MID AMERICA APARTMENT COMMUNITIES INC.

For the period ended Dec 31, 2025. Filed Feb 6, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 6, 2026

MAA$118.86-0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III – Real Estate and Accumulated Depreciation as of

Schedule III— Real Estate and Accumulated Depreciation

December 31, 2025

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

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

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

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

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

(1)

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

(2)

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

(3)

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

(4)

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

Schedule III— Real Estate and Accumulated Depreciation

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

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

(1)

Includes non-cash activity related to acquisitions.

(2)

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

See accompanying reports of independent registered public accounting firm.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.