		—		—			(177,377	)		—			—			—		(177,377	)
Distributions on noncontrolling interests units ($1.5150 per unit)		—		—		—			—			—			(4,457	)		—		(4,457	)
Contribution from noncontrolling interest		—		—		—			—			—			—			172		172
EQUITY BALANCE SEPTEMBER 30, 2025	$	9	$	1,168	$	7,435,697		$	(1,612,912	)	$	(5,692	)	$	145,165		$	30,644	$	5,994,079

Certain of our derivative contracts contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of September 30, 2013, we had not breached the provisions of these agreements. If we had breached theses provisions, we could have been required to settle our obligations under the agreements at the termination value of $0.5 million.


	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2024	$	9	$	1,166	$	7,409,258		$	(1,398,993	)	$	(7,775	)	$	157,905		$	24,662	$	6,186,232
Net income		—		—		—			115,195			—			3,035			—		118,230
Other comprehensive income - derivative instruments		—		—		—			—			416			12			—		428
Issuance and registration of common shares		—		—		8			—			—			—			—		8
Shares issued in exchange for common units		—		—		926			—			—			(926	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(2,282	)		—			—			—		(2,282	)
Adjustment for noncontrolling interests in Operating Partnership		—		—		(57	)		—			—			57			—		—
Amortization of unearned compensation		—		—		3,539			—			—			—			—		3,539
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.4700 per share)		—		—		—			(171,814	)		—			—			—		(171,814	)
Distributions on noncontrolling interests units ($1.4700 per unit)		—		—		—			—			—			(4,521	)		—		(4,521	)
Contribution from noncontrolling interest		—		—		—			—

Filing Compare · Mid-America Apartments, L.P.