MID AMERICA APARTMENT COMMUNITIES INC.

1. Organization and Summary of Significant Accounting Policies

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

As of September 30, 2026, MAA owned 115,993,211 OP Units (97.6% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

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

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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;

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

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

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

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

Organization of Mid-America Apartment Communities, Inc.

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of September 30, 2026, the Company owned and operated 294 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries. As of September 30, 2026, the Company also had eight development communities under construction, totaling 2,236 apartment units once complete, and development costs of$395.6 million had been incurred through September 30, 2026 with respect to those development communities. The Company expects to completeone of these developments in 2026, two in 2027, four in 2028 andone in 2029. As of September 30, 2026,37 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states as of September 30, 2026.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared by the Company’s management in accordance with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 95% to 100% of all consolidated subsidiaries, including the Operating Partnership. Management believes all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.

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

Prior period amounts for changes in accrued expenses and other liabilities have been reclassified on the Condensed Consolidated Statements of Cash Flows as separate line items to conform to the current year presentation.

Certain prior period repair and maintenance expense amounts have been reclassified from “Office operations” to “Building repair and maintenance” in Note 11 to conform to the current year presentation.

Noncontrolling Interests

As of September 30, 2026, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units of the Operating Partnership. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA’s common stock. See Note 9 for additional details.

The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIEs with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2026, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were$371.0 million, and consolidated liabilities were$13.8 million, after intercompany eliminations. As of December 31, 2025, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were$386.4 million, and consolidated liabilities were$16.7 million, after intercompany eliminations. During the three months ended September 30, 2026, the Company paid $3.5 million to acquire the noncontrolling interest of a consolidated real estate entity. During thenine months ended September 30, 2026, the Company paid $14.5 million to acquire the noncontrolling interests of two consolidated real estate entities.

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture and six technology-focused limited partnerships, each of which qualifies 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. In September 2026, the real estate joint venture completed the disposition of a 269-unit multifamily apartment community located in Washington, D.C., for gross proceeds of $147.0 million. As of September 30, 2026, the real estate joint venture has no ongoing operations, and the Company expects the real estate joint venture to distribute the net proceeds from the sale of the asset to the Company and its joint venture partner in the fourth quarter of 2026, in accordance with the terms of the joint venture agreement. The Company’s investment in the real estate joint venture was$39.5 million and$41.3 million as of September 30, 2026 and December 31, 2025, respectively, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of September 30, 2026 and December 31, 2025, the Company’s investments in the limited partnerships were$103.5 million and$78.2 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in “Other non-operating (income) expense, net” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended September 30, 2026, the Company recognized a negligible loss from its investments in the limited partnerships. During the three months ended September 30, 2025, the Company recognized$4.3 million of income from its investments in the limited partnerships. During the nine months ended September 30, 2026 and 2025, the Company recognized$22.1 million and $6.0 million of income, respectively, from its investments in the limited partnerships. As of September 30, 2026, the Company was committed to make additional capital contributions totaling$16.9 million if andwhen called by the general partners of the limited partnerships.

Marketable Equity Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating (income) expense, net” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2026 and December 31, 2025, the Company’s investment in the marketable equity securities was$2.2 million and $3.9 million, respectively. During the three months ended September 30, 2026 and 2025, the Company recognized negligible unrealized losses and $0.8 million of unrealized gains, respectively, from its investment in marketable equity securities. During the nine months ended September 30, 2026 and 2025, the Company recognized$1.7 million and $0.6 million of unrealized losses, respectively, from its investment in marketable equity securities.

Revenue Recognition

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

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

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2026 and December 31, 2025, right-of-use assets recorded within “Other assets” totaled$36.1 million and$38.0 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled$22.9 million and$24.3 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended September 30, 2026 and 2025 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2026 and 2025 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair Value Measurements

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

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

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

Level 3 - Unobservable inputs for the assets or liability.

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

2. Earnings per Common Share of MAA

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

During the three months ended September 30, 2026, MAA repurchased 0.4 million shares of its common stock at a weighted average share price of $126.72 per share for total consideration of $50.0 million under its share repurchase program. During the nine months ended September 30, 2026, MAA repurchased 1.3 million shares of its common stock at a weighted average share price of $129.41 per share for total consideration of $172.8 million under its share repurchase program.

For thethree and nine months ended September 30, 2026 and 2025, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts):

(1)

For thethree and nine months ended September 30, 2026 and 2025,2.9 million OP Units, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

3. Earnings per OP Unit of MAALP

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

During the three months ended September 30, 2026, MAALP repurchased 0.4 million of its OP Units from MAA at a weighted average unit price of $126.72 per unit for total consideration of $50.0 million under its unit repurchase program. During the nine months ended September 30, 2026, MAALP repurchased 1.3 million of its OP Units from MAA at a weighted average unit price of $129.41 per unit for total consideration of $172.8 million under its unit repurchase program.

For thethree and nine months ended September 30, 2026 and 2025, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts):

4. MAA Equity

Changes in MAA’s total equity and its components for thethree months ended September 30, 2026 and 2025 were as follows (dollars in thousands):

Changes in MAA’s total equity and its components for the nine months ended September 30, 2026 and 2025 were as follows (dollars in thousands):

5. MAALP Capital

Changes in MAALP’s total capital and its components for thethree months ended September 30, 2026 and 2025 were as follows (dollars in thousands):

Changes in MAALP’s total capital and its components for the nine months ended September 30, 2026 and 2025 were as follows (dollars in thousands):

6. Borrowings

The following table summarizes the Company’s outstanding debt as of September 30, 2026 (dollars in thousands):

Unsecured Revolving Credit Facility

MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of$1.5 billion and an option to expand to$2.0 billion. The revolving credit facility bears interest at a variable rate, at MAALP’s election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP’s credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP’s credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of September 30, 2026, MAALP had $110.0 million outstanding under the revolving credit facility, while$5.0 million of capacity was used to support outstanding letters of credit.

Unsecured Commercial Paper

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of$750.0 million. As of September 30, 2026, MAALP had$750.0 million of borrowings outstanding under the commercial paper program. For the three months ended September 30, 2026, the average daily borrowings outstanding under the commercial paper program were$708.9 million.

Unsecured Senior Notes

As of September 30, 2026, MAALP had$4.3 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 8 to 30 years, with a weighted average maturity in 2032.

In February 2026, MAALP publicly issued $200.0 million in aggregate principal amount of unsecured senior notes, maturing January 2033 with a coupon rate of 4.650% per annum, or the Additional 2033 Notes. The Additional 2033 Notes have an effective interest rate of 4.606% over the life of the notes. The Additional 2033 Notes were issued as additional notes under the indenture and the supplemental indenture pursuant to which MAALP previously issued $400.0 million in aggregate principal amount of unsecured senior notes in November 2025, or the Initial 2033 Notes. The Additional 2033 Notes will be treated as a single series of securities with the Initial 2033 Notes and will have the same CUSIP number as, and be fungible with, the Initial 2033 Notes. The purchase price paid by the purchasers of the Additional 2033 Notes was 100.237% of the principal amount. The net proceeds of the offering, after considering the original issue premium, cash received for interest due but not accrued, and underwriting commissions and expenses totaling a net amount of approximately $2.0 million, were $202.0 million. The Additional 2033 Notes have been reflected net of premium and debt issuance costs in the Condensed Consolidated Balance Sheets as of September 30, 2026.

In September 2026, MAALP retired $300.0 million of publicly issued unsecured senior notes at maturity.

Unsecured Term Loan

In June 2026, MAALP entered into an unsecured delayed draw term loan program (the “DDTL Facility”) with a syndicate of banks in the aggregate committed principal amount of up to $350.0 million. The DDTL Facility is scheduled to mature in November 2030. Amounts borrowed under the DDTL Facility will bear interest at a variable rate, at MAALP’s election, either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.675% to 1.550% based upon MAALP’s credit rating or (2) a base rate plus an applicable margin ranging from 0.00% to 0.550% based upon MAALP’s credit rating. The DDTL Facility also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the DDTL Facility to $550.0 million. The amounts due under the DDTL Facility may be prepaid, in whole or in part, subject to payment of applicable breakage fees. As of September 30, 2026, there was $350.0 million outstanding under the DDTL Facility. MAALP used the loan proceeds for general corporate purposes, including repayment of other debt.

Secured Property Mortgages

As of September 30, 2026, MAALP had$363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

Upcoming Debt Obligations

As of September 30, 2026, MAALP’s debt obligations over the next 12 months consist of approximately $1.5 billion of principal obligations, including$750.0 million of commercial paper borrowings and $110.0 million of revolving credit facility borrowings due October 2026, and $600.0 million of unsecured senior notes due June 2027.

7. Financial Instruments and Derivatives

Financial Instruments Not Carried at Fair Value

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

Fixed rate notes payable as of September 30, 2026 and December 31, 2025 totaled$4.6 billion and$4.7 billion, respectively, and had estimated fair values of$4.2 billion and$4.5 billion (excluding prepayment penalties) as of September 30, 2026 and December 31, 2025, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of September 30, 2026 and December 31, 2025 totaled$1.2 billion and $676.0 million, respectively, and the variable rate debt had estimated fair values of$1.2 billion and $676.0 million as of September 30, 2026 and December 31, 2025, respectively. The fair values of variable rate debt are determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days, and management concluded these rates reasonably estimate current market rates.

Financial Instruments Measured at Fair Value on a Recurring Basis

In August 2026, MAA delivered an irrevocable notice of redemption for all outstanding shares of its 8.50% Series I Cumulative Redeemable Preferred Stock (the “MAA Series I preferred stock”) (see Note 8). Prior to the issuance of the redemption notice, the Company recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. Upon issuance of the irrevocable redemption notice in August 2026, the redemption feature no longer provided future economic benefit beyond the fixed redemption amount, and the derivative asset was no longer separately recognized.

Prior to the issuance of the redemption notice, the derivative asset was valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares was compared to the value of the preferred shares assuming exercise of the call option, with the value of the bifurcated call option being the difference between the two values. The analysis reflected the contractual terms of the redeemable preferred shares. The Company used various inputs in the analysis, including risk adjusted yields of relevant MAALP bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA, treasury rates and available trading prices of the preferred shares, to determine the fair value of the bifurcated call option.

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

The Company has determined the majority of the inputs used to value its outstanding debt fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt as of September 30, 2026 and December 31, 2025 were classified as Level 2 in the fair value hierarchy. The fair value measurement of the embedded derivative as of December 31, 2025 was also classified as Level 2. The embedded derivative wasno longer separately recognized as of September 30, 2026 and, therefore, was not subject to classification within the fair value hierarchy as of that date.

The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and are classified as Level 1 in the fair value hierarchy.

Terminated Cash Flow Hedges of Interest

As of September 30, 2026, the Company had$4.2 million recorded in “Accumulated other comprehensive loss,” or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next 12 months, the Company estimates an additional$1.5 million will be reclassified to earnings as an increase to “Interest expense.”

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

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for thethree and nine months ended September 30, 2026 and 2025 (dollars in thousands):

8. Shareholders’ Equity of MAA

As of September 30, 2026,115,993,211 shares of common stock of MAA and 2,893,844 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,887,055 shares of common stock and OP Units. As of September 30, 2025,117,081,742 shares of common stock of MAA and 2,941,839 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 120,023,581 shares of common stock and OP Units.

Preferred Stock

In August 2026, MAA delivered an irrevocable notice of redemption for all 867,846 outstanding shares of the MAA Series I preferred stock, which represented MAA’s only outstanding series of preferred stock. Upon issuance of the redemption notice, the MAA Series I preferred stock was reclassified from equity to a liability at the $43.4 million redemption amount. The $9.7 million difference between the $53.1 million carrying value of the MAA Series I preferred stock and the redemption amount was recorded as an adjustment to “Additional paid-in capital” in MAA’s accompanying Condensed Consolidated Balance Sheet. As of September 30, 2026, the proceeds intended to fund the redemption amount were included in “Restricted cash” in MAA’s accompanying Condensed Consolidated Balance Sheet. On October 1, 2026, MAA redeemed all outstanding shares of the MAA Series I preferred stock for cash at a redemption price of $50.00 per share, plus accrued and unpaid dividends through the redemption date, for total cash consideration of $43.4 million.

At-the-Market Share Offering Program

MAA has entered into an at-the-market share offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to those agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During thethree and nine months ended September 30, 2026, MAA sold 0.3 million shares of its common stock under the ATM program upon settlement of a forward sale agreement with a forward price per share of $130.34, which is inclusive of adjustments made to reflect the then-current federal funds rate and the commission paid to the sales agent, the proceeds from which were used to redeem the MAA Series I preferred stock. During the three and nine months ended September 30, 2025, MAA didnot sell any shares of its common stock under the ATM program. As of September 30, 2026,3.7 million shares of MAA’s common stock remained issuable under the ATM program.

9. Partners’ Capital of MAALP

Common units of limited partnership interests in MAALP are represented by OP Units. As of September 30, 2026, there were 118,887,055 OP Units outstanding,115,993,211, or 97.6%, of which were Class B OP Units (common units issued to or held by MAALP’s general partner or any of its subsidiaries) owned by MAA, MAALP’s general partner. The remaining 2,893,844 OP Units were Class A OP Units owned by Class A limited partners. As of September 30, 2025, there were 120,023,581 OP Units outstanding,117,081,742, or 97.5%, of which were Class B OP Units owned by MAA with the remaining 2,941,839 OP Units being Class A OP Units owned by the Class A limited partners.

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

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

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

As of September 30, 2026, a total of 2,893,844 Class A OP Units were outstanding and redeemable for 2,893,844 shares of MAA’s common stock, with an approximate value of$340.7 million, based on the closing price of MAA’s common stock on September 30, 2026 of$117.74 per share. As of September 30, 2025, a total of 2,941,839 Class A OP Units were outstanding and redeemable for 2,941,839 shares of MAA’s common stock, with an approximate value of$411.1 million, based on the closing price of MAA’s common stock on September 30, 2025 of$139.73 per share. MAALP pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock.

Previously, MAALP had one outstanding series of cumulative redeemable preferred units, the MAALP Series I preferred units. The MAALP Series I preferred units had the same characteristics as the MAA Series I preferred stock discussed in Note 8, and all outstanding MAALP Series I preferred units were owned by MAA. In connection with MAA’s redemption of the MAA Series I preferred stock on October 1, 2026, MAALP redeemed all outstanding MAALP Series I preferred units.

During the three and nine months ended September 30, 2026, MAALP issued 0.3 million units of its Class B OP Units, the proceeds from which were used to redeem the MAA Series I preferred units.

10. Commitments and Contingencies

Leases

The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of September 30, 2026, the Company’s operating leases had a weighted average remaining lease term of approximately 38 years and a weighted average discount rate of approximately 4.7%.

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2026 (in thousands):

Legal Proceedings

In late 2022 and early 2023, multiple putative class action lawsuits were filed against RealPage, Inc. and approximately 50 of the largest owners and operators of apartment communities in the country, including the Company, alleging that RealPage and such owners and operators conspired to artificially inflate multifamily residential rental prices through the use of RealPage’s revenue management software. In April 2023, those cases were centralized in the U.S. District Court for the Middle District of Tennessee in a case captioned In Re: RealPage, Inc., Rental Software Antitrust Litigation (No. II) (the “Class Action Litigation”). On January 26, 2026, the Company entered into a settlement agreement with the named plaintiffs in the Class Action Litigation, individually and on behalf of the class members, which was subsequently amended on April 28, 2026. The settlement agreement, as well as settlement agreements entered into by other defendants, received preliminary approval from the Court on May 22, 2026, and received final approval from the Court on October 15, 2026. On the same date, the Court entered final judgment dismissing with prejudice the claims against the settling defendants, including the Company.

Certain Attorneys General, including the D.C. Attorney General and Kentucky Attorney General, have appealed to the United States Court of Appeals for the Sixth Circuit the Court’s order denying their motion to intervene and to clarify or modify the preliminary approval order entered in connection with the proposed settlements, as well as the Court’s order enjoining class members from pursuing certain claims that would be released by the settlements that the Court preliminarily approved. The appeal remains pending.

Under the terms of the settlement agreement, the Company was required to pay an aggregate of $53.0 million into a settlement fund to settle all claims asserted, or that could have been asserted, against the Company relating to the alleged conduct at issue in the Class Action Litigation. The settlement payment was made in two equal installments of $26.5 million. The first payment was made in March 2026 and the second payment was made in May 2026. The settlement amount is inclusive of the recovery amount for class members, fees for the plaintiffs’ counsel, and the costs of administering the settlement. In addition, the settlement agreement includes certain prospective commitments regarding the Company’s business practices, including provisions relating to the disclosure and use of nonpublic data and the Company’s use of revenue management software, all of which the Company believes are consistent with its existing practices and will not require material changes to current operations. The deadline for eligible class members to request exclusion from or object to the settlements has passed. Although the Court has granted final approval and entered final judgment, the Attorneys General appeal described above remains pending, and there can be no assurance as to the effect, if any, that the appeal, or any other subsequent appeal, may have on the settlements or the final judgment.

In November 2023, a lawsuit alleging violations of the District of Columbia’s antitrust laws was filed in the Superior Court of the District of Columbia by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company (the “DC Litigation”). In September 2026, the Company entered into a Consent Judgment and Order with the Office of the Attorney General for the District of Columbia to resolve the DC Litigation against the Company, which was subsequently entered by the Court. Under the Consent Judgment and Order, the Company was required to pay the District of Columbia $1.2 million and has agreed to certain prospective commitments for a period of eight years relating to the Company’s use of revenue management software in the District of Columbia, communications with other owners and managers of multifamily residential properties, the use or disclosure of non-public information, and certain meetings involving other owners and managers of multifamily residential properties, none of which the Company believes will require material changes to current operations. The Consent Judgment and Order does not constitute an admission of liability, wrongdoing, violation of law, or admission of the truth of any allegation against the Company. The required payment was reflected in the Company’s accrual for loss contingencies as of September 30, 2026.

In July 2025, the Commonwealth of Kentucky, through its Attorney General, filed a lawsuit in the U.S. District Court for the Eastern District of Kentucky against RealPage, Inc. and several of the state’s largest landlords, including the Company, alleging violations of federal antitrust laws and state consumer protection laws, among other things (the “Kentucky Litigation”). With respect to the Kentucky Litigation, the Company believes there are defenses, both factual and legal, to the allegations in the proceeding and the Company intends to vigorously defend itself. As the Kentucky Litigation remains ongoing, it is not possible for the Company to predict any outcome or estimate the amount of loss, if any, which could be associated with any adverse decision. The Company does not believe the Kentucky Litigation will have a material adverse effect on its financial condition or its results of operations; however, there can be no assurance as to the ultimate outcome of the Kentucky Litigation.

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

As of September 30, 2026 and December 31, 2025, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was$4.4 million and$62.5 million in the aggregate, respectively. The accrual for loss contingencies is presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets and in “Other non-operating (income) expense, net” in the accompanying Condensed Consolidated Statements of Operations.

11. Segment Information

As of September 30, 2026, the Company owned and operated 294 multifamily apartment communities (which does not include development communities under construction) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects thetwo reportable segments for the Company:

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

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

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

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

Property revenues and NOI for each reportable segment for thethree and nine months ended September 30, 2026 and 2025 were as follows (in thousands):

Assets for each reportable segment as of September 30, 2026 and December 31, 2025 were as follows (in thousands):

12. Real Estate Acquisitions and Dispositions

Acquisitions

During the nine months ended September 30, 2026, the Company didnot acquire any multifamily apartment communities.

In August 2025, the Company closed on the acquisition of a 318-unit multifamily apartment community located in Kansas City, Kansas for approximately $96 million. The acquisition was determined to be an asset acquisition for accounting purposes and the purchase price was therefore allocated to the assets acquired based on their relative fair values. See Note 1 for additional disclosures regarding fair value measurements.

In July, April, February and January 2026, the Company acquired three acres of land in Herndon, Virginia for approximately $9 million, eleven acres of land in Nashville, Tennessee for approximately $16 million, four acres of land in Kansas City, Kansas for approximately $5 million andtwo acres of land in Arlington, Virginia for approximately $20 million, respectively.

In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million.

Dispositions

In May 2026, the Company closed on the disposition of a 194-unit multifamily apartment community located in Raleigh, North Carolina for net proceeds of approximately $40 million, resulting in a gain on the sale of depreciable real estate assets of approximately $35 million. In February 2026, the Company closed on the disposition of a 316-unit multifamily apartment community located in Houston, Texas for net proceeds of approximately $41 million, resulting in a gain on the sale of depreciable real estate assets of approximately $20 million.

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

During the nine months ended September 30, 2026 and 2025, the Company didnot dispose of any land parcels.