{
  "ticker": "MAA",
  "company": "MAA",
  "filing_type": "10-K",
  "year_current": "2026",
  "year_prior": "2025",
  "summary": {
    "added": 87,
    "removed": 4,
    "modified": 12,
    "unchanged": 27,
    "total_current": 126,
    "total_prior": 43
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/maa/2026-vs-2025/",
  "markdown_url": "https://riskdiff.com/maa/2026-vs-2025/index.md",
  "json_url": "https://riskdiff.com/maa/2026-vs-2025/index.json",
  "generated": "2026-06-01",
  "ai_summary": null,
  "risks": [
    {
      "status": "ADDED",
      "current_title": "Failure to succeed in new markets may have adverse consequences on our performance.",
      "prior_title": null,
      "current_body": "We may make acquisitions or pursue developments outside of our existing market areas if appropriate opportunities arise. Our historical experience in our existing markets does not ensure that we will be able to operate successfully in new markets, should we choose to enter them. We may be exposed to a variety of risks if we choose to enter new markets, including an inability to accurately evaluate local market conditions and local economies, an inability to identify appropriate acquisition or development opportunities, an inability to hire and retain key personnel and a lack of familiarity with local governmental and permitting procedures. In addition, we may abandon opportunities to enter new markets that we have begun to explore for any reason and may, as a result, fail to recover expenses already incurred. 11 11 Environmental problems are possible and can be costly.Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances in, on, around or under such property. Such laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. The presence of, or failure to properly remediate, hazardous or toxic substances or petroleum product releases may adversely affect the owner’s or operator’s ability to sell or rent the affected property or to borrow using the property as collateral. Persons who arrange for the disposal or treatment of hazardous or toxic substances may also be liable for the costs of removal or remediation of hazardous or toxic substances at a disposal or treatment facility, whether or not the facility is owned or operated by the person. Certain environmental laws impose liability for the release of asbestos-containing materials into the air, and third parties may also seek recovery from owners or operators of real property for personal injury associated with asbestos-containing materials and other hazardous or toxic substances. Federal and state laws also regulate the operation and subsequent removal of certain underground storage tanks. In connection with the current or former ownership (direct or indirect), operation, management, development or control of real property, we may be considered an owner or operator of such apartment communities or as having arranged for the disposal or treatment of hazardous or toxic substances and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines, and claims for injuries to persons and property.Our current policy is to obtain a Phase I environmental study on each apartment community that we seek to acquire or develop, which generally does not involve invasive techniques such as soil or ground water sampling, and to proceed accordingly. However, there can be no assurance that the Phase I environmental studies or other environmental studies undertaken with respect to any of our current or future apartment communities will reveal:•all or the full extent of potential environmental liabilities; •that any prior owner or operator of a property did not create any material environmental condition unknown to us;•that a material environmental condition does not otherwise exist as to any one or more of such apartment communities; or •that environmental matters will not have a material adverse effect on us and our ability to make payments on our debt and to make distributions. Certain environmental laws impose liability on a previous owner of property to the extent that hazardous or toxic substances were present during the prior ownership period. A transfer of the property does not relieve an owner of such liability. Thus, we may have liability with respect to apartment communities previously sold by our predecessors or by us. There have been a number of lawsuits against owners and operators of multifamily apartment communities alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. Insurance carriers have reacted to these liability awards by excluding mold-related claims from standard policies and pricing mold endorsements separately. We have obtained a separate pollution insurance policy that covers mold-related claims and have adopted programs designed to minimize the existence of mold in any of our apartment communities as well as guidelines for promptly addressing and resolving reports of mold. To the extent not covered by our pollution policy, the presence of mold could expose us to liability from residents and others if property damage or health concerns, or allegations thereof, arise.Our business and operations are subject to physical and transition risks related to climate change.Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue. Over time, such conditions could result in reduced demand for housing in areas where our communities are located, as well as higher costs for mitigating or repairing damage related to the effects of climate change, some which may not be fully covered by insurance. Similarly, these conditions may also negatively impact the types, pricing and terms of insurance we are able to procure.Changes in federal, state and local laws and regulations on sustainable buildings could result in increased operating costs and capital expenditures for us to meet mandated levels of energy efficiency and/or greenhouse gas emissions performance with respect to our existing communities and could also require us to spend more on our new development communities without a corresponding increase in rental revenues. For example, various laws and regulations have been implemented or are under consideration to mitigate the effects of climate change caused by greenhouse gas emissions. Among other things, “green” building codes may seek to reduce emissions through the imposition of standards for design, construction materials, water and energy efficiency and waste management. The imposition of such requirements could increase the costs of maintaining or improving our existing communities (for example by requiring retrofits of existing communities to improve their energy efficiency and/or resistance to inclement weather) and developing new communities without creating corresponding increases in rental revenues, which would have an adverse impact on our operating results and could adversely impact the value of our properties. Additionally, if non-compliant with building efficiency standards, our existing communities may decrease in value."
    },
    {
      "status": "ADDED",
      "current_title": "A failure to keep pace with developments in technology could impair our operations or competitive position.",
      "prior_title": null,
      "current_body": "Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence. These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements. If we are unable to do so on a timely basis or at a reasonable cost, or fail to do so, our business could suffer. Also, we may not achieve the benefits that we anticipate from any new system, software or technology, and a failure to do so could result in higher than anticipated costs or could adversely affect our results of operations. 15 15 Compliance or failure to comply with laws and regulations could have an adverse effect on our operations and the values of our properties.We must own, operate, manage, acquire, develop and redevelop our properties in compliance with numerous federal, state and local laws and regulations, some of which may conflict with one another or are subject to limited judicial or regulatory interpretations. These laws and regulations include landlord-tenant laws, employment laws, laws benefitting disabled persons, antitrust and other competition laws, privacy laws, tax laws, environmental laws, zoning laws, building codes and other laws regulating housing or that are generally applicable to our business and operations. Noncompliance with laws and regulations could expose us to liability, such as the imposition of fines by the government or the award of damages to private litigants, and could require us to make significant unanticipated expenditures, such as making modifications to our existing apartment communities or increasing construction costs for development communities. As our industry becomes increasingly regulated, we do not know whether the legal requirements we are subject to will change or whether new requirements will be imposed. For example, privacy laws continue to evolve, with several states passing new data privacy laws that govern the collection, processing, use, security and disclosure of information about state residents, such as the Texas Data Privacy and Security Act. In addition, there are legislative efforts underway at the local, state and federal levels related to tenant screening limitations, affordable housing mandates, increased eviction notice periods, mandatory alternative dispute resolution and access to legal counsel for unrepresented tenants. Likewise, we have seen an increase in governments implementing, considering or being urged by tenant advocacy groups to consider rent control or rent stabilization laws and regulations and other tenants’ rights laws and regulations. New or changed legal requirements implemented in the markets in which we operate could require us to make significant unanticipated expenditures and could also limit our ability to recover increases in operating expenses, impose limitations on our ability to charge market rents or increase rents or charge certain fees, impose limitations on our ability to enforce remedies for the failure to pay rent or otherwise adversely impact our operations. Therefore, any such new or changed legal requirements could have a significant adverse impact on our results of operations and the value of our properties.Legal proceedings that we become involved in from time to time could adversely affect our business.As an owner, operator and developer of multifamily apartment communities, we may become involved in various legal proceedings, including, proceedings related to commercial, development, employment, competition, environmental, securities, shareholder, tenant or tort legal issues, some of which could result in a class action lawsuit. For example, we recently entered into a settlement agreement to settle lawsuits filed by plaintiffs individually and on behalf of a purported class of plaintiffs alleging that RealPage, Inc. and many of the largest owners and operators of apartment communities in the country, including us, conspired to artificially inflate multifamily residential rental prices above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws. Similarly, other lawsuits alleging violations of antitrust and other laws have been filed by the District of Columbia and the Commonwealth of Kentucky against RealPage and a number of large apartment community owners and operators, including us. For more detail on these legal proceedings, see Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K.Legal proceedings, if decided adversely to or settled by us, and not covered by insurance, could result in liability material to our financial condition, results of operations or cash flows. Likewise, regardless of outcome, legal proceedings could result in substantial costs and expenses, result in operational changes in our business, affect the availability or cost of some of our insurance coverage and significantly divert the attention of our management. There can be no assurance that we will be able to prevail in, or achieve a favorable settlement of, any pending or future legal proceedings to which we become subject. In addition, other multifamily apartment owners could become involved in legal proceedings, the outcome of which could affect the way we conduct our business. Extreme weather or natural disasters may cause significant damage to our properties.Many of our apartment communities are located in areas that may be subject to extreme weather and natural disasters, such as floods, tornados, hurricanes, earthquakes, wildfires and major winter storms, the likelihood or frequency of which events could increase in part based on the impact of climate change. Such events may cause significant damage to our properties, disrupt our operations, and adversely impact our residents and rental revenue. There can be no assurances that such conditions will not have a material adverse effect on our properties, operations or business.We may incur losses that are not covered by our insurance.We have a comprehensive insurance program covering our properties and operations with limits of liability, deductibles and self-insured retentions that we negotiated with our insurance carriers. While we believe the terms and insured limits of these policies are appropriate for our business, there are certain types of losses, generally of a catastrophic nature, such as losses due to environmental matters, extreme weather or natural disasters, that are uninsurable or not economically insurable, or that may be insured subject to limitations, and therefore may be uninsured. We exercise our discretion in determining amounts, coverage limits, deductibles and self-insured retention provisions of our insurance, with a view to maintaining what we believe is appropriate insurance at a reasonable cost and on suitable terms."
    },
    {
      "status": "ADDED",
      "current_title": "Legislative or regulatory income tax changes related to REITs could materially and adversely affect us.",
      "prior_title": null,
      "current_body": "The U.S. federal income tax laws and regulations governing REITs and their shareholders, as well as the administrative interpretations of those laws and regulations, are constantly under review and may be changed at any time, possibly with retroactive effect. No assurance can be given as to whether, when, or in what form changes to the U.S. federal income tax laws applicable to us and MAA’s shareholders may be enacted. Changes to the U.S. federal income tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in MAA’s stock. Item 1B. Unresolved Staff Comments. None. Item 1C. Cybersecurity.Cybersecurity Risk Management ProgramWe recognize the importance of maintaining the integrity of our information systems and safeguarding the confidential business and personal information we receive and store about our residents, prospective residents, employees and suppliers. As such, we have implemented a cybersecurity risk management program designed to assess, identify and manage material risks from cybersecurity threats. Our cybersecurity risk management program is designed to employ what we believe are industry best practices, including monitoring and analysis of the threat environment, vulnerability assessments and third-party cybersecurity risks; detecting and responding to cyber attacks, cybersecurity incidents and data breaches; cybersecurity crisis preparedness, incident response plans, and business continuity and disaster recovery capabilities; and investments in cybersecurity infrastructure and program needs. Key processes in our program include: •regular cybersecurity training and testing for employees with company email and access to connected devices;•continuous security event monitoring, management and incident response;•regular testing of incident response procedures;•regular internal reporting;•regular consulting with external advisors and specialists regarding opportunities and enhancements to strengthen our cyber practices and policies and enhance our cybersecurity maturity;•independent third-party testing of our information technology controls and defenses, including penetration tests;•independent third-party audits of our cybersecurity controls; and•annual independent third-party reviews of program maturity based on the National Institute of Standards and Technology (NIST) cybersecurity framework.In addition, as part of our cybersecurity risk management program, we have processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers, and our cybersecurity risk management program takes into account third-party systems through which we could be impacted by the compromise of the security of a third-party service provider. In this regard, we conduct due diligence on third-party service providers with respect to cybersecurity risks prior to entering into relationships with them, and we regularly assess security risks associated with our use of third-party service providers, including onboarding contract employees through the same process we onboard our own employees. In addition, we contractually require third-party service providers to promptly notify us of any actual or suspected breach impacting our data or operations, and we continuously track mission critical vendors using a third-party monitoring service. We maintain a cyber insurance policy, we periodically meet with our insurance broker and insurer to discuss emerging trends in cybersecurity and we utilize self-assessment tools and other services provided by our insurance broker and insurer, including annual tabletop exercises conducted by cybersecurity experts.Our cybersecurity risk management program is integrated into our overall risk management system. To help identify, assess and manage material risks from cybersecurity threats, we include cyber risk in our enterprise risk management, or ERM, evaluation and strategy process. Our ERM process takes a top-down, enterprise view of risks; it is an ongoing process consisting of risk identification, risk rating, analysis and action plans, and reporting and monitoring. Our Senior Vice President Information Security and Privacy has a dotted line reporting relationship to our Chief Administrative Officer and General Counsel to help ensure that risks from cybersecurity threats are considered as part of the broader ERM process. At a management level, our Chief Administrative Officer and General Counsel leads our ERM process. Item 1C. Cybersecurity."
    },
    {
      "status": "ADDED",
      "current_title": "Cybersecurity Risk Management Program",
      "prior_title": null,
      "current_body": "We recognize the importance of maintaining the integrity of our information systems and safeguarding the confidential business and personal information we receive and store about our residents, prospective residents, employees and suppliers. As such, we have implemented a cybersecurity risk management program designed to assess, identify and manage material risks from cybersecurity threats. Our cybersecurity risk management program is designed to employ what we believe are industry best practices, including monitoring and analysis of the threat environment, vulnerability assessments and third-party cybersecurity risks; detecting and responding to cyber attacks, cybersecurity incidents and data breaches; cybersecurity crisis preparedness, incident response plans, and business continuity and disaster recovery capabilities; and investments in cybersecurity infrastructure and program needs. Key processes in our program include: •regular cybersecurity training and testing for employees with company email and access to connected devices; regular cybersecurity training and testing for employees with company email and access to connected devices; •continuous security event monitoring, management and incident response; continuous security event monitoring, management and incident response; •regular testing of incident response procedures; regular testing of incident response procedures; •regular internal reporting; regular internal reporting; •regular consulting with external advisors and specialists regarding opportunities and enhancements to strengthen our cyber practices and policies and enhance our cybersecurity maturity; regular consulting with external advisors and specialists regarding opportunities and enhancements to strengthen our cyber practices and policies and enhance our cybersecurity maturity; •independent third-party testing of our information technology controls and defenses, including penetration tests; independent third-party testing of our information technology controls and defenses, including penetration tests; •independent third-party audits of our cybersecurity controls; and independent third-party audits of our cybersecurity controls; and •annual independent third-party reviews of program maturity based on the National Institute of Standards and Technology (NIST) cybersecurity framework. annual independent third-party reviews of program maturity based on the National Institute of Standards and Technology (NIST) cybersecurity framework. In addition, as part of our cybersecurity risk management program, we have processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers, and our cybersecurity risk management program takes into account third-party systems through which we could be impacted by the compromise of the security of a third-party service provider. In this regard, we conduct due diligence on third-party service providers with respect to cybersecurity risks prior to entering into relationships with them, and we regularly assess security risks associated with our use of third-party service providers, including onboarding contract employees through the same process we onboard our own employees. In addition, we contractually require third-party service providers to promptly notify us of any actual or suspected breach impacting our data or operations, and we continuously track mission critical vendors using a third-party monitoring service. In addition, as part of our cybersecurity risk management program, we have processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers, and our cybersecurity risk management program takes into account third-party systems through which we could be impacted by the compromise of the security of a third-party service provider. In this regard, we conduct due diligence on third-party service providers with respect to cybersecurity risks prior to entering into relationships with them, and we regularly assess security risks associated with our use of third-party service providers, including onboarding contract employees through the same process we onboard our own employees. In addition, we contractually require third-party service providers to promptly notify us of any actual or suspected breach impacting our data or operations, and we continuously track mission critical vendors using a third-party monitoring service. We maintain a cyber insurance policy, we periodically meet with our insurance broker and insurer to discuss emerging trends in cybersecurity and we utilize self-assessment tools and other services provided by our insurance broker and insurer, including annual tabletop exercises conducted by cybersecurity experts. Our cybersecurity risk management program is integrated into our overall risk management system. To help identify, assess and manage material risks from cybersecurity threats, we include cyber risk in our enterprise risk management, or ERM, evaluation and strategy process. Our ERM process takes a top-down, enterprise view of risks; it is an ongoing process consisting of risk identification, risk rating, analysis and action plans, and reporting and monitoring. Our Senior Vice President Information Security and Privacy has a dotted line reporting relationship to our Chief Administrative Officer and General Counsel to help ensure that risks from cybersecurity threats are considered as part of the broader ERM process. At a management level, our Chief Administrative Officer and General Counsel leads our ERM process. Our cybersecurity risk management program is integrated into our overall risk management system. To help identify, assess and manage material risks from cybersecurity threats, we include cyber risk in our enterprise risk management, or ERM, evaluation and strategy process. Our ERM process takes a top-down, enterprise view of risks; it is an ongoing process consisting of risk identification, risk rating, analysis and action plans, and reporting and monitoring. Our Senior Vice President Information Security and Privacy has a dotted line reporting relationship to our Chief Administrative Officer and General Counsel to help ensure that risks from cybersecurity threats are considered as part of the broader ERM process. At a management level, our Chief Administrative Officer and General Counsel leads our ERM process. Our cybersecurity risk management program is integrated into our overall risk management system 24 24 We do not believe that any risks from cybersecurity threats of which we are aware, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. For information regarding the risks we face associated with cybersecurity incidents, see “Risk Factors – We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation” included in this Annual Report on Form 10-K.GovernanceThe Audit Committee of our Board of Directors is responsible for oversight of risks from cybersecurity threats. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. Partnering with our Chief Technology and Innovation Officer is our Senior Vice President Information Security and Privacy, who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies. Collectively, our cybersecurity team consists of 5 professionals with an average cybersecurity tenure of 15 years and various relevant certifications. Members of our cybersecurity team deliver regular updates to our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel.The Audit Committee of our Board of Directors receives regular reports, including an annual cybersecurity maturity assessment and quarterly scorecards, from our Chief Technology and Innovation Officer. Those reports cover topics related to information security, privacy, and cyber risks and our risk management processes, including the status of any recent cybersecurity events, the emerging threat landscape, and the status of capital investments in our information security infrastructure. The Audit Committee provides regular reports to the full Board of Directors. In addition, the Audit Committee and the full Board of Directors have authority to engage external consultants, including legal, accounting or other advisors, such as cybersecurity firms, in carrying out its oversight of our cybersecurity risk management program. Likewise, the Audit Committee or the Board of Directors may request members of management or others to attend meetings at which cybersecurity risk management is addressed.As part of our cybersecurity risk management program, we have adopted an incident response plan which provides for controls and procedures upon the occurrence of a cybersecurity event. In connection with that plan, we have established a cross-functional critical response team, comprised of members of management under the direction of our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel, which is responsible for monitoring our cybersecurity incident response. In addition, this critical response team performs an impact assessment in the event of the occurrence of a cybersecurity event meeting certain criteria, which is elevated for the team’s review and, if any such cybersecurity event is determined by the critical response team to have the potential to have a material impact on the Company, the cybersecurity event is elevated for further review and assessment by a senior management team, which includes all of the members of our standing crises control committee, and, under certain circumstances, the Audit Committee and/or the full Board of Directors. Cybersecurity risks are part of the broader ERM process overseen by our Board of Directors. ERM risk assessment results are presented annually to the Board of Directors, and status updates are delivered quarterly to the Audit Committee. We do not believe that any risks from cybersecurity threats of which we are aware, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. For information regarding the risks we face associated with cybersecurity incidents, see “Risk Factors – We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation” included in this Annual Report on Form 10-K.GovernanceThe Audit Committee of our Board of Directors is responsible for oversight of risks from cybersecurity threats. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. Partnering with our Chief Technology and Innovation Officer is our Senior Vice President Information Security and Privacy, who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies. Collectively, our cybersecurity team consists of 5 professionals with an average cybersecurity tenure of 15 years and various relevant certifications. Members of our cybersecurity team deliver regular updates to our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel.The Audit Committee of our Board of Directors receives regular reports, including an annual cybersecurity maturity assessment and quarterly scorecards, from our Chief Technology and Innovation Officer. Those reports cover topics related to information security, privacy, and cyber risks and our risk management processes, including the status of any recent cybersecurity events, the emerging threat landscape, and the status of capital investments in our information security infrastructure. The Audit Committee provides regular reports to the full Board of Directors. In addition, the Audit Committee and the full Board of Directors have authority to engage external consultants, including legal, accounting or other advisors, such as cybersecurity firms, in carrying out its oversight of our cybersecurity risk management program. Likewise, the Audit Committee or the Board of Directors may request members of management or others to attend meetings at which cybersecurity risk management is addressed.As part of our cybersecurity risk management program, we have adopted an incident response plan which provides for controls and procedures upon the occurrence of a cybersecurity event. In connection with that plan, we have established a cross-functional critical response team, comprised of members of management under the direction of our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel, which is responsible for monitoring our cybersecurity incident response. In addition, this critical response team performs an impact assessment in the event of the occurrence of a cybersecurity event meeting certain criteria, which is elevated for the team’s review and, if any such cybersecurity event is determined by the critical response team to have the potential to have a material impact on the Company, the cybersecurity event is elevated for further review and assessment by a senior management team, which includes all of the members of our standing crises control committee, and, under certain circumstances, the Audit Committee and/or the full Board of Directors. Cybersecurity risks are part of the broader ERM process overseen by our Board of Directors. ERM risk assessment results are presented annually to the Board of Directors, and status updates are delivered quarterly to the Audit Committee. We do not believe that any risks from cybersecurity threats of which we are aware, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. For information regarding the risks we face associated with cybersecurity incidents, see “Risk Factors – We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation” included in this Annual Report on Form 10-K. We do not believe that any risks from cybersecurity threats of which we are aware, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. Governance The Audit Committee of our Board of Directors is responsible for oversight of risks from cybersecurity threats. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. Partnering with our Chief Technology and Innovation Officer is our Senior Vice President Information Security and Privacy, who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies. Collectively, our cybersecurity team consists of 5 professionals with an average cybersecurity tenure of 15 years and various relevant certifications. Members of our cybersecurity team deliver regular updates to our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel.The Audit Committee of our Board of Directors receives regular reports, including an annual cybersecurity maturity assessment and quarterly scorecards, from our Chief Technology and Innovation Officer. Those reports cover topics related to information security, privacy, and cyber risks and our risk management processes, including the status of any recent cybersecurity events, the emerging threat landscape, and the status of capital investments in our information security infrastructure. The Audit Committee provides regular reports to the full Board of Directors. In addition, the Audit Committee and the full Board of Directors have authority to engage external consultants, including legal, accounting or other advisors, such as cybersecurity firms, in carrying out its oversight of our cybersecurity risk management program. Likewise, the Audit Committee or the Board of Directors may request members of management or others to attend meetings at which cybersecurity risk management is addressed.As part of our cybersecurity risk management program, we have adopted an incident response plan which provides for controls and procedures upon the occurrence of a cybersecurity event. In connection with that plan, we have established a cross-functional critical response team, comprised of members of management under the direction of our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel, which is responsible for monitoring our cybersecurity incident response. In addition, this critical response team performs an impact assessment in the event of the occurrence of a cybersecurity event meeting certain criteria, which is elevated for the team’s review and, if any such cybersecurity event is determined by the critical response team to have the potential to have a material impact on the Company, the cybersecurity event is elevated for further review and assessment by a senior management team, which includes all of the members of our standing crises control committee, and, under certain circumstances, the Audit Committee and/or the full Board of Directors. The Audit Committee of our Board of Directors is responsible for oversight of risks from cybersecurity threats. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. Partnering with our Chief Technology and Innovation Officer is our Senior Vice President Information Security and Privacy, who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies. Collectively, our cybersecurity team consists of 5 professionals with an average cybersecurity tenure of 15 years and various relevant certifications. Members of our cybersecurity team deliver regular updates to our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel.The Audit Committee of our Board of Directors receives regular reports, including an annual cybersecurity maturity assessment and quarterly scorecards, from our Chief Technology and Innovation Officer. Those reports cover topics related to information security, privacy, and cyber risks and our risk management processes, including the status of any recent cybersecurity events, the emerging threat landscape, and the status of capital investments in our information security infrastructure. The Audit Committee provides regular reports to the full Board of Directors. In addition, the Audit Committee and the full Board of Directors have authority to engage external consultants, including legal, accounting or other advisors, such as cybersecurity firms, in carrying out its oversight of our cybersecurity risk management program. Likewise, the Audit Committee or the Board of Directors may request members of management or others to attend meetings at which cybersecurity risk management is addressed. The Audit Committee of our Board of Directors is responsible for oversight of risks from cybersecurity threats. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. Partnering with our Chief Technology and Innovation Officer is our Senior Vice President Information Security and Privacy, who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies. Collectively, our cybersecurity team consists of 5 professionals with an average cybersecurity tenure of 15 years and various relevant certifications. Members of our cybersecurity team deliver regular updates to our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel. The Audit Committee of our Board of Directors is responsible for oversight of risks from cybersecurity threats. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. Partnering with our Chief Technology and Innovation Officer is our Senior Vice President Information Security and Privacy, who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies. Collectively, our cybersecurity team consists of 5 professionals with an average cybersecurity tenure of 15 years and various relevant certifications. The Audit Committee of our Board of Directors receives regular reports, including an annual cybersecurity maturity assessment and quarterly scorecards, from our Chief Technology and Innovation Officer. Those reports cover topics related to information security, privacy, and cyber risks and our risk management processes, including the status of any recent cybersecurity events, the emerging threat landscape, and the status of capital investments in our information security infrastructure. The Audit Committee provides regular reports to the full Board of Directors. In addition, the Audit Committee and the full Board of Directors have authority to engage external consultants, including legal, accounting or other advisors, such as cybersecurity firms, in carrying out its oversight of our cybersecurity risk management program. Likewise, the Audit Committee or the Board of Directors may request members of management or others to attend meetings at which cybersecurity risk management is addressed. The Audit Committee of our Board of Directors receives regular reports, including an annual cybersecurity maturity assessment and quarterly scorecards, from our Chief Technology and Innovation Officer. Those reports cover topics related to information security, privacy, and cyber risks and our risk management processes, including the status of any recent cybersecurity events, the emerging threat landscape, and the status of capital investments in our information security infrastructure. The Audit Committee provides regular reports to the full Board of Directors. The Audit Committee provides regular reports to the full Board of Directors. the Audit Committee and the full Board of Directors have authority to engage external consultants, including legal, accounting or other advisors, such as cybersecurity firms, in carrying out its oversight of our cybersecurity risk management program. As part of our cybersecurity risk management program, we have adopted an incident response plan which provides for controls and procedures upon the occurrence of a cybersecurity event. In connection with that plan, we have established a cross-functional critical response team, comprised of members of management under the direction of our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel, which is responsible for monitoring our cybersecurity incident response. In addition, this critical response team performs an impact assessment in the event of the occurrence of a cybersecurity event meeting certain criteria, which is elevated for the team’s review and, if any such cybersecurity event is determined by the critical response team to have the potential to have a material impact on the Company, the cybersecurity event is elevated for further review and assessment by a senior management team, which includes all of the members of our standing crises control committee, and, under certain circumstances, the Audit Committee and/or the full Board of Directors. As part of our cybersecurity risk management program, we have adopted an incident response plan which provides for controls and procedures upon the occurrence of a cybersecurity event. In connection with that plan, we have established a cross-functional critical response team, comprised of members of management under the direction of our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel, which is responsible for monitoring our cybersecurity incident response. Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel, which is responsible for monitoring our cybersecurity incident response. In addition, this critical response team performs an impact assessment in the event of the occurrence of a cybersecurity event meeting certain criteria, which is elevated for the team’s review and, if any such cybersecurity event is determined by the critical response team to have the potential to have a material impact on the Company, the cybersecurity event is elevated for further review and assessment by a senior management team, which includes all of the members of our standing crises control committee, and, under certain circumstances, the Audit Committee and/or the full Board of Directors. Cybersecurity risks are part of the broader ERM process overseen by our Board of Directors. ERM risk assessment results are presented annually to the Board of Directors, and status updates are delivered quarterly to the Audit Committee. Cybersecurity risks are part of the broader ERM process overseen by our Board of Directors. ERM risk assessment results are presented annually to the Board of Directors, and status updates are delivered quarterly to the Audit Committee. 25 25 Item 2. Properties.We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. with the potential for above average growth and return on investment. Approximately 70% of our apartment units are located in the Florida, Georgia, North Carolina, and Texas markets. Our strategic focus is to provide our residents high quality apartment units in attractive community settings, characterized by upscale amenities, extensive landscaping and attention to aesthetic detail.The following schedule summarizes our apartment community portfolio by location as of December 31, 2025, as well as occupancy levels and average effective rent per unit by location for the year ended December 31, 2025: Number of Communities (1) Number of Units (2) Average Physical Occupancy (3) Average Effective Rent per Unit (4) Atlanta, GA 29 11,434 95.3 % $ 1,791 Dallas, TX 26 9,755 95.3 % 1,662 Austin, TX 20 6,795 95.1 % 1,532 Charlotte, NC 20 5,995 95.8 % 1,645 Orlando, FL 14 5,907 95.8 % 1,983 Tampa, FL 14 5,416 96.0 % 2,093 Raleigh/Durham, NC 15 5,350 95.6 % 1,524 Houston, TX 15 4,859 95.8 % 1,450 Nashville, TN 12 4,375 95.6 % 1,669 Fort Worth, TX 9 3,687 95.5 % 1,579 Jacksonville, FL 10 3,496 95.6 % 1,478 Charleston, SC 11 3,168 96.0 % 1,831 Phoenix, AZ 9 2,968 95.8 % 1,702 Greenville, SC 10 2,354 95.9 % 1,356 Northern Virginia 4 1,888 96.2 % 2,550 Savannah, GA 6 1,837 95.2 % 1,707 Memphis, TN 3 1,193 94.9 % 1,426 Richmond, VA 6 1,732 96.3 % 1,698 San Antonio, TX 4 1,504 95.2 % 1,340 Birmingham, AL 5 1,462 95.8 % 1,426 Fredericksburg, VA 4 1,435 96.5 % 1,944 Huntsville, AL 3 1,228 93.4 % 1,276 Denver, CO 3 1,118 95.4 % 1,939 Kansas City, MO-KS 3 1,110 95.6 % 1,670 Chattanooga, TN 4 943 95.6 % 1,262 Lexington, KY 4 924 96.2 % 1,329 Norfolk / Hampton / Virginia Beach, VA 3 788 95.9 % 1,734 Las Vegas, NV 2 721 95.6 % 1,598 Tallahassee, FL 2 604 96.1 % 1,558 South Florida, FL 1 480 95.4 % 2,452 Gainesville, FL 2 468 95.6 % 1,710 Louisville, KY 1 384 95.7 % 1,235 Rockville, MD 1 361 96.4 % 2,353 Gulf Shores, AL 1 324 95.2 % 1,406 Panama City, FL 1 254 95.2 % 1,623 Charlottesville, VA 1 251 96.1 % 2,126 Same Store 278 96,568 95.6 % $ 1,690 Phoenix, AZ 4 (5) 640 84.1 % 1,799 Charlotte, NC 3 668 43.9 % 2,058 Dallas, TX 2 748 77.1 % 1,642 Raleigh/Durham, NC 2 712 50.2 % 1,693 Memphis, TN 1 618 93.2 % 1,236 Salt Lake City, UT 1 400 86.4 % 1,707 Austin, TX 1 384 94.6 % 1,235 Denver, CO 1 352 85.0 % 2,139 Tampa, FL 1 344 27.5 % 3,058 Atlanta, GA 1 340 82.1 % 2,009 Kansas City, MO-KS 1 318 74.6 % 1,494 Houston, TX 1 316 94.4 % 1,276 Orlando, FL 1 310 93.2 % 1,966 Gulf Shores, AL 1 96 95.8 % 2,299 Charleston, SC 1 (5) — — — Richmond, VA 1 (5) — — — Total (6) 301 102,814 94.3 % $ 1,695 (1)Number of communities includes eight communities under development as of December 31, 2025. One of these development communities is a phase II expansion of an existing apartment community.(2)Number of units excludes development units not yet delivered.(3)Average physical occupancy is calculated by dividing the average daily number of units occupied in 2025 by the total number of units at each apartment community.(4)Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate.(5)Includes a new multifamily apartment community development that has not yet delivered any units.(6)Schedule excludes a 269-unit joint venture property in Washington, D.C.Thirty-five of our apartment communities reflected in the above schedule also include retail components. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a discussion of our Same Store and Non-Same Store and Other segments. Item 2. Properties. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. with the potential for above average growth and return on investment. Approximately 70% of our apartment units are located in the Florida, Georgia, North Carolina, and Texas markets. Our strategic focus is to provide our residents high quality apartment units in attractive community settings, characterized by upscale amenities, extensive landscaping and attention to aesthetic detail. The following schedule summarizes our apartment community portfolio by location as of December 31, 2025, as well as occupancy levels and average effective rent per unit by location for the year ended December 31, 2025:"
    },
    {
      "status": "ADDED",
      "current_title": "Average Effective Rent per Unit (4)",
      "prior_title": null,
      "current_body": "Atlanta, GA 29 11,434 95.3 % $ 1,791 Dallas, TX 26 9,755 95.3 % 1,662 Austin, TX 20 6,795 95.1 % 1,532 Charlotte, NC 20 5,995 95.8 % 1,645 Orlando, FL 14 5,907 95.8 % 1,983 Tampa, FL 14 5,416 96.0 % 2,093 Raleigh/Durham, NC 15 5,350 95.6 % 1,524 Houston, TX 15 4,859 95.8 % 1,450 Nashville, TN 12 4,375 95.6 % 1,669 Fort Worth, TX 9 3,687 95.5 % 1,579 Jacksonville, FL 10 3,496 95.6 % 1,478 Charleston, SC 11 3,168 96.0 % 1,831 Phoenix, AZ 9 2,968 95.8 % 1,702 Greenville, SC 10 2,354 95.9 % 1,356 Northern Virginia 4 1,888 96.2 % 2,550 Savannah, GA 6 1,837 95.2 % 1,707 Memphis, TN 3 1,193 94.9 % 1,426 Richmond, VA 6 1,732 96.3 % 1,698 San Antonio, TX 4 1,504 95.2 % 1,340 Birmingham, AL 5 1,462 95.8 % 1,426 Fredericksburg, VA 4 1,435 96.5 % 1,944 Huntsville, AL 3 1,228 93.4 % 1,276 Denver, CO 3 1,118 95.4 % 1,939 Kansas City, MO-KS 3 1,110 95.6 % 1,670 Chattanooga, TN 4 943 95.6 % 1,262 Lexington, KY 4 924 96.2 % 1,329 Norfolk / Hampton / Virginia Beach, VA 3 788 95.9 % 1,734 Las Vegas, NV 2 721 95.6 % 1,598 Tallahassee, FL 2 604 96.1 % 1,558 South Florida, FL 1 480 95.4 % 2,452 Gainesville, FL 2 468 95.6 % 1,710 Louisville, KY 1 384 95.7 % 1,235 Rockville, MD 1 361 96.4 % 2,353 Gulf Shores, AL 1 324 95.2 % 1,406 Panama City, FL 1 254 95.2 % 1,623 Charlottesville, VA 1 251 96.1 % 2,126 Same Store 278 96,568 95.6 % $ 1,690 Phoenix, AZ 4 (5) 640 84.1 % 1,799 Charlotte, NC 3 668 43.9 % 2,058 Dallas, TX 2 748 77.1 % 1,642 Raleigh/Durham, NC 2 712 50.2 % 1,693 Memphis, TN 1 618 93.2 % 1,236 Salt Lake City, UT 1 400 86.4 % 1,707 Austin, TX 1 384 94.6 % 1,235 Denver, CO 1 352 85.0 % 2,139 Tampa, FL 1 344 27.5 % 3,058 Atlanta, GA 1 340 82.1 % 2,009 Kansas City, MO-KS 1 318 74.6 % 1,494 Houston, TX 1 316 94.4 % 1,276 Orlando, FL 1 310 93.2 % 1,966 Gulf Shores, AL 1 96 95.8 % 2,299 Charleston, SC 1 (5) — — — Richmond, VA 1 (5) — — — Total (6) 301 102,814 94.3 % $ 1,695 (1)Number of communities includes eight communities under development as of December 31, 2025. One of these development communities is a phase II expansion of an existing apartment community. Number of communities includes eight communities under development as of December 31, 2025. One of these development communities is a phase II expansion of an existing apartment community. (2)Number of units excludes development units not yet delivered. Number of units excludes development units not yet delivered. (3)Average physical occupancy is calculated by dividing the average daily number of units occupied in 2025 by the total number of units at each apartment community. Average physical occupancy is calculated by dividing the average daily number of units occupied in 2025 by the total number of units at each apartment community. (4)Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. (5)Includes a new multifamily apartment community development that has not yet delivered any units. Includes a new multifamily apartment community development that has not yet delivered any units. (6)Schedule excludes a 269-unit joint venture property in Washington, D.C. Schedule excludes a 269-unit joint venture property in Washington, D.C. Thirty-five of our apartment communities reflected in the above schedule also include retail components. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a discussion of our Same Store and Non-Same Store and Other segments. 26 26 Mortgage FinancingAs of December 31, 2025, we had $363.3 million of indebtedness collateralized, secured and outstanding as set forth in Schedule III – Real Estate and Accumulated Depreciation included in this Annual Report on Form 10-K.Item 3. Legal Proceedings.As disclosed in Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K, we are engaged in certain legal proceedings, and the disclosure set forth in Note 11 relating to legal proceedings is incorporated herein by reference.Item 4. Mine Safety Disclosures.Not applicable. PART IIItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.Mid-America Apartment Communities, Inc.Market InformationMAA’s common stock has been listed and traded on the NYSE under the symbol “MAA” since its initial public offering in February 1994. As of February 3, 2026, there were approximately 1,900 holders of record of the common stock. MAA believes it has a significantly larger number of beneficial owners of its common stock.MAA has a history of declaring dividends to holders of MAA common stock. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify MAA’s dividend policy from time to time.Direct Stock Purchase and Distribution Reinvestment PlanMAA has established the dividend and distribution reinvestment stock purchase plan, or DRSPP, under which holders of common stock, preferred stock and OP Units can elect to automatically reinvest their distributions in shares of MAA’s common stock. The DRSPP also allows for the optional purchase of MAA’s common stock of at least $250, but not more than $5,000 in any given month. In its absolute discretion, MAA may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA may elect to sell shares under the DRSPP at up to a 5% discount. During the year ended December 31, 2025, MAA issued 10,006 shares through the DRSPP and no shares were issued at a discount.Mid-America Apartments, L.P.Operating Partnership UnitsThere is no established public trading market for the Operating Partnership’s OP Units. From time to time, we issue shares of MAA’s common stock in exchange for OP Units tendered to the Operating Partnership for redemption in accordance with the provisions of the Operating Partnership’s limited partnership agreement. As of December 31, 2025, there were 119,819,916 OP Units outstanding in the Operating Partnership, of which 116,878,077 OP Units, or 97.5%, were owned by MAA and 2,941,839 OP Units, or 2.5%, were owned by limited partners. Under the terms of the Operating Partnership’s limited partnership agreement, the limited partner holders of OP Units have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the holder in exchange for one share of MAA common stock per one OP Unit or a cash payment based on the market value of MAA’s common stock at the time of redemption, at the option of MAA. During the year ended December 31, 2025, MAA issued a total of 133,714 shares of common stock upon redemption of OP Units.At-the-Market Equity Offering ProgramMAA has entered into an at-the-money equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the year ended December 31, 2025, MAA did not sell any shares of common stock under the ATM program. As of December 31, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program."
    },
    {
      "status": "ADDED",
      "current_title": "Mortgage Financing",
      "prior_title": null,
      "current_body": "As of December 31, 2025, we had $363.3 million of indebtedness collateralized, secured and outstanding as set forth in Schedule III – Real Estate and Accumulated Depreciation included in this Annual Report on Form 10-K. Item 3. Legal Proceedings. As disclosed in Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K, we are engaged in certain legal proceedings, and the disclosure set forth in Note 11 relating to legal proceedings is incorporated herein by reference. Item 4. Mine Safety Disclosures. Not applicable. PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities."
    },
    {
      "status": "ADDED",
      "current_title": "Market Information",
      "prior_title": null,
      "current_body": "MAA’s common stock has been listed and traded on the NYSE under the symbol “MAA” since its initial public offering in February 1994. As of February 3, 2026, there were approximately 1,900 holders of record of the common stock. MAA believes it has a significantly larger number of beneficial owners of its common stock. MAA has a history of declaring dividends to holders of MAA common stock. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify MAA’s dividend policy from time to time."
    },
    {
      "status": "ADDED",
      "current_title": "Direct Stock Purchase and Distribution Reinvestment Plan",
      "prior_title": null,
      "current_body": "MAA has established the dividend and distribution reinvestment stock purchase plan, or DRSPP, under which holders of common stock, preferred stock and OP Units can elect to automatically reinvest their distributions in shares of MAA’s common stock. The DRSPP also allows for the optional purchase of MAA’s common stock of at least $250, but not more than $5,000 in any given month. In its absolute discretion, MAA may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA may elect to sell shares under the DRSPP at up to a 5% discount. During the year ended December 31, 2025, MAA issued 10,006 shares through the DRSPP and no shares were issued at a discount."
    },
    {
      "status": "ADDED",
      "current_title": "Operating Partnership Units",
      "prior_title": null,
      "current_body": "There is no established public trading market for the Operating Partnership’s OP Units. From time to time, we issue shares of MAA’s common stock in exchange for OP Units tendered to the Operating Partnership for redemption in accordance with the provisions of the Operating Partnership’s limited partnership agreement. As of December 31, 2025, there were 119,819,916 OP Units outstanding in the Operating Partnership, of which 116,878,077 OP Units, or 97.5%, were owned by MAA and 2,941,839 OP Units, or 2.5%, were owned by limited partners. Under the terms of the Operating Partnership’s limited partnership agreement, the limited partner holders of OP Units have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the holder in exchange for one share of MAA common stock per one OP Unit or a cash payment based on the market value of MAA’s common stock at the time of redemption, at the option of MAA. During the year ended December 31, 2025, MAA issued a total of 133,714 shares of common stock upon redemption of OP Units."
    },
    {
      "status": "ADDED",
      "current_title": "At-the-Market Equity Offering Program",
      "prior_title": null,
      "current_body": "MAA has entered into an at-the-money equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the year ended December 31, 2025, MAA did not sell any shares of common stock under the ATM program. As of December 31, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program. 27 27 Stock Repurchase PlanIn December 2015, MAA’s Board of Directors authorized the repurchase of up to 4.0 million shares of MAA common stock, which represented approximately 5.3% of MAA’s common stock outstanding at the time of such authorization. From time to time, we may repurchase shares under this authorization when we believe that shareholder value would be enhanced. Factors affecting this determination include, among others, the share price and expected rates of return. As of December 31, 2025, 206,916 shares have been repurchased under the authorization. See “Purchases of Equity Securities” below. Purchases of Equity SecuritiesThe following table reflects repurchases of shares of MAA’s common stock during the three months ended December 31, 2025: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs (1) October 1, 2025 - October 31, 2025 — $ — — 4,000,000 November 1, 2025 - November 30, 2025 — $ — — 4,000,000 December 1, 2025 - December 31, 2025 206,916 $ 131.61 206,916 3,793,084 Total 206,916 206,916 3,793,084 (1)This column reflects the number of shares of MAA’s common stock that are available for purchase under the 4.0 million share repurchase program authorized by MAA’s Board of Directors in December 2015.Comparison of Five-year Cumulative Total ReturnsThe following graph compares the cumulative total returns of the shareholders of MAA since December 31, 2020 with the S&P 500 Index and the Dow Jones (DJ) U.S. Real Estate Apartments Index. The graph assumes that the base share price for our common stock and each index is $100 and that all dividends are reinvested. The performance graph is not necessarily indicative of future investment performance. Year Ended December 31, 2020 2021 2022 2023 2024 2025 Mid-America Apartment Communities, Inc. $ 100.00 $ 185.87 $ 130.58 $ 116.13 $ 139.29 $ 130.43 S&P 500 Index 100.00 128.71 105.40 133.10 166.40 196.16 DJ U.S. Real Estate Apartments Index 100.00 161.76 109.86 117.67 141.76 129.69"
    },
    {
      "status": "ADDED",
      "current_title": "Stock Repurchase Plan",
      "prior_title": null,
      "current_body": "In December 2015, MAA’s Board of Directors authorized the repurchase of up to 4.0 million shares of MAA common stock, which represented approximately 5.3% of MAA’s common stock outstanding at the time of such authorization. From time to time, we may repurchase shares under this authorization when we believe that shareholder value would be enhanced. Factors affecting this determination include, among others, the share price and expected rates of return. As of December 31, 2025, 206,916 shares have been repurchased under the authorization. See “Purchases of Equity Securities” below."
    },
    {
      "status": "ADDED",
      "current_title": "Purchases of Equity Securities",
      "prior_title": null,
      "current_body": "The following table reflects repurchases of shares of MAA’s common stock during the three months ended December 31, 2025: Period"
    },
    {
      "status": "ADDED",
      "current_title": "Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs (1)",
      "prior_title": null,
      "current_body": "October 1, 2025 - October 31, 2025 — $ — — 4,000,000 November 1, 2025 - November 30, 2025 — $ — — 4,000,000 December 1, 2025 - December 31, 2025 206,916 $ 131.61 206,916 3,793,084 Total 206,916 206,916 3,793,084 (1)This column reflects the number of shares of MAA’s common stock that are available for purchase under the 4.0 million share repurchase program authorized by MAA’s Board of Directors in December 2015. This column reflects the number of shares of MAA’s common stock that are available for purchase under the 4.0 million share repurchase program authorized by MAA’s Board of Directors in December 2015."
    },
    {
      "status": "ADDED",
      "current_title": "Comparison of Five-year Cumulative Total Returns",
      "prior_title": null,
      "current_body": "The following graph compares the cumulative total returns of the shareholders of MAA since December 31, 2020 with the S&P 500 Index and the Dow Jones (DJ) U.S. Real Estate Apartments Index. The graph assumes that the base share price for our common stock and each index is $100 and that all dividends are reinvested. The performance graph is not necessarily indicative of future investment performance."
    },
    {
      "status": "ADDED",
      "current_title": "Year Ended December 31,",
      "prior_title": null,
      "current_body": "2020 2021 2022 2023 2024 2025 Mid-America Apartment Communities, Inc. $ 100.00 $ 185.87 $ 130.58 $ 116.13 $ 139.29 $ 130.43 S&P 500 Index 100.00 128.71 105.40 133.10 166.40 196.16 DJ U.S. Real Estate Apartments Index 100.00 161.76 109.86 117.67 141.76 129.69 28 28 Item 6. [Reserved]. Item 6. [Reserved]. 29 29 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.The following discussion analyzes the financial condition and results of operations of both MAA and the Operating Partnership, of which MAA is the sole general partner and in which MAA owned a 97.5% interest as of December 31, 2025. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results, performance and achievements may differ materially from those expressed or implied by such forward-looking statements as a result of many factors, including, but not limited to, those under the heading “Risk Factors” in this Annual Report on Form 10-K.MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, we owned and operated 293 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of December 31, 2025, we had eight development communities under construction, and 35 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of December 31, 2025.We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 13 to the consolidated financial statements included in this Annual Report on Form 10-K.OverviewFor the year ended December 31, 2025, net income available for MAA common shareholders was $443.2 million as compared to $523.9 million for the year ended December 31, 2024. Results for the year ended December 31, 2025 included $72.1 million of gain related to the sale of depreciable real estate assets, $6.1 million of non-cash gain, net of tax, from investments, $4.6 million in net casualty gain and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $61.9 million of legal costs and settlements. Results for the year ended December 31, 2024 included $55.0 million of gain related to the sale of depreciable real estate assets, $11.2 million of gain on the consolidation of a third-party development, $9.3 million in net casualty gain and $6.1 million of non-cash gain, net of tax, from investments, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements. Revenues for the year ended December 31, 2025 increased 0.8% as compared to the year ended December 31, 2024, driven by an 18.9% increase in our Non-Same Store and Other segment. Property operating expenses, excluding depreciation and amortization, for the year ended December 31, 2025 increased by 2.2% as compared to the year ended December 31, 2024, driven by a 2.0% increase in our Same Store segment and 4.3% increase in our Non-Same Store and Other segment. The primary drivers of these changes are discussed in the “Results of Operations” section.TrendsDuring the year ended December 31, 2025, the change in revenue for our Same Store segment was primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to $1,690 for the year ended December 31, 2025 as compared to $1,698 for the year ended December 31, 2024. This represents a decrease of 0.5% for the year ended December 31, 2025 as compared to the year ended December 31, 2024. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit.For the year ended December 31, 2025, average physical occupancy for our Same Store segment was 95.6% as compared to 95.5% for the year ended December 31, 2024. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period.As of December 31, 2025, resident turnover for our Same Store segment was 40.2% as compared to 42.0% as of December 31, 2024. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion analyzes the financial condition and results of operations of both MAA and the Operating Partnership, of which MAA is the sole general partner and in which MAA owned a 97.5% interest as of December 31, 2025. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results, performance and achievements may differ materially from those expressed or implied by such forward-looking statements as a result of many factors, including, but not limited to, those under the heading “Risk Factors” in this Annual Report on Form 10-K. MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, we owned and operated 293 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of December 31, 2025, we had eight development communities under construction, and 35 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of December 31, 2025. We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 13 to the consolidated financial statements included in this Annual Report on Form 10-K. Overview For the year ended December 31, 2025, net income available for MAA common shareholders was $443.2 million as compared to $523.9 million for the year ended December 31, 2024. Results for the year ended December 31, 2025 included $72.1 million of gain related to the sale of depreciable real estate assets, $6.1 million of non-cash gain, net of tax, from investments, $4.6 million in net casualty gain and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $61.9 million of legal costs and settlements. Results for the year ended December 31, 2024 included $55.0 million of gain related to the sale of depreciable real estate assets, $11.2 million of gain on the consolidation of a third-party development, $9.3 million in net casualty gain and $6.1 million of non-cash gain, net of tax, from investments, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements. Revenues for the year ended December 31, 2025 increased 0.8% as compared to the year ended December 31, 2024, driven by an 18.9% increase in our Non-Same Store and Other segment. Property operating expenses, excluding depreciation and amortization, for the year ended December 31, 2025 increased by 2.2% as compared to the year ended December 31, 2024, driven by a 2.0% increase in our Same Store segment and 4.3% increase in our Non-Same Store and Other segment. The primary drivers of these changes are discussed in the “Results of Operations” section. Trends During the year ended December 31, 2025, the change in revenue for our Same Store segment was primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to $1,690 for the year ended December 31, 2025 as compared to $1,698 for the year ended December 31, 2024. This represents a decrease of 0.5% for the year ended December 31, 2025 as compared to the year ended December 31, 2024. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit. For the year ended December 31, 2025, average physical occupancy for our Same Store segment was 95.6% as compared to 95.5% for the year ended December 31, 2024. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period. As of December 31, 2025, resident turnover for our Same Store segment was 40.2% as compared to 42.0% as of December 31, 2024. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period. 30 30 An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. We have multifamily assets in 38 defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities. This diversity helps to mitigate exposure to economic issues, including supply and demand factors, in any one geographic market or area. We believe that a well-balanced portfolio, including both urban and suburban locations, with a broad range of monthly rent price points, will provide higher performance and lower volatility throughout the full economic cycle.Demand for apartments in our markets was solid during 2025, as evidenced by improving occupancy and blended pricing trends, solid traffic patterns and lead volumes along with record low resident turnover. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation, in-migration and housing affordability over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the year ended December 31, 2025. New supply deliveries, while still elevated by historical standards, continue to be absorbed in a steady manner as the demand for apartment housing remains solid. We believe that we will continue to see a decline in new apartment deliveries in calendar year 2026.Access to the financial markets remains available for high-credit rated borrowers, such as ourselves. However, overall borrowing costs remain at elevated levels as compared to our in-place fixed rate debt, and we expect this trend to continue. As of December 31, 2025, we had $676.0 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates is primarily attributable to existing variable-rate borrowings and any future financing activities.Results of OperationsFor the year ended December 31, 2025, we achieved net income available for MAA common shareholders of $443.2 million, a 15.4% decrease as compared to the year ended December 31, 2024, and total revenue growth of $18.1 million, representing a 0.8% increase in property revenues as compared to the year ended December 31, 2024. The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the year ended December 31, 2025 as compared to the year ended December 31, 2024. A discussion of the results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 is found in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025, which is available free of charge on the SEC’s website at https://www.sec.gov and on our website at https://www.maac.com, on the “For Investors” page under “Filings and Financials—Annual Reports.” Property RevenuesThe following table reflects our property revenues by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): December 31, 2025 December 31, 2024 Increase (decrease) % Change Same Store $ 2,077,162 $ 2,080,027 $ (2,865 ) (0.1 )% Non-Same Store and Other 131,964 110,988 20,976 18.9 % Total $ 2,209,126 $ 2,191,015 $ 18,111 0.8 % The increase in property revenues for our Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was the primary driver of total property revenue growth. The Same Store segment generated a 0.1% decrease in revenues for the year ended December 31, 2025, primarily the result of a decrease in average effective rent per unit of 0.5% as compared to the year ended December 31, 2024. The increase in property revenues from the Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily the result of increased revenues from completed development communities and recently acquired communities. An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. We have multifamily assets in 38 defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities. This diversity helps to mitigate exposure to economic issues, including supply and demand factors, in any one geographic market or area. We believe that a well-balanced portfolio, including both urban and suburban locations, with a broad range of monthly rent price points, will provide higher performance and lower volatility throughout the full economic cycle. Demand for apartments in our markets was solid during 2025, as evidenced by improving occupancy and blended pricing trends, solid traffic patterns and lead volumes along with record low resident turnover. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation, in-migration and housing affordability over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the year ended December 31, 2025. New supply deliveries, while still elevated by historical standards, continue to be absorbed in a steady manner as the demand for apartment housing remains solid. We believe that we will continue to see a decline in new apartment deliveries in calendar year 2026. Access to the financial markets remains available for high-credit rated borrowers, such as ourselves. However, overall borrowing costs remain at elevated levels as compared to our in-place fixed rate debt, and we expect this trend to continue. As of December 31, 2025, we had $676.0 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates is primarily attributable to existing variable-rate borrowings and any future financing activities."
    },
    {
      "status": "ADDED",
      "current_title": "Results of Operations",
      "prior_title": null,
      "current_body": "For the year ended December 31, 2025, we achieved net income available for MAA common shareholders of $443.2 million, a 15.4% decrease as compared to the year ended December 31, 2024, and total revenue growth of $18.1 million, representing a 0.8% increase in property revenues as compared to the year ended December 31, 2024. The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the year ended December 31, 2025 as compared to the year ended December 31, 2024. A discussion of the results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 is found in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025, which is available free of charge on the SEC’s website at https://www.sec.gov and on our website at https://www.maac.com, on the “For Investors” page under “Filings and Financials—Annual Reports.”"
    },
    {
      "status": "ADDED",
      "current_title": "Property Revenues",
      "prior_title": null,
      "current_body": "The following table reflects our property revenues by segment for the years ended December 31, 2025 and 2024 (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "Increase (decrease)",
      "prior_title": null,
      "current_body": "% Change Same Store $ 2,077,162 $ 2,080,027 $ (2,865 ) (0.1 )% Non-Same Store and Other 131,964 110,988 20,976 18.9 % Total $ 2,209,126 $ 2,191,015 $ 18,111 0.8 % The increase in property revenues for our Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was the primary driver of total property revenue growth. The Same Store segment generated a 0.1% decrease in revenues for the year ended December 31, 2025, primarily the result of a decrease in average effective rent per unit of 0.5% as compared to the year ended December 31, 2024. The increase in property revenues from the Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily the result of increased revenues from completed development communities and recently acquired communities. 31 31 Property Operating ExpensesProperty operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): December 31, 2025 December 31, 2024 Increase (decrease) % Change Same Store $ 772,898 $ 757,841 $ 15,057 2.0 % Non-Same Store and Other 64,909 62,251 2,658 4.3 % Total $ 837,807 $ 820,092 $ 17,715 2.2 % The increase in property operating expenses for our Same Store segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by increases in personnel expense of $7.2 million, utilities expense of $5.3 million, building repair and maintenance expense of $2.5 million, and marketing expense of $1.5 million, partially offset by a decrease in property tax expense of $2.2 million. The increase in property operating expenses from the Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily the result of increased expenses from completed development communities and recently acquired communities. Depreciation and AmortizationDepreciation and amortization expense for the year ended December 31, 2025 was $622.3 million, an increase of $36.7 million as compared to the year ended December 31, 2024. The increase in depreciation and amortization expense for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by the recognition of depreciation expense associated with our completed development communities and capital spend activities made in the normal course of business during the year ended December 31, 2025, partially offset from decreased depreciation expense from communities disposed of during the years ended December 31, 2025 and 2024.Other Income and ExpensesProperty management expenses for the year ended December 31, 2025 were $74.8 million, an increase of $2.7 million as compared to the year ended December 31, 2024. General and administrative expenses for the year ended December 31, 2025 were $54.8 million, a decrease of $1.7 million as compared to the year ended December 31, 2024.Interest expense for the year ended December 31, 2025 was $185.3 million, an increase of $16.7 million as compared to the year ended December 31, 2024. The increase was due to an increase in our average outstanding debt balance and an increase of nine basis points in our effective interest rate, partially offset by an increase in capitalized interest during the year ended December 31, 2025 as compared to the year ended December 31, 2024. For the years ended December 31, 2025 and 2024, we disposed of two apartment communities each year, resulting in gains on sale of depreciable real estate assets of $72.0 million and $55.0 million, respectively. During the years ended December 31, 2025 and 2024, we did not dispose of any land parcels. Other non-operating expense (income) for the year ended December 31, 2025 was $47.2 million of expense as compared to $1.7 million of income for the year ended December 31, 2024. The expense for the year ended December 31, 2025 was primarily driven by $61.9 million of legal costs and settlements, partially offset by $7.5 million of non-cash gain from investments, $4.6 million of net casualty related recoveries and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. The income for the year ended December 31, 2024 was primarily driven by $11.2 million of gain on the consolidation of a third-party development, $9.3 million of net casualty related recoveries, $7.8 million of non-cash gain from investments and miscellaneous income of $1.0 million, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements. Non-GAAP Financial MeasuresFunds from Operations and Core Funds from OperationsFunds from operations, or FFO, a non-GAAP financial measure, represents net income available for MAA common shareholders (computed in accordance with GAAP) excluding gains or losses on disposition of operating properties and asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this Annual Report on Form 10-K, represents FFO attributable to common shareholders and unitholders."
    },
    {
      "status": "ADDED",
      "current_title": "Property Operating Expenses",
      "prior_title": null,
      "current_body": "Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "Increase (decrease)",
      "prior_title": null,
      "current_body": "% Change Same Store $ 2,077,162 $ 2,080,027 $ (2,865 ) (0.1 )% Non-Same Store and Other 131,964 110,988 20,976 18.9 % Total $ 2,209,126 $ 2,191,015 $ 18,111 0.8 % The increase in property revenues for our Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was the primary driver of total property revenue growth. The Same Store segment generated a 0.1% decrease in revenues for the year ended December 31, 2025, primarily the result of a decrease in average effective rent per unit of 0.5% as compared to the year ended December 31, 2024. The increase in property revenues from the Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily the result of increased revenues from completed development communities and recently acquired communities. 31 31 Property Operating ExpensesProperty operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): December 31, 2025 December 31, 2024 Increase (decrease) % Change Same Store $ 772,898 $ 757,841 $ 15,057 2.0 % Non-Same Store and Other 64,909 62,251 2,658 4.3 % Total $ 837,807 $ 820,092 $ 17,715 2.2 % The increase in property operating expenses for our Same Store segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by increases in personnel expense of $7.2 million, utilities expense of $5.3 million, building repair and maintenance expense of $2.5 million, and marketing expense of $1.5 million, partially offset by a decrease in property tax expense of $2.2 million. The increase in property operating expenses from the Non-Same Store and Other segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily the result of increased expenses from completed development communities and recently acquired communities. Depreciation and AmortizationDepreciation and amortization expense for the year ended December 31, 2025 was $622.3 million, an increase of $36.7 million as compared to the year ended December 31, 2024. The increase in depreciation and amortization expense for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by the recognition of depreciation expense associated with our completed development communities and capital spend activities made in the normal course of business during the year ended December 31, 2025, partially offset from decreased depreciation expense from communities disposed of during the years ended December 31, 2025 and 2024.Other Income and ExpensesProperty management expenses for the year ended December 31, 2025 were $74.8 million, an increase of $2.7 million as compared to the year ended December 31, 2024. General and administrative expenses for the year ended December 31, 2025 were $54.8 million, a decrease of $1.7 million as compared to the year ended December 31, 2024.Interest expense for the year ended December 31, 2025 was $185.3 million, an increase of $16.7 million as compared to the year ended December 31, 2024. The increase was due to an increase in our average outstanding debt balance and an increase of nine basis points in our effective interest rate, partially offset by an increase in capitalized interest during the year ended December 31, 2025 as compared to the year ended December 31, 2024. For the years ended December 31, 2025 and 2024, we disposed of two apartment communities each year, resulting in gains on sale of depreciable real estate assets of $72.0 million and $55.0 million, respectively. During the years ended December 31, 2025 and 2024, we did not dispose of any land parcels. Other non-operating expense (income) for the year ended December 31, 2025 was $47.2 million of expense as compared to $1.7 million of income for the year ended December 31, 2024. The expense for the year ended December 31, 2025 was primarily driven by $61.9 million of legal costs and settlements, partially offset by $7.5 million of non-cash gain from investments, $4.6 million of net casualty related recoveries and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. The income for the year ended December 31, 2024 was primarily driven by $11.2 million of gain on the consolidation of a third-party development, $9.3 million of net casualty related recoveries, $7.8 million of non-cash gain from investments and miscellaneous income of $1.0 million, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements. Non-GAAP Financial MeasuresFunds from Operations and Core Funds from OperationsFunds from operations, or FFO, a non-GAAP financial measure, represents net income available for MAA common shareholders (computed in accordance with GAAP) excluding gains or losses on disposition of operating properties and asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this Annual Report on Form 10-K, represents FFO attributable to common shareholders and unitholders."
    },
    {
      "status": "ADDED",
      "current_title": "Depreciation and Amortization",
      "prior_title": null,
      "current_body": "Depreciation and amortization expense for the year ended December 31, 2025 was $622.3 million, an increase of $36.7 million as compared to the year ended December 31, 2024. The increase in depreciation and amortization expense for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by the recognition of depreciation expense associated with our completed development communities and capital spend activities made in the normal course of business during the year ended December 31, 2025, partially offset from decreased depreciation expense from communities disposed of during the years ended December 31, 2025 and 2024."
    },
    {
      "status": "ADDED",
      "current_title": "Other Income and Expenses",
      "prior_title": null,
      "current_body": "Property management expenses for the year ended December 31, 2025 were $74.8 million, an increase of $2.7 million as compared to the year ended December 31, 2024. General and administrative expenses for the year ended December 31, 2025 were $54.8 million, a decrease of $1.7 million as compared to the year ended December 31, 2024. Interest expense for the year ended December 31, 2025 was $185.3 million, an increase of $16.7 million as compared to the year ended December 31, 2024. The increase was due to an increase in our average outstanding debt balance and an increase of nine basis points in our effective interest rate, partially offset by an increase in capitalized interest during the year ended December 31, 2025 as compared to the year ended December 31, 2024. For the years ended December 31, 2025 and 2024, we disposed of two apartment communities each year, resulting in gains on sale of depreciable real estate assets of $72.0 million and $55.0 million, respectively. During the years ended December 31, 2025 and 2024, we did not dispose of any land parcels. Other non-operating expense (income) for the year ended December 31, 2025 was $47.2 million of expense as compared to $1.7 million of income for the year ended December 31, 2024. The expense for the year ended December 31, 2025 was primarily driven by $61.9 million of legal costs and settlements, partially offset by $7.5 million of non-cash gain from investments, $4.6 million of net casualty related recoveries and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. The income for the year ended December 31, 2024 was primarily driven by $11.2 million of gain on the consolidation of a third-party development, $9.3 million of net casualty related recoveries, $7.8 million of non-cash gain from investments and miscellaneous income of $1.0 million, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements."
    },
    {
      "status": "ADDED",
      "current_title": "Funds from Operations and Core Funds from Operations",
      "prior_title": null,
      "current_body": "Funds from operations, or FFO, a non-GAAP financial measure, represents net income available for MAA common shareholders (computed in accordance with GAAP) excluding gains or losses on disposition of operating properties and asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this Annual Report on Form 10-K, represents FFO attributable to common shareholders and unitholders. 32 32 FFO should not be considered as an alternative to net income available for MAA common shareholders or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. While our calculation of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs.Core FFO represents FFO as adjusted for items that are not considered part of our core business operations, such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net; and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back to FFO, Core FFO, when used in this Annual Report on Form 10-K, represents Core FFO attributable to common shareholders and unitholders. Core FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that Core FFO is helpful in understanding our core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance from rental activities. While our definition of Core FFO may be similar to others in the industry, our methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs.The following table presents a reconciliation of net income available for MAA common shareholders to FFO and Core FFO for the years ended December 31, 2025 and 2024, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands): Year ended December 31, 2025 2024 Net income available for MAA common shareholders $ 443,221 $ 523,855 Depreciation and amortization of real estate assets 616,774 579,927 Gain on sale of depreciable real estate assets (72,066 ) (55,003 ) MAA’s share of depreciation and amortization of real estate assets of real estate joint venture 667 628 Gain on consolidation of third-party development (1) — (11,239 ) Net income attributable to noncontrolling interests 9,657 14,033 FFO attributable to common shareholders and unitholders 998,253 1,052,201 (Gain) loss on embedded derivative in preferred shares (1) (1,111 ) 18,751 Gain on investments, net of tax (1)(2) (6,069 ) (6,078 ) Casualty related (recoveries) and charges, net (1) (4,598 ) (9,326 ) Legal costs, settlements and (recoveries), net (1)(3) 61,908 9,437 Core FFO attributable to common shareholders and unitholders $ 1,048,383 $ 1,064,985 (1)Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. (2)For the years ended December 31, 2025 and 2024, gain on investments is presented net of tax expense of $1.4 million and $1.7 million, respectively. (3)For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs.Core FFO attributable to common shareholders and unitholders for the year ended December 31, 2025 was $1.0 billion, a decrease of $16.6 million as compared to the year ended December 31, 2024, primarily as a result of increases in property operating expenses, excluding depreciation and amortization, of $17.7 million, and interest expense of $16.7 million, partially offset by an increase in property revenues of $18.1 million.Net Debt, EBITDA, EBITDAre, and Adjusted EBITDAreNet debt, a non-GAAP financial measure, represents unsecured notes payable, net and secured notes payable, net less cash and cash equivalents and 1031(b) exchange proceeds included in restricted cash. Management considers net debt a helpful tool in evaluating our debt position. Net debt should not be considered as an alternative to any GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. FFO should not be considered as an alternative to net income available for MAA common shareholders or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. While our calculation of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO represents FFO as adjusted for items that are not considered part of our core business operations, such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net; and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back to FFO, Core FFO, when used in this Annual Report on Form 10-K, represents Core FFO attributable to common shareholders and unitholders. Core FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that Core FFO is helpful in understanding our core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance from rental activities. While our definition of Core FFO may be similar to others in the industry, our methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. The following table presents a reconciliation of net income available for MAA common shareholders to FFO and Core FFO for the years ended December 31, 2025 and 2024, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "Net income available for MAA common shareholders",
      "prior_title": null,
      "current_body": "$ 443,221 $ 523,855 Depreciation and amortization of real estate assets 616,774 579,927 Gain on sale of depreciable real estate assets (72,066 ) (55,003 ) MAA’s share of depreciation and amortization of real estate assets of real estate joint venture 667 628 Gain on consolidation of third-party development (1) — (11,239 ) Net income attributable to noncontrolling interests 9,657 14,033"
    },
    {
      "status": "ADDED",
      "current_title": "FFO attributable to common shareholders and unitholders",
      "prior_title": null,
      "current_body": "998,253 1,052,201 (Gain) loss on embedded derivative in preferred shares (1) (1,111 ) 18,751 Gain on investments, net of tax (1)(2) (6,069 ) (6,078 ) Casualty related (recoveries) and charges, net (1) (4,598 ) (9,326 ) Legal costs, settlements and (recoveries), net (1)(3) 61,908 9,437"
    },
    {
      "status": "ADDED",
      "current_title": "Core FFO attributable to common shareholders and unitholders",
      "prior_title": null,
      "current_body": "$ 1,048,383 $ 1,064,985 (1)Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. (2)For the years ended December 31, 2025 and 2024, gain on investments is presented net of tax expense of $1.4 million and $1.7 million, respectively. For the years ended December 31, 2025 and 2024, gain on investments is presented net of tax expense of $1.4 million and $1.7 million, respectively. (3)For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs. For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs. Core FFO attributable to common shareholders and unitholders for the year ended December 31, 2025 was $1.0 billion, a decrease of $16.6 million as compared to the year ended December 31, 2024, primarily as a result of increases in property operating expenses, excluding depreciation and amortization, of $17.7 million, and interest expense of $16.7 million, partially offset by an increase in property revenues of $18.1 million."
    },
    {
      "status": "ADDED",
      "current_title": "Net Debt, EBITDA, EBITDAre, and Adjusted EBITDAre",
      "prior_title": null,
      "current_body": "Net debt, a non-GAAP financial measure, represents unsecured notes payable, net and secured notes payable, net less cash and cash equivalents and 1031(b) exchange proceeds included in restricted cash. Management considers net debt a helpful tool in evaluating our debt position. Net debt should not be considered as an alternative to any GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. 33 33 Earnings before interest, taxes, depreciation and amortization, or EBITDA, a non-GAAP financial measure, represents net income (computed in accordance with GAAP) plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, management considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. EBITDAre is composed of EBITDA adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect our share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, management considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While our definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other REITs to calculate EBITDAre and, accordingly, may not be comparable to such other REITs. EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.Adjusted EBITDAre is comprised of EBITDAre further adjusted for items that are not considered part of our core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. Our computation of Adjusted EBITDAre may differ from the methodology utilized by other REITs to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.Management monitors its debt levels to a ratio of net debt to Adjusted EBITDAre in order to maintain our investment grade credit ratings. We believe this is an important factor in the management of our debt levels to maintain an optimal capital structure, and it is also considered in the assignment of our credit ratings. Adjusted EBITDAre is measured on a trailing twelve-month basis. The following table presents a reconciliation of unsecured notes payable, net and secured notes payable, net to net debt as of December 31, 2025 and 2024, as we believe unsecured notes payable, net and secured notes payable, net, combined, is the most directly comparable GAAP measure (dollars in thousands): December 31, 2025 December 31, 2024 Unsecured notes payable, net $ 5,044,979 $ 4,620,690 Secured notes payable, net 360,393 360,267 Total debt 5,405,372 4,980,957 Cash and cash equivalents (60,258 ) (43,018 ) Net debt $ 5,345,114 $ 4,937,939 Earnings before interest, taxes, depreciation and amortization, or EBITDA, a non-GAAP financial measure, represents net income (computed in accordance with GAAP) plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, management considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. EBITDAre is composed of EBITDA adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect our share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, management considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While our definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other REITs to calculate EBITDAre and, accordingly, may not be comparable to such other REITs. EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Adjusted EBITDAre is comprised of EBITDAre further adjusted for items that are not considered part of our core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. Our computation of Adjusted EBITDAre may differ from the methodology utilized by other REITs to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management monitors its debt levels to a ratio of net debt to Adjusted EBITDAre in order to maintain our investment grade credit ratings. We believe this is an important factor in the management of our debt levels to maintain an optimal capital structure, and it is also considered in the assignment of our credit ratings. Adjusted EBITDAre is measured on a trailing twelve-month basis. The following table presents a reconciliation of unsecured notes payable, net and secured notes payable, net to net debt as of December 31, 2025 and 2024, as we believe unsecured notes payable, net and secured notes payable, net, combined, is the most directly comparable GAAP measure (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "December 31, 2024",
      "prior_title": null,
      "current_body": "Unsecured notes payable, net $ 5,044,979 $ 4,620,690 Secured notes payable, net 360,393 360,267 Total debt 5,405,372 4,980,957 Cash and cash equivalents (60,258 ) (43,018 ) Net debt $ 5,345,114 $ 4,937,939 34 34 The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the years ended December 31, 2025 and 2024, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Year Ended December 31, 2025 December 31, 2024 Net income $ 456,566 $ 541,576 Depreciation and amortization 622,295 585,616 Interest expense 185,257 168,544 Income tax expense 4,595 5,240 EBITDA 1,268,713 1,300,976 Gain on sale of depreciable real estate assets (72,066 ) (55,003 ) Gain on consolidation of third-party development (1) — (11,239 ) Adjustments to reflect the Company’s share of EBITDAre of an unconsolidated affiliate 1,424 1,363 EBITDAre 1,198,071 1,236,097 (Gain) loss on embedded derivative in preferred shares (1) (1,111 ) 18,751 Gain on investments (1) (7,457 ) (7,809 ) Casualty related (recoveries) and charges, net (1) (4,598 ) (9,326 ) Legal costs, settlements and (recoveries), net (1) (2) 61,908 9,437 Adjusted EBITDAre $ 1,246,813 $ 1,247,150 (1)Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. (2)For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs.Our net debt to Adjusted EBITDAre ratio as of December 31, 2025 was 4.3x as compared to a ratio of 4.0x as of December 31, 2024. The change in the ratio was primarily due to an increase of $407.2 million in comparing net debt as of December 31, 2025 to net debt as of December 31, 2024. The increase in net debt was primarily due to an increase in borrowings under the commercial paper program, partially offset by an increase in cash and cash equivalents. The increase in borrowings under the commercial paper program was primarily driven by an increase in cash requirements to fund acquisition, development, redevelopment and property repositioning activities. Liquidity and Capital ResourcesOverviewOur cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources.We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets.We historically have had positive net cash flows from operating activities. We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future.As of December 31, 2025, we had $879.2 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility. Cash Flows from Operating ActivitiesNet cash provided by operating activities was $1.1 billion for the year ended December 31, 2025, a decrease of $20.1 million as compared to the year ended December 31, 2024. The decrease in operating cash flows was primarily driven by an increase in property operating expenses. The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the years ended December 31, 2025 and 2024, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Year Ended"
    },
    {
      "status": "ADDED",
      "current_title": "December 31, 2024",
      "prior_title": null,
      "current_body": "Unsecured notes payable, net $ 5,044,979 $ 4,620,690 Secured notes payable, net 360,393 360,267 Total debt 5,405,372 4,980,957 Cash and cash equivalents (60,258 ) (43,018 ) Net debt $ 5,345,114 $ 4,937,939 34 34 The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the years ended December 31, 2025 and 2024, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Year Ended December 31, 2025 December 31, 2024 Net income $ 456,566 $ 541,576 Depreciation and amortization 622,295 585,616 Interest expense 185,257 168,544 Income tax expense 4,595 5,240 EBITDA 1,268,713 1,300,976 Gain on sale of depreciable real estate assets (72,066 ) (55,003 ) Gain on consolidation of third-party development (1) — (11,239 ) Adjustments to reflect the Company’s share of EBITDAre of an unconsolidated affiliate 1,424 1,363 EBITDAre 1,198,071 1,236,097 (Gain) loss on embedded derivative in preferred shares (1) (1,111 ) 18,751 Gain on investments (1) (7,457 ) (7,809 ) Casualty related (recoveries) and charges, net (1) (4,598 ) (9,326 ) Legal costs, settlements and (recoveries), net (1) (2) 61,908 9,437 Adjusted EBITDAre $ 1,246,813 $ 1,247,150 (1)Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. (2)For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs.Our net debt to Adjusted EBITDAre ratio as of December 31, 2025 was 4.3x as compared to a ratio of 4.0x as of December 31, 2024. The change in the ratio was primarily due to an increase of $407.2 million in comparing net debt as of December 31, 2025 to net debt as of December 31, 2024. The increase in net debt was primarily due to an increase in borrowings under the commercial paper program, partially offset by an increase in cash and cash equivalents. The increase in borrowings under the commercial paper program was primarily driven by an increase in cash requirements to fund acquisition, development, redevelopment and property repositioning activities. Liquidity and Capital ResourcesOverviewOur cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources.We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets.We historically have had positive net cash flows from operating activities. We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future.As of December 31, 2025, we had $879.2 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility. Cash Flows from Operating ActivitiesNet cash provided by operating activities was $1.1 billion for the year ended December 31, 2025, a decrease of $20.1 million as compared to the year ended December 31, 2024. The decrease in operating cash flows was primarily driven by an increase in property operating expenses. The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the years ended December 31, 2025 and 2024, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Year Ended"
    },
    {
      "status": "ADDED",
      "current_title": "Adjusted EBITDAre",
      "prior_title": null,
      "current_body": "$ 1,246,813 $ 1,247,150 (1)Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. (2)For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs. For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs. Our net debt to Adjusted EBITDAre ratio as of December 31, 2025 was 4.3x as compared to a ratio of 4.0x as of December 31, 2024. The change in the ratio was primarily due to an increase of $407.2 million in comparing net debt as of December 31, 2025 to net debt as of December 31, 2024. The increase in net debt was primarily due to an increase in borrowings under the commercial paper program, partially offset by an increase in cash and cash equivalents. The increase in borrowings under the commercial paper program was primarily driven by an increase in cash requirements to fund acquisition, development, redevelopment and property repositioning activities."
    },
    {
      "status": "ADDED",
      "current_title": "Liquidity and Capital Resources",
      "prior_title": null,
      "current_body": "Overview Our cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources. We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets. We historically have had positive net cash flows from operating activities. We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future. As of December 31, 2025, we had $879.2 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility."
    },
    {
      "status": "ADDED",
      "current_title": "Cash Flows from Operating Activities",
      "prior_title": null,
      "current_body": "Net cash provided by operating activities was $1.1 billion for the year ended December 31, 2025, a decrease of $20.1 million as compared to the year ended December 31, 2024. The decrease in operating cash flows was primarily driven by an increase in property operating expenses. 35 35 Cash Flows from Investing ActivitiesNet cash used in investing activities was $690.2 million for the year ended December 31, 2025, a decrease of $135.3 million as compared to the year ended December 31, 2024. The primary drivers of the change were as follows (dollars in thousands): Primary drivers of cash (outflow) inflowduring the year ended December 31, Increase (Decrease) 2025 2024 in Net Cash Purchases of real estate and other assets $ (133,447 ) $ (301,071 ) $ 167,624 Capital improvements and other (360,238 ) (322,372 ) (37,866 ) Development costs (272,030 ) (313,888 ) 41,858 Contributions to affiliates (9,850 ) (2,874 ) (6,976 ) Proceeds from sale of markable equity securities — 9,975 (9,975 ) Net proceeds from insurance recoveries 3,657 20,195 (16,538 ) The decrease in cash outflows for purchases of real estate and other assets was primarily driven by the number of real estate assets acquired during the year ended December 31, 2025 as compared to the year ended December 31, 2024. During the year ended December 31, 2025, we acquired one apartment community and closed on the pre-purchase of a multifamily development community. During the year ended December 31, 2024, we acquired three apartment communities and closed on the pre-purchase of a multifamily development community. The increase in cash outflows for capital improvements and other was primarily driven by increased capital spend relating to our property redevelopment and repositioning activities during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The decrease in cash outflows for development costs was primarily driven by decreased development activity during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The increase in cash outflows for contributions to affiliates was driven by a larger amount of investments made in the technology-focused limited partnerships during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The decrease in cash inflows from proceeds from sale of marketable equity securities resulted from no marketable securities being sold during the year ended December 31, 2025 as compared to the sale of marketable equity securities during the year ended December 31, 2024. The decrease in cash inflows from net proceeds from insurance recoveries was driven by a decrease in insurance reimbursements received for storm-related casualty claims during the year ended December 31, 2025 as compared to the year ended December 31, 2024. Cash Flows from Financing ActivitiesNet cash used in financing activities was $370.7 million for the year ended December 31, 2025, an increase of $99.6 million as compared to the year ended December 31, 2024. The primary drivers of the change were as follows (dollars in thousands): Primary drivers of cash inflow (outflow) during the year ended December 31, Increase (Decrease) 2025 2024 in Net Cash Net proceeds from (payments of) commercial paper $ 426,000 $ (245,000 ) $ 671,000 Proceeds from notes payable 397,416 1,091,646 (694,230 ) Repurchase of common shares (27,235 ) — (27,235 ) Dividends paid on common shares (709,024 ) (686,900 ) (22,124 ) Acquisition of noncontrolling interests (26,786 ) — (26,786 ) The increase in cash inflows related to the net proceeds from (payments of) commercial paper resulted from the increase in net borrowings of $426.0 million under our commercial paper program during the year ended December 31, 2025 as compared to the decrease in net borrowings of $245.0 million under our commercial paper program during the year ended December 31, 2024. The decrease in cash inflows from proceeds from notes payable resulted from the issuance of $400.0 million of unsecured senior notes during the year ended December 31, 2025 as compared to the issuance of $1.1 billion of unsecured senior notes during the year ended December 31, 2024. The increase in cash outflows for repurchase of common shares resulted from MAA’s repurchase of 0.2 million shares of its common stock at an average price of $131.61 per share for total consideration of $27.2 million under its share repurchase program during the year ended December 31, 2025 as compared to no repurchase of common shares during the year ended December 31, 2024. The increase in cash outflows from dividends paid on common shares primarily resulted from the increase in the dividend rate to $6.06 per share during the year ended December 31, 2025 as compared to the dividend rate of $5.88 per share during the year ended December 31, 2024. The increase in cash outflows from the acquisition of noncontrolling interests resulted from the acquisitions of the noncontrolling interests in two consolidated real estate entities during the year ended December 31, 2025 as compared to no acquisition of noncontrolling interests during the year ended December 31, 2024."
    },
    {
      "status": "ADDED",
      "current_title": "Cash Flows from Investing Activities",
      "prior_title": null,
      "current_body": "Net cash used in investing activities was $690.2 million for the year ended December 31, 2025, a decrease of $135.3 million as compared to the year ended December 31, 2024. The primary drivers of the change were as follows (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "in Net Cash",
      "prior_title": null,
      "current_body": "Purchases of real estate and other assets $ (133,447 ) $ (301,071 ) $ 167,624 Capital improvements and other (360,238 ) (322,372 ) (37,866 ) Development costs (272,030 ) (313,888 ) 41,858 Contributions to affiliates (9,850 ) (2,874 ) (6,976 ) Proceeds from sale of markable equity securities — 9,975 (9,975 ) Net proceeds from insurance recoveries 3,657 20,195 (16,538 ) The decrease in cash outflows for purchases of real estate and other assets was primarily driven by the number of real estate assets acquired during the year ended December 31, 2025 as compared to the year ended December 31, 2024. During the year ended December 31, 2025, we acquired one apartment community and closed on the pre-purchase of a multifamily development community. During the year ended December 31, 2024, we acquired three apartment communities and closed on the pre-purchase of a multifamily development community. The increase in cash outflows for capital improvements and other was primarily driven by increased capital spend relating to our property redevelopment and repositioning activities during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The decrease in cash outflows for development costs was primarily driven by decreased development activity during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The increase in cash outflows for contributions to affiliates was driven by a larger amount of investments made in the technology-focused limited partnerships during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The decrease in cash inflows from proceeds from sale of marketable equity securities resulted from no marketable securities being sold during the year ended December 31, 2025 as compared to the sale of marketable equity securities during the year ended December 31, 2024. The decrease in cash inflows from net proceeds from insurance recoveries was driven by a decrease in insurance reimbursements received for storm-related casualty claims during the year ended December 31, 2025 as compared to the year ended December 31, 2024."
    },
    {
      "status": "ADDED",
      "current_title": "Cash Flows from Financing Activities",
      "prior_title": null,
      "current_body": "Net cash used in financing activities was $370.7 million for the year ended December 31, 2025, an increase of $99.6 million as compared to the year ended December 31, 2024. The primary drivers of the change were as follows (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "in Net Cash",
      "prior_title": null,
      "current_body": "Purchases of real estate and other assets $ (133,447 ) $ (301,071 ) $ 167,624 Capital improvements and other (360,238 ) (322,372 ) (37,866 ) Development costs (272,030 ) (313,888 ) 41,858 Contributions to affiliates (9,850 ) (2,874 ) (6,976 ) Proceeds from sale of markable equity securities — 9,975 (9,975 ) Net proceeds from insurance recoveries 3,657 20,195 (16,538 ) The decrease in cash outflows for purchases of real estate and other assets was primarily driven by the number of real estate assets acquired during the year ended December 31, 2025 as compared to the year ended December 31, 2024. During the year ended December 31, 2025, we acquired one apartment community and closed on the pre-purchase of a multifamily development community. During the year ended December 31, 2024, we acquired three apartment communities and closed on the pre-purchase of a multifamily development community. The increase in cash outflows for capital improvements and other was primarily driven by increased capital spend relating to our property redevelopment and repositioning activities during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The decrease in cash outflows for development costs was primarily driven by decreased development activity during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The increase in cash outflows for contributions to affiliates was driven by a larger amount of investments made in the technology-focused limited partnerships during the year ended December 31, 2025 as compared to the year ended December 31, 2024. The decrease in cash inflows from proceeds from sale of marketable equity securities resulted from no marketable securities being sold during the year ended December 31, 2025 as compared to the sale of marketable equity securities during the year ended December 31, 2024. The decrease in cash inflows from net proceeds from insurance recoveries was driven by a decrease in insurance reimbursements received for storm-related casualty claims during the year ended December 31, 2025 as compared to the year ended December 31, 2024."
    },
    {
      "status": "ADDED",
      "current_title": "Unsecured debt",
      "prior_title": null,
      "current_body": "Fixed rate senior notes $ 4,400,000 6.0 3.8 % Variable rate commercial paper 676,000 0.1 3.9 % Debt issuance costs, discounts and premiums (31,021 ) Total unsecured debt $ 5,044,979 5.2 3.8 %"
    },
    {
      "status": "ADDED",
      "current_title": "Secured debt",
      "prior_title": null,
      "current_body": "Fixed rate property mortgages $ 363,293 23.1 4.4 % Debt issuance costs (2,900 ) Total secured debt $ 360,393 23.1 4.4 % Total debt $ 5,405,372 6.4 3.8 % The following schedule presents the contractual maturity dates of our outstanding debt, net of debt issuance costs, discounts and premiums, as of December 31, 2025 (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "Property Mortgages",
      "prior_title": null,
      "current_body": "Total 2026 $ 676,000 $ 299,516 $ — $ 975,516 2027 — 598,907 — 598,907 2028 — 398,519 — 398,519 2029 — 554,833 — 554,833 2030 — 298,573 — 298,573 2031 — 446,959 — 446,959 2032 — 395,428 — 395,428 2033 — 393,928 — 393,928 2034 — 344,477 — 344,477 2035 — 344,342 — 344,342 Thereafter — 293,497 360,393 653,890 Total $ 676,000 $ 4,368,979 $ 360,393 $ 5,405,372 (1)There was $676.0 million outstanding under MAALP’s commercial paper program as of December 31, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the year ended December 31, 2025, average daily borrowings outstanding under the commercial paper program were $379.9 million. There was $676.0 million outstanding under MAALP’s commercial paper program as of December 31, 2025. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the year ended December 31, 2025, average daily borrowings outstanding under the commercial paper program were $379.9 million. (2)There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of December 31, 2025. There were no borrowings outstanding under MAALP’s $1.5 billion unsecured revolving credit facility as of December 31, 2025. The following schedule reflects the maturities and average effective interest rates of our outstanding fixed rate debt, net of debt issuance costs, discounts and premiums, as of December 31, 2025 (dollars in thousands):"
    },
    {
      "status": "ADDED",
      "current_title": "Average Effective Rate",
      "prior_title": null,
      "current_body": "2026 $ 299,516 1.2 % 2027 598,907 3.7 % 2028 398,519 4.2 % 2029 554,833 3.7 % 2030 298,573 3.1 % 2031 446,959 1.8 % 2032 395,428 5.4 % 2033 393,928 4.8 % 2034 344,477 5.1 % 2035 344,342 5.1 % Thereafter 653,890 3.8 % Total $ 4,729,372 3.8 % 37 37 Unsecured Revolving Credit Facility & Commercial PaperIn October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The revolving credit facility bears interest at a variable rate, at MAALP’s election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP’s credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP’s credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of December 31, 2025, there was no outstanding balance under the revolving credit facility, while $5.0 million of capacity was used to support outstanding letters of credit.MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days. In October 2025, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program from $625.0 million to $750.0 million. As of December 31, 2025, there were $676.0 million of borrowings outstanding under the commercial paper program. For the year ended December 31, 2025, the average daily borrowings outstanding under the commercial paper program were $379.9 million.Unsecured Senior NotesAs of December 31, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding.In January 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum and at an issue price of 99.019%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, and commenced on September 15, 2024. The notes have an effective interest rate of 5.123%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. In May 2024, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300% per annum and at an issue price of 99.496%. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, and commenced on August 15, 2024. The notes have an effective interest rate of 5.382%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. In June 2024, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program.In December 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, and commenced on September 1, 2025. The notes have an effective interest rate of 5.053%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. In November 2025, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes dueJanuary 2033 with a coupon rate of 4.650% per annum and at an issue price of 99.354%. Interest is payable semi-annually in arrearson January 15 and July 15 of each year, commencing July 15, 2026. The notes have an effective interest rate of 4.755%. The proceeds from the sale of the notes were used to repay borrowings under MAALP’s commercial paper program, which were used to repay MAALP’s 2015 publicly issued notes that matured in November 2025. In November 2025, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity.Secured Property MortgagesMAALP maintains secured property mortgages with various life insurance companies. As of December 31, 2025, MAALP had $363.3 million of secured property mortgages outstanding. For more information regarding our debt capital resources, see Note 5 to the consolidated financial statements included in this Annual Report on Form 10-K.EquityAs of December 31, 2025, MAA owned 116,878,077 OP Units, comprising a 97.5% limited partnership interest in MAALP, while the remaining 2,941,839 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our 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 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. MAA has registered under the Securities Act the 2,941,839 shares of its common stock that, as of December 31, 2025, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets."
    },
    {
      "status": "ADDED",
      "current_title": "Unsecured Revolving Credit Facility & Commercial Paper",
      "prior_title": null,
      "current_body": "In October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The revolving credit facility bears interest at a variable rate, at MAALP’s election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP’s credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP’s credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of December 31, 2025, there was no outstanding balance under the revolving credit facility, while $5.0 million of capacity was used to support outstanding letters of credit. MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days. In October 2025, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program from $625.0 million to $750.0 million. As of December 31, 2025, there were $676.0 million of borrowings outstanding under the commercial paper program. For the year ended December 31, 2025, the average daily borrowings outstanding under the commercial paper program were $379.9 million."
    },
    {
      "status": "ADDED",
      "current_title": "Unsecured Senior Notes",
      "prior_title": null,
      "current_body": "As of December 31, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. In January 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum and at an issue price of 99.019%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, and commenced on September 15, 2024. The notes have an effective interest rate of 5.123%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. In May 2024, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300% per annum and at an issue price of 99.496%. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, and commenced on August 15, 2024. The notes have an effective interest rate of 5.382%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. In June 2024, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program. In December 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, and commenced on September 1, 2025. The notes have an effective interest rate of 5.053%. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. In November 2025, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes dueJanuary 2033 with a coupon rate of 4.650% per annum and at an issue price of 99.354%. Interest is payable semi-annually in arrearson January 15 and July 15 of each year, commencing July 15, 2026. The notes have an effective interest rate of 4.755%. The proceeds from the sale of the notes were used to repay borrowings under MAALP’s commercial paper program, which were used to repay MAALP’s 2015 publicly issued notes that matured in November 2025. In November 2025, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity."
    },
    {
      "status": "ADDED",
      "current_title": "Secured Property Mortgages",
      "prior_title": null,
      "current_body": "MAALP maintains secured property mortgages with various life insurance companies. As of December 31, 2025, MAALP had $363.3 million of secured property mortgages outstanding. For more information regarding our debt capital resources, see Note 5 to the consolidated financial statements included in this Annual Report on Form 10-K. Equity As of December 31, 2025, MAA owned 116,878,077 OP Units, comprising a 97.5% limited partnership interest in MAALP, while the remaining 2,941,839 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our 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 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. MAA has registered under the Securities Act the 2,941,839 shares of its common stock that, as of December 31, 2025, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets. 38 38 As previously discussed in this Annual Report on Form 10-K, MAA has established an 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 ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the years ended December 31, 2025 and 2024, MAA did not sell any shares of common stock under the ATM program. As of December 31, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.For more information regarding our equity capital resources, see Note 8 and Note 9 to the consolidated financial statements included in this Annual Report on Form 10-K.Material Cash Requirements The following table summarizes material cash requirements as of December 31, 2025 related to contractual obligations, which consist of principal and interest on our debt obligations and right-of-use lease liabilities (dollars in thousands): 2026 2027 2028 2029 2030 Thereafter Total Debt obligations (1) $ 976,000 $ 600,000 $ 400,000 $ 550,000 $ 300,000 $ 2,613,293 $ 5,439,293 Fixed rate interest 172,744 164,586 145,386 126,124 111,136 693,839 1,413,815 Right-of-use lease liabilities (2) 3,098 3,136 1,714 820 771 54,187 63,726 Total $ 1,151,842 $ 767,722 $ 547,100 $ 676,944 $ 411,907 $ 3,361,319 $ 6,916,834 (1)Represents principal payments gross of debt issuance costs, discounts and premiums.(2)Primarily comprised of a ground lease underlying one apartment community we own and the lease of our corporate headquarters.As of December 31, 2025, we also had obligations, which are not reflected in the table above, to make additional capital contributions to six technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of December 31, 2025, we had committed to make additional capital contributions totaling up to $20.8 million if and when called by the general partners of the limited partnerships.As discussed below, we have other material cash requirements that do not represent contractual obligations, but that we expect to incur in the ordinary course of our business. As of December 31, 2025, we had eight development communities under construction totaling 2,522 apartment units once complete. Total expected costs for the eight development projects are $932.0 million, of which $625.6 million had been incurred through December 31, 2025. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2026, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2025. We expect to have additional development projects in the future.During the year ended December 31, 2025, we acquired one multifamily apartment community for approximately $96 million and acquired three land parcels for future development for approximately $37 million. These activities were funded from borrowings under the commercial paper program and available cash on hand. We typically declare cash dividends on MAA’s common stock on a quarterly basis, subject to approval by MAA’s Board of Directors. We expect to pay quarterly dividends at an annual rate of $6.12 per share of MAA common stock during the year ending December 31, 2026. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify MAA’s dividend policy from time to time. InflationOur resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the year ended December 31, 2025, we experienced inflationary pressures that drove higher operating expenses, primarily in personnel, utilities, building repair and maintenance, marketing and office operations expenses. As previously discussed in this Annual Report on Form 10-K, MAA has established an 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 ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the years ended December 31, 2025 and 2024, MAA did not sell any shares of common stock under the ATM program. As of December 31, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program. For more information regarding our equity capital resources, see Note 8 and Note 9 to the consolidated financial statements included in this Annual Report on Form 10-K."
    },
    {
      "status": "ADDED",
      "current_title": "Material Cash Requirements",
      "prior_title": null,
      "current_body": "The following table summarizes material cash requirements as of December 31, 2025 related to contractual obligations, which consist of principal and interest on our debt obligations and right-of-use lease liabilities (dollars in thousands): 2026 2027 2028 2029 2030 Thereafter Total Debt obligations (1) $ 976,000 $ 600,000 $ 400,000 $ 550,000 $ 300,000 $ 2,613,293 $ 5,439,293 Fixed rate interest 172,744 164,586 145,386 126,124 111,136 693,839 1,413,815 Right-of-use lease liabilities (2) 3,098 3,136 1,714 820 771 54,187 63,726 Total $ 1,151,842 $ 767,722 $ 547,100 $ 676,944 $ 411,907 $ 3,361,319 $ 6,916,834 (1)Represents principal payments gross of debt issuance costs, discounts and premiums. Represents principal payments gross of debt issuance costs, discounts and premiums. (2)Primarily comprised of a ground lease underlying one apartment community we own and the lease of our corporate headquarters. Primarily comprised of a ground lease underlying one apartment community we own and the lease of our corporate headquarters. As of December 31, 2025, we also had obligations, which are not reflected in the table above, to make additional capital contributions to six technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of December 31, 2025, we had committed to make additional capital contributions totaling up to $20.8 million if and when called by the general partners of the limited partnerships. As discussed below, we have other material cash requirements that do not represent contractual obligations, but that we expect to incur in the ordinary course of our business. As of December 31, 2025, we had eight development communities under construction totaling 2,522 apartment units once complete. Total expected costs for the eight development projects are $932.0 million, of which $625.6 million had been incurred through December 31, 2025. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2026, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2025. We expect to have additional development projects in the future. During the year ended December 31, 2025, we acquired one multifamily apartment community for approximately $96 million and acquired three land parcels for future development for approximately $37 million. These activities were funded from borrowings under the commercial paper program and available cash on hand. We typically declare cash dividends on MAA’s common stock on a quarterly basis, subject to approval by MAA’s Board of Directors. We expect to pay quarterly dividends at an annual rate of $6.12 per share of MAA common stock during the year ending December 31, 2026. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify MAA’s dividend policy from time to time. Inflation Our resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the year ended December 31, 2025, we experienced inflationary pressures that drove higher operating expenses, primarily in personnel, utilities, building repair and maintenance, marketing and office operations expenses. 39 39 Critical Accounting EstimatesA critical accounting estimate is one that is both important to our financial condition and results of operations and that involves some degree of uncertainty. The preceding discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements and the notes thereto, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. We believe that our estimates and assumptions are reasonable under the circumstances; however, actual results may differ from these estimates and assumptions.We believe that the estimates and assumptions summarized below are most important to the portrayal of our financial condition and results of operations because they involve a significant level of estimation uncertainty and they have had, or are reasonably likely to have, a material impact on our financial condition or results of operations.Acquisition of real estate assetsWe account for our acquisitions of investments in real estate as asset acquisitions in accordance with Accounting Standards Codification Topic 805, Business Combinations, which requires the cost of the real estate acquired to be allocated to the individual acquired tangible assets, consisting of land, buildings and improvements and other, and identified intangible assets, consisting of the value of in-place leases and other contracts, on a relative fair value basis. In calculating the asset value of acquired tangible and intangible assets, management may use significant subjective inputs, including forecasted net operating income, or NOI, and market specific capitalization and discount rates. Management analyzes stabilized NOI to determine its estimate for forecasted NOI. Management estimates the market capitalization rate by analyzing the market capitalization rates for sold properties with comparable ages in similarly sized markets. Management allocates the purchase price of the asset acquisition based on the relative fair value of the individual components as a proportion of the total assets acquired. Impairment of long-lived assetsWe account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal of long-lived assets. Management periodically evaluates long-lived assets, including investments in real estate, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors. Long-lived assets, such as real estate assets, equipment, right-of-use lease assets and purchased intangibles subject to amortization, are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, or an asset group. Management generally considers the individual assets of an apartment community to collectively represent an asset group. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Management calculates the fair value of an asset by dividing estimated future annual cash flow by a market capitalization rate. No material impairment losses were recognized during the years ended December 31, 2025 and 2024. Our impairment assessments may contain uncertainties because they require management to make assumptions and to apply judgment to estimate future undiscounted cash flows and the fair value of the assets. Key assumptions used in estimating future cash flows and the fair value of an asset include projecting an apartment community’s NOI, estimating asset hold periods and recurring capital expenditures, as well as selecting an appropriate market capitalization rate. Management considers its apartment communities’ historical stabilized NOI performance, local market economics and the business environment impacting our apartment communities as the basis in projecting forecasted NOI, which management believes is representative of future cash flows. Management estimates the market capitalization rate by analyzing the market capitalization rates for sold properties with comparable ages in similarly sized markets. These estimates are subjective and our ability to realize future cash flows and asset fair values is affected by factors such as ongoing maintenance and improvement of the assets, changes in economic conditions and changes in operating performance."
    },
    {
      "status": "ADDED",
      "current_title": "Critical Accounting Estimates",
      "prior_title": null,
      "current_body": "A critical accounting estimate is one that is both important to our financial condition and results of operations and that involves some degree of uncertainty. The preceding discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements and the notes thereto, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. We believe that our estimates and assumptions are reasonable under the circumstances; however, actual results may differ from these estimates and assumptions. We believe that the estimates and assumptions summarized below are most important to the portrayal of our financial condition and results of operations because they involve a significant level of estimation uncertainty and they have had, or are reasonably likely to have, a material impact on our financial condition or results of operations."
    },
    {
      "status": "ADDED",
      "current_title": "Acquisition of real estate assets",
      "prior_title": null,
      "current_body": "We account for our acquisitions of investments in real estate as asset acquisitions in accordance with Accounting Standards Codification Topic 805, Business Combinations, which requires the cost of the real estate acquired to be allocated to the individual acquired tangible assets, consisting of land, buildings and improvements and other, and identified intangible assets, consisting of the value of in-place leases and other contracts, on a relative fair value basis. In calculating the asset value of acquired tangible and intangible assets, management may use significant subjective inputs, including forecasted net operating income, or NOI, and market specific capitalization and discount rates. Management analyzes stabilized NOI to determine its estimate for forecasted NOI. Management estimates the market capitalization rate by analyzing the market capitalization rates for sold properties with comparable ages in similarly sized markets. Management allocates the purchase price of the asset acquisition based on the relative fair value of the individual components as a proportion of the total assets acquired."
    },
    {
      "status": "ADDED",
      "current_title": "Impairment of long-lived assets",
      "prior_title": null,
      "current_body": "We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal of long-lived assets. Management periodically evaluates long-lived assets, including investments in real estate, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors. Long-lived assets, such as real estate assets, equipment, right-of-use lease assets and purchased intangibles subject to amortization, are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, or an asset group. Management generally considers the individual assets of an apartment community to collectively represent an asset group. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Management calculates the fair value of an asset by dividing estimated future annual cash flow by a market capitalization rate. No material impairment losses were recognized during the years ended December 31, 2025 and 2024. Our impairment assessments may contain uncertainties because they require management to make assumptions and to apply judgment to estimate future undiscounted cash flows and the fair value of the assets. Key assumptions used in estimating future cash flows and the fair value of an asset include projecting an apartment community’s NOI, estimating asset hold periods and recurring capital expenditures, as well as selecting an appropriate market capitalization rate. Management considers its apartment communities’ historical stabilized NOI performance, local market economics and the business environment impacting our apartment communities as the basis in projecting forecasted NOI, which management believes is representative of future cash flows. Management estimates the market capitalization rate by analyzing the market capitalization rates for sold properties with comparable ages in similarly sized markets. These estimates are subjective and our ability to realize future cash flows and asset fair values is affected by factors such as ongoing maintenance and improvement of the assets, changes in economic conditions and changes in operating performance. 40 40 Valuation of embedded derivativeThe redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to the statement of operations. The derivative asset related to the redemption feature is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at our option beginning on October 1, 2026 and at the redemption price of $50 per share. We may use various significant 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 us, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option. As a result of the adjustments recorded to reflect the change in fair value of the derivative asset, the fair value of the embedded derivative asset increased to $14.3 million as of December 31, 2025 as compared to $13.2 million as of December 31, 2024, an increase in value of the asset of $1.1 million.Arriving at the valuation of the embedded derivative requires a significant amount of subjective judgment by management, and the valuation of the embedded derivative is highly sensitive to changes in certain inputs in the analysis. For example, changes in the inputs of the MAALP bond yields, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA and treasury rates could cause the valuation of the embedded derivative to materially change from the recorded balance as of December 31, 2025. Significant Accounting PoliciesFor more information regarding our significant accounting policies, including the accounting polices related to the critical accounting estimates discussed above as well as a brief description of recent accounting pronouncements that could have a material impact on our financial statements, see Note 1 to the consolidated financial statements included in this Annual Report on Form 10-K.Item 7A. Quantitative and Qualitative Disclosures About Market Risk.Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. Our primary market risk exposure is to changes in interest rates on our borrowings. As of December 31, 2025, 24.5% of our total market capitalization consisted of debt borrowings. Our interest rate risk objective is to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve this objective, we manage our exposure to fluctuations in market interest rates for borrowings through the use of fixed rate debt instruments and from time to time interest rate swaps to effectively fix the interest rate on anticipated future debt transactions. We use our best efforts to have our debt instruments mature across multiple years, which we believe limits our exposure to interest rate changes in any one year. We do not enter into derivative instruments for trading or other speculative purposes. As of December 31, 2025, 87.5% of our outstanding debt was subject to fixed rates. We regularly review interest rate exposure on outstanding borrowings in an effort to minimize the risk of interest rate fluctuations.Item 8. Financial Statements and Supplementary Data.The consolidated financial statements and related financial information required to be filed are set forth on pages F-1 to F-39 of this Annual Report on Form 10-K.Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.None.Item 9A. Controls and Procedures.Mid-America Apartment Communities, Inc.(a) Evaluation of Disclosure Controls and ProceduresMAA is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of MAA’s disclosure controls and procedures as of December 31, 2025. Based on that evaluation, MAA’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of December 31, 2025 to ensure that information required to be disclosed by MAA in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to MAA’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure."
    },
    {
      "status": "ADDED",
      "current_title": "Valuation of embedded derivative",
      "prior_title": null,
      "current_body": "The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to the statement of operations. The derivative asset related to the redemption feature is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at our option beginning on October 1, 2026 and at the redemption price of $50 per share. We may use various significant 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 us, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option. As a result of the adjustments recorded to reflect the change in fair value of the derivative asset, the fair value of the embedded derivative asset increased to $14.3 million as of December 31, 2025 as compared to $13.2 million as of December 31, 2024, an increase in value of the asset of $1.1 million. Arriving at the valuation of the embedded derivative requires a significant amount of subjective judgment by management, and the valuation of the embedded derivative is highly sensitive to changes in certain inputs in the analysis. For example, changes in the inputs of the MAALP bond yields, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA and treasury rates could cause the valuation of the embedded derivative to materially change from the recorded balance as of December 31, 2025."
    },
    {
      "status": "ADDED",
      "current_title": "Significant Accounting Policies",
      "prior_title": null,
      "current_body": "For more information regarding our significant accounting policies, including the accounting polices related to the critical accounting estimates discussed above as well as a brief description of recent accounting pronouncements that could have a material impact on our financial statements, see Note 1 to the consolidated financial statements included in this Annual Report on Form 10-K. Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. Our primary market risk exposure is to changes in interest rates on our borrowings. As of December 31, 2025, 24.5% of our total market capitalization consisted of debt borrowings. Our interest rate risk objective is to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve this objective, we manage our exposure to fluctuations in market interest rates for borrowings through the use of fixed rate debt instruments and from time to time interest rate swaps to effectively fix the interest rate on anticipated future debt transactions. We use our best efforts to have our debt instruments mature across multiple years, which we believe limits our exposure to interest rate changes in any one year. We do not enter into derivative instruments for trading or other speculative purposes. As of December 31, 2025, 87.5% of our outstanding debt was subject to fixed rates. We regularly review interest rate exposure on outstanding borrowings in an effort to minimize the risk of interest rate fluctuations. Item 8. Financial Statements and Supplementary Data. The consolidated financial statements and related financial information required to be filed are set forth on pages F-1 to F-39 of this Annual Report on Form 10-K. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None. Item 9A. Controls and Procedures."
    },
    {
      "status": "ADDED",
      "current_title": "(a) Evaluation of Disclosure Controls and Procedures",
      "prior_title": null,
      "current_body": "MAA is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of MAA’s disclosure controls and procedures as of December 31, 2025. Based on that evaluation, MAA’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of December 31, 2025 to ensure that information required to be disclosed by MAA in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to MAA’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. 41 41 (b) Management’s Report on Internal Control over Financial ReportingMAA’s management is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of MAA’s internal control over financial reporting as of December 31, 2025 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, MAA’s management concluded that MAA’s internal control over financial reporting was effective as of December 31, 2025.Ernst & Young LLP, the independent registered public accounting firm that has audited the consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on MAA’s internal control over financial reporting, which is included in this Annual Report on Form 10-K.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.(c) Changes in Internal Control over Financial ReportingThere was no change to MAA’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting.Mid-America Apartments, L.P.(a) Evaluation of Disclosure Controls and ProceduresThe Operating Partnership is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, carried out an evaluation of the effectiveness of the Operating Partnership’s disclosure controls and procedures as of December 31, 2025. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, concluded that the disclosure controls and procedures were effective as of December 31, 2025 to ensure that information required to be disclosed by the Operating Partnership in its in Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, as appropriate to allow timely decisions regarding required disclosure.(b) Management’s Report on Internal Control over Financial ReportingManagement of the Operating Partnership is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rule 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, conducted an evaluation of the effectiveness of the Operating Partnership’s internal control over financial reporting as of December 31, 2025 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, management of the Operating Partnership has concluded that the Operating Partnership’s internal control over financial reporting was effective as of December 31, 2025. An attestation report of the independent registered public accounting firm of the Operating Partnership will not be required as long as the Operating Partnership is a non-accelerated filer.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.(c) Changes in Internal Control over Financial ReportingThere was no change to the Operating Partnership’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting."
    },
    {
      "status": "ADDED",
      "current_title": "(b) Management’s Report on Internal Control over Financial Reporting",
      "prior_title": null,
      "current_body": "MAA’s management is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of MAA’s internal control over financial reporting as of December 31, 2025 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, MAA’s management concluded that MAA’s internal control over financial reporting was effective as of December 31, 2025. Ernst & Young LLP, the independent registered public accounting firm that has audited the consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on MAA’s internal control over financial reporting, which is included in this Annual Report on Form 10-K. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation."
    },
    {
      "status": "ADDED",
      "current_title": "(c) Changes in Internal Control over Financial Reporting",
      "prior_title": null,
      "current_body": "There was no change to MAA’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting."
    },
    {
      "status": "ADDED",
      "current_title": "(a) Evaluation of Disclosure Controls and Procedures",
      "prior_title": null,
      "current_body": "MAA is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of MAA’s disclosure controls and procedures as of December 31, 2025. Based on that evaluation, MAA’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of December 31, 2025 to ensure that information required to be disclosed by MAA in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to MAA’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. 41 41 (b) Management’s Report on Internal Control over Financial ReportingMAA’s management is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of MAA’s internal control over financial reporting as of December 31, 2025 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, MAA’s management concluded that MAA’s internal control over financial reporting was effective as of December 31, 2025.Ernst & Young LLP, the independent registered public accounting firm that has audited the consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on MAA’s internal control over financial reporting, which is included in this Annual Report on Form 10-K.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.(c) Changes in Internal Control over Financial ReportingThere was no change to MAA’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting.Mid-America Apartments, L.P.(a) Evaluation of Disclosure Controls and ProceduresThe Operating Partnership is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, carried out an evaluation of the effectiveness of the Operating Partnership’s disclosure controls and procedures as of December 31, 2025. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, concluded that the disclosure controls and procedures were effective as of December 31, 2025 to ensure that information required to be disclosed by the Operating Partnership in its in Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, as appropriate to allow timely decisions regarding required disclosure.(b) Management’s Report on Internal Control over Financial ReportingManagement of the Operating Partnership is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rule 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, conducted an evaluation of the effectiveness of the Operating Partnership’s internal control over financial reporting as of December 31, 2025 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, management of the Operating Partnership has concluded that the Operating Partnership’s internal control over financial reporting was effective as of December 31, 2025. An attestation report of the independent registered public accounting firm of the Operating Partnership will not be required as long as the Operating Partnership is a non-accelerated filer.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.(c) Changes in Internal Control over Financial ReportingThere was no change to the Operating Partnership’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting."
    },
    {
      "status": "ADDED",
      "current_title": "(b) Management’s Report on Internal Control over Financial Reporting",
      "prior_title": null,
      "current_body": "MAA’s management is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of MAA’s internal control over financial reporting as of December 31, 2025 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, MAA’s management concluded that MAA’s internal control over financial reporting was effective as of December 31, 2025. Ernst & Young LLP, the independent registered public accounting firm that has audited the consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on MAA’s internal control over financial reporting, which is included in this Annual Report on Form 10-K. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation."
    },
    {
      "status": "ADDED",
      "current_title": "(c) Changes in Internal Control over Financial Reporting",
      "prior_title": null,
      "current_body": "There was no change to MAA’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting."
    },
    {
      "status": "ADDED",
      "current_title": "Rule 10b5-1 Trading Arrangements.",
      "prior_title": null,
      "current_body": "During the quarter ended December 31, 2025, no director or officer of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” as that term is defined in Item 408(a) of Regulation S-K. adopted terminated"
    },
    {
      "status": "ADDED",
      "current_title": "Non-Rule 10b5-1 Trading Arrangements.",
      "prior_title": null,
      "current_body": "During the quarter ended December 31, 2025, no director or officer of the Company adopted or terminated any “non-Rule 10b5-1 trading arrangement” as that term is defined in Item 408(a) of Regulation S-K. adopted terminated Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III Item 10. Directors, Executive Officers and Corporate Governance. The information contained in MAA’s 2026 Proxy Statement in the sections entitled “Board Structure and Composition,” “Director Nominees for Election” and “Executive Officers of the Registrant,” is incorporated herein by reference in response to this Item 10. Our Board of Directors has adopted a Code of Conduct applicable to all officers, directors and employees, including the CEO, CFO and principal accounting officer, which can be found on our website at https://www.maac.com, on the “For Investors” page in the “Corporate Documents” section under “Overview—Corporate Governance.” We will provide a copy of this document to any person, without charge, upon request, by writing to the Legal Department at MAA, 6815 Poplar Avenue, Suite 500, Germantown, Tennessee 38138. We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of the Code of Conduct by posting such information on our website at the address and the locations specified above. Reference to our website does not constitute incorporation by reference of the information contained on the site and should not be considered part of this Annual Report on Form 10-K. The Company has an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities that applies to all personnel of the Company, including directors, officers and employees and other covered persons, as well as the Company itself. The Company believes that its insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company. A copy of the Company’s insider trading policy is filed as Exhibit 19 to this Annual Report on Form 10-K. has an insider trading policy Item 11. Executive Compensation. The information contained in MAA’s 2026 Proxy Statement in the sections entitled “Executive Compensation Tables,” “Director Compensation Table,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Committee Report” and “Compensation Discussion and Analysis” is incorporated herein by reference in response to this Item 11. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. The information contained in MAA’s 2026 Proxy Statement in the sections entitled “Security Ownership of Management,” “Security Ownership of Certain Beneficial Owners” and “Securities Authorized for Issuance Under Equity Compensation Plans” is incorporated herein by reference in response to this Item 12. Item 13. Certain Relationships and Related Transactions, and Director Independence. The information contained in MAA’s 2026 Proxy Statement in the sections entitled “Certain Relationships and Related Party Transactions” and “Indebtedness of Management” is incorporated herein by reference in response to this Item 13. Item 14. Principal Accountant Fees and Services. The information contained in MAA’s 2026 Proxy Statement in the section entitled “Audit and Non-Audit Fees” is incorporated herein by reference in response to this Item 14. 43 43 PART IVItem 15. Exhibits and Financial Statement Schedules. (a)The following documents are filed as part of this Annual Report on Form 10-K: 1. Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) F-1 Financial Statements of Mid-America Apartment Communities, Inc.: Consolidated Balance Sheets as of December 31, 2025 and 2024 F-4 Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-5 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 F-6 Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023 F-7 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-8 Financial Statements of Mid-America Apartments, L.P.: Consolidated Balance Sheets as of December 31, 2025 and 2024 F-9 Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-10 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 F-11 Consolidated Statements of Changes in Capital for the years ended December 31, 2025, 2024 and 2023 F-12 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 F-13 Notes to Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023 F-14 2. Financial Statement Schedule required to be filed by Item 8 and Paragraph (b) of this Item 15: Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2025 F-34 3. The exhibits required by Item 601 of Regulation S-K, except as otherwise noted, have been filed with previous reports by the registrant and are herein incorporated by reference. All other financial statement schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and, therefore, have been omitted. PART IV Item 15. Exhibits and Financial Statement Schedules. (a)The following documents are filed as part of this Annual Report on Form 10-K: The following documents are filed as part of this Annual Report on Form 10-K: 1. Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42 42 ) F-1"
    },
    {
      "status": "ADDED",
      "current_title": "Financial Statements of Mid-America Apartment Communities, Inc.:",
      "prior_title": null,
      "current_body": "Consolidated Balance Sheets as of December 31, 2025 and 2024 Consolidated Balance Sheets as of December 31, 2025 and 2024 F-4 Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 F-5 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Comprehensive Income for the F-6 Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Equity for the F-7 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Cash Flows for the F-8"
    },
    {
      "status": "ADDED",
      "current_title": "Financial Statements of Mid-America Apartments, L.P.:",
      "prior_title": null,
      "current_body": "Consolidated Balance Sheets as of December 31, 2025 and 2024 Consolidated Balance Sheets as of F-9 Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Operations for the F-10 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Comprehensive Income for the F-11 Consolidated Statements of Changes in Capital for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Changes in Capital for the F-12 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Cash Flows for the F-13 Notes to Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023 Notes to Consolidated Financial Statements for the F-14 2. Financial Statement Schedule required to be filed by Item 8 and Paragraph (b) of this Item 15: Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2025 Schedule III – Real Estate and Accumulated Depreciation as of F-34 3. The exhibits required by Item 601 of Regulation S-K, except as otherwise noted, have been filed with previous reports by the registrant and are herein incorporated by reference. All other financial statement schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and, therefore, have been omitted. 44 44 ExhibitNumber Exhibit Description 3.1 Composite Charter of Mid-America Apartment Communities, Inc. (Filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K filed on February 24, 2017 and incorporated herein by reference). 3.2 Fifth Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 12, 2023 (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference). 3.3 Composite Certificate of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 1, 2019 and incorporated herein by reference). 3.4 Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference). 3.5 First Amendment to the Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 10, 2016 and incorporated herein by reference). 4.1 Form of Common Share Certificate (Filed as Exhibit 4.1 to the Registrant's Annual Report on Form 10-K filed on February 18, 2021 and incorporated herein by reference). 4.2 Form of 8.50% Series I Cumulative Redeemable Preferred Stock Certificate (Filed as Exhibit 4.2 to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-4 filed on September 28, 2016 and incorporated herein by reference). 4.3 Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). 4.4 First Supplemental Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.300% Senior Notes due 2023 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). 4.5 Second Supplemental Indenture, dated as of June 13, 2014, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 3.7500% Senior Notes due 2024 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on June 13, 2014 and incorporated herein by reference). 4.6 Third Supplemental Indenture, dated as of November 9, 2015, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.000% Senior Notes due 2025 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 9, 2015 and incorporated herein by reference). 4.7 Indenture between Post Properties, Inc. and SunTrust Bank, as Trustee (Filed as Exhibit 4.1 to Post Properties’ Registration Statement on Form S-3 (File No. 333-42884), and incorporated herein by reference). 4.8 First Supplemental Indenture to the Indenture between the Post Apartment Homes, L.P., and SunTrust Bank, as Trustee (Filed as Exhibit 4.2 to Post Properties’ Registration Statement on Form S-3ASR (File No. 333-139581) and incorporated herein by reference). 4.9 Form of Post Apartment Homes, L.P. 3.375% Note due 2022 (Filed as Exhibit 4.1 to Post Properties’ Current Report on Form 8-K filed November 7, 2012 and incorporated herein by reference). 4.10 Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). 4.11 First Supplemental Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). Exhibit Number"
    },
    {
      "status": "ADDED",
      "current_title": "Exhibit Description",
      "prior_title": null,
      "current_body": "3.1 Composite Charter of Mid-America Apartment Communities, Inc. (Filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K filed on February 24, 2017 and incorporated herein by reference). Composite Charter of Mid-America Apartment Communities, Inc. (Filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K filed on February 24, 2017 and incorporated herein by reference). 3.2 Fifth Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 12, 2023 (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference). Fifth Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 12, 2023 (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference). 3.3 Composite Certificate of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 1, 2019 and incorporated herein by reference). Composite Certificate of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 1, 2019 and incorporated herein by reference). 3.4 Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference). Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference). 3.5 First Amendment to the Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 10, 2016 and incorporated herein by reference). First Amendment to the Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 10, 2016 and incorporated herein by reference). 4.1 Form of Common Share Certificate (Filed as Exhibit 4.1 to the Registrant's Annual Report on Form 10-K filed on February 18, 2021 and incorporated herein by reference). Form of Common Share Certificate (Filed as Exhibit 4.1 to the Registrant's Annual Report on Form 10-K filed on February 18, 2021 and incorporated herein by reference). 4.2 Form of 8.50% Series I Cumulative Redeemable Preferred Stock Certificate (Filed as Exhibit 4.2 to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-4 filed on September 28, 2016 and incorporated herein by reference). Form of 8.50% Series I Cumulative Redeemable Preferred Stock Certificate (Filed as Exhibit 4.2 to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-4 filed on September 28, 2016 and incorporated herein by reference). 4.3 Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). 4.4 First Supplemental Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.300% Senior Notes due 2023 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). First Supplemental Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.300% Senior Notes due 2023 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). 4.5 Second Supplemental Indenture, dated as of June 13, 2014, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 3.7500% Senior Notes due 2024 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on June 13, 2014 and incorporated herein by reference). Second Supplemental Indenture, dated as of June 13, 2014, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 3.7500% Senior Notes due 2024 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on June 13, 2014 and incorporated herein by reference). 4.6 Third Supplemental Indenture, dated as of November 9, 2015, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.000% Senior Notes due 2025 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 9, 2015 and incorporated herein by reference). Third Supplemental Indenture, dated as of November 9, 2015, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.000% Senior Notes due 2025 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 9, 2015 and incorporated herein by reference). 4.7 Indenture between Post Properties, Inc. and SunTrust Bank, as Trustee (Filed as Exhibit 4.1 to Post Properties’ Registration Statement on Form S-3 (File No. 333-42884), and incorporated herein by reference). Indenture between Post Properties, Inc. and SunTrust Bank, as Trustee (Filed as Exhibit 4.1 to Post Properties’ Registration Statement on Form S-3 (File No. 333-42884), and incorporated herein by reference). 4.8 First Supplemental Indenture to the Indenture between the Post Apartment Homes, L.P., and SunTrust Bank, as Trustee (Filed as Exhibit 4.2 to Post Properties’ Registration Statement on Form S-3ASR (File No. 333-139581) and incorporated herein by reference). First Supplemental Indenture to the Indenture between the Post Apartment Homes, L.P., and SunTrust Bank, as Trustee (Filed as Exhibit 4.2 to Post Properties’ Registration Statement on Form S-3ASR (File No. 333-139581) and incorporated herein by reference). 4.9 Form of Post Apartment Homes, L.P. 3.375% Note due 2022 (Filed as Exhibit 4.1 to Post Properties’ Current Report on Form 8-K filed November 7, 2012 and incorporated herein by reference). Form of Post Apartment Homes, L.P. 3.375% Note due 2022 (Filed as Exhibit 4.1 to Post Properties’ Current Report on Form 8-K filed November 7, 2012 and incorporated herein by reference). 4.10 Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). 4.11 First Supplemental Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). First Supplemental Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). 45 45 4.12 Second Supplemental Indenture, dated as of May 14, 2018, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 14, 2018 and incorporated herein by reference). 4.13 Third Supplemental Indenture, dated as of March 7, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on March 7, 2019 and incorporated herein by reference). 4.14 Fourth Supplemental Indenture, dated as of November 26, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 26, 2019 and incorporated herein by reference). 4.15 Fifth Supplemental Indenture, dated as of August 12, 2020, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 12, 2020 and incorporated herein by reference). 4.16 Sixth Supplemental Indenture, dated as of August 19, 2021, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 19, 2021 and incorporated herein by reference). 4.17 Seventh Supplemental Indenture, dated as of January 10, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on January 10, 2024 and incorporated herein by reference). 4.18 Eighth Supplemental Indenture, dated as of May 22, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 22, 2024 and incorporated herein by reference). 4.19 Ninth Supplemental Indenture, dated as of December 18, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on December 18, 2024 and incorporated herein by reference). 4.20 Tenth Supplemental Indenture, dated as of November 10, 2025, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 10, 2025 and incorporated herein by reference). 4.21 Description of Securities (Filed as Exhibit 4.15 to the Registrant’s Annual Report on Form 10-K filed on February 20, 2020 and incorporated herein by reference). 10.1† Employment Agreement, dated as of April 1, 2025 by and between the Registrant and H. Eric Bolton, Jr. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March 31, 2025 and incorporated herein by reference). 10.2† Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended Effective November 30, 2010 (Filed as Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). 10.3† Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement filed on April 16, 2014 and incorporated herein by reference). 10.4† Form of Non-Qualified Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference). 10.5† Form of Restricted Stock Award Agreement under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 1, 2015 and incorporated herein by reference). 10.6† Form of Incentive Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.22 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2017 and incorporated herein by reference). 4.12 Second Supplemental Indenture, dated as of May 14, 2018, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 14, 2018 and incorporated herein by reference). Second Supplemental Indenture, dated as of May 14, 2018, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 14, 2018 and incorporated herein by reference). 4.13 Third Supplemental Indenture, dated as of March 7, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on March 7, 2019 and incorporated herein by reference). Third Supplemental Indenture, dated as of March 7, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on March 7, 2019 and incorporated herein by reference). 4.14 Fourth Supplemental Indenture, dated as of November 26, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 26, 2019 and incorporated herein by reference). Fourth Supplemental Indenture, dated as of November 26, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 26, 2019 and incorporated herein by reference). 4.15 Fifth Supplemental Indenture, dated as of August 12, 2020, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 12, 2020 and incorporated herein by reference). Fifth Supplemental Indenture, dated as of August 12, 2020, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 12, 2020 and incorporated herein by reference). 4.16 Sixth Supplemental Indenture, dated as of August 19, 2021, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 19, 2021 and incorporated herein by reference). Sixth Supplemental Indenture, dated as of August 19, 2021, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 19, 2021 and incorporated herein by reference). 4.17 Seventh Supplemental Indenture, dated as of January 10, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on January 10, 2024 and incorporated herein by reference). Seventh Supplemental Indenture, dated as of January 10, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on January 10, 2024 and incorporated herein by reference). 4.18 Eighth Supplemental Indenture, dated as of May 22, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 22, 2024 and incorporated herein by reference). Eighth Supplemental Indenture, dated as of May 22, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 22, 2024 and incorporated herein by reference). 4.19 Ninth Supplemental Indenture, dated as of December 18, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on December 18, 2024 and incorporated herein by reference). Ninth Supplemental Indenture, dated as of December 18, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on December 18, 2024 and incorporated herein by reference). 4.20 Tenth Supplemental Indenture, dated as of November 10, 2025, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 10, 2025 and incorporated herein by reference). Tenth Supplemental Indenture, dated as of November 10, 2025, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 10, 2025 and incorporated herein by reference). 4.21 Description of Securities (Filed as Exhibit 4.15 to the Registrant’s Annual Report on Form 10-K filed on February 20, 2020 and incorporated herein by reference). Description of Securities (Filed as Exhibit 4.15 to the Registrant’s Annual Report on Form 10-K filed on February 20, 2020 and incorporated herein by reference). 10.1† Employment Agreement, dated as of April 1, 2025 by and between the Registrant and H. Eric Bolton, Jr. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March 31, 2025 and incorporated herein by reference). Employment Agreement, dated as of April 1, 2025 by and between the Registrant and H. Eric Bolton, Jr. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March 31, 2025 and incorporated herein by reference). 10.2† Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended Effective November 30, 2010 (Filed as Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended Effective November 30, 2010 (Filed as Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). 10.3† Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement filed on April 16, 2014 and incorporated herein by reference). Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement filed on April 16, 2014 and incorporated herein by reference). 10.4† Form of Non-Qualified Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference). Form of Non-Qualified Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference). 10.5† Form of Restricted Stock Award Agreement under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 1, 2015 and incorporated herein by reference). Form of Restricted Stock Award Agreement under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 1, 2015 and incorporated herein by reference). 10.6† Form of Incentive Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.22 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2017 and incorporated herein by reference). Form of Incentive Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.22 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2017 and incorporated herein by reference). 46 46 10.7† MAA Non-Qualified Executive Deferred Compensation Retirement Plan Amended and Restated Effective January 1, 2016 (Filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). 10.8† Form of Change in Control and Termination Agreement (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 2, 2014 and incorporated herein by reference). 10.9† Mid-America Apartment Communities, Inc. Indemnification Agreement (Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on December 1, 2016 and incorporated herein by reference). 10.10† Amended and Restated Post Properties Inc. 2003 Incentive Stock Plan (Filed as Exhibit 99.1 to the Registrant’s Registration Statement on Form S-8 filed on December 9, 2016 and incorporated herein by reference). 10.11† Second Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix A to the Registrant’s Definitive Proxy Statement filed on April 9, 2018 and incorporated herein by reference). 10.12† Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.13† Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.14† Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.15† Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.16 Fifth Amended and Restated Credit Agreement, dated as of October 21, 2025, by and among Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, KeyBank National Association and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Truist Bank, U.S. Bank National Association, PNC Bank, National Association, Citibank, N.A., TD Bank, N.A., and Mizuho Bank, LTD., as Co-Documentation Agents, and the lenders party thereto (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on October 30, 2025 and incorporated herein by reference). 10.17 Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (filed as Exhibit A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on April 3, 2023 and incorporated herein by reference). 10.18† Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.19† Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.20† Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.21† Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.22 Settlement Agreement dated January 26, 2026, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., and the Plaintiffs. 10.7† MAA Non-Qualified Executive Deferred Compensation Retirement Plan Amended and Restated Effective January 1, 2016 (Filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). MAA Non-Qualified Executive Deferred Compensation Retirement Plan Amended and Restated Effective January 1, 2016 (Filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). 10.8† Form of Change in Control and Termination Agreement (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 2, 2014 and incorporated herein by reference). Form of Change in Control and Termination Agreement (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 2, 2014 and incorporated herein by reference). 10.9† Mid-America Apartment Communities, Inc. Indemnification Agreement (Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on December 1, 2016 and incorporated herein by reference). Mid-America Apartment Communities, Inc. Indemnification Agreement (Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on December 1, 2016 and incorporated herein by reference). 10.10† Amended and Restated Post Properties Inc. 2003 Incentive Stock Plan (Filed as Exhibit 99.1 to the Registrant’s Registration Statement on Form S-8 filed on December 9, 2016 and incorporated herein by reference). Amended and Restated Post Properties Inc. 2003 Incentive Stock Plan (Filed as Exhibit 99.1 to the Registrant’s Registration Statement on Form S-8 filed on December 9, 2016 and incorporated herein by reference). 10.11† Second Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix A to the Registrant’s Definitive Proxy Statement filed on April 9, 2018 and incorporated herein by reference). Second Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix A to the Registrant’s Definitive Proxy Statement filed on April 9, 2018 and incorporated herein by reference). 10.12† Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.13† Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.14† Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.15† Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.16 Fifth Amended and Restated Credit Agreement, dated as of October 21, 2025, by and among Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, KeyBank National Association and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Truist Bank, U.S. Bank National Association, PNC Bank, National Association, Citibank, N.A., TD Bank, N.A., and Mizuho Bank, LTD., as Co-Documentation Agents, and the lenders party thereto (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on October 30, 2025 and incorporated herein by reference). Fifth Amended and Restated Credit Agreement, dated as of October 21, 2025, by and among Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, KeyBank National Association and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Truist Bank, U.S. Bank National Association, PNC Bank, National Association, Citibank, N.A., TD Bank, N.A., and Mizuho Bank, LTD., as Co-Documentation Agents, and the lenders party thereto (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on October 30, 2025 and incorporated herein by reference) . 10.17 Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (filed as Exhibit A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on April 3, 2023 and incorporated herein by reference). Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (filed as Exhibit A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on April 3, 2023 and incorporated herein by reference). 10.18† Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.19† Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference) 10.20† Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.21† Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.22 Settlement Agreement dated January 26, 2026, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., and the Plaintiffs. Settlement Agreement dated January 26, 2026, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., and the Plaintiffs. 47 47 19 Statement of Company Policy on Insider Trading and Disclosure (Filed as Exhibit 19 to the Registrant’s AnnualReport on Form 10-K filed on February 7, 2025 and incorporated herein by reference). 21.1 List of Subsidiaries. 23.1 Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAA. 23.2 Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAALP. 31.1 MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.3 MAALP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.4 MAALP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1* MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2* MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.3* MAALP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.4* MAALP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97 MAA Compensation Recoupment Policy (Filed as Exhibit 97 to the Registrant’s Annual Report on Form 10-K filed on February 9, 2024 and incorporated herein by reference). 101 The following financial information from Mid-America Apartment Communities, Inc.’s and Mid-America Apartments, L.P.’s Annual Report on Form 10-K for the period ended December 31, 2025, filed with the SEC on February 6, 2026, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024; (ii) the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023; (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023; (iv) the Consolidated Statements of Equity/Changes in Capital for the years ended December 31, 2025, 2024 and 2023; (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023; (vi) Notes to Consolidated Financial Statements; and (vii) Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025. 104 Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101). † Management contract or compensatory plan or arrangement.* This certification is being furnished solely to accompany this Annual Report on Form 10-K pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing of MAA or MAALP, whether made before or after the date hereof, regardless of any general incorporation language in such filings.(b)Exhibits: See Item 15(a)(3) above.(c)Financial Statement Schedule: See Item 15(a)(2) above.Item 16. Form 10-K Summary.None. 19 Statement of Company Policy on Insider Trading and Disclosure (Filed as Exhibit 19 to the Registrant’s AnnualReport on Form 10-K filed on February 7, 2025 and incorporated herein by reference). Statement of Company Policy on Insider Trading and Disclosure (Filed as Exhibit 19 to the Registrant’s AnnualReport on Form 10-K filed on February 7, 2025 and incorporated herein by reference). 21.1 List of Subsidiaries. List of Subsidiaries. 23.1 Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAA. Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAA. 23.2 Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAALP. Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAALP. 31.1 MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.3 MAALP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. MAALP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.4 MAALP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. MAALP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1* MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2* MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.3* MAALP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. MAALP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.4* MAALP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. MAALP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97 MAA Compensation Recoupment Policy (Filed as Exhibit 97 to the Registrant’s Annual Report on Form 10-K filed on February 9, 2024 and incorporated herein by reference). MAA Compensation Recoupment Policy (Filed as Exhibit 97 to the Registrant’s Annual Report on Form 10-K filed on February 9, 2024 and incorporated herein by reference). 101 The following financial information from Mid-America Apartment Communities, Inc.’s and Mid-America Apartments, L.P.’s Annual Report on Form 10-K for the period ended December 31, 2025, filed with the SEC on February 6, 2026, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024; (ii) the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023; (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023; (iv) the Consolidated Statements of Equity/Changes in Capital for the years ended December 31, 2025, 2024 and 2023; (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023; (vi) Notes to Consolidated Financial Statements; and (vii) Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025. 104 Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101). † Management contract or compensatory plan or arrangement. * This certification is being furnished solely to accompany this Annual Report on Form 10-K pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing of MAA or MAALP, whether made before or after the date hereof, regardless of any general incorporation language in such filings. (b)Exhibits: See Item 15(a)(3) above. Exhibits: See Item 15(a)(3) above. (c)Financial Statement Schedule: See Item 15(a)(2) above. Financial Statement Schedule: See Item 15(a)(2) above. Item 16. Form 10-K Summary. None. 48 48 SIGNATURESPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MID-AMERICA APARTMENT COMMUNITIES, INC. Date: February 6, 2026 /s/ A. Brad Hill A. Brad HillPresident and Chief Executive Officer(Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. MID-AMERICA APARTMENT COMMUNITIES, INC. Date: February 6, 2026 /s/ A. Brad Hill A. Brad HillDirectorPresident and Chief Executive Officer(Principal Executive Officer) Date: February 6, 2026 /s/ A. Clay Holder A. Clay HolderExecutive Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 6, 2026 /s/ David Herring David HerringSenior Vice President and Chief Accounting Officer(Principal Accounting Officer) Date: February 6, 2026 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr.Chairman of the Board of Directors Date: February 6, 2026 /s/ Alan B. Graf, Jr. Alan B. Graf, Jr.Director Date: February 6, 2026 /s/ Deborah H. Caplan Deborah H. CaplanDirector Date: February 6, 2026 /s/ John P. Case John P. CaseDirector Date: February 6, 2026 /s/ Tamara Fischer Tamara FischerDirector Date: February 6, 2026 /s/ Sheila K. McGrath Sheila K. McGrathDirector Date: February 6, 2026 /s/ Edith Kelly-Green Edith Kelly-GreenDirector Date: February 6, 2026 /s/ Claude B. Nielsen Claude B. NielsenDirector Date: February 6, 2026 /s/ Gary Shorb Gary ShorbDirector Date: February 6, 2026 /s/ David P. Stockert David P. StockertDirector"
    },
    {
      "status": "ADDED",
      "current_title": "SIGNATURES",
      "prior_title": null,
      "current_body": "Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized."
    },
    {
      "status": "ADDED",
      "current_title": "MID-AMERICA APARTMENT COMMUNITIES, INC.",
      "prior_title": null,
      "current_body": "Date: February 6, 2026 /s/ A. Brad Hill A. Brad Hill President and Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated."
    },
    {
      "status": "ADDED",
      "current_title": "MID-AMERICA APARTMENT COMMUNITIES, INC.",
      "prior_title": null,
      "current_body": "Date: February 6, 2026 /s/ A. Brad Hill A. Brad Hill President and Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated."
    },
    {
      "status": "ADDED",
      "current_title": "MID-AMERICA APARTMENTS, L.P.",
      "prior_title": null,
      "current_body": "a Tennessee Limited Partnership By: Mid-America Apartment Communities, Inc., its general partner Date: February 6, 2026 /s/ A. Brad Hill A. Brad HillPresident and Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant as an officer or director of Mid-America Apartment Communities, Inc., in its capacity as the general partner of the registrant and on the dates indicated."
    },
    {
      "status": "ADDED",
      "current_title": "MID-AMERICA APARTMENTS, L.P.",
      "prior_title": null,
      "current_body": "a Tennessee Limited Partnership By: Mid-America Apartment Communities, Inc., its general partner Date: February 6, 2026 /s/ A. Brad Hill A. Brad HillPresident and Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant as an officer or director of Mid-America Apartment Communities, Inc., in its capacity as the general partner of the registrant and on the dates indicated."
    },
    {
      "status": "ADDED",
      "current_title": "Report of Independent Registered Public Accounting Firm",
      "prior_title": null,
      "current_body": "To the Shareholders and the Board of Directors of Mid-America Apartment Communities, Inc."
    },
    {
      "status": "ADDED",
      "current_title": "Opinion on the Financial Statements",
      "prior_title": null,
      "current_body": "We have audited the accompanying consolidated balance sheets of Mid-America Apartment Communities, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 6, 2026 expressed an unqualified opinion thereon."
    },
    {
      "status": "ADDED",
      "current_title": "Basis for Opinion",
      "prior_title": null,
      "current_body": "These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion."
    },
    {
      "status": "ADDED",
      "current_title": "Critical Audit Matter",
      "prior_title": null,
      "current_body": "The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates."
    },
    {
      "status": "ADDED",
      "current_title": "Valuation of Embedded Derivative",
      "prior_title": null,
      "current_body": "Description of the Matter As disclosed in Notes 6 and 8 to the consolidated financial statements, the Series I Preferred Stock shares (“preferred shares”) include a redemption feature which represents an embedded call option exercisable at the Company’s option beginning on October 1, 2026 at the redemption price of $50 per share. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred shares to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. At December 31, 2025, the fair value of the Company’s embedded derivative asset was $14.3 million. Auditing the Company’s valuation of this bifurcated embedded derivative was challenging as the Company uses a valuation methodology that uses and weights various inputs and calculations in the analysis, including risk adjusted yields of relevant Company bond issuances and yields and spreads of relevant indices, estimated coupon yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. The selection and weighting of inputs can materially impact the fair value. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred stock to independently obtained observable market data. We also assessed the completeness and accuracy of the underlying data used by the Company in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Company and the underlying inputs and assumptions noted above. /s/ Ernst & Young LLP Ernst & Young LLP We have served as the Company’s auditor since 2005. Memphis, Tennessee Memphis, Tennessee February 6, 2026 F-1 F-1 Report of Independent Registered Public Accounting FirmTo the Partners of Mid-America Apartments, L.P.Opinion on the Financial StatementsWe have audited the accompanying consolidated balance sheets of Mid-America Apartments, L.P. (the Operating Partnership) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.Basis for OpinionThese financial statements are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on the Operating Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Operating Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Operating Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit MatterThe critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Valuation of Embedded Derivative Description of the Matter As disclosed in Notes 6 and 9 to the consolidated financial statements, the MAALP Series I Preferred Units (“preferred units”) have the same characteristics as the MAA Series I Preferred Stock shares (“preferred shares”), and thus include a redemption feature which represents an embedded call option exercisable at the Operating Partnership’s option beginning on October 1, 2026 at the redemption price of $50 per unit. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred units to the value of the preferred units assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. At December 31, 2025, the fair value of the Operating Partnership’s embedded derivative asset was $14.3 million. Auditing the Operating Partnership’s valuation of this bifurcated embedded derivative was challenging as the Operating Partnership uses a complex valuation methodology that uses and weights various inputs and calculations in the analysis, including risk adjusted yields of relevant Operating Partnership bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. The selection and weighting of inputs can materially impact the fair value. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Operating Partnership’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred units to independently obtained observable market data. We also assessed the completeness and accuracy of the underlying data used by the Operating Partnership in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Operating Partnership and the underlying inputs and assumptions noted above. /s/ Ernst & Young LLPWe have served as the Operating Partnership’s auditor since 2012.Memphis, TennesseeFebruary 6, 2026"
    },
    {
      "status": "ADDED",
      "current_title": "Report of Independent Registered Public Accounting Firm",
      "prior_title": null,
      "current_body": "To the Shareholders and the Board of Directors of Mid-America Apartment Communities, Inc."
    },
    {
      "status": "ADDED",
      "current_title": "Opinion on the Financial Statements",
      "prior_title": null,
      "current_body": "We have audited the accompanying consolidated balance sheets of Mid-America Apartment Communities, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 6, 2026 expressed an unqualified opinion thereon."
    },
    {
      "status": "ADDED",
      "current_title": "Basis for Opinion",
      "prior_title": null,
      "current_body": "These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion."
    },
    {
      "status": "ADDED",
      "current_title": "Critical Audit Matter",
      "prior_title": null,
      "current_body": "The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates."
    },
    {
      "status": "ADDED",
      "current_title": "Valuation of Embedded Derivative",
      "prior_title": null,
      "current_body": "Description of the Matter As disclosed in Notes 6 and 8 to the consolidated financial statements, the Series I Preferred Stock shares (“preferred shares”) include a redemption feature which represents an embedded call option exercisable at the Company’s option beginning on October 1, 2026 at the redemption price of $50 per share. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred shares to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. At December 31, 2025, the fair value of the Company’s embedded derivative asset was $14.3 million. Auditing the Company’s valuation of this bifurcated embedded derivative was challenging as the Company uses a valuation methodology that uses and weights various inputs and calculations in the analysis, including risk adjusted yields of relevant Company bond issuances and yields and spreads of relevant indices, estimated coupon yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. The selection and weighting of inputs can materially impact the fair value. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred stock to independently obtained observable market data. We also assessed the completeness and accuracy of the underlying data used by the Company in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Company and the underlying inputs and assumptions noted above. /s/ Ernst & Young LLP Ernst & Young LLP We have served as the Company’s auditor since 2005. Memphis, Tennessee Memphis, Tennessee February 6, 2026 F-1 F-1 Report of Independent Registered Public Accounting FirmTo the Partners of Mid-America Apartments, L.P.Opinion on the Financial StatementsWe have audited the accompanying consolidated balance sheets of Mid-America Apartments, L.P. (the Operating Partnership) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.Basis for OpinionThese financial statements are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on the Operating Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Operating Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Operating Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit MatterThe critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Valuation of Embedded Derivative Description of the Matter As disclosed in Notes 6 and 9 to the consolidated financial statements, the MAALP Series I Preferred Units (“preferred units”) have the same characteristics as the MAA Series I Preferred Stock shares (“preferred shares”), and thus include a redemption feature which represents an embedded call option exercisable at the Operating Partnership’s option beginning on October 1, 2026 at the redemption price of $50 per unit. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred units to the value of the preferred units assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. At December 31, 2025, the fair value of the Operating Partnership’s embedded derivative asset was $14.3 million. Auditing the Operating Partnership’s valuation of this bifurcated embedded derivative was challenging as the Operating Partnership uses a complex valuation methodology that uses and weights various inputs and calculations in the analysis, including risk adjusted yields of relevant Operating Partnership bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. The selection and weighting of inputs can materially impact the fair value. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Operating Partnership’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred units to independently obtained observable market data. We also assessed the completeness and accuracy of the underlying data used by the Operating Partnership in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Operating Partnership and the underlying inputs and assumptions noted above. /s/ Ernst & Young LLPWe have served as the Operating Partnership’s auditor since 2012.Memphis, TennesseeFebruary 6, 2026"
    },
    {
      "status": "ADDED",
      "current_title": "Report of Independent Registered Public Accounting Firm",
      "prior_title": null,
      "current_body": "To the Shareholders and the Board of Directors of Mid-America Apartment Communities, Inc."
    },
    {
      "status": "ADDED",
      "current_title": "Opinion on Internal Control Over Financial Reporting",
      "prior_title": null,
      "current_body": "We have audited Mid-America Apartment Communities, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Mid-America Apartment Communities, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 6, 2026 expressed an unqualified opinion thereon."
    },
    {
      "status": "ADDED",
      "current_title": "Basis for Opinion",
      "prior_title": null,
      "current_body": "These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion."
    },
    {
      "status": "ADDED",
      "current_title": "Definition and Limitations of Internal Control Over Financial Reporting",
      "prior_title": null,
      "current_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Memphis, Tennessee February 6, 2026 F-3 F-3 Mid-America Apartment Communities, Inc.Consolidated Balance SheetsDecember 31, 2025 and 2024(Dollars in thousands, except per share data) December 31, 2025 December 31, 2024 Assets Real estate assets: Land $ 2,129,401 $ 2,096,912 Buildings and improvements and other 14,852,509 14,160,799 Development and capital improvements in progress 426,759 470,282 17,408,669 16,727,993 Less: Accumulated depreciation (5,914,017 ) (5,327,584 ) 11,494,652 11,400,409 Undeveloped land 73,359 73,359 Investment in real estate joint venture 41,313 41,650 Real estate assets, net 11,609,324 11,515,418 Cash and cash equivalents 60,258 43,018 Restricted cash 13,717 13,743 Other assets 245,683 232,426 Assets held for sale 46,401 7,764 Total assets $ 11,975,383 $ 11,812,369 Liabilities and equity Liabilities: Unsecured notes payable, net $ 5,044,979 $ 4,620,690 Secured notes payable, net 360,393 360,267 Accrued expenses and other liabilities 730,366 683,748 Total liabilities 6,135,738 5,664,705 Redeemable common stock(1) 20,402 22,230 Shareholders’ equity: Preferred stock, $0.01 par value per share, 20,000,000 shares authorized; 8.50% Series I Cumulative Redeemable Shares, liquidation preference $50.00 per share, 867,846 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 9 9 Common stock, $0.01 par value per share, 145,000,000 shares authorized; 116,878,077 and 116,883,421 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively(1) 1,166 1,166 Additional paid-in capital 7,401,962 7,417,453 Accumulated distributions in excess of net income (1,734,986 ) (1,469,557 ) Accumulated other comprehensive loss (5,300 ) (6,940 ) Total MAA shareholders’ equity 5,662,851 5,942,131 Noncontrolling interests - OP Units 141,503 155,409 Total Company’s shareholders’ equity 5,804,354 6,097,540 Noncontrolling interests - consolidated real estate entities 14,889 27,894 Total equity 5,819,243 6,125,434 Total liabilities and equity $ 11,975,383 $ 11,812,369 (1)Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 are 146,875 and 143,822, respectively.See accompanying notes to consolidated financial statements."
    },
    {
      "status": "ADDED",
      "current_title": "December 31, 2024",
      "prior_title": null,
      "current_body": "Unsecured notes payable, net $ 5,044,979 $ 4,620,690 Secured notes payable, net 360,393 360,267 Total debt 5,405,372 4,980,957 Cash and cash equivalents (60,258 ) (43,018 ) Net debt $ 5,345,114 $ 4,937,939 34 34 The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the years ended December 31, 2025 and 2024, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Year Ended December 31, 2025 December 31, 2024 Net income $ 456,566 $ 541,576 Depreciation and amortization 622,295 585,616 Interest expense 185,257 168,544 Income tax expense 4,595 5,240 EBITDA 1,268,713 1,300,976 Gain on sale of depreciable real estate assets (72,066 ) (55,003 ) Gain on consolidation of third-party development (1) — (11,239 ) Adjustments to reflect the Company’s share of EBITDAre of an unconsolidated affiliate 1,424 1,363 EBITDAre 1,198,071 1,236,097 (Gain) loss on embedded derivative in preferred shares (1) (1,111 ) 18,751 Gain on investments (1) (7,457 ) (7,809 ) Casualty related (recoveries) and charges, net (1) (4,598 ) (9,326 ) Legal costs, settlements and (recoveries), net (1) (2) 61,908 9,437 Adjusted EBITDAre $ 1,246,813 $ 1,247,150 (1)Included in “Other non-operating expense (income)” in the Consolidated Statements of Operations. (2)For the years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million, respectively, of accrued legal settlements and legal defense costs.Our net debt to Adjusted EBITDAre ratio as of December 31, 2025 was 4.3x as compared to a ratio of 4.0x as of December 31, 2024. The change in the ratio was primarily due to an increase of $407.2 million in comparing net debt as of December 31, 2025 to net debt as of December 31, 2024. The increase in net debt was primarily due to an increase in borrowings under the commercial paper program, partially offset by an increase in cash and cash equivalents. The increase in borrowings under the commercial paper program was primarily driven by an increase in cash requirements to fund acquisition, development, redevelopment and property repositioning activities. Liquidity and Capital ResourcesOverviewOur cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources.We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets.We historically have had positive net cash flows from operating activities. We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future.As of December 31, 2025, we had $879.2 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility. Cash Flows from Operating ActivitiesNet cash provided by operating activities was $1.1 billion for the year ended December 31, 2025, a decrease of $20.1 million as compared to the year ended December 31, 2024. The decrease in operating cash flows was primarily driven by an increase in property operating expenses. The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the years ended December 31, 2025 and 2024, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Year Ended"
    },
    {
      "status": "ADDED",
      "current_title": "Liabilities and equity",
      "prior_title": null,
      "current_body": "Liabilities: Unsecured notes payable, net $ 5,044,979 $ 4,620,690 Secured notes payable, net 360,393 360,267 Accrued expenses and other liabilities 730,366 683,748 Total liabilities 6,135,738 5,664,705 Redeemable common stock(1) 20,402 22,230 Shareholders’ equity: Preferred stock, $0.01 par value per share, 20,000,000 shares authorized; 8.50% Series I Cumulative Redeemable Shares, liquidation preference $50.00 per share, 867,846 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 9 9 Common stock, $0.01 par value per share, 145,000,000 shares authorized; 116,878,077 and 116,883,421 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively(1) 1,166 1,166 Additional paid-in capital 7,401,962 7,417,453 Accumulated distributions in excess of net income (1,734,986 ) (1,469,557 ) Accumulated other comprehensive loss (5,300 ) (6,940 ) Total MAA shareholders’ equity 5,662,851 5,942,131 Noncontrolling interests - OP Units 141,503 155,409 Total Company’s shareholders’ equity 5,804,354 6,097,540 Noncontrolling interests - consolidated real estate entities 14,889 27,894 Total equity 5,819,243 6,125,434 Total liabilities and equity $ 11,975,383 $ 11,812,369 (1)Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 are 146,875 and 143,822, respectively. Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 are 146,875 and 143,822, respectively. Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 are 146,875 and 143,822 , respectively. See accompanying notes to consolidated financial statements. F-4 F-4 Mid-America Apartment Communities, Inc.Consolidated Statements of OperationsYears ended December 31, 2025, 2024 and 2023(Dollars in thousands, except per share data) 2025 2024 2023 Revenues: Rental and other property revenues $ 2,209,126 $ 2,191,015 $ 2,148,468 Expenses: Operating expenses, excluding real estate taxes and insurance 518,860 502,735 461,540 Real estate taxes and insurance 318,947 317,357 306,601 Depreciation and amortization 622,295 585,616 565,063 Total property operating expenses 1,460,102 1,405,708 1,333,204 Property management expenses 74,779 72,040 67,784 General and administrative expenses 54,807 56,516 58,578 Interest expense 185,257 168,544 149,234 (Gain) loss on sale of depreciable real estate assets (72,066 ) (55,003 ) 62 Gain on sale of non-depreciable real estate assets — — (54 ) Other non-operating expense (income) 47,161 (1,655 ) (31,185 ) Income before income tax expense 459,086 544,865 570,845 Income tax expense (4,595 ) (5,240 ) (4,744 ) Income from continuing operations before real estate joint venture activity 454,491 539,625 566,101 Income from real estate joint venture 2,075 1,951 1,730 Net income 456,566 541,576 567,831 Net income attributable to noncontrolling interests 9,657 14,033 15,025 Net income available for shareholders 446,909 527,543 552,806 Dividends to MAA Series I preferred shareholders 3,688 3,688 3,688 Net income available for MAA common shareholders $ 443,221 $ 523,855 $ 549,118 Earnings per common share - basic: Net income available for MAA common shareholders $ 3.79 $ 4.49 $ 4.71 Earnings per common share - diluted: Net income available for MAA common shareholders $ 3.78 $ 4.49 $ 4.71 See accompanying notes to consolidated financial statements."
    },
    {
      "status": "ADDED",
      "current_title": "Years ended December 31, 2025, 2024 and 2023",
      "prior_title": null,
      "current_body": "(Dollars in thousands, except per share data) 2025 2024 2023 Revenues: Rental and other property revenues $ 2,209,126 $ 2,191,015 $ 2,148,468 Expenses: Operating expenses, excluding real estate taxes and insurance 518,860 502,735 461,540 Real estate taxes and insurance 318,947 317,357 306,601 Depreciation and amortization 622,295 585,616 565,063 Total property operating expenses 1,460,102 1,405,708 1,333,204 Property management expenses 74,779 72,040 67,784 General and administrative expenses 54,807 56,516 58,578 Interest expense 185,257 168,544 149,234 (Gain) loss on sale of depreciable real estate assets (72,066 ) (55,003 ) 62 Gain on sale of non-depreciable real estate assets — — (54 ) Other non-operating expense (income) 47,161 (1,655 ) (31,185 ) Income before income tax expense 459,086 544,865 570,845 Income tax expense (4,595 ) (5,240 ) (4,744 ) Income from continuing operations before real estate joint venture activity 454,491 539,625 566,101 Income from real estate joint venture 2,075 1,951 1,730 Net income 456,566 541,576 567,831 Net income attributable to noncontrolling interests 9,657 14,033 15,025 Net income available for shareholders 446,909 527,543 552,806 Dividends to MAA Series I preferred shareholders 3,688 3,688 3,688 Net income available for MAA common shareholders $ 443,221 $ 523,855 $ 549,118 Earnings per common share - basic: Net income available for MAA common shareholders $ 3.79 $ 4.49 $ 4.71 Earnings per common share - diluted: Net income available for MAA common shareholders $ 3.78 $ 4.49 $ 4.71 See accompanying notes to consolidated financial statements. F-5 F-5 Mid-America Apartment Communities, Inc.Consolidated Statements of Comprehensive IncomeYears ended December 31, 2025, 2024 and 2023(Dollars in thousands) 2025 2024 2023 Net income $ 456,566 $ 541,576 $ 567,831 Other comprehensive income: Adjustment for net losses reclassified to net income from derivative instruments 1,689 1,878 1,326 Total comprehensive income 458,255 543,454 569,157 Comprehensive income attributable to noncontrolling interests (9,706 ) (14,087 ) (15,063 ) Comprehensive income attributable to MAA $ 448,549 $ 529,367 $ 554,094 See accompanying notes to consolidated financial statements."
    },
    {
      "status": "ADDED",
      "current_title": "Years ended December 31, 2025, 2024 and 2023",
      "prior_title": null,
      "current_body": "(Dollars in thousands, except per share data) 2025 2024 2023 Revenues: Rental and other property revenues $ 2,209,126 $ 2,191,015 $ 2,148,468 Expenses: Operating expenses, excluding real estate taxes and insurance 518,860 502,735 461,540 Real estate taxes and insurance 318,947 317,357 306,601 Depreciation and amortization 622,295 585,616 565,063 Total property operating expenses 1,460,102 1,405,708 1,333,204 Property management expenses 74,779 72,040 67,784 General and administrative expenses 54,807 56,516 58,578 Interest expense 185,257 168,544 149,234 (Gain) loss on sale of depreciable real estate assets (72,066 ) (55,003 ) 62 Gain on sale of non-depreciable real estate assets — — (54 ) Other non-operating expense (income) 47,161 (1,655 ) (31,185 ) Income before income tax expense 459,086 544,865 570,845 Income tax expense (4,595 ) (5,240 ) (4,744 ) Income from continuing operations before real estate joint venture activity 454,491 539,625 566,101 Income from real estate joint venture 2,075 1,951 1,730 Net income 456,566 541,576 567,831 Net income attributable to noncontrolling interests 9,657 14,033 15,025 Net income available for shareholders 446,909 527,543 552,806 Dividends to MAA Series I preferred shareholders 3,688 3,688 3,688 Net income available for MAA common shareholders $ 443,221 $ 523,855 $ 549,118 Earnings per common share - basic: Net income available for MAA common shareholders $ 3.79 $ 4.49 $ 4.71 Earnings per common share - diluted: Net income available for MAA common shareholders $ 3.78 $ 4.49 $ 4.71 See accompanying notes to consolidated financial statements. F-5 F-5 Mid-America Apartment Communities, Inc.Consolidated Statements of Comprehensive IncomeYears ended December 31, 2025, 2024 and 2023(Dollars in thousands) 2025 2024 2023 Net income $ 456,566 $ 541,576 $ 567,831 Other comprehensive income: Adjustment for net losses reclassified to net income from derivative instruments 1,689 1,878 1,326 Total comprehensive income 458,255 543,454 569,157 Comprehensive income attributable to noncontrolling interests (9,706 ) (14,087 ) (15,063 ) Comprehensive income attributable to MAA $ 448,549 $ 529,367 $ 554,094 See accompanying notes to consolidated financial statements."
    },
    {
      "status": "ADDED",
      "current_title": "EQUITY BALANCE DECEMBER 31, 2022",
      "prior_title": null,
      "current_body": "868 $ 9 115,344 $ 1,152 $ 7,202,834 $ (1,188,854 ) $ (10,052 ) $ 163,595 $ 21,064 $ 6,189,748 $ 20,671 Net income — — — — — 552,806 — 14,963 62 567,831 — Other comprehensive income - derivative instruments — — — — — — 1,288 38 — 1,326 — Issuance and registration of common shares — — 1,244 12 203,333 — — — — 203,345 2,135 Shares repurchased and retired — — (57 ) — (7,870 ) — — — — (7,870 ) — Shares issued in exchange for common units — — 21 — 1,092 — — (1,092 ) — — — Shares issued in exchange for redeemable stock — — — 4 577 — — — — 581 (581 ) Redeemable stock fair market value adjustment — — — — — 3,058 — — — 3,058 (3,058 ) Adjustment for noncontrolling interests in Operating Partnership — — — — (3,486 ) — — 3,486 — — — Amortization of unearned compensation — — — — 18,198 — — — — 18,198 — Dividends on preferred stock — — — — — (3,688 ) — — — (3,688 ) — Dividends on common stock ($5.670 per share) — — — — — (661,585 ) — — — (661,585 ) — Distributions on noncontrolling interests units ($5.670 per unit) — — — — — — — (17,862 ) — (17,862 ) — Acquisition of noncontrolling interest — — — — (14,757 ) — — — (1,000 ) (15,757 ) — Contributions from noncontrolling interest — — — — — — — — 2,630 2,630 —"
    },
    {
      "status": "ADDED",
      "current_title": "EQUITY BALANCE DECEMBER 31, 2023",
      "prior_title": null,
      "current_body": "868 $ 9 116,552 $ 1,168 $ 7,399,921 $ (1,298,263 ) $ (8,764 ) $ 163,128 $ 22,756 $ 6,279,955 $ 19,167 Net income — — — — — 527,543 — 14,033 — 541,576 — Other comprehensive income - derivative instruments — — — — — — 1,824 54 — 1,878 — Issuance and registration of common shares — — 158 2 (725 ) — — — — (723 ) 2,420 Shares repurchased and retired — — (38 ) (1 ) (4,973 ) — — — — (4,974 ) — Shares issued in exchange for common units — — 68 1 3,528 — — (3,529 ) — — — Shares issued in exchange for redeemable stock — — — (4 ) 2,073 — — — — 2,069 (2,069 ) Redeemable stock fair market value adjustment — — — — — (2,712 ) — — — (2,712 ) 2,712 Adjustment for noncontrolling interests in Operating Partnership — — — — (21 ) — — 21 — — — Amortization of unearned compensation — — — — 17,650 — — — — 17,650 — Dividends on preferred stock — — — — — (3,688 ) — — — (3,688 ) — Dividends on common stock ($5.925 per share) — — — — — (692,437 ) — — — (692,437 ) — Distributions on noncontrolling interests units ($5.925 per unit) — — — — — — — (18,298 ) — (18,298 ) — Contributions from noncontrolling interest — — — — — — — — 5,138 5,138 —"
    },
    {
      "status": "ADDED",
      "current_title": "EQUITY BALANCE DECEMBER 31, 2024",
      "prior_title": null,
      "current_body": "868 $ 9 116,740 $ 1,166 $ 7,417,453 $ (1,469,557 ) $ (6,940 ) $ 155,409 $ 27,894 $ 6,125,434 $ 22,230 Net income (loss) — — — — — 446,909 — 11,384 (1,727 ) 456,566 — Other comprehensive income - derivative instruments — — — — — — 1,640 49 — 1,689 — Issuance and registration of common shares — — 85 1 (663 ) — — — — (662 ) 2,400 Shares repurchased and retired — — (228 ) (2 ) (30,334 ) — — — — (30,336 ) — Exercise of stock options — — — — 38 — — — — 38 — Shares issued in exchange for common units — — 134 1 6,758 — — (6,759 ) — — — Shares issued in exchange for redeemable stock — — — — 2,109 — — — — 2,109 (2,109 ) Redeemable stock fair market value adjustment — — — — — 2,119 — — — 2,119 (2,119 ) Adjustment for noncontrolling interests in Operating Partnership — — — — 516 — — (516 ) — — — Amortization of unearned compensation — — — — 18,275 — — — — 18,275 — Dividends on preferred stock — — — — — (3,688 ) — — — (3,688 ) — Dividends on common stock ($6.075 per share) — — — — — (710,769 ) — — — (710,769 ) — Distributions on noncontrolling interests units ($6.075 per unit) — — — — — — — (18,064 ) — (18,064 ) — Acquisition of noncontrolling interest — — — — (12,190 ) — — — (14,596 ) (26,786 ) — Contributions from noncontrolling interest — — — — — — — — 3,318 3,318 —"
    },
    {
      "status": "ADDED",
      "current_title": "EQUITY BALANCE DECEMBER 31, 2025",
      "prior_title": null,
      "current_body": "868 $ 9 116,731 $ 1,166 $ 7,401,962 $ (1,734,986 ) $ (5,300 ) $ 141,503 $ 14,889 $ 5,819,243 $ 20,402 See accompanying notes to consolidated financial statements."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties.",
      "prior_body": "General economic conditions in the U.S. have fluctuated in recent quarters, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms. Our ability to lease our properties at favorable rates is adversely affected by the increase in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, personal debt levels, a downturn in the housing market, stock market volatility, inflationary conditions and uncertainty about the future. Some of our major expenses generally do not decline when rents decline. We would expect that declines in our occupancy levels, rental revenues and/or the values of our properties would cause us to have less cash available to make payments on our debt and to make distributions, which could adversely affect our financial condition or the market value of our securities. Factors that may affect our occupancy levels, our rental revenues and/or the value of our properties include the following, among others: •downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; •declines in mortgage interest rates and home pricing, making alternative housing options more affordable; declines in mortgage interest rates and home pricing, making alternative housing options more affordable; •government or builder incentives with respect to home ownership, making alternative housing options more attractive; government or builder incentives with respect to home ownership, making alternative housing options more attractive; •local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; •declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; •declines in market rental rates; declines in market rental rates; •declines in household formation; and declines in household formation; and •increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants. increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Failure to generate sufficient cash flow could limit our ability to make payments on our debt and to make distributions.",
      "prior_body": "Our ability to make payments on our debt and to make distributions depends on our ability to generate cash flow in excess of operating costs and capital expenditure requirements and/or to have access to the markets for debt and equity financing. Our funds from operations may be insufficient because of factors that are beyond our control. Such factors could include: •weakness in the general economy, which lowers job growth and the associated demand for apartment housing; weakness in the general economy, which lowers job growth and the associated demand for apartment housing; •competition from other apartment communities or alternative housing options (including condominiums and single-family houses for rent or sale); competition from other apartment communities or alternative housing options (including condominiums and single-family houses for rent or sale); •overbuilding of new apartments or oversupply of available apartments or alternative housing options in our markets, which might adversely affect occupancy or rental rates and/or require rent concessions in order to lease apartments; overbuilding of new apartments or oversupply of available apartments or alternative housing options in our markets, which might adversely affect occupancy or rental rates and/or require rent concessions in order to lease apartments; •increases in operating costs (including real estate taxes, utilities and insurance premiums) due to inflation and other factors, which may not be offset by increased rental rates; increases in operating costs (including real estate taxes, utilities and insurance premiums) due to inflation and other factors, which may not be offset by increased rental rates; •inability to rent apartments on favorable economic terms; inability to rent apartments on favorable economic terms; •changes in governmental regulations and the related costs of compliance; changes in governmental regulations and the related costs of compliance; •the enactment of rent control or rent stabilization laws in the areas in which we operate or other laws regulating multifamily housing; the enactment of rent control or rent stabilization laws in the areas in which we operate or other laws regulating multifamily housing; •other changes in laws, including tax laws and housing laws; other changes in laws, including tax laws and housing laws; •an uninsured loss, including those resulting from a catastrophic storm, earthquake or act of terrorism; an uninsured loss, including those resulting from a catastrophic storm, earthquake or act of terrorism; 10 10 10 •changes in interest rate levels and the availability of financing, borrower credit standards and down-payment requirements which could lead renters to purchase homes (if interest rates decrease and home loans are more readily available) or increase our acquisition and operating costs (if interest rates increase and financing is less readily available); and changes in interest rate levels and the availability of financing, borrower credit standards and down-payment requirements which could lead renters to purchase homes (if interest rates decrease and home loans are more readily available) or increase our acquisition and operating costs (if interest rates increase and financing is less readily available); and •the relative illiquidity of real estate investments. the relative illiquidity of real estate investments. At times, we have relied on external funding sources to fully fund the payment of distributions to shareholders and our capital investment program, including our property developments. While we have sufficient liquidity to permit distributions at current rates through additional borrowings, if necessary, any significant and sustained deterioration in operations could result in our financial resources being insufficient to make payments on our debt and to make distributions at the current rate, in which event we would be required to reduce the distribution rate. Any decline in our funds from operations could adversely affect our ability to make distributions or to meet our loan covenants and could have a material adverse effect on our stock price or the trading price of our debt securities."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Failure to succeed in new markets may have adverse consequences on our performance.",
      "prior_body": "We may make acquisitions or pursue developments outside of our existing market areas if appropriate opportunities arise. Our historical experience in our existing markets does not ensure that we will be able to operate successfully in new markets, should we choose to enter them. We may be exposed to a variety of risks if we choose to enter new markets, including an inability to accurately evaluate local market conditions and local economies, an inability to identify appropriate acquisition or development opportunities, an inability to hire and retain key personnel and a lack of familiarity with local governmental and permitting procedures. In addition, we may abandon opportunities to enter new markets that we have begun to explore for any reason and may, as a result, fail to recover expenses already incurred. 11 11 11"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Legislative or regulatory income tax changes related to REITs could materially and adversely affect us.",
      "prior_body": "The U.S. federal income tax laws and regulations governing REITs and their shareholders, as well as the administrative interpretations of those laws and regulations, are constantly under review and may be changed at any time, possibly with retroactive effect. No assurance can be given as to whether, when, or in what form changes to the U.S. federal income tax laws applicable to us and MAA’s shareholders may be enacted. Changes to the U.S. federal income tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in MAA’s stock."
    },
    {
      "status": "MODIFIED",
      "current_title": "Our implementation of long-standing succession planning could have adverse effects.",
      "prior_title": "Our implementation of long-standing succession planning could have adverse effects.",
      "similarity_score": 0.888,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"In the last few years, we have transformed our executive team by elevating several internal candidates to key leadership positions.\""
      ],
      "current_body": "To reduce the risk of disruption from the planned retirement and unexpected departure of long-term employees and board members, we engage in succession planning to identify and develop in-house candidates for leadership and key executive positions within the company, recruit talented associates to fill areas of expertise needed within the company, and continually assess the needs of MAA’s Board of Directors to ensure stable governance of the company. In the last few years, we have transformed our executive team by elevating several internal candidates to key leadership positions. Such significant change over a relatively short period of time could result in unintended negative effects, such as creating employee dissatisfaction that could affect retention of other key employees or impacting short-term strategic initiatives, which could adversely affect our business.",
      "prior_body": "To reduce the risk of disruption from the planned retirement and unexpected departure of long-term employees and board members, we engage in succession planning to identify and develop in-house candidates for leadership and key executive positions within the company, recruit talented associates to fill areas of expertise needed within the company, and continually assess the needs of MAA’s Board of Directors to ensure stable governance of the company. In the last three years, we have transformed our executive team by elevating internal candidates to the offices of Chief Executive Officer (effective April 1, 2025), President, Chief Financial Officer, Chief Administrative Officer, Chief Strategy and Analysis Officer and Chief Technology and Innovation Officer. Such significant changes over a relatively short period of time could result in unintended negative effects, such as creating employee dissatisfaction that could affect retention of key employees or impacting short-term strategic initiatives, which could adversely affect our business."
    },
    {
      "status": "MODIFIED",
      "current_title": "Changes in market conditions or a failure to meet the market’s expectations with regard to our results of operations and cash distributions could adversely affect the market price of MAA’s common stock.",
      "prior_title": "Changes in market conditions or a failure to meet the market’s expectations with regard to our results of operations and cash distributions could adversely affect the market price of MAA’s common stock.",
      "similarity_score": 0.883,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The market price of MAA’s publicly traded securities may be affected by many factors, including: •our financial condition and operating performance and the performance of other similar companies; our financial condition and operating performance and the performance of other similar companies; •actual or anticipated differences in our quarterly and annual operating results; actual or anticipated differences in our quarterly and annual operating results; •changes in our revenues or earnings estimates or recommendations by securities analysts; changes in our revenues or earnings estimates or recommendations by securities analysts; •publication of research reports about us or our industry by securities analysts; publication of research reports about us or our industry by securities analysts; •additions and departures of key personnel; additions and departures of key personnel; •inability to access the capital markets; inability to access the capital markets; •strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; 21 21 •the issuance of additional shares of MAA’s common stock, or the perception that such sales may occur, including under a forward sale agreement and MAA’s at-the-market share offering program, or ATM program;•the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;•the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);•an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA’s common stock;•the passage of legislation or other regulatory developments that adversely affect us or our industry;•speculation in the press or investment community;•actions by institutional shareholders or hedge funds;•the issuance of ratings, reports and scores related to our corporate responsibility and ESG reports and disclosures;•changes in accounting principles;•terrorist acts; and•general market conditions, including factors unrelated to our performance.In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price.\""
      ],
      "current_body": "We believe that the market value of a REIT’s equity securities is based primarily upon the market’s perception of the REIT’s growth potential and its current and potential future cash distributions, and is secondarily based upon the real estate market value of the underlying assets. For that reason, MAA’s common stock may trade at prices that are higher or lower than the net asset value per share. To the extent we retain operating cash flow for investment purposes, working capital reserves or other purposes, these retained funds, while increasing the value of our underlying assets, may not correspondingly increase the market price of MAA’s common stock. In addition, we are subject to the risk that our cash flow will be insufficient to pay distributions to MAA’s shareholders. Our failure to meet the market’s expectations with regard to future earnings and cash distributions would likely adversely affect the market price of MAA’s common stock. The stock markets, including the NYSE, on which MAA lists its common stock, have, at times, experienced significant price and volume fluctuations. As a result, the market price of MAA’s common stock could be similarly volatile, and investors in MAA’s common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The market price of MAA’s publicly traded securities may be affected by many factors, including: •our financial condition and operating performance and the performance of other similar companies; our financial condition and operating performance and the performance of other similar companies; •actual or anticipated differences in our quarterly and annual operating results; actual or anticipated differences in our quarterly and annual operating results; •changes in our revenues or earnings estimates or recommendations by securities analysts; changes in our revenues or earnings estimates or recommendations by securities analysts; •publication of research reports about us or our industry by securities analysts; publication of research reports about us or our industry by securities analysts; •additions and departures of key personnel; additions and departures of key personnel; •inability to access the capital markets; inability to access the capital markets; •strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; 21 21 •the issuance of additional shares of MAA’s common stock, or the perception that such sales may occur, including under a forward sale agreement and MAA’s at-the-market share offering program, or ATM program;•the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;•the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);•an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA’s common stock;•the passage of legislation or other regulatory developments that adversely affect us or our industry;•speculation in the press or investment community;•actions by institutional shareholders or hedge funds;•the issuance of ratings, reports and scores related to our corporate responsibility and ESG reports and disclosures;•changes in accounting principles;•terrorist acts; and•general market conditions, including factors unrelated to our performance.In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources.Risks Related to the Operating Partnership’s Organization and Ownership of OP UnitsThe Operating Partnership’s existing unitholders have limited approval rights, which may prevent the Operating Partnership’s sole general partner, MAA, from completing a change of control transaction that may be in the best interests of all unitholders of the Operating Partnership and all shareholders of MAA.MAA may not engage in a sale or other disposition of all or substantially all of the assets of the Operating Partnership, dissolve the Operating Partnership or, upon the occurrence of certain triggering events, take any action that would result in any unitholder realizing taxable gain, without the approval of the holders of a majority of the outstanding OP Units held by holders other than MAA or its affiliates, or Class A OP Units. The right of the holders of our Class A OP Units to vote on these transactions could limit MAA’s ability to complete a change of control transaction that might otherwise be in the best interest of all unitholders of the Operating Partnership and all shareholders of MAA.In certain circumstances, certain of the Operating Partnership’s unitholders must approve the Operating Partnership’s sale of certain properties contributed by the unitholders.In certain circumstances, as detailed in the limited partnership agreement of the Operating Partnership, the Operating Partnership may not sell or otherwise transfer certain properties unless a specified percentage of the limited partners who were partners in the limited partnership holding such properties at the time of its acquisition by us approves such sale or transfer. The exercise of these approval rights by the Operating Partnership’s unitholders could delay or prevent the Operating Partnership from completing a transaction that may be in the best interest of all unitholders of the Operating Partnership and all shareholders of MAA.MAA, its officers and directors have substantial influence over the Operating Partnership’s affairs.MAA, as the Operating Partnership’s sole general partner and acting through its officers and directors, has a substantial influence on the Operating Partnership’s affairs. MAA, its officers and directors could exercise their influence in a manner that is not in the best interest of the unitholders of the Operating Partnership. Also, as of December 31, 2025, MAA owned approximately 97.5% of the OP Units. As such, MAA has substantial influence on the outcome of substantially all matters submitted to the Operating Partnership’s unitholders for approval.Insufficient cash flow from operations or a decline in the market price of MAA’s common stock may reduce the amount of cash available to the Operating Partnership to meet its obligations.The Operating Partnership is subject to the risk that its cash flow will be insufficient to make payments on its debt and to make distributions to its unitholders, which may cause MAA to not have the funds to make distributions to its shareholders. MAA’s failure to meet the market’s expectations with regard to future results of operations and cash distributions would likely adversely affect the market price of its shares and thus potentially reduce MAA’s ability to contribute funds from issuances down to the Operating Partnership, resulting in a lower level of cash available for investment, to make payments on its debt or to make distributions to its unitholders. •the issuance of additional shares of MAA’s common stock, or the perception that such sales may occur, including under a forward sale agreement and MAA’s at-the-market share offering program, or ATM program; the issuance of additional shares of MAA’s common stock, or the perception that such sales may occur, including under a forward sale agreement and MAA’s at-the-market share offering program, or ATM program; •the reputation of REITs generally and the reputation of REITs with portfolios similar to ours; the reputation of REITs generally and the reputation of REITs with portfolios similar to ours; •the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies); the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies); •an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA’s common stock; an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA’s common stock; •the passage of legislation or other regulatory developments that adversely affect us or our industry; the passage of legislation or other regulatory developments that adversely affect us or our industry; •speculation in the press or investment community; speculation in the press or investment community; •actions by institutional shareholders or hedge funds; actions by institutional shareholders or hedge funds; •the issuance of ratings, reports and scores related to our corporate responsibility and ESG reports and disclosures; the issuance of ratings, reports and scores related to our corporate responsibility and ESG reports and disclosures; •changes in accounting principles; changes in accounting principles; •terrorist acts; and terrorist acts; and •general market conditions, including factors unrelated to our performance. general market conditions, including factors unrelated to our performance. In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources.",
      "prior_body": "We believe that the market value of a REIT’s equity securities is based primarily upon the market’s perception of the REIT’s growth potential and its current and potential future cash distributions, and is secondarily based upon the real estate market value of the underlying assets. For that reason, MAA’s common stock may trade at prices that are higher or lower than the net asset value per share. To the extent we retain operating cash flow for investment purposes, working capital reserves or other purposes, these retained funds, while increasing the value of our underlying assets, may not correspondingly increase the market price of MAA’s common stock. In addition, we are subject to the risk that our cash flow will be insufficient to pay distributions to MAA’s shareholders. Our failure to meet the market’s expectations with regard to future earnings and cash distributions would likely adversely affect the market price of MAA’s common stock. The stock markets, including the NYSE, on which MAA lists its common stock, have, at times, experienced significant price and volume fluctuations. As a result, the market price of MAA’s common stock could be similarly volatile, and investors in MAA’s common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The market price of MAA’s publicly traded securities may be affected by many factors, including: •our financial condition and operating performance and the performance of other similar companies; our financial condition and operating performance and the performance of other similar companies; •actual or anticipated differences in our quarterly and annual operating results; actual or anticipated differences in our quarterly and annual operating results; •changes in our revenues or earnings estimates or recommendations by securities analysts; changes in our revenues or earnings estimates or recommendations by securities analysts; •publication of research reports about us or our industry by securities analysts; publication of research reports about us or our industry by securities analysts; •additions and departures of key personnel; additions and departures of key personnel; •inability to access the capital markets; inability to access the capital markets; •strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; 21 21 21 •the issuance of additional shares of MAA’s common stock, or the perception that such sales may occur, including under a forward sale agreement and MAA’s at-the-market share offering program, or ATM program; the issuance of additional shares of MAA’s common stock, or the perception that such sales may occur, including under a forward sale agreement and MAA’s at-the-market share offering program, or ATM program; •the reputation of REITs generally and the reputation of REITs with portfolios similar to ours; the reputation of REITs generally and the reputation of REITs with portfolios similar to ours; •the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies); the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies); •an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA’s common stock; an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA’s common stock; •the passage of legislation or other regulatory developments that adversely affect us or our industry; the passage of legislation or other regulatory developments that adversely affect us or our industry; •speculation in the press or investment community; speculation in the press or investment community; •actions by institutional shareholders or hedge funds; actions by institutional shareholders or hedge funds; •the issuance of ratings, reports and scores related to our corporate responsibility and ESG reports and disclosures; the issuance of ratings, reports and scores related to our corporate responsibility and ESG reports and disclosures; •changes in accounting principles; changes in accounting principles; •terrorist acts; and terrorist acts; and •general market conditions, including factors unrelated to our performance. general market conditions, including factors unrelated to our performance. In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources."
    },
    {
      "status": "MODIFIED",
      "current_title": "We may incur losses that are not covered by our insurance.",
      "prior_title": "We may incur losses that are not covered by our insurance.",
      "similarity_score": 0.84,
      "confidence": "high",
      "key_changes": [
        "Added sentence: \"16 16 Despite our insurance coverage, we may incur material losses due to uninsured risks, deductibles, self-insured retentions and/or losses in excess of coverage limits.\"",
        "Added sentence: \"In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or current replacement cost of our lost investment or any settlement, fine or judgment against us resulting from legal proceedings.\"",
        "Added sentence: \"Inflation, changes in building codes and ordinances, environmental considerations and other factors also might make it infeasible to use insurance proceeds to replace a property after it has been damaged or destroyed.\"",
        "Added sentence: \"In addition, certain casualties or losses incurred may expose us in the future to higher insurance premiums.We insure our properties and operations with insurance carriers that we believe have a good rating at the time our policies are put into effect.\"",
        "Added sentence: \"However, the financial condition of one or more of our insurance carriers may be negatively impacted, which would result in their inability to cover the full amount of any insured losses for which we submit a claim.\""
      ],
      "current_body": "We have a comprehensive insurance program covering our properties and operations with limits of liability, deductibles and self-insured retentions that we negotiated with our insurance carriers. While we believe the terms and insured limits of these policies are appropriate for our business, there are certain types of losses, generally of a catastrophic nature, such as losses due to environmental matters, extreme weather or natural disasters, that are uninsurable or not economically insurable, or that may be insured subject to limitations, and therefore may be uninsured. We exercise our discretion in determining amounts, coverage limits, deductibles and self-insured retention provisions of our insurance, with a view to maintaining what we believe is appropriate insurance at a reasonable cost and on suitable terms. 16 16 Despite our insurance coverage, we may incur material losses due to uninsured risks, deductibles, self-insured retentions and/or losses in excess of coverage limits. In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or current replacement cost of our lost investment or any settlement, fine or judgment against us resulting from legal proceedings. Inflation, changes in building codes and ordinances, environmental considerations and other factors also might make it infeasible to use insurance proceeds to replace a property after it has been damaged or destroyed. In addition, certain casualties or losses incurred may expose us in the future to higher insurance premiums.We insure our properties and operations with insurance carriers that we believe have a good rating at the time our policies are put into effect. However, the financial condition of one or more of our insurance carriers may be negatively impacted, which would result in their inability to cover the full amount of any insured losses for which we submit a claim. Any such inability to pay future claims could have an adverse impact on our operating results. In addition, the failure, or exit or partial exit from an insurance market, of one or more insurance carriers may adversely affect our ability to obtain insurance in the amounts that we seek, increase our costs to renew or replace our insurance policies, or cause us to self-insure a greater portion of the risk.Our financial condition, results of operations and cash flows could be materially adversely affected by factors relating to disease outbreaks and other public health events.The U.S. has experienced, and may experience in the future, outbreaks of contagious diseases that affect public health and public perception of health risk. Our rental revenues and operating results depend significantly on the occupancy levels at our properties and the ability of our residents and commercial tenants to meet their rent obligations to us, which could be adversely affected by such disease outbreak or other public health events. For example, in response to the COVID-19 pandemic, extraordinary actions were taken by federal, state and local governmental authorities to combat the spread of COVID-19, including issuance of “stay-at-home” directives and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. These measures, while intended to protect human life, led to significantly reduced economic activity and a surge in unemployment throughout the U.S., including the markets where our properties are located, and they materially affected our ability to lease our properties and collect rental revenues. The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including the duration and scope of the event in the U.S. and any associated governmental directives; our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis; federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent; the regulatory focus on landlords as distinguished from other providers of essential services; and the extent of the impact on our development and redevelopment programs and activities due to governmental directives or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs. To the extent a disease outbreak or other public health event adversely affects our business, financial condition, results of operations and cash flows, it may also have the effect of heightening many of the other risks described in this Annual Report on Form 10-K. Acts of violence could decrease the value of our assets and could have an adverse effect on our business and results of operations.Our apartment communities could directly or indirectly be the location or target of actual or threatened terrorist attacks, crimes, shootings or other acts of violence, the occurrence of which could impact the value of our communities through damage, destruction, loss or increased security costs, as well as result in operational losses due to reduced rental demand, and the availability of insurance may be limited or may be subject to substantial costs. If such an incident were to occur at one of our apartment communities, we may also become subject to significant liability claims. In addition, the adverse effects that actual or threatened terrorist attacks could have on national economic conditions, as well as economic conditions in the markets in which we operate, could similarly have a material adverse effect on our business and results of operations. Despite our insurance coverage, we may incur material losses due to uninsured risks, deductibles, self-insured retentions and/or losses in excess of coverage limits. In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or current replacement cost of our lost investment or any settlement, fine or judgment against us resulting from legal proceedings. Inflation, changes in building codes and ordinances, environmental considerations and other factors also might make it infeasible to use insurance proceeds to replace a property after it has been damaged or destroyed. In addition, certain casualties or losses incurred may expose us in the future to higher insurance premiums. We insure our properties and operations with insurance carriers that we believe have a good rating at the time our policies are put into effect. However, the financial condition of one or more of our insurance carriers may be negatively impacted, which would result in their inability to cover the full amount of any insured losses for which we submit a claim. Any such inability to pay future claims could have an adverse impact on our operating results. In addition, the failure, or exit or partial exit from an insurance market, of one or more insurance carriers may adversely affect our ability to obtain insurance in the amounts that we seek, increase our costs to renew or replace our insurance policies, or cause us to self-insure a greater portion of the risk.",
      "prior_body": "We have a comprehensive insurance program covering our properties and operations with limits of liability, deductibles and self-insured retentions that we negotiated with our insurance carriers. While we believe the terms and insured limits of these policies are appropriate for our business, there are certain types of losses, generally of a catastrophic nature, such as losses due to environmental matters, extreme weather or natural disasters, that are uninsurable or not economically insurable, or that may be insured subject to limitations, and therefore may be uninsured. We exercise our discretion in determining amounts, coverage limits, deductibles and self-insured retention provisions of our insurance, with a view to maintaining what we believe is appropriate insurance at a reasonable cost and on suitable terms. Despite our insurance coverage, we may incur material losses due to uninsured risks, deductibles, self-insured retentions and/or losses in excess of coverage limits. In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or current replacement cost of our lost investment or any settlement, fine or judgment against us resulting from legal proceedings. Inflation, changes in building codes and ordinances, environmental considerations and other factors also might make it infeasible to use insurance proceeds to replace a property after it has been damaged or destroyed. In addition, certain casualties or losses incurred may expose us in the future to higher insurance premiums. We insure our properties and operations with insurance carriers that we believe have a good rating at the time our policies are put into effect. However, the financial condition of one or more of our insurance carriers may be negatively impacted, which would result in their inability to cover the full amount of any insured losses for which we submit a claim. Any such inability to pay future claims could have an adverse impact on our operating results. In addition, the failure, or exit or partial exit from an insurance market, of one or more insurance carriers may adversely affect our ability to obtain insurance in the amounts that we seek, increase our costs to renew or replace our insurance policies, or cause us to self-insure a greater portion of the risk."
    },
    {
      "status": "MODIFIED",
      "current_title": "Operations from new acquisitions, development projects, redevelopment activities, and platform initiatives may fail to perform as expected.",
      "prior_title": "Operations from new acquisitions, development projects and redevelopment activities may fail to perform as expected.",
      "similarity_score": 0.812,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We intend to continue to acquire, develop and redevelop apartment communities as part of our business strategy.\"",
        "Added sentence: \"Further, we intend to continue to implement platform initiatives across our apartment communities as part of our business strategy.\"",
        "Added sentence: \"Once implemented, platform initiatives may not perform as we expect.\"",
        "Added sentence: \"We may also overestimate the revenue (or expense savings) that such platform initiatives may generate.\""
      ],
      "current_body": "We intend to continue to acquire, develop and redevelop apartment communities as part of our business strategy. Newly acquired, developed or renovated properties may not perform as we expect. We may also overestimate the revenue (or underestimate the expenses) that a new or repositioned property may generate. The occupancy rates and rents at these properties may fail to meet our expectations underlying our investment. In addition, with respect to acquisitions, we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate those apartment communities or personnel would result in inefficiencies that could adversely affect our expected return on our investments. Likewise, we may acquire properties that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes or other legal requirements. In each case, our acquisition may be without any, or with only limited, recourse with respect to unknown liabilities or conditions, and we may be obligated to pay substantial sums to settle or cure it, which could adversely affect our cash flow and operating results. Further, we intend to continue to implement platform initiatives across our apartment communities as part of our business strategy. Once implemented, platform initiatives may not perform as we expect. We may also overestimate the revenue (or expense savings) that such platform initiatives may generate.",
      "prior_body": "We intend to acquire, develop and redevelop apartment communities as part of our business strategy. Newly acquired, developed or renovated properties may not perform as we expect. We may also overestimate the revenue (or underestimate the expenses) that a new or repositioned property may generate. The occupancy rates and rents at these properties may fail to meet our expectations underlying our investment. In addition, with respect to acquisitions, we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate those apartment communities or personnel would result in inefficiencies that could adversely affect our expected return on our investments. Likewise, we may acquire properties that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes or other legal requirements. In each case, our acquisition may be without any, or with only limited, recourse with respect to unknown liabilities or conditions, and we may be obligated to pay substantial sums to settle or cure it, which could adversely affect our cash flow and operating results."
    },
    {
      "status": "MODIFIED",
      "current_title": "Our business and operations are subject to physical and transition risks related to climate change.",
      "prior_title": "Our business and operations are subject to physical and transition risks related to climate change.",
      "similarity_score": 0.672,
      "confidence": "medium",
      "key_changes": [
        "Added sentence: \"12 12 Operations from new acquisitions, development projects, redevelopment activities, and platform initiatives may fail to perform as expected.We intend to continue to acquire, develop and redevelop apartment communities as part of our business strategy.\"",
        "Added sentence: \"Newly acquired, developed or renovated properties may not perform as we expect.\"",
        "Added sentence: \"We may also overestimate the revenue (or underestimate the expenses) that a new or repositioned property may generate.\"",
        "Added sentence: \"The occupancy rates and rents at these properties may fail to meet our expectations underlying our investment.In addition, with respect to acquisitions, we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate those apartment communities or personnel would result in inefficiencies that could adversely affect our expected return on our investments.\"",
        "Added sentence: \"Likewise, we may acquire properties that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes or other legal requirements.\""
      ],
      "current_body": "Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue. Over time, such conditions could result in reduced demand for housing in areas where our communities are located, as well as higher costs for mitigating or repairing damage related to the effects of climate change, some which may not be fully covered by insurance. Similarly, these conditions may also negatively impact the types, pricing and terms of insurance we are able to procure. Changes in federal, state and local laws and regulations on sustainable buildings could result in increased operating costs and capital expenditures for us to meet mandated levels of energy efficiency and/or greenhouse gas emissions performance with respect to our existing communities and could also require us to spend more on our new development communities without a corresponding increase in rental revenues. For example, various laws and regulations have been implemented or are under consideration to mitigate the effects of climate change caused by greenhouse gas emissions. Among other things, “green” building codes may seek to reduce emissions through the imposition of standards for design, construction materials, water and energy efficiency and waste management. The imposition of such requirements could increase the costs of maintaining or improving our existing communities (for example by requiring retrofits of existing communities to improve their energy efficiency and/or resistance to inclement weather) and developing new communities without creating corresponding increases in rental revenues, which would have an adverse impact on our operating results and could adversely impact the value of our properties. Additionally, if non-compliant with building efficiency standards, our existing communities may decrease in value. 12 12 Operations from new acquisitions, development projects, redevelopment activities, and platform initiatives may fail to perform as expected.We intend to continue to acquire, develop and redevelop apartment communities as part of our business strategy. Newly acquired, developed or renovated properties may not perform as we expect. We may also overestimate the revenue (or underestimate the expenses) that a new or repositioned property may generate. The occupancy rates and rents at these properties may fail to meet our expectations underlying our investment.In addition, with respect to acquisitions, we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate those apartment communities or personnel would result in inefficiencies that could adversely affect our expected return on our investments. Likewise, we may acquire properties that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes or other legal requirements. In each case, our acquisition may be without any, or with only limited, recourse with respect to unknown liabilities or conditions, and we may be obligated to pay substantial sums to settle or cure it, which could adversely affect our cash flow and operating results.Further, we intend to continue to implement platform initiatives across our apartment communities as part of our business strategy. Once implemented, platform initiatives may not perform as we expect. We may also overestimate the revenue (or expense savings) that such platform initiatives may generate.Our implementation of long-standing succession planning could have adverse effects.To reduce the risk of disruption from the planned retirement and unexpected departure of long-term employees and board members, we engage in succession planning to identify and develop in-house candidates for leadership and key executive positions within the company, recruit talented associates to fill areas of expertise needed within the company, and continually assess the needs of MAA’s Board of Directors to ensure stable governance of the company. In the last few years, we have transformed our executive team by elevating several internal candidates to key leadership positions. Such significant change over a relatively short period of time could result in unintended negative effects, such as creating employee dissatisfaction that could affect retention of other key employees or impacting short-term strategic initiatives, which could adversely affect our business.We are subject to certain risks associated with selling apartment communities, which could limit our operational and financial flexibility.We plan to sell apartment communities that no longer meet our long-term strategy. However, adverse market conditions could limit our ability to sell properties when we want and to change our portfolio promptly to meet our strategic objectives. Likewise, federal tax laws applicable to REITs limit our ability to profit on the sale of properties, and this limitation could prevent us from selling properties when market conditions are favorable. From time to time, we may dispose of properties in transactions intended to qualify as “like-kind exchanges” under Section 1031 of the Code. If a transaction intended to qualify as a Section 1031 exchange is later determined to be taxable, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis. Development and construction risks could impact our profitability.As of December 31, 2025, we had eight development communities under construction representing 2,522 units once complete. We may make further investments in these and other development communities as opportunities arise and may do so through joint ventures with unaffiliated parties. Our development and construction activities are subject to the following risks:•we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, which could result in increased development costs, could delay initial occupancy dates for all or a portion of a development community and could require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations;•we may be unable to obtain financing for development activities under favorable terms, which could cause a delay in construction resulting in increased costs, decreases in revenue and potentially cause us to abandon the opportunity;•yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget, higher than expected concessions for lease-up and lower rents than initially estimated;•bankruptcy of developers in our development projects could impose delays and costs on us with respect to the development of our communities and may adversely affect our financial condition and results of operations;•we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such opportunities;•we may be unable to complete construction and lease-up of an apartment community on schedule, including by reason of work stoppages, labor disputes, shortages of skilled tradespeople and shortages of building components and materials;",
      "prior_body": "Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue. Over time, such conditions could result in reduced demand for housing in areas where our communities are located, as well as higher costs for mitigating or repairing damage related to the effects of climate change, some which may not be fully covered by insurance. Similarly, these conditions may also negatively impact the types, pricing and terms of insurance we are able to procure. Changes in federal, state and local laws and regulations on sustainable buildings could result in increased operating costs and capital expenditures for us to meet mandated levels of energy efficiency and/or greenhouse gas emissions performance with respect to our existing communities and could also require us to spend more on our new development communities without a corresponding increase in rental revenues. For example, various laws and regulations have been implemented or are under consideration to mitigate the effects of climate change caused by greenhouse gas emissions. Among other things, “green” building codes may seek to reduce emissions through the imposition of standards for design, construction materials, water and energy efficiency and waste management. The imposition of such requirements could increase the costs of maintaining or improving our existing communities (for example by requiring retrofits of existing communities to improve their energy efficiency and/or resistance to inclement weather) and developing new communities without creating corresponding increases in rental revenues, which would have an adverse impact on our operating results and could adversely impact the value of our properties. Additionally, if non-compliant with building efficiency standards, our existing communities may decrease in value. 12 12 12"
    },
    {
      "status": "MODIFIED",
      "current_title": "Provisions of MAA’s charter and Tennessee law may limit the ability of a third party to acquire control of MAA.",
      "prior_title": "Provisions of MAA’s charter and Tennessee law may limit the ability of a third party to acquire control of MAA.",
      "similarity_score": 0.667,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"As of December 31, 2025, 867,846 shares of preferred stock were issued and outstanding, all of which shares were MAA Series I preferred stock.\""
      ],
      "current_body": "Ownership Limit The 9.9% ownership limit discussed above may have the effect of precluding acquisition of control of MAA by a third party without the consent of MAA’s Board of Directors. Preferred Stock MAA’s charter authorizes its Board of Directors to issue up to 20,000,000 shares of preferred stock, 868,000 of which have been designated as 8.50% Series I Cumulative Redeemable Preferred Stock, which we refer to as MAA Series I preferred stock. In addition to the MAA Series I preferred stock, the Board of Directors may establish the preferences and rights of any other series of preferred shares issued. The issuance of preferred stock could have the effect of delaying or preventing someone from taking control of MAA, even if a change in control were in MAA shareholders’ best interests. As of December 31, 2025, 867,846 shares of preferred stock were issued and outstanding, all of which shares were MAA Series I preferred stock. 20 20 Tennessee Anti-Takeover StatutesAs a Tennessee corporation, MAA is subject to various legislative acts, which impose restrictions on and require compliance with procedures designed to protect shareholders against unfair or coercive mergers and acquisitions. These statutes may delay or prevent offers to acquire MAA and increase the difficulty of consummating any such offers, even if MAA’s acquisition would be in MAA shareholders’ best interests.Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks.We have a significant institutional investor base, and there is a heightened focus from institutional investors and other stakeholders on corporate responsibility, specifically related to environmental, social and governance, or ESG, factors. Some institutional investors may use these factors to guide their investment strategies, and many institutional investors focus on positive ESG business practices and may consider a company’s ESG score when making an investment decision. In addition, many institutional investors may use ESG scores to benchmark companies against their peers. Third-party providers of corporate responsibility ratings and reports on companies have increased in number, resulting in varied and in some cases inconsistent standards. In addition, the criteria by which companies’ ESG practices are assessed are evolving and inconsistent, which could result in greater expectations of us and cause us to undertake costly initiatives to satisfy any new or contradictory criteria. Alternatively, if we elect not to or are unable to satisfy new criteria or do not meet the criteria of a specific third-party provider, some investors may conclude that our ESG business practices are inadequate. We may face reputational damage in the event that our corporate responsibility standards do not meet the standards set by various stakeholders. In addition, in the event that we communicate certain ESG initiatives and goals, we could fail, or be perceived to have failed, in our achievement of our initiatives or goals, or we could be criticized for the scope of our initiatives or goals or the achievement of our initiatives or goals may be costly. If we fail to satisfy the ESG expectations of investors and other stakeholders or our initiatives are not executed as planned, our reputation and financial results and the market price of MAA’s common stock could be adversely affected.Market interest rates may have an adverse effect on the market value of MAA’s common stock.The market price of shares of common stock of a REIT may be affected by the distribution rate on those shares, as a percentage of the price of the shares, relative to market interest rates. If market interest rates increase, prospective purchasers of MAA’s common stock may expect a higher annual distribution rate. Higher interest rates would not, however, result in more funds for MAA to distribute and, in fact, would likely increase MAA’s future borrowing costs and potentially decrease funds available for distribution. This could cause the market price of MAA’s common stock to go down. Changes in market conditions or a failure to meet the market’s expectations with regard to our results of operations and cash distributions could adversely affect the market price of MAA’s common stock.We believe that the market value of a REIT’s equity securities is based primarily upon the market’s perception of the REIT’s growth potential and its current and potential future cash distributions, and is secondarily based upon the real estate market value of the underlying assets. For that reason, MAA’s common stock may trade at prices that are higher or lower than the net asset value per share. To the extent we retain operating cash flow for investment purposes, working capital reserves or other purposes, these retained funds, while increasing the value of our underlying assets, may not correspondingly increase the market price of MAA’s common stock. In addition, we are subject to the risk that our cash flow will be insufficient to pay distributions to MAA’s shareholders. Our failure to meet the market’s expectations with regard to future earnings and cash distributions would likely adversely affect the market price of MAA’s common stock.The stock markets, including the NYSE, on which MAA lists its common stock, have, at times, experienced significant price and volume fluctuations. As a result, the market price of MAA’s common stock could be similarly volatile, and investors in MAA’s common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The market price of MAA’s publicly traded securities may be affected by many factors, including:•our financial condition and operating performance and the performance of other similar companies;•actual or anticipated differences in our quarterly and annual operating results;•changes in our revenues or earnings estimates or recommendations by securities analysts;•publication of research reports about us or our industry by securities analysts;•additions and departures of key personnel;•inability to access the capital markets;•strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; Tennessee Anti-Takeover Statutes As a Tennessee corporation, MAA is subject to various legislative acts, which impose restrictions on and require compliance with procedures designed to protect shareholders against unfair or coercive mergers and acquisitions. These statutes may delay or prevent offers to acquire MAA and increase the difficulty of consummating any such offers, even if MAA’s acquisition would be in MAA shareholders’ best interests.",
      "prior_body": "Ownership Limit The 9.9% ownership limit discussed above may have the effect of precluding acquisition of control of MAA by a third party without the consent of MAA’s Board of Directors. Preferred Stock MAA’s charter authorizes its Board of Directors to issue up to 20,000,000 shares of preferred stock, 868,000 of which have been designated as 8.50% Series I Cumulative Redeemable Preferred Stock, which we refer to as MAA Series I preferred stock. In addition to the MAA Series I preferred stock, the Board of Directors may establish the preferences and rights of any other series of preferred shares issued. The issuance of preferred stock could have the effect of delaying or preventing someone from taking control of MAA, even if a change in control were in MAA shareholders’ best interests. As of December 31, 2024, 867,846 shares of preferred stock were issued and outstanding, all of which shares were MAA Series I preferred stock. 20 20 20 Tennessee Anti-Takeover Statutes As a Tennessee corporation, MAA is subject to various legislative acts, which impose restrictions on and require compliance with procedures designed to protect shareholders against unfair or coercive mergers and acquisitions. These statutes may delay or prevent offers to acquire MAA and increase the difficulty of consummating any such offers, even if MAA’s acquisition would be in MAA shareholders’ best interests."
    },
    {
      "status": "MODIFIED",
      "current_title": "Our financial condition, results of operations and cash flows could be materially adversely affected by factors relating to disease outbreaks and other public health events.",
      "prior_title": "Our financial condition, results of operations and cash flows could be materially adversely affected by factors relating to disease outbreaks and other public health events.",
      "similarity_score": 0.644,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including the duration and scope of the event in the U.S.\""
      ],
      "current_body": "The U.S. has experienced, and may experience in the future, outbreaks of contagious diseases that affect public health and public perception of health risk. Our rental revenues and operating results depend significantly on the occupancy levels at our properties and the ability of our residents and commercial tenants to meet their rent obligations to us, which could be adversely affected by such disease outbreak or other public health events. For example, in response to the COVID-19 pandemic, extraordinary actions were taken by federal, state and local governmental authorities to combat the spread of COVID-19, including issuance of “stay-at-home” directives and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. These measures, while intended to protect human life, led to significantly reduced economic activity and a surge in unemployment throughout the U.S., including the markets where our properties are located, and they materially affected our ability to lease our properties and collect rental revenues. The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including the duration and scope of the event in the U.S. and any associated governmental directives; our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis; federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent; the regulatory focus on landlords as distinguished from other providers of essential services; and the extent of the impact on our development and redevelopment programs and activities due to governmental directives or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs. To the extent a disease outbreak or other public health event adversely affects our business, financial condition, results of operations and cash flows, it may also have the effect of heightening many of the other risks described in this Annual Report on Form 10-K.",
      "prior_body": "The U.S. has experienced, and may experience in the future, outbreaks of contagious diseases that affect public health and public perception of health risk. Our rental revenues and operating results depend significantly on the occupancy levels at our properties and the ability of our residents and commercial tenants to meet their rent obligations to us, which could be adversely affected by such disease outbreak or other public health events. For example, in response to the COVID-19 pandemic, extraordinary actions were taken by federal, state and local governmental authorities to combat the spread of COVID-19, including issuance of “stay-at-home” directives and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. These measures, while intended to protect human life, led to significantly reduced economic activity and a surge in unemployment throughout the U.S., including the markets where our properties are located, and they materially affected our ability to lease our properties and collect rental revenues. The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including: •the duration and scope of the event in the U.S.; the duration and scope of the event in the U.S.; •our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis; our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis; •federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent, such as the various orders that were issued by governmental authorities and public officials during the COVID-19 pandemic to temporarily halt residential evictions; federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent, such as the various orders that were issued by governmental authorities and public officials during the COVID-19 pandemic to temporarily halt residential evictions; •the regulatory focus on landlords as distinguished from other providers of essential services; the regulatory focus on landlords as distinguished from other providers of essential services; 16 16 16 •our ability to renew leases or relet units on favorable terms, or at all, including as a result of unfavorable economic and market conditions in those markets where our properties are located; our ability to renew leases or relet units on favorable terms, or at all, including as a result of unfavorable economic and market conditions in those markets where our properties are located; •our ability to lease or relet units due to social distancing or other restrictions that may frustrate our leasing activities; our ability to lease or relet units due to social distancing or other restrictions that may frustrate our leasing activities; •our ability to successfully complete the lease-up of properties in our lease-up portfolio and attain expected rental and occupancy rates due to social distancing or other restrictions that may frustrate our leasing activities, which, for example, led us to temporarily close property amenities and temporarily prohibit public access in our property leasing offices during the COVID-19 pandemic; our ability to successfully complete the lease-up of properties in our lease-up portfolio and attain expected rental and occupancy rates due to social distancing or other restrictions that may frustrate our leasing activities, which, for example, led us to temporarily close property amenities and temporarily prohibit public access in our property leasing offices during the COVID-19 pandemic; •our ability to continue our apartment unit redevelopment programs and attain increased rental rates for renovated or upgraded units due to social distancing or other restrictions, which, for example, caused us to temporarily suspend our apartment unit redevelopment activities during the COVID-19 pandemic; our ability to continue our apartment unit redevelopment programs and attain increased rental rates for renovated or upgraded units due to social distancing or other restrictions, which, for example, caused us to temporarily suspend our apartment unit redevelopment activities during the COVID-19 pandemic; •our ability to complete the construction of properties in our development portfolio on schedule and on budget due to social distancing or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs; our ability to complete the construction of properties in our development portfolio on schedule and on budget due to social distancing or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs; •the impact of supply chain disruptions and inflationary pressures on our normal business operations, including repair and maintenance work and unit renovations and upgrades; the impact of supply chain disruptions and inflationary pressures on our normal business operations, including repair and maintenance work and unit renovations and upgrades; •disruption and instability in the financial markets, which experienced significant volatility during the COVID-19 pandemic, or deteriorations in credit and financing conditions (or a refusal or failure of one or more lenders under our unsecured revolving credit facility to fund their respective financing commitment to us), which could affect our ability to access capital necessary to fund our business operations or refinance maturing debt on a timely basis, on attractive terms, or at all, which would adversely affect our ability to meet liquidity and capital expenditure requirements; disruption and instability in the financial markets, which experienced significant volatility during the COVID-19 pandemic, or deteriorations in credit and financing conditions (or a refusal or failure of one or more lenders under our unsecured revolving credit facility to fund their respective financing commitment to us), which could affect our ability to access capital necessary to fund our business operations or refinance maturing debt on a timely basis, on attractive terms, or at all, which would adversely affect our ability to meet liquidity and capital expenditure requirements; •stock market volatility that negatively affects the market price of our securities, including market conditions unrelated to our operating performance or prospects; stock market volatility that negatively affects the market price of our securities, including market conditions unrelated to our operating performance or prospects; •the impact on our workforce of any vaccine mandate implemented by governmental authorities, which could result in employee attrition; and the impact on our workforce of any vaccine mandate implemented by governmental authorities, which could result in employee attrition; and •our ability to manage our business to the extent our management or other personnel are impacted in significant numbers and are not willing, available or allowed to conduct work. our ability to manage our business to the extent our management or other personnel are impacted in significant numbers and are not willing, available or allowed to conduct work. To the extent a disease outbreak or other public health event adversely affects our business, financial condition, results of operations and cash flows, it may also have the effect of heightening many of the other risk described in this Annual Report on Form 10-K."
    },
    {
      "status": "MODIFIED",
      "current_title": "We may incur additional debt in the future, which may adversely impact our financial condition.",
      "prior_title": "We may incur additional debt in the future, which may adversely impact our financial condition.",
      "similarity_score": 0.616,
      "confidence": "medium",
      "key_changes": [
        "Added sentence: \"18 18 The restrictive terms of certain of our indebtedness may cause acceleration of debt payments.As of December 31, 2025, we had outstanding borrowings of $5.4 billion.\"",
        "Added sentence: \"Our indebtedness contains financial covenants as to interest coverage ratios, maximum secured debt, maintenance of unencumbered asset value, and total debt to gross assets, among others, and cross default provisions with other material debt.\"",
        "Added sentence: \"Our ability to comply with these financial covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting us.\"",
        "Added sentence: \"In the event that an event of default occurs, our lenders may declare borrowings under the respective loan agreements to be due and payable immediately, which could have a material adverse effect on our financial condition and our ability to make payments on our debt and to make distributions.A downgrade in our credit ratings could have a material adverse effect on our business, financial condition and results of operations.We have a significant amount of unsecured debt outstanding.\"",
        "Added sentence: \"We are currently assigned corporate credit ratings from each of the three ratings agencies based on their evaluation of our creditworthiness.\""
      ],
      "current_body": "We currently fund the acquisition and development of apartment communities partially through borrowings (including our commercial paper program and revolving credit facility) as well as from other sources such as sales of apartment communities which no longer meet our investment criteria. In addition, we may fund other of our capital requirements through debt. Our organizational documents do not contain any limitation on the amount of indebtedness that we may incur, and we may incur more debt in the future. Accordingly, subject to limitations on indebtedness set forth in various loan agreements and the indentures governing our unsecured senior notes, we could become more highly leveraged, resulting in an increase in debt service and an increased risk of default on our obligations, which could have a material adverse effect on our financial condition, our ability to access debt and equity capital markets in the future and our ability to make payments on our debt and to make distributions. 18 18 The restrictive terms of certain of our indebtedness may cause acceleration of debt payments.As of December 31, 2025, we had outstanding borrowings of $5.4 billion. Our indebtedness contains financial covenants as to interest coverage ratios, maximum secured debt, maintenance of unencumbered asset value, and total debt to gross assets, among others, and cross default provisions with other material debt. Our ability to comply with these financial covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting us. In the event that an event of default occurs, our lenders may declare borrowings under the respective loan agreements to be due and payable immediately, which could have a material adverse effect on our financial condition and our ability to make payments on our debt and to make distributions.A downgrade in our credit ratings could have a material adverse effect on our business, financial condition and results of operations.We have a significant amount of unsecured debt outstanding. We are currently assigned corporate credit ratings from each of the three ratings agencies based on their evaluation of our creditworthiness. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality and sustainability of cash flows and earnings. If our credit ratings are downgraded or other negative action is taken, we could be required to pay additional interest and fees on our outstanding borrowings. In addition, a downgrade may adversely impact our ability to borrow secured and unsecured debt, increase our borrowing costs and otherwise limit our access to capital, which could adversely affect our business, financial condition and results of operations.Financing may not be available and could be dilutive.Our capital requirements depend on numerous factors, including the occupancy and turnover rates of our apartment communities, development and capital expenditures, costs of operations and potential acquisitions. We cannot accurately predict the timing and amount of our capital requirements. If our capital requirements vary materially from our plans, we may require additional financing sooner than anticipated. We and other companies in the real estate industry have experienced limited availability of financing from time to time. Dislocations and liquidity disruptions in capital and credit markets could impact liquidity in the debt markets, which could result in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing. Likewise, disruptions could impede the ability of our counterparties to perform on their contractual obligations. Should the capital and credit markets experience volatility and the availability of funds again becomes limited, or be available only on unattractive terms, we will incur increased costs associated with issuing debt instruments. In addition, it is possible that our ability to access the capital and credit markets may be limited or precluded by these or other factors at a time when we would like, or need, to do so, which would adversely impact our ability to refinance maturing debt and/or react to changing economic and business conditions. Uncertainty in the credit markets could negatively impact our ability to make acquisitions and make it more difficult or not possible for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing. Potential continued disruptions in the financial markets could also have other unknown adverse effects on us or the economy generally and may cause the price of our securities to fluctuate significantly and/or to decline. If we issue additional equity securities to obtain additional capital, the interest of our existing shareholders could be diluted.Risks Related to MAA’s Organization and Ownership of Its StockMAA’s ownership limit restricts the transferability of its capital stock.MAA’s charter limits ownership of its capital stock by any single shareholder to 9.9% of the value of all outstanding shares of its capital stock, both common and preferred, unless approved by its Board of Directors. The charter also prohibits anyone from buying shares if the purchase would result in it losing REIT status. This could happen if a share transaction results in fewer than 100 persons owning all of its shares or in five or fewer persons, applying certain broad attribution rules of the Code, owning 50% or more of its shares. If an investor acquires shares in excess of the ownership limit or in violation of the ownership requirements of the Code for REITs, MAA:•will consider the transfer to be null and void;•will not reflect the transaction on its books;•may institute legal action to enjoin the transaction;•will not pay dividends or other distributions with respect to those shares;•will not recognize any voting rights for those shares;•will consider the shares held in trust for its benefit; and",
      "prior_body": "We currently fund the acquisition and development of apartment communities partially through borrowings (including our commercial paper program and revolving credit facility) as well as from other sources such as sales of apartment communities which no longer meet our investment criteria. In addition, we may fund other of our capital requirements through debt. Our organizational documents do not contain any limitation on the amount of indebtedness that we may incur, and we may incur more debt in the future. Accordingly, subject to limitations on indebtedness set forth in various loan agreements and the indentures governing our unsecured senior notes, we could become more highly leveraged, resulting in an increase in debt service and an increased risk of default on our obligations, which could have a material adverse effect on our financial condition, our ability to access debt and equity capital markets in the future and our ability to make payments on our debt and to make distributions. 18 18 18"
    },
    {
      "status": "MODIFIED",
      "current_title": "Acts of violence could decrease the value of our assets and could have an adverse effect on our business and results of operations.",
      "prior_title": "Acts of violence could decrease the value of our assets and could have an adverse effect on our business and results of operations.",
      "similarity_score": 0.604,
      "confidence": "medium",
      "key_changes": [
        "Added sentence: \"17 17 Risks Related to Our Indebtedness and Financing ActivitiesOur substantial indebtedness could adversely affect our financial condition and results of operations.As of December 31, 2025, the amount of our total debt was $5.4 billion.\"",
        "Added sentence: \"We may incur additional indebtedness in the future in connection with, among other things, our acquisition, development and operating activities.The degree of our leverage creates significant risks, including that:•we may be required to dedicate a substantial portion of our funds from operations to servicing our debt and our cash flow may be insufficient to make required payments of principal and interest; •debt service obligations will reduce funds available for distribution and funds available for acquisitions, development and redevelopment; •we may be more vulnerable to economic and industry downturns than our competitors that have less debt; •we may be limited in our ability to respond to changing business and economic conditions; •we may default on our indebtedness, which could result in acceleration of those obligations, assignment of rents and leases and loss of properties to foreclosure; and•if one of our subsidiaries defaults, it could trigger a cross default or cross acceleration provision under other indebtedness, which could cause an immediate default or could allow the lenders to declare all funds borrowed thereunder to be due and payable.If any one of these events was to occur, our financial condition and results of operations could be materially and adversely affected.We may be unable to renew, repay or refinance our outstanding debt, which could negatively impact our financial condition and results of operations.We are subject to the normal risks associated with debt financing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest, the risk that either secured or unsecured indebtedness will not be able to be renewed, repaid or refinanced when due or that the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness.\"",
        "Added sentence: \"If we are unable to refinance our indebtedness on acceptable terms, if at all, we might be forced to dispose of one or more of our apartment communities on disadvantageous terms, which might result in losses to us.\"",
        "Added sentence: \"Such losses could have a material adverse effect on us and our ability to make payments on our debt and to make distributions.\"",
        "Added sentence: \"Furthermore, if a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the mortgagee could foreclose upon the property, appoint a receiver and receive an assignment of rents and leases or pursue other remedies, all with a consequent loss of our revenues and asset value.\""
      ],
      "current_body": "Our apartment communities could directly or indirectly be the location or target of actual or threatened terrorist attacks, crimes, shootings or other acts of violence, the occurrence of which could impact the value of our communities through damage, destruction, loss or increased security costs, as well as result in operational losses due to reduced rental demand, and the availability of insurance may be limited or may be subject to substantial costs. If such an incident were to occur at one of our apartment communities, we may also become subject to significant liability claims. In addition, the adverse effects that actual or threatened terrorist attacks could have on national economic conditions, as well as economic conditions in the markets in which we operate, could similarly have a material adverse effect on our business and results of operations. 17 17 Risks Related to Our Indebtedness and Financing ActivitiesOur substantial indebtedness could adversely affect our financial condition and results of operations.As of December 31, 2025, the amount of our total debt was $5.4 billion. We may incur additional indebtedness in the future in connection with, among other things, our acquisition, development and operating activities.The degree of our leverage creates significant risks, including that:•we may be required to dedicate a substantial portion of our funds from operations to servicing our debt and our cash flow may be insufficient to make required payments of principal and interest; •debt service obligations will reduce funds available for distribution and funds available for acquisitions, development and redevelopment; •we may be more vulnerable to economic and industry downturns than our competitors that have less debt; •we may be limited in our ability to respond to changing business and economic conditions; •we may default on our indebtedness, which could result in acceleration of those obligations, assignment of rents and leases and loss of properties to foreclosure; and•if one of our subsidiaries defaults, it could trigger a cross default or cross acceleration provision under other indebtedness, which could cause an immediate default or could allow the lenders to declare all funds borrowed thereunder to be due and payable.If any one of these events was to occur, our financial condition and results of operations could be materially and adversely affected.We may be unable to renew, repay or refinance our outstanding debt, which could negatively impact our financial condition and results of operations.We are subject to the normal risks associated with debt financing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest, the risk that either secured or unsecured indebtedness will not be able to be renewed, repaid or refinanced when due or that the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness. If we are unable to refinance our indebtedness on acceptable terms, if at all, we might be forced to dispose of one or more of our apartment communities on disadvantageous terms, which might result in losses to us. Such losses could have a material adverse effect on us and our ability to make payments on our debt and to make distributions. Furthermore, if a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the mortgagee could foreclose upon the property, appoint a receiver and receive an assignment of rents and leases or pursue other remedies, all with a consequent loss of our revenues and asset value. Foreclosures could also create taxable income without accompanying cash proceeds, thereby hindering our ability to meet the REIT distribution requirements of the Code.Rising interest rates could adversely affect our results of operations and cash flows.We have incurred and expect in the future to incur indebtedness that bears interest at variable rates. Interest rates increased significantly in 2022 and 2023, and while the Federal Reserve began cutting its benchmark interest rate in 2024, interest rates remain elevated. To the extent the current interest rate environment continues or interest rates increase further, we could experience higher interest expense on our variable-rate debt or increase interest rates when refinancing maturing fixed-rate debt, which could have a material adverse effect on us and our ability to make payments on our debt and to make distributions or cause us to be in default under certain debt instruments. In addition, the current interest rate environment, or any further increase in interest rates, may lead holders of shares of our common stock to demand a higher yield on their shares from distributions by us, which could adversely affect the market price for our common stock. Any increase in the federal funds rate due to key economic indicators, such as the unemployment rate or inflation, may cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. Any continued adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations.We may incur additional debt in the future, which may adversely impact our financial condition.We currently fund the acquisition and development of apartment communities partially through borrowings (including our commercial paper program and revolving credit facility) as well as from other sources such as sales of apartment communities which no longer meet our investment criteria. In addition, we may fund other of our capital requirements through debt. Our organizational documents do not contain any limitation on the amount of indebtedness that we may incur, and we may incur more debt in the future. Accordingly, subject to limitations on indebtedness set forth in various loan agreements and the indentures governing our unsecured senior notes, we could become more highly leveraged, resulting in an increase in debt service and an increased risk of default on our obligations, which could have a material adverse effect on our financial condition, our ability to access debt and equity capital markets in the future and our ability to make payments on our debt and to make distributions.",
      "prior_body": "Our apartment communities could directly or indirectly be the location or target of actual or threatened terrorist attacks, crimes, shootings or other acts of violence, the occurrence of which could impact the value of our communities through damage, destruction, loss or increased security costs, as well as result in operational losses due to reduced rental demand, and the availability of insurance may be limited or may be subject to substantial costs. If such an incident were to occur at one of our apartment communities, we may also become subject to significant liability claims. In addition, the adverse effects that actual or threatened terrorist attacks could have on national economic conditions, as well as economic conditions in the markets in which we operate, could similarly have a material adverse effect on our business and results of operations. 17 17 17"
    },
    {
      "status": "MODIFIED",
      "current_title": "Certain dispositions of property by us may generate prohibited transaction income, resulting in a 100% penalty tax on any gain attributable to the disposition.",
      "prior_title": "Certain dispositions of property by us may generate prohibited transaction income, resulting in a 100% penalty tax on any gain attributable to the disposition.",
      "similarity_score": 0.595,
      "confidence": "low",
      "key_changes": [
        "Added sentence: \"23 23 Legislative or regulatory income tax changes related to REITs could materially and adversely affect us.The U.S.\"",
        "Added sentence: \"federal income tax laws and regulations governing REITs and their shareholders, as well as the administrative interpretations of those laws and regulations, are constantly under review and may be changed at any time, possibly with retroactive effect.\"",
        "Added sentence: \"No assurance can be given as to whether, when, or in what form changes to the U.S.\"",
        "Added sentence: \"federal income tax laws applicable to us and MAA’s shareholders may be enacted.\"",
        "Added sentence: \"federal income tax laws and interpretations of U.S.\""
      ],
      "current_body": "Any gain resulting from a transfer of property that we hold as inventory or primarily for sale to customers in the ordinary course of business would be treated for federal income tax purposes as income from a prohibited transaction that is subject to a 100% penalty tax. Since we acquire properties for investment purposes, we do not believe that our occasional transfers or disposals of property would be considered prohibited transactions. Whether property is held for investment purposes is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. As such, the IRS may contend that certain transfers or disposals of properties by us are prohibited transactions. If the IRS were to argue successfully that a transfer or disposition of property constituted a prohibited transaction, then we would be required to pay a 100% penalty tax on any gain allocable to us from the prohibited transaction. In addition, income from a prohibited transaction might adversely affect our ability to satisfy the income tests for qualification as a REIT for federal income tax purposes. A safe harbor to the characterization of the disposition of property as a prohibited transaction and the resulting imposition of the 100% tax is available; however, we cannot assure that we will be able to comply with such safe harbor in connection with any property dispositions. 23 23 Legislative or regulatory income tax changes related to REITs could materially and adversely affect us.The U.S. federal income tax laws and regulations governing REITs and their shareholders, as well as the administrative interpretations of those laws and regulations, are constantly under review and may be changed at any time, possibly with retroactive effect. No assurance can be given as to whether, when, or in what form changes to the U.S. federal income tax laws applicable to us and MAA’s shareholders may be enacted. Changes to the U.S. federal income tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in MAA’s stock.Item 1B. Unresolved Staff Comments.None.Item 1C. Cybersecurity.Cybersecurity Risk Management ProgramWe recognize the importance of maintaining the integrity of our information systems and safeguarding the confidential business and personal information we receive and store about our residents, prospective residents, employees and suppliers. As such, we have implemented a cybersecurity risk management program designed to assess, identify and manage material risks from cybersecurity threats. Our cybersecurity risk management program is designed to employ what we believe are industry best practices, including monitoring and analysis of the threat environment, vulnerability assessments and third-party cybersecurity risks; detecting and responding to cyber attacks, cybersecurity incidents and data breaches; cybersecurity crisis preparedness, incident response plans, and business continuity and disaster recovery capabilities; and investments in cybersecurity infrastructure and program needs. Key processes in our program include: •regular cybersecurity training and testing for employees with company email and access to connected devices;•continuous security event monitoring, management and incident response;•regular testing of incident response procedures;•regular internal reporting;•regular consulting with external advisors and specialists regarding opportunities and enhancements to strengthen our cyber practices and policies and enhance our cybersecurity maturity;•independent third-party testing of our information technology controls and defenses, including penetration tests;•independent third-party audits of our cybersecurity controls; and•annual independent third-party reviews of program maturity based on the National Institute of Standards and Technology (NIST) cybersecurity framework.In addition, as part of our cybersecurity risk management program, we have processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers, and our cybersecurity risk management program takes into account third-party systems through which we could be impacted by the compromise of the security of a third-party service provider. In this regard, we conduct due diligence on third-party service providers with respect to cybersecurity risks prior to entering into relationships with them, and we regularly assess security risks associated with our use of third-party service providers, including onboarding contract employees through the same process we onboard our own employees. In addition, we contractually require third-party service providers to promptly notify us of any actual or suspected breach impacting our data or operations, and we continuously track mission critical vendors using a third-party monitoring service. We maintain a cyber insurance policy, we periodically meet with our insurance broker and insurer to discuss emerging trends in cybersecurity and we utilize self-assessment tools and other services provided by our insurance broker and insurer, including annual tabletop exercises conducted by cybersecurity experts.Our cybersecurity risk management program is integrated into our overall risk management system. To help identify, assess and manage material risks from cybersecurity threats, we include cyber risk in our enterprise risk management, or ERM, evaluation and strategy process. Our ERM process takes a top-down, enterprise view of risks; it is an ongoing process consisting of risk identification, risk rating, analysis and action plans, and reporting and monitoring. Our Senior Vice President Information Security and Privacy has a dotted line reporting relationship to our Chief Administrative Officer and General Counsel to help ensure that risks from cybersecurity threats are considered as part of the broader ERM process. At a management level, our Chief Administrative Officer and General Counsel leads our ERM process.",
      "prior_body": "Any gain resulting from a transfer of property that we hold as inventory or primarily for sale to customers in the ordinary course of business would be treated for federal income tax purposes as income from a prohibited transaction that is subject to a 100% penalty tax. Since we acquire properties for investment purposes, we do not believe that our occasional transfers or disposals of property would be considered prohibited transactions. Whether property is held for investment purposes is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. As such, the IRS may contend that certain transfers or disposals of properties by us are prohibited transactions. If the IRS were to argue successfully that a transfer or disposition of property constituted a prohibited transaction, then we would be required to pay a 100% penalty tax on any gain allocable to us from the prohibited transaction. In addition, income from a prohibited transaction might adversely affect our ability to satisfy the income tests for qualification as a REIT for federal income tax purposes. A safe harbor to the characterization of the disposition of property as a prohibited transaction and the resulting imposition of the 100% tax is available; however, we cannot assure that we will be able to comply with such safe harbor in connection with any property dispositions. 23 23 23"
    },
    {
      "status": "MODIFIED",
      "current_title": "Short-term leases expose us to the effects of declining market rents, and we may be unable to renew leases or relet units as leases expire.",
      "prior_title": "Short-term leases expose us to the effects of declining market rents, and we may be unable to renew leases or relet units as leases expire.",
      "similarity_score": 0.479,
      "confidence": "low",
      "key_changes": [
        "Added sentence: \"14 14 We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation.We rely on proprietary and third-party information technology systems to process, transmit and store information and to manage or support our business processes.\"",
        "Added sentence: \"We store and maintain confidential financial and business information regarding us and persons with whom we do business on our information technology systems.\"",
        "Added sentence: \"We also collect and hold personally identifiable information of our residents and prospective residents in connection with our leasing and property management activities, and we collect and hold personally identifiable information of our employees in connection with their employment.\"",
        "Added sentence: \"In addition, we engage third-party service providers that may collect and hold personally identifiable information of our residents, prospective residents and employees in connection with providing business services to us, including web hosting, property management, leasing, accounting, payroll and benefit services.\"",
        "Added sentence: \"The protection of the information technology systems on which we rely is critically important to us.\""
      ],
      "current_body": "Our apartment leases are generally for a term of approximately one year. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation as our leases allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. However, since our leases typically permit the residents to leave at the end of the lease term without penalty, our revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our financial condition and results of operations may be adversely affected. 14 14 We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation.We rely on proprietary and third-party information technology systems to process, transmit and store information and to manage or support our business processes. We store and maintain confidential financial and business information regarding us and persons with whom we do business on our information technology systems. We also collect and hold personally identifiable information of our residents and prospective residents in connection with our leasing and property management activities, and we collect and hold personally identifiable information of our employees in connection with their employment. In addition, we engage third-party service providers that may collect and hold personally identifiable information of our residents, prospective residents and employees in connection with providing business services to us, including web hosting, property management, leasing, accounting, payroll and benefit services. The protection of the information technology systems on which we rely is critically important to us. As described in more detail under the heading \"Cybersecurity\" in this Annual Report on Form 10-K, we take steps, and generally require third-party service providers to take steps, to protect the security of the information maintained in our and our service providers’ information technology systems, including the use of systems, software, tools and monitoring to provide security for processing, transmitting and storing of the information. However, we face risks associated with breaches or security failures of the information technology systems on which we rely, which could result from, among other incidents, cyber-attacks or cyber-intrusions over the internet, malware, computer viruses or employee error or misconduct. This risk of a data breach or security failure, particularly through cyber-attacks or cyber-intrusion, has generally increased due to the rise in new technologies, such as ransomware and generative artificial intelligence, and the increased sophistication and activities of the perpetrators of attempted attacks and intrusions, including as a result of the intensification of state-sponsored cybersecurity attacks during periods of geopolitical conflict, such as the ongoing conflicts involving Ukraine and in the Middle East. The security measures put in place by us and our service providers cannot provide absolute security and there can be no assurance that we or our service providers will not suffer a data security incident in the future, that unauthorized parties will not gain access to sensitive information stored on our or our service providers’ systems, that such access will not, whether temporarily or permanently, impact, interfere with or interrupt our operations, or that any such incident will be discovered in a timely manner. Even the most well-protected information, networks, systems and facilities remain potentially vulnerable as the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. The rapid evolution and increased adoption of artificial intelligence technologies, by us and our third-party service providers, may also heighten our cybersecurity risks by making cyber attacks more difficult to detect, contain and mitigate. In addition, third-party information technology providers may not provide us with fixes or updates to hardware or software in a manner as to avoid an unauthorized loss or disclosure or to address a known vulnerability, which may subject us to known threats or downtime as a result of those delays. Accordingly, we and our service providers may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures. Further, we may be required to expend significant additional resources to continue to enhance information security measures and internal processes and procedures or to investigate and remediate any information security vulnerabilities.A data security incident could compromise our or our service providers’ information technology systems, and the information stored by us or our service providers, including personally identifiable information of residents, prospective residents and employees, could be accessed, misused, publicly disclosed, corrupted, lost or stolen. Any failure to prevent a data breach or a security failure of our or our service providers’ information technology systems could interrupt our operations, result in downtime, divert our planned efforts and resources from other projects, damage our reputation and brand, damage our competitive position, make it difficult for us to attract and retain residents, subject us to liability claims or regulatory penalties and could materially and adversely affect our business, financial condition or results of operations. Similarly, if our service providers fail to use adequate security or data protection processes, or use personal data in an unpermitted or improper manner, we may be liable for certain losses and it may damage our reputation.A failure to keep pace with developments in technology could impair our operations or competitive position. Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence. These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements. If we are unable to do so on a timely basis or at a reasonable cost, or fail to do so, our business could suffer. Also, we may not achieve the benefits that we anticipate from any new system, software or technology, and a failure to do so could result in higher than anticipated costs or could adversely affect our results of operations.",
      "prior_body": "Our apartment leases are generally for a term of approximately one year. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation as our leases allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. However, since our leases typically permit the residents to leave at the end of the lease term without penalty, our revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our financial condition and results of operations may be adversely affected."
    },
    {
      "status": "MODIFIED",
      "current_title": "Insufficient cash flow from operations or a decline in the market price of MAA’s common stock may reduce the amount of cash available to the Operating Partnership to meet its obligations.",
      "prior_title": "Insufficient cash flow from operations or a decline in the market price of MAA’s common stock may reduce the amount of cash available to the Operating Partnership to meet its obligations.",
      "similarity_score": 0.472,
      "confidence": "low",
      "key_changes": [
        "Added sentence: \"22 22 Risks Related to Tax LawsFailure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders.If MAA fails to qualify as a REIT for federal income tax purposes, MAA will be subject to federal income tax on its taxable income at regular corporate rates without the benefit of the dividends paid deduction applicable to REITs.\"",
        "Added sentence: \"In addition, unless MAA is entitled to relief under applicable statutory provisions, MAA would be ineligible to make an election for treatment as a REIT for the four taxable years following the year in which it loses its qualification.\"",
        "Added sentence: \"The additional tax liability resulting from the failure to qualify as a REIT would significantly reduce or eliminate the amount of funds available for distribution to MAA’s shareholders.\"",
        "Added sentence: \"MAA’s failure to qualify as a REIT also could impair its ability to expand its business and raise capital, and would adversely affect the value of MAA’s common stock.MAA believes that it is organized and qualified as a REIT, and MAA intends to operate in a manner that will allow it to continue to qualify as a REIT.\"",
        "Added sentence: \"MAA cannot assure, however, that it is qualified or will remain qualified as a REIT.\""
      ],
      "current_body": "The Operating Partnership is subject to the risk that its cash flow will be insufficient to make payments on its debt and to make distributions to its unitholders, which may cause MAA to not have the funds to make distributions to its shareholders. MAA’s failure to meet the market’s expectations with regard to future results of operations and cash distributions would likely adversely affect the market price of its shares and thus potentially reduce MAA’s ability to contribute funds from issuances down to the Operating Partnership, resulting in a lower level of cash available for investment, to make payments on its debt or to make distributions to its unitholders. 22 22 Risks Related to Tax LawsFailure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders.If MAA fails to qualify as a REIT for federal income tax purposes, MAA will be subject to federal income tax on its taxable income at regular corporate rates without the benefit of the dividends paid deduction applicable to REITs. In addition, unless MAA is entitled to relief under applicable statutory provisions, MAA would be ineligible to make an election for treatment as a REIT for the four taxable years following the year in which it loses its qualification. The additional tax liability resulting from the failure to qualify as a REIT would significantly reduce or eliminate the amount of funds available for distribution to MAA’s shareholders. MAA’s failure to qualify as a REIT also could impair its ability to expand its business and raise capital, and would adversely affect the value of MAA’s common stock.MAA believes that it is organized and qualified as a REIT, and MAA intends to operate in a manner that will allow it to continue to qualify as a REIT. MAA cannot assure, however, that it is qualified or will remain qualified as a REIT. This is because qualification as a REIT involves the application of highly technical and complex provisions of the Code for which there are only limited judicial and administrative interpretations and involves the determination of a variety of factual matters and circumstances not entirely within MAA’s control. In addition, future legislation, new regulations, administrative interpretations or court decisions may significantly change the tax laws or the application of the tax laws with respect to qualification as a REIT for federal income tax purposes or the federal income tax consequences of qualification as a REIT. Even if MAA qualifies as a REIT, MAA will be subject to various federal, state and local taxes, including property taxes and income taxes on taxable income that MAA does not timely distribute to its shareholders. In addition, MAA may hold certain assets and engage in certain activities that a REIT could not engage in directly through its taxable REIT subsidiaries, or TRS, and those TRS will be subject to federal income tax at regular corporate rates on their taxable income without the benefit of the dividends paid deduction applicable to REITs.Furthermore, we have a subsidiary that has elected to be treated as a REIT, and if our subsidiary REIT were to fail to qualify as a REIT, it is possible that we also would fail to qualify as a REIT unless we (or the subsidiary REIT) could qualify for certain relief provisions. The qualification of our subsidiary REIT as a REIT will depend on satisfaction, on an annual or quarterly basis, of numerous requirements set forth in highly technical and complex provisions of the Code for which there are only limited judicial or administrative interpretations. A determination as to whether such requirements are satisfied involves various factual matters and circumstances not entirely within our control. The fact that we hold substantially all of our assets through the Operating Partnership and its subsidiaries further complicates the application of the REIT requirements for us. No assurance can be given that our subsidiary REIT will qualify as a REIT for any particular year.The Operating Partnership may fail to be treated as a partnership for federal income tax purposes.We believe that the Operating Partnership qualifies, and has so qualified since its formation, as a partnership for federal income tax purposes and not as a publicly traded partnership taxable as a corporation. No assurance can be provided, however, that the Internal Revenue Service, or IRS, will not challenge the treatment of the Operating Partnership as a partnership for federal income tax purposes or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership as a corporation for federal income tax purposes, then the taxable income of the Operating Partnership would be taxable at regular corporate income tax rates. In addition, the treatment of the Operating Partnership as a corporation would cause MAA to fail to qualify as a REIT. See “Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders” above.Certain dispositions of property by us may generate prohibited transaction income, resulting in a 100% penalty tax on any gain attributable to the disposition.Any gain resulting from a transfer of property that we hold as inventory or primarily for sale to customers in the ordinary course of business would be treated for federal income tax purposes as income from a prohibited transaction that is subject to a 100% penalty tax. Since we acquire properties for investment purposes, we do not believe that our occasional transfers or disposals of property would be considered prohibited transactions. Whether property is held for investment purposes is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. As such, the IRS may contend that certain transfers or disposals of properties by us are prohibited transactions. If the IRS were to argue successfully that a transfer or disposition of property constituted a prohibited transaction, then we would be required to pay a 100% penalty tax on any gain allocable to us from the prohibited transaction. In addition, income from a prohibited transaction might adversely affect our ability to satisfy the income tests for qualification as a REIT for federal income tax purposes. A safe harbor to the characterization of the disposition of property as a prohibited transaction and the resulting imposition of the 100% tax is available; however, we cannot assure that we will be able to comply with such safe harbor in connection with any property dispositions.",
      "prior_body": "The Operating Partnership is subject to the risk that its cash flow will be insufficient to make payments on its debt and to make distributions to its unitholders, which may cause MAA to not have the funds to make distributions to its shareholders. MAA’s failure to meet the market’s expectations with regard to future results of operations and cash distributions would likely adversely affect the market price of its shares and thus potentially reduce MAA’s ability to contribute funds from issuances down to the Operating Partnership, resulting in a lower level of cash available for investment, to make payments on its debt or to make distributions to its unitholders. 22 22 22"
    },
    {
      "status": "UNCHANGED",
      "current_title": "We may be unable to renew, repay or refinance our outstanding debt, which could negatively impact our financial condition and results of operations.",
      "prior_title": "We may be unable to renew, repay or refinance our outstanding debt, which could negatively impact our financial condition and results of operations.",
      "current_body": "We are subject to the normal risks associated with debt financing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest, the risk that either secured or unsecured indebtedness will not be able to be renewed, repaid or refinanced when due or that the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness. If we are unable to refinance our indebtedness on acceptable terms, if at all, we might be forced to dispose of one or more of our apartment communities on disadvantageous terms, which might result in losses to us. Such losses could have a material adverse effect on us and our ability to make payments on our debt and to make distributions. Furthermore, if a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the mortgagee could foreclose upon the property, appoint a receiver and receive an assignment of rents and leases or pursue other remedies, all with a consequent loss of our revenues and asset value. Foreclosures could also create taxable income without accompanying cash proceeds, thereby hindering our ability to meet the REIT distribution requirements of the Code."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Financing may not be available and could be dilutive.",
      "prior_title": "Financing may not be available and could be dilutive.",
      "current_body": "Our capital requirements depend on numerous factors, including the occupancy and turnover rates of our apartment communities, development and capital expenditures, costs of operations and potential acquisitions. We cannot accurately predict the timing and amount of our capital requirements. If our capital requirements vary materially from our plans, we may require additional financing sooner than anticipated. We and other companies in the real estate industry have experienced limited availability of financing from time to time. Dislocations and liquidity disruptions in capital and credit markets could impact liquidity in the debt markets, which could result in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing. Likewise, disruptions could impede the ability of our counterparties to perform on their contractual obligations. Should the capital and credit markets experience volatility and the availability of funds again becomes limited, or be available only on unattractive terms, we will incur increased costs associated with issuing debt instruments. In addition, it is possible that our ability to access the capital and credit markets may be limited or precluded by these or other factors at a time when we would like, or need, to do so, which would adversely impact our ability to refinance maturing debt and/or react to changing economic and business conditions. Uncertainty in the credit markets could negatively impact our ability to make acquisitions and make it more difficult or not possible for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing. Potential continued disruptions in the financial markets could also have other unknown adverse effects on us or the economy generally and may cause the price of our securities to fluctuate significantly and/or to decline. If we issue additional equity securities to obtain additional capital, the interest of our existing shareholders could be diluted."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Future offerings of debt or equity securities, which may rank senior to MAA’s stock, may adversely affect the market price of MAA’s stock.",
      "prior_title": "Future offerings of debt or equity securities, which may rank senior to MAA’s stock, may adversely affect the market price of MAA’s stock.",
      "current_body": "If we decide to issue additional debt securities in the future, which would rank senior to MAA’s common stock, it is likely that they will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, any equity securities or convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of MAA’s common stock and may result in dilution to owners of MAA’s common stock. We and, indirectly, MAA’s shareholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any future offerings. Thus, holders of MAA’s common stock will bear the risk of our future offerings reducing the market price of MAA’s common stock and diluting the value of their stock holdings."
    },
    {
      "status": "UNCHANGED",
      "current_title": "A downgrade in our credit ratings could have a material adverse effect on our business, financial condition and results of operations.",
      "prior_title": "A downgrade in our credit ratings could have a material adverse effect on our business, financial condition and results of operations.",
      "current_body": "We have a significant amount of unsecured debt outstanding. We are currently assigned corporate credit ratings from each of the three ratings agencies based on their evaluation of our creditworthiness. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality and sustainability of cash flows and earnings. If our credit ratings are downgraded or other negative action is taken, we could be required to pay additional interest and fees on our outstanding borrowings. In addition, a downgrade may adversely impact our ability to borrow secured and unsecured debt, increase our borrowing costs and otherwise limit our access to capital, which could adversely affect our business, financial condition and results of operations."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Extreme weather or natural disasters may cause significant damage to our properties.",
      "prior_title": "Extreme weather or natural disasters may cause significant damage to our properties.",
      "current_body": "Many of our apartment communities are located in areas that may be subject to extreme weather and natural disasters, such as floods, tornados, hurricanes, earthquakes, wildfires and major winter storms, the likelihood or frequency of which events could increase in part based on the impact of climate change. Such events may cause significant damage to our properties, disrupt our operations, and adversely impact our residents and rental revenue. There can be no assurances that such conditions will not have a material adverse effect on our properties, operations or business."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Compliance or failure to comply with laws and regulations could have an adverse effect on our operations and the values of our properties.",
      "prior_title": "Compliance or failure to comply with laws and regulations could have an adverse effect on our operations and the values of our properties.",
      "current_body": "We must own, operate, manage, acquire, develop and redevelop our properties in compliance with numerous federal, state and local laws and regulations, some of which may conflict with one another or are subject to limited judicial or regulatory interpretations. These laws and regulations include landlord-tenant laws, employment laws, laws benefitting disabled persons, antitrust and other competition laws, privacy laws, tax laws, environmental laws, zoning laws, building codes and other laws regulating housing or that are generally applicable to our business and operations. Noncompliance with laws and regulations could expose us to liability, such as the imposition of fines by the government or the award of damages to private litigants, and could require us to make significant unanticipated expenditures, such as making modifications to our existing apartment communities or increasing construction costs for development communities. As our industry becomes increasingly regulated, we do not know whether the legal requirements we are subject to will change or whether new requirements will be imposed. For example, privacy laws continue to evolve, with several states passing new data privacy laws that govern the collection, processing, use, security and disclosure of information about state residents, such as the Texas Data Privacy and Security Act. In addition, there are legislative efforts underway at the local, state and federal levels related to tenant screening limitations, affordable housing mandates, increased eviction notice periods, mandatory alternative dispute resolution and access to legal counsel for unrepresented tenants. Likewise, we have seen an increase in governments implementing, considering or being urged by tenant advocacy groups to consider rent control or rent stabilization laws and regulations and other tenants’ rights laws and regulations. New or changed legal requirements implemented in the markets in which we operate could require us to make significant unanticipated expenditures and could also limit our ability to recover increases in operating expenses, impose limitations on our ability to charge market rents or increase rents or charge certain fees, impose limitations on our ability to enforce remedies for the failure to pay rent or otherwise adversely impact our operations. Therefore, any such new or changed legal requirements could have a significant adverse impact on our results of operations and the value of our properties."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results.",
      "prior_title": "Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results.",
      "current_body": "As a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense. These costs are subject to substantial increases and fluctuations, which can be widely outside of our control. For example, the current and potential impacts of climate change, along with the increased risk of extreme weather events and natural disasters have caused significant increases in our property insurance premiums and may adversely affect the availability and terms of coverage in the future. Additionally, “social inflation” has caused the cost of general liability claims to rise at a rate well above general economic inflation, primarily due to a trend in increasing litigation costs related to unpredictable jury verdicts for plaintiffs seeking large monetary relief for their injuries. Premises liability is of particular concern for multifamily apartment owners. In general, these factors have pressured insurance premiums and made it more challenging to obtain appropriate coverage at reasonable rates without assuming higher levels of self-retained risk. If the costs associated with real estate taxes, utilities and insurance premiums continue to rise without being offset by corresponding increases in rental revenues or, in the case of insurance, strategic self-retention of risk, our operating results could be negatively impacted, potentially affecting our ability to meet debt obligations and make distributions."
    },
    {
      "status": "UNCHANGED",
      "current_title": "We are subject to certain risks associated with selling apartment communities, which could limit our operational and financial flexibility.",
      "prior_title": "We are subject to certain risks associated with selling apartment communities, which could limit our operational and financial flexibility.",
      "current_body": "We plan to sell apartment communities that no longer meet our long-term strategy. However, adverse market conditions could limit our ability to sell properties when we want and to change our portfolio promptly to meet our strategic objectives. Likewise, federal tax laws applicable to REITs limit our ability to profit on the sale of properties, and this limitation could prevent us from selling properties when market conditions are favorable. From time to time, we may dispose of properties in transactions intended to qualify as “like-kind exchanges” under Section 1031 of the Code. If a transaction intended to qualify as a Section 1031 exchange is later determined to be taxable, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis."
    },
    {
      "status": "UNCHANGED",
      "current_title": "The Operating Partnership may fail to be treated as a partnership for federal income tax purposes.",
      "prior_title": "The Operating Partnership may fail to be treated as a partnership for federal income tax purposes.",
      "current_body": "We believe that the Operating Partnership qualifies, and has so qualified since its formation, as a partnership for federal income tax purposes and not as a publicly traded partnership taxable as a corporation. No assurance can be provided, however, that the Internal Revenue Service, or IRS, will not challenge the treatment of the Operating Partnership as a partnership for federal income tax purposes or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership as a corporation for federal income tax purposes, then the taxable income of the Operating Partnership would be taxable at regular corporate income tax rates. In addition, the treatment of the Operating Partnership as a corporation would cause MAA to fail to qualify as a REIT. See “Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders” above."
    },
    {
      "status": "UNCHANGED",
      "current_title": "The Operating Partnership’s existing unitholders have limited approval rights, which may prevent the Operating Partnership’s sole general partner, MAA, from completing a change of control transaction that may be in the best interests of all unitholders of the Operating Partnership and all shareholders of MAA.",
      "prior_title": "The Operating Partnership’s existing unitholders have limited approval rights, which may prevent the Operating Partnership’s sole general partner, MAA, from completing a change of control transaction that may be in the best interests of all unitholders of the Operating Partnership and all shareholders of MAA.",
      "current_body": "MAA may not engage in a sale or other disposition of all or substantially all of the assets of the Operating Partnership, dissolve the Operating Partnership or, upon the occurrence of certain triggering events, take any action that would result in any unitholder realizing taxable gain, without the approval of the holders of a majority of the outstanding OP Units held by holders other than MAA or its affiliates, or Class A OP Units. The right of the holders of our Class A OP Units to vote on these transactions could limit MAA’s ability to complete a change of control transaction that might otherwise be in the best interest of all unitholders of the Operating Partnership and all shareholders of MAA."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks.",
      "prior_title": "Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks.",
      "current_body": "We have a significant institutional investor base, and there is a heightened focus from institutional investors and other stakeholders on corporate responsibility, specifically related to environmental, social and governance, or ESG, factors. Some institutional investors may use these factors to guide their investment strategies, and many institutional investors focus on positive ESG business practices and may consider a company’s ESG score when making an investment decision. In addition, many institutional investors may use ESG scores to benchmark companies against their peers. Third-party providers of corporate responsibility ratings and reports on companies have increased in number, resulting in varied and in some cases inconsistent standards. In addition, the criteria by which companies’ ESG practices are assessed are evolving and inconsistent, which could result in greater expectations of us and cause us to undertake costly initiatives to satisfy any new or contradictory criteria. Alternatively, if we elect not to or are unable to satisfy new criteria or do not meet the criteria of a specific third-party provider, some investors may conclude that our ESG business practices are inadequate. We may face reputational damage in the event that our corporate responsibility standards do not meet the standards set by various stakeholders. In addition, in the event that we communicate certain ESG initiatives and goals, we could fail, or be perceived to have failed, in our achievement of our initiatives or goals, or we could be criticized for the scope of our initiatives or goals or the achievement of our initiatives or goals may be costly. If we fail to satisfy the ESG expectations of investors and other stakeholders or our initiatives are not executed as planned, our reputation and financial results and the market price of MAA’s common stock could be adversely affected."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Market interest rates may have an adverse effect on the market value of MAA’s common stock.",
      "prior_title": "Market interest rates may have an adverse effect on the market value of MAA’s common stock.",
      "current_body": "The market price of shares of common stock of a REIT may be affected by the distribution rate on those shares, as a percentage of the price of the shares, relative to market interest rates. If market interest rates increase, prospective purchasers of MAA’s common stock may expect a higher annual distribution rate. Higher interest rates would not, however, result in more funds for MAA to distribute and, in fact, would likely increase MAA’s future borrowing costs and potentially decrease funds available for distribution. This could cause the market price of MAA’s common stock to go down."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Substantial competition may adversely affect our revenues and limit our acquisition and development opportunities.",
      "prior_title": "Substantial competition may adversely affect our revenues and limit our acquisition and development opportunities.",
      "current_body": "There are numerous alternative housing options within the market area of each of our communities that compete with us for residents, including other apartment communities, condominiums and single-family homes. Competitive housing in a particular area, particularly new supply (and especially during lease up efforts), could adversely affect our ability to retain residents, rent our apartments and increase or maintain rents, which could materially adversely affect our results of operations and financial condition. Similarly, some of our competitors may have loan covenants or fund requirements that encourage decisions on occupancy targets or rental rates that vary from decisions based on market conditions, which could require us to react in ways that may negatively affect our performance. We also face competition from other businesses for acquisition and development opportunities. The activities of these competitors could cause us to pay higher prices for new properties than we otherwise would have paid or may prevent us from purchasing desired properties at all, which could have a material adverse effect on us and our ability to make payments on our debt and to make distributions."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Rising interest rates could adversely affect our results of operations and cash flows.",
      "prior_title": "Rising interest rates could adversely affect our results of operations and cash flows.",
      "current_body": "We have incurred and expect in the future to incur indebtedness that bears interest at variable rates. Interest rates increased significantly in 2022 and 2023, and while the Federal Reserve began cutting its benchmark interest rate in 2024, interest rates remain elevated. To the extent the current interest rate environment continues or interest rates increase further, we could experience higher interest expense on our variable-rate debt or increase interest rates when refinancing maturing fixed-rate debt, which could have a material adverse effect on us and our ability to make payments on our debt and to make distributions or cause us to be in default under certain debt instruments. In addition, the current interest rate environment, or any further increase in interest rates, may lead holders of shares of our common stock to demand a higher yield on their shares from distributions by us, which could adversely affect the market price for our common stock. Any increase in the federal funds rate due to key economic indicators, such as the unemployment rate or inflation, may cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. Any continued adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations."
    },
    {
      "status": "UNCHANGED",
      "current_title": "In certain circumstances, certain of the Operating Partnership’s unitholders must approve the Operating Partnership’s sale of certain properties contributed by the unitholders.",
      "prior_title": "In certain circumstances, certain of the Operating Partnership’s unitholders must approve the Operating Partnership’s sale of certain properties contributed by the unitholders.",
      "current_body": "In certain circumstances, as detailed in the limited partnership agreement of the Operating Partnership, the Operating Partnership may not sell or otherwise transfer certain properties unless a specified percentage of the limited partners who were partners in the limited partnership holding such properties at the time of its acquisition by us approves such sale or transfer. The exercise of these approval rights by the Operating Partnership’s unitholders could delay or prevent the Operating Partnership from completing a transaction that may be in the best interest of all unitholders of the Operating Partnership and all shareholders of MAA."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders.",
      "prior_title": "Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders.",
      "current_body": "If MAA fails to qualify as a REIT for federal income tax purposes, MAA will be subject to federal income tax on its taxable income at regular corporate rates without the benefit of the dividends paid deduction applicable to REITs. In addition, unless MAA is entitled to relief under applicable statutory provisions, MAA would be ineligible to make an election for treatment as a REIT for the four taxable years following the year in which it loses its qualification. The additional tax liability resulting from the failure to qualify as a REIT would significantly reduce or eliminate the amount of funds available for distribution to MAA’s shareholders. MAA’s failure to qualify as a REIT also could impair its ability to expand its business and raise capital, and would adversely affect the value of MAA’s common stock. MAA believes that it is organized and qualified as a REIT, and MAA intends to operate in a manner that will allow it to continue to qualify as a REIT. MAA cannot assure, however, that it is qualified or will remain qualified as a REIT. This is because qualification as a REIT involves the application of highly technical and complex provisions of the Code for which there are only limited judicial and administrative interpretations and involves the determination of a variety of factual matters and circumstances not entirely within MAA’s control. In addition, future legislation, new regulations, administrative interpretations or court decisions may significantly change the tax laws or the application of the tax laws with respect to qualification as a REIT for federal income tax purposes or the federal income tax consequences of qualification as a REIT. Even if MAA qualifies as a REIT, MAA will be subject to various federal, state and local taxes, including property taxes and income taxes on taxable income that MAA does not timely distribute to its shareholders. In addition, MAA may hold certain assets and engage in certain activities that a REIT could not engage in directly through its taxable REIT subsidiaries, or TRS, and those TRS will be subject to federal income tax at regular corporate rates on their taxable income without the benefit of the dividends paid deduction applicable to REITs. Furthermore, we have a subsidiary that has elected to be treated as a REIT, and if our subsidiary REIT were to fail to qualify as a REIT, it is possible that we also would fail to qualify as a REIT unless we (or the subsidiary REIT) could qualify for certain relief provisions. The qualification of our subsidiary REIT as a REIT will depend on satisfaction, on an annual or quarterly basis, of numerous requirements set forth in highly technical and complex provisions of the Code for which there are only limited judicial or administrative interpretations. A determination as to whether such requirements are satisfied involves various factual matters and circumstances not entirely within our control. The fact that we hold substantially all of our assets through the Operating Partnership and its subsidiaries further complicates the application of the REIT requirements for us. No assurance can be given that our subsidiary REIT will qualify as a REIT for any particular year."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Environmental problems are possible and can be costly.",
      "prior_title": "Environmental problems are possible and can be costly.",
      "current_body": "Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances in, on, around or under such property. Such laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. The presence of, or failure to properly remediate, hazardous or toxic substances or petroleum product releases may adversely affect the owner’s or operator’s ability to sell or rent the affected property or to borrow using the property as collateral. Persons who arrange for the disposal or treatment of hazardous or toxic substances may also be liable for the costs of removal or remediation of hazardous or toxic substances at a disposal or treatment facility, whether or not the facility is owned or operated by the person. Certain environmental laws impose liability for the release of asbestos-containing materials into the air, and third parties may also seek recovery from owners or operators of real property for personal injury associated with asbestos-containing materials and other hazardous or toxic substances. Federal and state laws also regulate the operation and subsequent removal of certain underground storage tanks. In connection with the current or former ownership (direct or indirect), operation, management, development or control of real property, we may be considered an owner or operator of such apartment communities or as having arranged for the disposal or treatment of hazardous or toxic substances and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines, and claims for injuries to persons and property. Our current policy is to obtain a Phase I environmental study on each apartment community that we seek to acquire or develop, which generally does not involve invasive techniques such as soil or ground water sampling, and to proceed accordingly. However, there can be no assurance that the Phase I environmental studies or other environmental studies undertaken with respect to any of our current or future apartment communities will reveal: •all or the full extent of potential environmental liabilities; all or the full extent of potential environmental liabilities; •that any prior owner or operator of a property did not create any material environmental condition unknown to us; that any prior owner or operator of a property did not create any material environmental condition unknown to us; •that a material environmental condition does not otherwise exist as to any one or more of such apartment communities; or that a material environmental condition does not otherwise exist as to any one or more of such apartment communities; or •that environmental matters will not have a material adverse effect on us and our ability to make payments on our debt and to make distributions. that environmental matters will not have a material adverse effect on us and our ability to make payments on our debt and to make distributions. Certain environmental laws impose liability on a previous owner of property to the extent that hazardous or toxic substances were present during the prior ownership period. A transfer of the property does not relieve an owner of such liability. Thus, we may have liability with respect to apartment communities previously sold by our predecessors or by us. There have been a number of lawsuits against owners and operators of multifamily apartment communities alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. Insurance carriers have reacted to these liability awards by excluding mold-related claims from standard policies and pricing mold endorsements separately. We have obtained a separate pollution insurance policy that covers mold-related claims and have adopted programs designed to minimize the existence of mold in any of our apartment communities as well as guidelines for promptly addressing and resolving reports of mold. To the extent not covered by our pollution policy, the presence of mold could expose us to liability from residents and others if property damage or health concerns, or allegations thereof, arise."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Our substantial indebtedness could adversely affect our financial condition and results of operations.",
      "prior_title": "Our substantial indebtedness could adversely affect our financial condition and results of operations.",
      "current_body": "As of December 31, 2025, the amount of our total debt was $5.4 billion. We may incur additional indebtedness in the future in connection with, among other things, our acquisition, development and operating activities. The degree of our leverage creates significant risks, including that: •we may be required to dedicate a substantial portion of our funds from operations to servicing our debt and our cash flow may be insufficient to make required payments of principal and interest; we may be required to dedicate a substantial portion of our funds from operations to servicing our debt and our cash flow may be insufficient to make required payments of principal and interest; •debt service obligations will reduce funds available for distribution and funds available for acquisitions, development and redevelopment; debt service obligations will reduce funds available for distribution and funds available for acquisitions, development and redevelopment; •we may be more vulnerable to economic and industry downturns than our competitors that have less debt; we may be more vulnerable to economic and industry downturns than our competitors that have less debt; •we may be limited in our ability to respond to changing business and economic conditions; we may be limited in our ability to respond to changing business and economic conditions; •we may default on our indebtedness, which could result in acceleration of those obligations, assignment of rents and leases and loss of properties to foreclosure; and we may default on our indebtedness, which could result in acceleration of those obligations, assignment of rents and leases and loss of properties to foreclosure; and •if one of our subsidiaries defaults, it could trigger a cross default or cross acceleration provision under other indebtedness, which could cause an immediate default or could allow the lenders to declare all funds borrowed thereunder to be due and payable. if one of our subsidiaries defaults, it could trigger a cross default or cross acceleration provision under other indebtedness, which could cause an immediate default or could allow the lenders to declare all funds borrowed thereunder to be due and payable. If any one of these events was to occur, our financial condition and results of operations could be materially and adversely affected."
    },
    {
      "status": "UNCHANGED",
      "current_title": "We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation.",
      "prior_title": "We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation.",
      "current_body": "We rely on proprietary and third-party information technology systems to process, transmit and store information and to manage or support our business processes. We store and maintain confidential financial and business information regarding us and persons with whom we do business on our information technology systems. We also collect and hold personally identifiable information of our residents and prospective residents in connection with our leasing and property management activities, and we collect and hold personally identifiable information of our employees in connection with their employment. In addition, we engage third-party service providers that may collect and hold personally identifiable information of our residents, prospective residents and employees in connection with providing business services to us, including web hosting, property management, leasing, accounting, payroll and benefit services. The protection of the information technology systems on which we rely is critically important to us. As described in more detail under the heading \"Cybersecurity\" in this Annual Report on Form 10-K, we take steps, and generally require third-party service providers to take steps, to protect the security of the information maintained in our and our service providers’ information technology systems, including the use of systems, software, tools and monitoring to provide security for processing, transmitting and storing of the information. However, we face risks associated with breaches or security failures of the information technology systems on which we rely, which could result from, among other incidents, cyber-attacks or cyber-intrusions over the internet, malware, computer viruses or employee error or misconduct. This risk of a data breach or security failure, particularly through cyber-attacks or cyber-intrusion, has generally increased due to the rise in new technologies, such as ransomware and generative artificial intelligence, and the increased sophistication and activities of the perpetrators of attempted attacks and intrusions, including as a result of the intensification of state-sponsored cybersecurity attacks during periods of geopolitical conflict, such as the ongoing conflicts involving Ukraine and in the Middle East. The security measures put in place by us and our service providers cannot provide absolute security and there can be no assurance that we or our service providers will not suffer a data security incident in the future, that unauthorized parties will not gain access to sensitive information stored on our or our service providers’ systems, that such access will not, whether temporarily or permanently, impact, interfere with or interrupt our operations, or that any such incident will be discovered in a timely manner. Even the most well-protected information, networks, systems and facilities remain potentially vulnerable as the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. The rapid evolution and increased adoption of artificial intelligence technologies, by us and our third-party service providers, may also heighten our cybersecurity risks by making cyber attacks more difficult to detect, contain and mitigate. In addition, third-party information technology providers may not provide us with fixes or updates to hardware or software in a manner as to avoid an unauthorized loss or disclosure or to address a known vulnerability, which may subject us to known threats or downtime as a result of those delays. Accordingly, we and our service providers may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures. Further, we may be required to expend significant additional resources to continue to enhance information security measures and internal processes and procedures or to investigate and remediate any information security vulnerabilities. A data security incident could compromise our or our service providers’ information technology systems, and the information stored by us or our service providers, including personally identifiable information of residents, prospective residents and employees, could be accessed, misused, publicly disclosed, corrupted, lost or stolen. Any failure to prevent a data breach or a security failure of our or our service providers’ information technology systems could interrupt our operations, result in downtime, divert our planned efforts and resources from other projects, damage our reputation and brand, damage our competitive position, make it difficult for us to attract and retain residents, subject us to liability claims or regulatory penalties and could materially and adversely affect our business, financial condition or results of operations. Similarly, if our service providers fail to use adequate security or data protection processes, or use personal data in an unpermitted or improper manner, we may be liable for certain losses and it may damage our reputation."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Our operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S.; we are subject to general economic conditions in the regions in which we operate.",
      "prior_title": "Our operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S.; we are subject to general economic conditions in the regions in which we operate.",
      "current_body": "As of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida. In addition, our overall operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S. Our performance could be adversely affected by economic conditions in, and other factors relating to, these geographic areas, including supply and demand for apartments in these areas, zoning and other regulatory conditions and competition from other communities and alternative housing options. In particular, our performance is disproportionately influenced by job growth and unemployment. To the extent the economic conditions, job growth and unemployment in any of these markets deteriorate or any of these areas experiences natural disasters, the value of our portfolio, our results of operations and our ability to make payments on our debt and to make distributions could be adversely affected."
    },
    {
      "status": "UNCHANGED",
      "current_title": "We are dependent on a concentration of our investments in a single asset class, making our results of operations more vulnerable to a downturn or slowdown in the multifamily sector or other economic factors.",
      "prior_title": "We are dependent on a concentration of our investments in a single asset class, making our results of operations more vulnerable to a downturn or slowdown in the multifamily sector or other economic factors.",
      "current_body": "As of December 31, 2025, substantially all of our investments are concentrated in the multifamily sector. As a result, we will be subject to risks inherent in investments in a single type of property. A downturn or slowdown in the demand for multifamily housing will have more pronounced effects on our results of operations and on the value of our assets than if we had diversified our investments into more than one asset class."
    },
    {
      "status": "UNCHANGED",
      "current_title": "MAA, its officers and directors have substantial influence over the Operating Partnership’s affairs.",
      "prior_title": "MAA, its officers and directors have substantial influence over the Operating Partnership’s affairs.",
      "current_body": "MAA, as the Operating Partnership’s sole general partner and acting through its officers and directors, has a substantial influence on the Operating Partnership’s affairs. MAA, its officers and directors could exercise their influence in a manner that is not in the best interest of the unitholders of the Operating Partnership. Also, as of December 31, 2025, MAA owned approximately 97.5% of the OP Units. As such, MAA has substantial influence on the outcome of substantially all matters submitted to the Operating Partnership’s unitholders for approval."
    },
    {
      "status": "UNCHANGED",
      "current_title": "The restrictive terms of certain of our indebtedness may cause acceleration of debt payments.",
      "prior_title": "The restrictive terms of certain of our indebtedness may cause acceleration of debt payments.",
      "current_body": "As of December 31, 2025, we had outstanding borrowings of $5.4 billion. Our indebtedness contains financial covenants as to interest coverage ratios, maximum secured debt, maintenance of unencumbered asset value, and total debt to gross assets, among others, and cross default provisions with other material debt. Our ability to comply with these financial covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting us. In the event that an event of default occurs, our lenders may declare borrowings under the respective loan agreements to be due and payable immediately, which could have a material adverse effect on our financial condition and our ability to make payments on our debt and to make distributions."
    },
    {
      "status": "UNCHANGED",
      "current_title": "The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.",
      "prior_title": "The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.",
      "current_body": "Though MAA’s Board of Directors has a history of declaring dividends in advance of the quarter they are paid, the form, timing and amount of dividend distributions will be declared, and standing practice changed, at the discretion of the Board of Directors. The form, timing and amount of dividend distributions will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as MAA’s Board of Directors may consider relevant. MAA’s Board of Directors may modify MAA’s dividend policy from time to time."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Legal proceedings that we become involved in from time to time could adversely affect our business.",
      "prior_title": "Legal proceedings that we become involved in from time to time could adversely affect our business.",
      "current_body": "As an owner, operator and developer of multifamily apartment communities, we may become involved in various legal proceedings, including, proceedings related to commercial, development, employment, competition, environmental, securities, shareholder, tenant or tort legal issues, some of which could result in a class action lawsuit. For example, we recently entered into a settlement agreement to settle lawsuits filed by plaintiffs individually and on behalf of a purported class of plaintiffs alleging that RealPage, Inc. and many of the largest owners and operators of apartment communities in the country, including us, conspired to artificially inflate multifamily residential rental prices above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws. Similarly, other lawsuits alleging violations of antitrust and other laws have been filed by the District of Columbia and the Commonwealth of Kentucky against RealPage and a number of large apartment community owners and operators, including us. For more detail on these legal proceedings, see Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K. Legal proceedings, if decided adversely to or settled by us, and not covered by insurance, could result in liability material to our financial condition, results of operations or cash flows. Likewise, regardless of outcome, legal proceedings could result in substantial costs and expenses, result in operational changes in our business, affect the availability or cost of some of our insurance coverage and significantly divert the attention of our management. There can be no assurance that we will be able to prevail in, or achieve a favorable settlement of, any pending or future legal proceedings to which we become subject. In addition, other multifamily apartment owners could become involved in legal proceedings, the outcome of which could affect the way we conduct our business."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Development and construction risks could impact our profitability.",
      "prior_title": "Development and construction risks could impact our profitability.",
      "current_body": "As of December 31, 2025, we had eight development communities under construction representing 2,522 units once complete. We may make further investments in these and other development communities as opportunities arise and may do so through joint ventures with unaffiliated parties. Our development and construction activities are subject to the following risks: •we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, which could result in increased development costs, could delay initial occupancy dates for all or a portion of a development community and could require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations; we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, which could result in increased development costs, could delay initial occupancy dates for all or a portion of a development community and could require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations; •we may be unable to obtain financing for development activities under favorable terms, which could cause a delay in construction resulting in increased costs, decreases in revenue and potentially cause us to abandon the opportunity; we may be unable to obtain financing for development activities under favorable terms, which could cause a delay in construction resulting in increased costs, decreases in revenue and potentially cause us to abandon the opportunity; •yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget, higher than expected concessions for lease-up and lower rents than initially estimated; yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget, higher than expected concessions for lease-up and lower rents than initially estimated; •bankruptcy of developers in our development projects could impose delays and costs on us with respect to the development of our communities and may adversely affect our financial condition and results of operations; bankruptcy of developers in our development projects could impose delays and costs on us with respect to the development of our communities and may adversely affect our financial condition and results of operations; •we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such opportunities; we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such opportunities; •we may be unable to complete construction and lease-up of an apartment community on schedule, including by reason of work stoppages, labor disputes, shortages of skilled tradespeople and shortages of building components and materials; we may be unable to complete construction and lease-up of an apartment community on schedule, including by reason of work stoppages, labor disputes, shortages of skilled tradespeople and shortages of building components and materials; 13 13 •we may incur development or construction costs, including labor and building components and materials, that exceed our original estimates and we may be unable to charge rents that would compensate for any increase in such costs;•occupancy rates and rents at a newly developed apartment community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our profitability goals for that community; •when we sell apartment communities that we developed or renovated, we may be subject to warranty or construction defects that are uninsured or exceed the limit of our insurance;•our failure to successfully enter into a joint venture agreement may prohibit an otherwise advantageous investment;•changes in laws and regulations, or enforcement priorities, such as the imposition of tariffs or changes in immigration laws or their enforcement, could result in higher building component costs, tighter overall labor conditions and a shortage of skilled tradespeople, which could increase our costs of development and cause delays in the construction of our development communities; and•adoption of laws and regulations designed to address climate change and its effects, including “green” building codes, could increase our costs of development and cause delays in the construction of our development communities.Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results.As a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense. These costs are subject to substantial increases and fluctuations, which can be widely outside of our control. For example, the current and potential impacts of climate change, along with the increased risk of extreme weather events and natural disasters have caused significant increases in our property insurance premiums and may adversely affect the availability and terms of coverage in the future. Additionally, “social inflation” has caused the cost of general liability claims to rise at a rate well above general economic inflation, primarily due to a trend in increasing litigation costs related to unpredictable jury verdicts for plaintiffs seeking large monetary relief for their injuries. Premises liability is of particular concern for multifamily apartment owners. In general, these factors have pressured insurance premiums and made it more challenging to obtain appropriate coverage at reasonable rates without assuming higher levels of self-retained risk. If the costs associated with real estate taxes, utilities and insurance premiums continue to rise without being offset by corresponding increases in rental revenues or, in the case of insurance, strategic self-retention of risk, our operating results could be negatively impacted, potentially affecting our ability to meet debt obligations and make distributions.Short-term leases expose us to the effects of declining market rents, and we may be unable to renew leases or relet units as leases expire.Our apartment leases are generally for a term of approximately one year. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation as our leases allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. However, since our leases typically permit the residents to leave at the end of the lease term without penalty, our revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our financial condition and results of operations may be adversely affected. •we may incur development or construction costs, including labor and building components and materials, that exceed our original estimates and we may be unable to charge rents that would compensate for any increase in such costs; we may incur development or construction costs, including labor and building components and materials, that exceed our original estimates and we may be unable to charge rents that would compensate for any increase in such costs; •occupancy rates and rents at a newly developed apartment community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our profitability goals for that community; occupancy rates and rents at a newly developed apartment community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our profitability goals for that community; •when we sell apartment communities that we developed or renovated, we may be subject to warranty or construction defects that are uninsured or exceed the limit of our insurance; when we sell apartment communities that we developed or renovated, we may be subject to warranty or construction defects that are uninsured or exceed the limit of our insurance; •our failure to successfully enter into a joint venture agreement may prohibit an otherwise advantageous investment; our failure to successfully enter into a joint venture agreement may prohibit an otherwise advantageous investment; •changes in laws and regulations, or enforcement priorities, such as the imposition of tariffs or changes in immigration laws or their enforcement, could result in higher building component costs, tighter overall labor conditions and a shortage of skilled tradespeople, which could increase our costs of development and cause delays in the construction of our development communities; and changes in laws and regulations, or enforcement priorities, such as the imposition of tariffs or changes in immigration laws or their enforcement, could result in higher building component costs, tighter overall labor conditions and a shortage of skilled tradespeople, which could increase our costs of development and cause delays in the construction of our development communities; and •adoption of laws and regulations designed to address climate change and its effects, including “green” building codes, could increase our costs of development and cause delays in the construction of our development communities. adoption of laws and regulations designed to address climate change and its effects, including “green” building codes, could increase our costs of development and cause delays in the construction of our development communities."
    },
    {
      "status": "UNCHANGED",
      "current_title": "MAA’s ownership limit restricts the transferability of its capital stock.",
      "prior_title": "MAA’s ownership limit restricts the transferability of its capital stock.",
      "current_body": "MAA’s charter limits ownership of its capital stock by any single shareholder to 9.9% of the value of all outstanding shares of its capital stock, both common and preferred, unless approved by its Board of Directors. The charter also prohibits anyone from buying shares if the purchase would result in it losing REIT status. This could happen if a share transaction results in fewer than 100 persons owning all of its shares or in five or fewer persons, applying certain broad attribution rules of the Code, owning 50% or more of its shares. If an investor acquires shares in excess of the ownership limit or in violation of the ownership requirements of the Code for REITs, MAA: •will consider the transfer to be null and void; will consider the transfer to be null and void; •will not reflect the transaction on its books; will not reflect the transaction on its books; •may institute legal action to enjoin the transaction; may institute legal action to enjoin the transaction; •will not pay dividends or other distributions with respect to those shares; will not pay dividends or other distributions with respect to those shares; •will not recognize any voting rights for those shares; will not recognize any voting rights for those shares; •will consider the shares held in trust for its benefit; and will consider the shares held in trust for its benefit; and 19 19 •will either direct the holder to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, the holder will be paid a price equal to the lesser of:othe principal price paid for the shares by the holder,oa price per share equal to the market price (as determined in the manner set forth in MAA’s charter) of the applicable capital stock,othe market price (as so determined) on the date such holder would, but for the restrictions on transfers set forth in MAA’s charter, be deemed to have acquired ownership of the shares, andothe maximum price allowed under the Tennessee Greenmail Act (such price being the average of the highest and lowest closing market price for the shares during the 30 trading days preceding the purchase of such shares or, if the holder of such shares has commenced a tender offer or has announced an intention to seek control of MAA, during the 30 trading days preceding the commencement of such tender offer or the making of such announcement).The redemption price may be paid, at MAA’s option, by delivering one OP Unit (subject to adjustment from time to time in the event of, among other things, stock splits, stock dividends or recapitalizations affecting its common stock or certain mergers, consolidations or asset transfers by MAA) issued by the Operating Partnership for each excess share being redeemed.If an investor acquires shares in violation of the limits on ownership described above, the holder may:•lose its power to dispose of the shares;•not recognize profit from the sale of such shares if the market price of the shares increases; and•be required to recognize a loss from the sale of such shares if the market price decreases.Future offerings of debt or equity securities, which may rank senior to MAA’s stock, may adversely affect the market price of MAA’s stock.If we decide to issue additional debt securities in the future, which would rank senior to MAA’s common stock, it is likely that they will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, any equity securities or convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of MAA’s common stock and may result in dilution to owners of MAA’s common stock. We and, indirectly, MAA’s shareholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any future offerings. Thus, holders of MAA’s common stock will bear the risk of our future offerings reducing the market price of MAA’s common stock and diluting the value of their stock holdings.The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.Though MAA’s Board of Directors has a history of declaring dividends in advance of the quarter they are paid, the form, timing and amount of dividend distributions will be declared, and standing practice changed, at the discretion of the Board of Directors. The form, timing and amount of dividend distributions will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as MAA’s Board of Directors may consider relevant. MAA’s Board of Directors may modify MAA’s dividend policy from time to time.Provisions of MAA’s charter and Tennessee law may limit the ability of a third party to acquire control of MAA.Ownership LimitThe 9.9% ownership limit discussed above may have the effect of precluding acquisition of control of MAA by a third party without the consent of MAA’s Board of Directors.Preferred StockMAA’s charter authorizes its Board of Directors to issue up to 20,000,000 shares of preferred stock, 868,000 of which have been designated as 8.50% Series I Cumulative Redeemable Preferred Stock, which we refer to as MAA Series I preferred stock. In addition to the MAA Series I preferred stock, the Board of Directors may establish the preferences and rights of any other series of preferred shares issued. The issuance of preferred stock could have the effect of delaying or preventing someone from taking control of MAA, even if a change in control were in MAA shareholders’ best interests. As of December 31, 2025, 867,846 shares of preferred stock were issued and outstanding, all of which shares were MAA Series I preferred stock. •will either direct the holder to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, the holder will be paid a price equal to the lesser of: will either direct the holder to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, the holder will be paid a price equal to the lesser of: othe principal price paid for the shares by the holder, the principal price paid for the shares by the holder, oa price per share equal to the market price (as determined in the manner set forth in MAA’s charter) of the applicable capital stock, a price per share equal to the market price (as determined in the manner set forth in MAA’s charter) of the applicable capital stock, othe market price (as so determined) on the date such holder would, but for the restrictions on transfers set forth in MAA’s charter, be deemed to have acquired ownership of the shares, and the market price (as so determined) on the date such holder would, but for the restrictions on transfers set forth in MAA’s charter, be deemed to have acquired ownership of the shares, and othe maximum price allowed under the Tennessee Greenmail Act (such price being the average of the highest and lowest closing market price for the shares during the 30 trading days preceding the purchase of such shares or, if the holder of such shares has commenced a tender offer or has announced an intention to seek control of MAA, during the 30 trading days preceding the commencement of such tender offer or the making of such announcement). the maximum price allowed under the Tennessee Greenmail Act (such price being the average of the highest and lowest closing market price for the shares during the 30 trading days preceding the purchase of such shares or, if the holder of such shares has commenced a tender offer or has announced an intention to seek control of MAA, during the 30 trading days preceding the commencement of such tender offer or the making of such announcement). The redemption price may be paid, at MAA’s option, by delivering one OP Unit (subject to adjustment from time to time in the event of, among other things, stock splits, stock dividends or recapitalizations affecting its common stock or certain mergers, consolidations or asset transfers by MAA) issued by the Operating Partnership for each excess share being redeemed. If an investor acquires shares in violation of the limits on ownership described above, the holder may: •lose its power to dispose of the shares; lose its power to dispose of the shares; •not recognize profit from the sale of such shares if the market price of the shares increases; and not recognize profit from the sale of such shares if the market price of the shares increases; and •be required to recognize a loss from the sale of such shares if the market price decreases. be required to recognize a loss from the sale of such shares if the market price decreases."
    }
  ]
}