MID AMERICA APARTMENT COMMUNITIES INC., 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 27, 2025
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Registrant Name MID-AMERICA APARTMENT COMMUNITIES, INC.  
Entity Central Index Key 0000912595  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   117,081,742
Entity Shell Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity File Number 001-12762  
Entity Incorporation, State or Country Code TN  
Entity Tax Identification Number 62-1543819  
Entity Address, Address Line One 6815 Poplar Ave  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Germantown  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 38138  
City Area Code 901  
Local Phone Number 682-6600  
Document Quarterly Report true  
Document Transition Report false  
Common Stock [Member]    
Document Information [Line Items]    
Security Exchange Name NYSE  
Trading Symbol MAA  
Title of 12(b) Security Common Stock  
Cumulative Preferred Stock [Member]    
Document Information [Line Items]    
Security Exchange Name NYSE  
Trading Symbol MAAI  
Title of 12(b) Security 8.50% Series I Cumulative Redeemable Preferred Stock  
Limited Partner [Member]    
Document Information [Line Items]    
Entity Registrant Name MID-AMERICA APARTMENTS, L.P.  
Entity Central Index Key 0001581776  
Entity Filer Category Non-accelerated Filer  
Entity Shell Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity File Number 333-190028-01  
Entity Incorporation, State or Country Code TN  
Entity Tax Identification Number 62-1543816  
Entity Address, Address Line One 6815 Poplar Ave  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Germantown  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 38138  
City Area Code 901  
Local Phone Number 682-6600  
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Land $ 2,112,192 $ 2,096,912
Buildings and improvements and other 14,746,047 14,160,799
Development and capital improvements in progress 449,390 470,282
Real Estate Investment Property, at Cost 17,307,629 16,727,993
Less: Accumulated depreciation (5,787,596) (5,327,584)
Real Estate Investment Property, Net 11,520,033 11,400,409
Undeveloped land 73,359 73,359
Investment in real estate joint venture 41,870 41,650
Real estate assets, net 11,635,262 11,515,418
Cash and cash equivalents 32,249 43,018
Restricted cash 13,683 13,743
Other assets 245,391 232,426
Assets held for sale 0 7,764
Total assets 11,926,585 11,812,369
Liabilities:    
Unsecured notes payable, net 4,836,998 4,620,690
Secured notes payable, net 360,361 360,267
Accrued expenses and other liabilities 714,924 683,748
Total liabilities 5,912,283 5,664,705
Redeemable common stock 20,223 22,230
Shareholders' equity:    
Preferred stock, value, outstanding 9 9
Common stock, value, outstanding [1] 1,168 1,166
Additional paid-in capital 7,435,697 7,417,453
Accumulated distributions in excess of net income (1,612,912) (1,469,557)
Accumulated other comprehensive loss (5,692) (6,940)
Total MAA shareholders' equity 5,818,270 5,942,131
Noncontrolling interests - Operating Partnership units 145,165 155,409
Total Company’s shareholders’ equity 5,963,435 6,097,540
Noncontrolling interests - consolidated real estate entities 30,644 27,894
Operating Partnership capital:    
Limited Partners' Capital Account 411,100  
Accumulated other comprehensive loss (5,692) (6,940)
Noncontrolling interests - consolidated real estate entities 30,644 27,894
Total equity 5,994,079 6,125,434
Total liabilities and equity 11,926,585 11,812,369
Limited Partnership [Member]    
Assets    
Land 2,112,192 2,096,912
Buildings and improvements and other 14,746,047 14,160,799
Development and capital improvements in progress 449,390 470,282
Real Estate Investment Property, at Cost 17,307,629 16,727,993
Less: Accumulated depreciation (5,787,596) (5,327,584)
Real Estate Investment Property, Net 11,520,033 11,400,409
Undeveloped land 73,359 73,359
Investment in real estate joint venture 41,870 41,650
Real estate assets, net 11,635,262 11,515,418
Cash and cash equivalents 32,249 43,018
Restricted cash 13,683 13,743
Other assets 245,391 232,426
Assets held for sale 0 7,764
Total assets 11,926,585 11,812,369
Liabilities:    
Unsecured notes payable, net 4,836,998 4,620,690
Secured notes payable, net 360,361 360,267
Accrued expenses and other liabilities 714,924 683,748
Total liabilities 5,912,302 5,664,724
Redeemable common stock 20,223 22,230
Shareholders' equity:    
Accumulated other comprehensive loss (5,776) (7,064)
Total Company’s shareholders’ equity 5,963,416 6,097,521
Noncontrolling interests - consolidated real estate entities 30,644 27,894
Operating Partnership capital:    
Preferred Units, Preferred Partners' Capital Accounts 66,840 66,840
General Partners' Capital Account [2] 5,757,187 5,882,336
Limited Partners' Capital Account [2] 145,165 155,409
Accumulated other comprehensive loss (5,776) (7,064)
Noncontrolling interests - consolidated real estate entities 30,644 27,894
Total equity 5,994,060 6,125,415
Total liabilities and equity 11,926,585 11,812,369
Limited Partnership [Member] | Related Party [Member]    
Liabilities:    
Due to general partner $ 19 $ 19
[1] Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 are 144,730 and 143,822, respectively.
[2] Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 are 144,730 and 143,822, respectively.
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized 145,000,000 145,000,000
Common stock, shares issued 117,081,742 116,883,421
Common stock, shares outstanding 117,081,742 116,883,421
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 20,000,000 20,000,000
Preferred Stock, Dividend Rate, Percentage 8.50% 8.50%
Preferred Stock, Shares Issued 867,846 867,846
Preferred Stock, Shares Outstanding 867,846 867,846
Preferred Stock, Liquidation Preference Per Share $ 50 [1] $ 50
Redeemable stock, shares issued and outstanding 144,730 143,822
General Partners' Capital Account, Units Outstanding 117,081,742  
Limited Partners' Capital Account, Units Outstanding 2,941,839  
Limited Partnership [Member]    
Preferred Stock, Dividend Rate, Percentage 8.50% 8.50%
Preferred Units, Outstanding 867,846 867,846
Redeemable stock, shares issued and outstanding 144,730 143,822
General Partners' Capital Account, Units Outstanding 117,081,742 116,883,421
Limited Partners' Capital Account, Units Outstanding 2,941,839 3,075,552
[1] The total liquidation preference for the outstanding preferred stock is $43.4 million.
v3.25.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Rental and other property revenues $ 554,373 $ 551,126 $ 1,653,570 $ 1,641,183
Expenses:        
Operating expenses, excluding real estate taxes and insurance 137,235 134,475 394,655 378,887
Real estate taxes and insurance 78,829 77,086 237,416 236,272
Depreciation and amortization 156,650 146,722 462,521 434,764
Total property operating expenses 372,714 358,283 1,094,592 1,049,923
Property management expenses 18,183 17,265 56,272 54,461
General and administrative expenses 12,525 12,728 40,957 42,444
Interest expense 46,277 42,726 136,549 124,352
(Gain) loss on sale of depreciable real estate assets 0 0 (71,842) 25
Other non-operating expense (income) 1,253 1,678 (4,303) (2,604)
Income before income tax expense 103,421 118,446 401,345 372,582
Income tax expense (1,766) (670) (3,404) (3,485)
Income from continuing operations before real estate joint venture activity 101,655 117,776 397,941 369,097
Income from real estate joint venture 389 454 1,384 1,405
Net income 102,044 118,230 399,325 370,502
Net income attributable to noncontrolling interests 2,506 3,035 9,987 9,605
Net income 99,538 115,195 389,338 360,897
Dividends to MAA Series I preferred shareholders 922 922 2,766 2,766
Net income available for MAA common shareholders $ 98,616 $ 114,273 $ 386,572 $ 358,131
Earnings per common share - basic:        
Net income available for MAA common shareholders $ 0.84 $ 0.98 $ 3.3 $ 3.07
Earnings per common share - diluted:        
Net income available for MAA common shareholders $ 0.84 $ 0.98 $ 3.3 $ 3.07
Limited Partnership [Member]        
Revenues:        
Rental and other property revenues $ 554,373 $ 551,126 $ 1,653,570 $ 1,641,183
Expenses:        
Operating expenses, excluding real estate taxes and insurance 137,235 134,475 394,655 378,887
Real estate taxes and insurance 78,829 77,086 237,416 236,272
Depreciation and amortization 156,650 146,722 462,521 434,764
Total property operating expenses 372,714 358,283 1,094,592 1,049,923
Property management expenses 18,183 17,265 56,272 54,461
General and administrative expenses 12,525 12,728 40,957 42,444
Interest expense 46,277 42,726 136,549 124,352
(Gain) loss on sale of depreciable real estate assets 0 0 (71,842) 25
Other non-operating expense (income) 1,253 1,678 (4,303) (2,604)
Income before income tax expense 103,421 118,446 401,345 372,582
Income tax expense (1,766) (670) (3,404) (3,485)
Income from continuing operations before real estate joint venture activity 101,655 117,776 397,941 369,097
Income from real estate joint venture 389 454 1,384 1,405
Net income 102,044 118,230 399,325 370,502
Net income 102,044 118,230 399,325 370,502
Dividends to MAA Series I preferred shareholders 922 922 2,766 2,766
Net income available for MAA common shareholders $ 101,122 $ 117,308 $ 396,559 $ 367,736
Earnings per common share - basic:        
Net income available for MAALP common unitholders $ 0.84 $ 0.98 $ 3.3 $ 3.07
Earnings per common share - diluted:        
Net income available for MAALP common unitholders $ 0.84 $ 0.98 $ 3.3 $ 3.07
v3.25.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net income $ 102,044 $ 118,230 $ 399,325 $ 370,502
Other comprehensive income:        
Adjustment for net losses reclassified to net income from derivative instruments 430 428 1,288 1,448
Total comprehensive income 102,474 118,658 400,613 371,950
Less: Comprehensive income attributable to noncontrolling interests (2,518) (3,047) (10,027) (9,648)
Comprehensive income attributable to MAA 99,956 115,611 390,586 362,302
Limited Partnership [Member]        
Net income 102,044 118,230 399,325 370,502
Other comprehensive income:        
Adjustment for net losses reclassified to net income from derivative instruments 430 428 1,288 1,448
Comprehensive income attributable to MAA $ 102,474 $ 118,658 $ 400,613 $ 371,950
v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 399,325 $ 370,502
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 463,027 435,342
(Gain) loss on sale of depreciable real estate assets (71,842) 25
Gain on consolidation of third-party development 0 (11,033)
(Gain) loss on embedded derivative in preferred shares (3,292) 14,451
Stock compensation expense 12,143 12,396
Amortization of debt issuance costs, discounts and premiums 4,866 4,568
Gain on investments (5,770) (3,666)
Net change in operating accounts and other operating activities 18,046 36,580
Net cash provided by operating activities 816,503 859,165
Cash flows from investing activities:    
Purchases of real estate and other assets (104,880) (189,104)
Capital improvements and other (257,163) (235,856)
Development costs (207,295) (255,216)
Distributions from real estate joint venture 0 284
Contributions to affiliates (8,175) (1,874)
Proceeds from sale of marketable equity securities 0 9,975
Proceeds from real estate asset dispositions 81,128 0
Net proceeds from insurance recoveries 3,692 20,203
Net cash used in investing activities (492,693) (651,588)
Cash flows from financing activities:    
Net proceeds from (payments of) commercial paper 213,000 (5,000)
Proceeds from notes payable 0 744,551
Principal payments on notes payable 0 (400,000)
Payment of deferred financing costs 0 (7,150)
Distributions to noncontrolling interests (13,766) (13,739)
Dividends paid on common shares (531,645) (515,085)
Dividends paid on preferred shares (2,766) (2,766)
Proceeds from issuances of common shares 1,089 955
Net change in other financing activities (551) (373)
Net cash used in financing activities (334,639) (198,607)
Net (decrease) increase in cash, cash equivalents and restricted cash (10,829) 8,970
Cash, cash equivalents and restricted cash, beginning of period 56,761 55,091
Cash, cash equivalents and restricted cash, end of period 45,932 64,061
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 32,249 50,232
Restricted cash 13,683 13,829
Total cash, cash equivalents and restricted cash 45,932 64,061
Supplemental information:    
Interest paid 152,760 126,502
Income taxes paid 242 3,273
Non-cash transactions:    
Distributions on common shares/units declared and accrued 181,836 176,335
Accrued construction in progress 37,223 39,047
Interest capitalized 14,691 12,188
Conversion of OP Units to shares of common stock 6,759 3,529
Limited Partnership [Member]    
Cash flows from operating activities:    
Net income 399,325 370,502
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 463,027 435,342
(Gain) loss on sale of depreciable real estate assets (71,842) 25
Gain on consolidation of third-party development 0 (11,033)
(Gain) loss on embedded derivative in preferred shares (3,292) 14,451
Stock compensation expense 12,143 12,396
Amortization of debt issuance costs, discounts and premiums 4,866 4,568
Gain on investments (5,770) (3,666)
Net change in operating accounts and other operating activities 18,046 36,580
Net cash provided by operating activities 816,503 859,165
Cash flows from investing activities:    
Purchases of real estate and other assets (104,880) (189,104)
Capital improvements and other (257,163) (235,856)
Development costs (207,295) (255,216)
Distributions from real estate joint venture 0 284
Contributions to affiliates (8,175) (1,874)
Proceeds from sale of marketable equity securities 0 9,975
Proceeds from real estate asset dispositions 81,128 0
Net proceeds from insurance recoveries 3,692 20,203
Net cash used in investing activities (492,693) (651,588)
Cash flows from financing activities:    
Net proceeds from (payments of) commercial paper 213,000 (5,000)
Proceeds from notes payable 0 744,551
Principal payments on notes payable 0 (400,000)
Payment of deferred financing costs 0 (7,150)
Dividends paid on common shares (545,411) (528,824)
Dividends paid on preferred shares (2,766) (2,766)
Proceeds from issuances of common shares 1,089 955
Net change in other financing activities (551) (373)
Net cash used in financing activities (334,639) (198,607)
Net (decrease) increase in cash, cash equivalents and restricted cash (10,829) 8,970
Cash, cash equivalents and restricted cash, beginning of period 56,761 55,091
Cash, cash equivalents and restricted cash, end of period 45,932 64,061
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 32,249 50,232
Restricted cash 13,683 13,829
Total cash, cash equivalents and restricted cash 45,932 64,061
Supplemental information:    
Interest paid 152,760 126,502
Income taxes paid 242 3,273
Non-cash transactions:    
Distributions on common shares/units declared and accrued 181,836 176,335
Accrued construction in progress 37,223 39,047
Interest capitalized $ 14,691 $ 12,188
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 99,538 $ 115,195 $ 389,338 $ 360,897
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

In accordance with the disclosure requirement set forth in Item 408(a) of Regulation S-K, the following table discloses any director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company who adopted any contract, instruction or written plan for the purchase or sale of the Company’s securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”) during the quarter ended September 30, 2025. Each of these Rule 10b5-1 trading arrangements was adopted during an open trading window.

NAME

TITLE

ADOPTION DATE

START DATE

END DATE

NATURE OF TRADING ARRANGEMENT

AGGREGATE NUMBER OF SECURITIES

A. Clay Holder

EVP, Chief Financial Officer

8/7/2025

1/6/2026

4/30/2026

Sale of shares of common stock

20% of net shares from vesting of restricted stock awards (gross vesting quantity: 1,860 shares)⁽¹⁾

Robert J. DelPriore

EVP, Chief Administrative Officer and General Counsel

8/12/2025

1/2/2026

6/2/2026

Sale of shares of common stock

Lesser of 100% of net shares from vesting of restricted stock awards (gross vesting quantity: 11,335 shares)⁽¹⁾ or $850,000

Timothy Argo

EVP, Chief Strategy and Analysis Officer

9/2/2025

1/6/2026

4/30/2026

Sale of shares of common stock

20% of net shares from vesting of restricted stock awards (gross vesting quantity: 2,018 shares)⁽¹⁾

Melanie Carpenter

EVP, Chief Human Resources Officer

8/18/2025

1/6/2026

4/30/2026

Sale of shares of common stock

Lesser of 100% of net shares from vesting of restricted stock awards (gross vesting quantity: 1,828 shares)⁽¹⁾ or $150,000

Amber Fairbanks

EVP, Property Management

8/22/2025

1/6/2026

4/15/2026

Sale of shares of common stock

100% of net shares from vesting of restricted stock awards (gross vesting quantity: 1,627 shares)⁽¹⁾
(1)
Net shares are net of tax withholding.

During the quarter ended September 30, 2025, no director or officer of the Company terminated any “Rule 10b5-1 trading arrangement.”

Non-Rule 10b5-1 Trading Arrangements

During the quarter ended September 30, 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.

Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
A. Clay Holder[Member]  
Trading Arrangements, by Individual  
Name A. Clay Holder
Title EVP, Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/7/2025
Expiration Date 4/30/2026
Arrangement Duration 266 days
Aggregate Available 1,860
Robert J. DelPriore [Member]  
Trading Arrangements, by Individual  
Name Robert J. DelPriore
Title EVP, Chief Administrative Officer and General Counsel
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/12/2025
Expiration Date 6/2/2026
Arrangement Duration 294 days
Aggregate Available 11,335
Timothy Argo [Member]  
Trading Arrangements, by Individual  
Name Timothy Argo
Title EVP, Chief Strategy and Analysis Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 9/2/2025
Expiration Date 4/30/2026
Arrangement Duration 240 days
Aggregate Available 2,018
Melanie Carpenter [Member]  
Trading Arrangements, by Individual  
Name Melanie Carpenter
Title EVP, Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/18/2025
Expiration Date 4/30/2026
Arrangement Duration 255 days
Aggregate Available 1,828
Amber Fairbanks [Member]  
Trading Arrangements, by Individual  
Name Amber Fairbanks
Title EVP, Property Management
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/22/2025
Expiration Date 4/15/2026
Arrangement Duration 236 days
Aggregate Available 1,627
v3.25.3
Organization and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Consolidation And Basis Of Presentation And Significant Accounting Policies [Abstract]  
Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

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

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

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

•
enhances investors’ understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;
•
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in these accompanying notes applies to both MAA and the Operating Partnership; and
•
creates time and cost efficiencies through the preparation of one combined set of notes instead of two separate sets.

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

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

Organization of Mid-America Apartment Communities, Inc.

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of September 30, 2025, the Company owned and operated 293 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of September 30, 2025, the Company also had seven development communities under construction, totaling 2,242 apartment units once complete, and development costs of $543.2 million had been incurred through September 30, 2025 with respect to those development communities. The Company expects to complete one of these developments in 2025, four in 2026, one in 2027, and one in 2028. As of September 30, 2025, 35 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of September 30, 2025.

Basis of Presentation and Principles of Consolidation

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

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

Noncontrolling Interests

As of September 30, 2025, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details.

The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2025, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $530.8 million, and consolidated liabilities were $24.2 million, net of eliminations. As of December 31, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $432.2 million, and consolidated liabilities were $27.1 million, net of eliminations.

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture, as well as six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $41.9 million and $41.7 million as of September 30, 2025 and December 31, 2024, respectively, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets.

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

Marketable Equity Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, the Company’s investment in the marketable equity securities was $2.7 million and $3.3 million, respectively. During the three and nine months ended September 30, 2025, the Company did not sell any marketable equity securities. During the three months ended September 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $3.3 million and recognized a net realized gain on sale of $2.7 million. During the nine months ended September 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $10.0 million and recognized a net realized gain on sale of $8.3 million. In addition, during the three months ended September 30, 2025 and 2024, the Company recognized $0.8 million of unrealized gains and $1.2 million of unrealized losses, respectively, from its investment in marketable equity securities. During the nine months ended September 30, 2025 and 2024, the Company recognized $0.6 million and $5.4 million of unrealized losses, respectively, from its investment in marketable equity securities.

Revenue Recognition

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

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

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2025 and December 31, 2024, right-of-use assets recorded within “Other assets” totaled $38.7 million and $40.5 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $24.8 million and $26.1 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended September 30, 2025 and 2024 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2025 and 2024 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair Value Measurements

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

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

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

Level 3 - Unobservable inputs for the assets or liability.

 

Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 and Level 3 of the fair value hierarchy.
v3.25.3
Earnings Per Common Share of MAA
 9 Months Ended
Sep. 30, 2025
Earnings Per Common Share Of M A A [Abstract]  
Earnings per Common Share of MAA

2. Earnings per Common Share of MAA

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

For the three and nine months ended September 30, 2025, MAA’s diluted earnings per share was computed using the treasury stock method, and for the three and nine months ended September 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Calculation of Earnings per common share - basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Net income attributable to noncontrolling interests

 

 

(2,506

)

 

 

(3,035

)

 

 

(9,987

)

 

 

(9,605

)

Unvested restricted shares (allocation of earnings)

 

 

(52

)

 

 

(53

)

 

 

(208

)

 

 

(163

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAA common shareholders, adjusted

 

$

98,564

 

 

$

114,220

 

 

$

386,364

 

 

$

357,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - basic

 

 

117,012

 

 

 

116,820

 

 

 

116,943

 

 

 

116,758

 

Earnings per common share - basic

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings per common share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Net income attributable to noncontrolling interests (1)

 

 

(2,506

)

 

 

(3,035

)

 

 

(9,987

)

 

 

(9,605

)

Unvested restricted shares (allocation of earnings)

 

 

—

 

 

 

(53

)

 

 

—

 

 

 

(163

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAA common shareholders, adjusted

 

$

98,616

 

 

$

114,220

 

 

$

386,572

 

 

$

357,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - basic

 

 

117,012

 

 

 

116,820

 

 

 

116,943

 

 

 

116,758

 

Effect of dilutive securities

 

 

143

 

 

 

—

 

 

 

218

 

 

 

—

 

Weighted average common shares - diluted

 

 

117,155

 

 

 

116,820

 

 

 

117,161

 

 

 

116,758

 

Earnings per common share - diluted

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 

 

(1)
For the three and nine months ended September 30, 2025, 2.9 million OP Units and 3.0 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2024, 3.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.
v3.25.3
Earnings Per OP Unit of MAALP
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings per OP Unit of MAALP

3. Earnings per OP Unit of MAALP

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

 

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

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Calculation of Earnings per common unit - basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Unvested restricted units (allocation of earnings)

 

 

(52

)

 

 

(53

)

 

 

(208

)

 

 

(163

)

Distributions to MAALP Series I preferred unitholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAALP common unitholders, adjusted

 

$

101,070

 

 

$

117,255

 

 

$

396,351

 

 

$

367,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units - basic

 

 

119,960

 

 

 

119,900

 

 

 

119,941

 

 

 

119,865

 

Earnings per common unit - basic

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings per common unit - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Unvested restricted units (allocation of earnings)

 

 

—

 

 

 

(53

)

 

 

—

 

 

 

(163

)

Distributions to MAALP Series I preferred unitholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAALP common unitholders, adjusted

 

$

101,122

 

 

$

117,255

 

 

$

396,559

 

 

$

367,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units - basic

 

 

119,960

 

 

 

119,900

 

 

 

119,941

 

 

 

119,865

 

Effect of dilutive securities

 

 

143

 

 

 

—

 

 

 

218

 

 

 

—

 

Weighted average common units - diluted

 

 

120,103

 

 

 

119,900

 

 

 

120,159

 

 

 

119,865

 

Earnings per common unit - diluted

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 
v3.25.3
MAA Equity
 9 Months Ended
Sep. 30, 2025
M A A Equity [Abstract]  
MAA Equity

4. MAA Equity

 

Changes in MAA’s total equity and its components for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE JUNE 30, 2025

 

$

9

 

 

$

1,168

 

 

$

7,431,627

 

 

$

(1,535,340

)

 

$

(6,110

)

 

$

147,439

 

 

$

30,472

 

 

$

6,069,265

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

99,538

 

 

 

—

 

 

 

2,506

 

 

 

—

 

 

 

102,044

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

418

 

 

 

12

 

 

 

—

 

 

 

430

 

Issuance and registration of common shares

 

 

—

 

 

 

—

 

 

 

144

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144

 

Shares repurchased and retired

 

 

—

 

 

 

—

 

 

 

(29

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29

)

Shares issued in exchange for common units

 

 

—

 

 

 

—

 

 

 

391

 

 

 

—

 

 

 

—

 

 

 

(391

)

 

 

—

 

 

 

—

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,189

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,189

 

Adjustment for noncontrolling interests in
   Operating Partnership

 

 

—

 

 

 

—

 

 

 

(56

)

 

 

—

 

 

 

—

 

 

 

56

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

3,620

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,620

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

Dividends on common stock ($1.5150 per
    share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(177,377

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(177,377

)

Distributions on noncontrolling interests units
   ($1.5150 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,457

)

 

 

—

 

 

 

(4,457

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

172

 

 

 

172

 

 EQUITY BALANCE SEPTEMBER 30, 2025

 

$

9

 

 

$

1,168

 

 

$

7,435,697

 

 

$

(1,612,912

)

 

$

(5,692

)

 

$

145,165

 

 

$

30,644

 

 

$

5,994,079

 

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE JUNE 30, 2024

 

$

9

 

 

$

1,166

 

 

$

7,409,258

 

 

$

(1,398,993

)

 

$

(7,775

)

 

$

157,905

 

 

$

24,662

 

 

$

6,186,232

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

115,195

 

 

 

—

 

 

 

3,035

 

 

 

—

 

 

 

118,230

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

416

 

 

 

12

 

 

 

—

 

 

 

428

 

Issuance and registration of common shares

 

 

—

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

Shares issued in exchange for common units

 

 

—

 

 

 

—

 

 

 

926

 

 

 

—

 

 

 

—

 

 

 

(926

)

 

 

—

 

 

 

—

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,282

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,282

)

Adjustment for noncontrolling interests in
   Operating Partnership

 

 

—

 

 

 

—

 

 

 

(57

)

 

 

—

 

 

 

—

 

 

 

57

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

3,539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,539

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

Dividends on common stock ($1.4700 per
    share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(171,814

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(171,814

)

Distributions on noncontrolling interests units
   ($1.4700 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,521

)

 

 

—

 

 

 

(4,521

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,696

 

 

 

2,696

 

 EQUITY BALANCE SEPTEMBER 30, 2024

 

$

9

 

 

$

1,166

 

 

$

7,413,674

 

 

$

(1,458,816

)

 

$

(7,359

)

 

$

155,562

 

 

$

27,358

 

 

$

6,131,594

 

 

Changes in MAA’s total equity and its components for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE DECEMBER 31, 2024

 

$

9

 

 

$

1,166

 

 

$

7,417,453

 

 

$

(1,469,557

)

 

$

(6,940

)

 

$

155,409

 

 

$

27,894

 

 

$

6,125,434

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

389,338

 

 

 

—

 

 

 

9,987

 

 

 

—

 

 

 

399,325

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,248

 

 

 

40

 

 

 

—

 

 

 

1,288

 

Issuance and registration of common shares

 

 

—

 

 

 

1

 

 

 

(806

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(805

)

Shares repurchased and retired

 

 

—

 

 

 

 

 

 

(3,100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,100

)

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

38

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

Shares issued in exchange for common units

 

 

—

 

 

 

1

 

 

 

6,758

 

 

 

—

 

 

 

—

 

 

 

(6,759

)

 

 

—

 

 

 

—

 

Shares issued in exchange for redeemable stock

 

 

—

 

 

 

—

 

 

 

2,109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,109

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,018

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,018

 

Adjustment for noncontrolling interests in
    Operating Partnership

 

 

—

 

 

 

—

 

 

 

(51

)

 

 

—

 

 

 

—

 

 

 

51

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

13,296

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,296

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

Dividends on common stock ($4.5450 per
   share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(531,945

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(531,945

)

Distributions on noncontrolling interests units
   ($4.5450 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,563

)

 

 

—

 

 

 

(13,563

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,750

 

 

 

2,750

 

 EQUITY BALANCE SEPTEMBER 30, 2025

 

$

9

 

 

$

1,168

 

 

$

7,435,697

 

 

$

(1,612,912

)

 

$

(5,692

)

 

$

145,165

 

 

$

30,644

 

 

$

5,994,079

 

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE DECEMBER 31, 2023

 

$

9

 

 

$

1,168

 

 

$

7,399,921

 

 

$

(1,298,263

)

 

$

(8,764

)

 

$

163,128

 

 

$

22,756

 

 

$

6,279,955

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

360,897

 

 

 

—

 

 

 

9,605

 

 

 

—

 

 

 

370,502

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,405

 

 

 

43

 

 

 

—

 

 

 

1,448

 

Issuance and registration of common shares

 

 

—

 

 

 

2

 

 

 

(791

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(789

)

Shares repurchased and retired

 

 

—

 

 

 

(1

)

 

 

(4,973

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,974

)

Shares issued in exchange for common units

 

 

—

 

 

 

1

 

 

 

3,528

 

 

 

—

 

 

 

—

 

 

 

(3,529

)

 

 

—

 

 

 

—

 

Shares issued in exchange for redeemable stock

 

 

—

 

 

 

(4

)

 

 

2,073

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,325

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,325

)

Adjustment for noncontrolling interests in
    Operating Partnership

 

 

—

 

 

 

—

 

 

 

47

 

 

 

—

 

 

 

—

 

 

 

(47

)

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

13,869

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,869

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

Dividends on common stock ($4.4100 per
   share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(515,359

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(515,359

)

Distributions on noncontrolling interests units
   ($4.4100 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,638

)

 

 

—

 

 

 

(13,638

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,602

 

 

 

4,602

 

EQUITY BALANCE SEPTEMBER 30, 2024

 

$

9

 

 

$

1,166

 

 

$

7,413,674

 

 

$

(1,458,816

)

 

$

(7,359

)

 

$

155,562

 

 

$

27,358

 

 

$

6,131,594

 
v3.25.3
MAALP Capital
 9 Months Ended
Sep. 30, 2025
M A A L P Capital [Abstract]  
MAALP Capital

5. MAALP Capital

Changes in MAALP’s total capital and its components for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE JUNE 30, 2025

 

$

5,830,701

 

 

$

147,439

 

 

$

66,840

 

 

$

(6,206

)

 

$

30,472

 

 

$

6,069,246

 

Net income

 

 

98,616

 

 

 

2,506

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

102,044

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

430

 

 

 

—

 

 

 

430

 

Issuance of units

 

 

144

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144

 

Units repurchased and retired

 

 

(29

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29

)

General partner units issued in exchange for limited
    partner units

 

 

391

 

 

 

(391

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

1,189

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,189

 

Adjustment for limited partners’ capital at redemption value

 

 

(68

)

 

 

68

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,620

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,620

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.5150 per unit)

 

 

(177,377

)

 

 

(4,457

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(181,834

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

172

 

 

 

172

 

CAPITAL BALANCE SEPTEMBER 30, 2025

 

$

5,757,187

 

 

$

145,165

 

 

$

66,840

 

 

$

(5,776

)

 

$

30,644

 

 

$

5,994,060

 

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE JUNE 30, 2024

 

$

5,944,728

 

 

$

157,905

 

 

$

66,840

 

 

$

(7,922

)

 

$

24,662

 

 

$

6,186,213

 

Net income

 

 

114,273

 

 

 

3,035

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

118,230

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

428

 

 

 

—

 

 

 

428

 

Issuance of units

 

 

8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

General partner units issued in exchange for limited
    partner units

 

 

926

 

 

 

(926

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

(2,282

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,282

)

Adjustment for limited partners’ capital at redemption value

 

 

(69

)

 

 

69

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,539

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.4700 per unit)

 

 

(171,814

)

 

 

(4,521

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(176,335

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,696

 

 

 

2,696

 

CAPITAL BALANCE SEPTEMBER 30, 2024

 

$

5,889,309

 

 

$

155,562

 

 

$

66,840

 

 

$

(7,494

)

 

$

27,358

 

 

$

6,131,575

 

 

Changes in MAALP’s total capital and its components for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE DECEMBER 31, 2024

 

$

5,882,336

 

 

$

155,409

 

 

$

66,840

 

 

$

(7,064

)

 

$

27,894

 

 

$

6,125,415

 

Net income

 

 

386,572

 

 

 

9,987

 

 

 

2,766

 

 

 

—

 

 

 

—

 

 

 

399,325

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,288

 

 

 

—

 

 

 

1,288

 

Issuance of units

 

 

(805

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(805

)

Units repurchased and retired

 

 

(3,100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,100

)

Exercise of unit options

 

 

38

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

General partner units issued in exchange for limited
    partner units

 

 

6,759

 

 

 

(6,759

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,109

 

Redeemable units fair market value adjustment

 

 

2,018

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,018

 

Adjustment for limited partners’ capital at redemption value

 

 

(91

)

 

 

91

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

13,296

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,296

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

(2,766

)

Distributions to common unitholders ($4.5450 per unit)

 

 

(531,945

)

 

 

(13,563

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(545,508

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,750

 

 

 

2,750

 

CAPITAL BALANCE SEPTEMBER 30, 2025

 

$

5,757,187

 

 

$

145,165

 

 

$

66,840

 

 

$

(5,776

)

 

$

30,644

 

 

$

5,994,060

 

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE DECEMBER 31, 2023

 

$

6,036,154

 

 

$

163,128

 

 

$

66,840

 

 

$

(8,942

)

 

$

22,756

 

 

$

6,279,936

 

Net income

 

 

358,131

 

 

 

9,605

 

 

 

2,766

 

 

 

—

 

 

 

—

 

 

 

370,502

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,448

 

 

 

—

 

 

 

1,448

 

Issuance of units

 

 

(789

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(789

)

Units repurchased and retired

 

 

(4,974

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,974

)

General partner units issued in exchange for limited
    partner units

 

 

3,529

 

 

 

(3,529

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable units fair market value adjustment

 

 

(3,325

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,325

)

Adjustment for limited partners’ capital at redemption value

 

 

4

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

13,869

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,869

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

(2,766

)

Distributions to common unitholders ($4.4100 per unit)

 

 

(515,359

)

 

 

(13,638

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(528,997

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,602

 

 

 

4,602

 

CAPITAL BALANCE SEPTEMBER 30, 2024

 

$

5,889,309

 

 

$

155,562

 

 

$

66,840

 

 

$

(7,494

)

 

$

27,358

 

 

$

6,131,575

 
v3.25.3
Borrowings
 9 Months Ended
Sep. 30, 2025
Notes To Financial Statements [Abstract]  
Borrowings

6. Borrowings

The following table summarizes the Company’s outstanding debt as of September 30, 2025 (dollars in thousands):

 

 

 

Balance

 

 

Weighted Average Effective Rate

 

 

Weighted Average Contract Maturity

Unsecured debt

 

 

 

 

 

 

 

 

Fixed rate senior notes

 

$

4,400,000

 

 

 

3.7

%

 

5/9/2031

Variable rate commercial paper program

 

 

463,000

 

 

 

4.3

%

 

10/4/2025

Debt issuance costs, discounts and premiums

 

 

(26,002

)

 

 

 

 

 

Total unsecured debt

 

$

4,836,998

 

 

 

3.8

%

 

 

Secured debt

 

 

 

 

 

 

 

 

Fixed rate property mortgages

 

$

363,293

 

 

 

4.4

%

 

1/26/2049

Debt issuance costs

 

 

(2,932

)

 

 

 

 

 

Total secured debt

 

$

360,361

 

 

 

4.4

%

 

 

Total outstanding debt

 

$

5,197,359

 

 

 

3.8

%

 

 

 

Unsecured Revolving Credit Facility

As of September 30, 2025, MAALP had an unsecured revolving credit facility with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bore an interest rate at a rate based on the adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% determined by a credit ratings grid. The revolving credit facility was scheduled to mature in October 2026 with an option to extend for two additional six-month periods. 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 amended revolving credit facility has a maturity date of January 2030 with two six-month extension options and bears interest at a rate based on the Secured Overnight Financing Rate plus a spread ranging from 0.65% to 1.40% determined by a credit ratings grid, with the current spread at 0.725% based on MAALP’s current credit rating.

As of September 30, 2025, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit.

Unsecured Commercial Paper

As of September 30, 2025, MAALP had an unsecured commercial paper program whereby it issued unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. 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 September 30, 2025, MAALP had $463.0 million of borrowings outstanding under the commercial paper program. For the three months ended September 30, 2025, the average daily borrowings outstanding under the commercial paper program were $361.8 million.

Unsecured Senior Notes

As of September 30, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2031.

Secured Property Mortgages

As of September 30, 2025, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

Upcoming Debt Obligations

As of September 30, 2025, MAALP’s debt obligations over the next 12 months consist of $1.163 billion of principal obligations, including $463.0 million of commercial paper borrowings due October 2025, $400.0 million of unsecured senior notes due November 2025, and $300.0 million of unsecured senior notes due September 2026.
v3.25.3
Financial Instruments and Derivatives
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Derivatives

7. Financial Instruments and Derivatives

Financial Instruments Not Carried at Fair Value

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

Fixed rate notes payable as of September 30, 2025 and December 31, 2024 totaled $4.7 billion for each time period and had estimated fair values of $4.5 billion and $4.4 billion (excluding prepayment penalties) as of September 30, 2025 and December 31, 2024, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of September 30, 2025 and December 31, 2024 totaled $463.0 million and $250.0 million, respectively, and the variable rate debt had estimated fair values of $463.0 million and $250.0 million as of September 30, 2025 and December 31, 2024, respectively. The fair values of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days, and management concluded these rates reasonably estimate current market rates.

Financial Instruments Measured at Fair Value on a Recurring Basis

As of September 30, 2025, the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Series I preferred stock (see Note 8). The Company has recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. The derivative asset is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at the Company’s option beginning on October 1, 2026 at the redemption price of $50.00 per share. The Company may use various inputs in the analysis, including risk adjusted yields of relevant MAALP bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option.

The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, the fair value of the embedded derivative was $16.4 million and $13.2 million, respectively.

The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of September 30, 2025 and December 31, 2024 were classified as Level 2 in the fair value hierarchy. The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and are classified as Level 1 in the fair value hierarchy.

Terminated Cash Flow Hedges of Interest

As of September 30, 2025, the Company had $5.8 million recorded in “Accumulated other comprehensive loss,” or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next 12 months, the Company estimates an additional $1.5 million will be reclassified to earnings as an increase to “Interest expense.”

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

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

 

 

 

 

Net Loss Reclassified from AOCL into Interest Expense

 

 

 

Location of Loss Reclassified

 

Three months ended September 30,

 

Derivatives in Cash Flow Hedging Relationships

 

from AOCL into Income

 

2025

 

 

2024

 

Terminated interest rate swaps

 

Interest expense

 

$

(430

)

 

$

(428

)

 

 

 

 

Nine months ended September 30,

 

 

 

 

 

2025

 

 

2024

 

Terminated interest rate swaps

 

Interest expense

 

$

(1,288

)

 

$

(1,448

)

 

 

 

 

 

Gain (Loss) Recognized in Earnings on Derivative

 

 

 

Location of Gain (Loss) Recognized

 

Three months ended September 30,

 

Derivative Not Designated as Hedging Instrument

 

in Earnings on Derivative

 

2025

 

 

2024

 

Preferred stock embedded derivative

 

Other non-operating expense (income)

 

$

2,009

 

 

$

(18,257

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

 

 

2025

 

 

2024

 

Preferred stock embedded derivative

 

Other non-operating expense (income)

 

$

3,292

 

 

$

(14,451

)
v3.25.3
Shareholders' Equity of MAA
 9 Months Ended
Sep. 30, 2025
Shareholders Equity Of M A A [Abstract]  
Shareholders' Equity of MAA

8. Shareholders’ Equity of MAA

As of September 30, 2025, 117,081,742 shares of common stock of MAA and 2,941,839 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 120,023,581 common shares and units. As of September 30, 2024, 116,880,291 shares of common stock of MAA and 3,075,552 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,955,843 common shares and units.

Preferred Stock

As of September 30, 2025, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description

 

Outstanding Shares

 

 

Liquidation Preference(1)

 

 

Optional Redemption Date

 

Redemption Price(2)

 

 

Stated Dividend Yield

 

 

Approximate Dividend Rate

 

MAA Series I

 

 

867,846

 

 

$

50.00

 

 

10/1/2026

 

$

50.00

 

 

 

8.50

%

 

$

4.25

 
(1)
The total liquidation preference for the outstanding preferred stock is $43.4 million.
(2)
The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock.

At-the-Market Share Offering Program

MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three and nine months ended September 30, 2025 and 2024, MAA did not sell any shares of common stock under its ATM program. As of September 30, 2025, 4.0 million shares of MAA’s common stock remained issuable under the ATM program.
v3.25.3
Partners' Capital of MAALP
 9 Months Ended
Sep. 30, 2025
Partners' Capital Notes [Abstract]  
Partners' Capital of MAALP

9. Partners’ Capital of MAALP

Common units of limited partnership interests in MAALP are represented by OP Units. As of September 30, 2025, there were 120,023,581 OP Units outstanding, 117,081,742, or 97.5%, of which represent Class B OP Units (common units issued to or held by MAALP’s general partner or any of its subsidiaries), which were owned by MAA, MAALP’s general partner. The remaining 2,941,839 OP Units were Class A OP Units owned by Class A limited partners. As of September 30, 2024, there were 119,955,843 OP Units outstanding, 116,880,291, or 97.4%, of which were owned by MAA and 3,075,552 of which were owned by the Class A limited partners.

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

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

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

As of September 30, 2025, a total of 2,941,839 Class A OP Units were outstanding and redeemable for 2,941,839 shares of MAA common stock, with an approximate value of $411.1 million, based on the closing price of MAA’s common stock on September 30, 2025 of $139.73 per share. As of September 30, 2024, a total of 3,075,552 Class A OP Units were outstanding and redeemable for 3,075,552 shares of MAA common stock, with an approximate value of $488.7 million, based on the closing price of MAA’s common stock on September 30, 2024 of $158.90 per share. MAALP pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock.

As of September 30, 2025, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of September 30, 2025, 867,846 units of the MAALP Series I preferred units were outstanding and owned by MAA. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Loss Contingency [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

Leases

The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of September 30, 2025, the Company’s operating leases had a weighted average remaining lease term of approximately 36 years and a weighted average discount rate of approximately 4.6%.

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2025 (in thousands):

 

 

 

Operating Leases

 

2025

 

$

766

 

2026

 

 

3,093

 

2027

 

 

3,131

 

2028

 

 

1,709

 

2029

 

 

815

 

Thereafter

 

 

54,856

 

Total minimum lease payments

 

 

64,370

 

Net present value adjustments

 

 

(39,577

)

Right-of-use lease liabilities

 

$

24,793

 

 

Legal Proceedings

In late 2022 and early 2023, approximately 28 putative class action lawsuits were filed against RealPage, Inc., along with over 50 of the largest owners and operators of apartment communities in the country, including the Company (the “RealPage Litigation”), alleging that RealPage and lessors of multifamily residential real estate conspired to artificially inflate the prices of multifamily residential real estate above competitive levels through the use of RealPage’s revenue management software. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. The Company believes the RealPage Litigation is without merit as it pertains to the Company and plans to vigorously defend the RealPage Litigation. On April 10, 2023, the Joint Panel on Multidistrict Litigation issued an order centralizing the cases in the U.S. District Court for the Middle District of Tennessee for coordinated or consolidated pretrial proceedings. Other lawsuits making similar allegations and seeking similar relief have also been filed. In November 2023, a lawsuit alleging violations of the District of Columbia’s antitrust laws and seeking similar relief was filed in the Superior Court of the District of Columbia by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company. Similarly, in July 2025, the Commonwealth of Kentucky, through its Attorney General, filed a lawsuit in the U.S. District Court for the Eastern District of Kentucky against RealPage, Inc. and several of the state’s largest landlords, including the Company, alleging violations of federal antitrust laws and state consumer protection laws, among other things. The Company believes there are defenses, both factual and legal, to the allegations in these various proceedings and the Company plans to vigorously defend itself. As these proceedings are ongoing, it is not possible for the Company to predict any outcome or estimate the amount of loss, if any, which could be associated with any adverse decision. While the Company does not believe that any of these proceedings will have a material adverse effect on its financial condition, the Company cannot give assurance that the proceedings will not have a material effect on its results of operations.

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

As of September 30, 2025 and December 31, 2024, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $11.7 million and $11.1 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Notes To Financial Statements [Abstract]  
Segment Information

11. Segment Information

As of September 30, 2025, the Company owned and operated 293 multifamily apartment communities (which does not include development communities under construction) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

•
Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year.
•
Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms.

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

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

Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

517,258

 

 

$

518,924

 

 

$

1,547,421

 

 

$

1,551,887

 

Other property revenues

 

 

3,603

 

 

 

3,354

 

 

 

11,220

 

 

 

9,344

 

Total Same Store revenues

 

 

520,861

 

 

 

522,278

 

 

 

1,558,641

 

 

 

1,561,231

 

Non-Same Store and Other

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

 

33,238

 

 

 

28,455

 

 

 

93,656

 

 

 

78,098

 

Other property revenues

 

 

274

 

 

 

393

 

 

 

1,273

 

 

 

1,854

 

Total Non-Same Store and Other revenues

 

 

33,512

 

 

 

28,848

 

 

 

94,929

 

 

 

79,952

 

Total rental and other property revenues

 

$

554,373

 

 

$

551,126

 

 

$

1,653,570

 

 

$

1,641,183

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

 

 

 

 

 

 

Real estate taxes

 

$

65,852

 

 

$

64,796

 

 

$

198,207

 

 

$

200,619

 

Personnel

 

 

44,715

 

 

 

42,853

 

 

 

129,548

 

 

 

123,589

 

Utilities

 

 

37,166

 

 

 

35,917

 

 

 

104,693

 

 

 

100,320

 

Building repair and maintenance

 

 

27,328

 

 

 

26,696

 

 

 

76,921

 

 

 

74,498

 

Office operations

 

 

8,699

 

 

 

8,763

 

 

 

27,579

 

 

 

25,639

 

Insurance

 

 

7,807

 

 

 

8,284

 

 

 

24,719

 

 

 

24,564

 

Marketing

 

 

7,266

 

 

 

7,063

 

 

 

22,539

 

 

 

21,142

 

Total Same Store expenses

 

 

198,833

 

 

 

194,372

 

 

 

584,206

 

 

 

570,371

 

Non-Same Store and Other

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Same Store and Other expenses

 

 

17,231

 

 

 

17,189

 

 

 

47,865

 

 

 

44,788

 

Total property operating expenses, excluding depreciation and amortization

 

$

216,064

 

 

$

211,561

 

 

$

632,071

 

 

$

615,159

 

Net Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store NOI

 

$

322,028

 

 

$

327,906

 

 

$

974,435

 

 

$

990,860

 

Non-Same Store and Other NOI

 

 

16,281

 

 

 

11,659

 

 

 

47,064

 

 

 

35,164

 

Total NOI

 

 

338,309

 

 

 

339,565

 

 

 

1,021,499

 

 

 

1,026,024

 

Depreciation and amortization

 

 

(156,650

)

 

 

(146,722

)

 

 

(462,521

)

 

 

(434,764

)

Property management expenses

 

 

(18,183

)

 

 

(17,265

)

 

 

(56,272

)

 

 

(54,461

)

General and administrative expenses

 

 

(12,525

)

 

 

(12,728

)

 

 

(40,957

)

 

 

(42,444

)

Interest expense

 

 

(46,277

)

 

 

(42,726

)

 

 

(136,549

)

 

 

(124,352

)

Gain (loss) on sale of depreciable real estate assets

 

 

—

 

 

 

—

 

 

 

71,842

 

 

 

(25

)

Other non-operating (expense) income

 

 

(1,253

)

 

 

(1,678

)

 

 

4,303

 

 

 

2,604

 

Income tax expense

 

 

(1,766

)

 

 

(670

)

 

 

(3,404

)

 

 

(3,485

)

Income from real estate joint venture

 

 

389

 

 

 

454

 

 

 

1,384

 

 

 

1,405

 

Net income attributable to noncontrolling interests

 

 

(2,506

)

 

 

(3,035

)

 

 

(9,987

)

 

 

(9,605

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAA common shareholders

 

$

98,616

 

 

$

114,273

 

 

$

386,572

 

 

$

358,131

 

Assets for each reportable segment as of September 30, 2025 and December 31, 2024 were as follows (in thousands):

 

 

September 30, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

   Same Store

 

$

9,674,900

 

 

$

9,840,140

 

   Non-Same Store and Other

 

 

2,096,691

 

 

 

1,814,597

 

   Corporate

 

 

154,994

 

 

 

157,632

 

Total assets

 

$

11,926,585

 

 

$

11,812,369

 
v3.25.3
Real Estate Acquisitions and Dispositions
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Real Estate Acquisitions and Dispositions

12. Real Estate Acquisitions and Dispositions

Acquisitions

In August 2025, the Company closed on the acquisition of a 318-unit multifamily apartment community located in Kansas City, Kansas for approximately $96 million. The acquisition was determined to be an asset acquisition for accounting purposes and the purchase price was therefore allocated to the assets acquired based on their relative fair values. See Note 1 for additional disclosures regarding fair value measurements. In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million.

In September and May 2024, the Company closed on the acquisitions of a 310-unit multifamily apartment community located in Orlando, Florida for approximately $84 million and a 306-unit multifamily apartment community located in Raleigh, North Carolina for approximately $81 million, respectively, each of which was accounted for as an asset acquisition. In August and April 2024, the Company also acquired a 3-acre land parcel in Richmond, Virginia for approximately $14 million and a 13-acre land parcel in Phoenix, Arizona for approximately $11 million, respectively.

Dispositions

In March 2025, the Company closed on the dispositions of a 336-unit and a 240-unit multifamily apartment community located in Columbia, South Carolina for net proceeds of approximately $81 million, resulting in gain on the sale of depreciable real estate assets of approximately $72 million. During the nine months ended September 30, 2025, the Company did not dispose of any land parcels.

During the nine months ended September 30, 2024, the Company did not dispose of any multifamily apartment communities or land parcels.

v3.25.3
Organization and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

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

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

Noncontrolling Interests

As of September 30, 2025, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details.

The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2025, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $530.8 million, and consolidated liabilities were $24.2 million, net of eliminations. As of December 31, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $432.2 million, and consolidated liabilities were $27.1 million, net of eliminations.
Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture, as well as six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $41.9 million and $41.7 million as of September 30, 2025 and December 31, 2024, respectively, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets.

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

Marketable Equity Securities

The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, the Company’s investment in the marketable equity securities was $2.7 million and $3.3 million, respectively. During the three and nine months ended September 30, 2025, the Company did not sell any marketable equity securities. During the three months ended September 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $3.3 million and recognized a net realized gain on sale of $2.7 million. During the nine months ended September 30, 2024, the Company sold a portion of the marketable equity securities for net proceeds of $10.0 million and recognized a net realized gain on sale of $8.3 million. In addition, during the three months ended September 30, 2025 and 2024, the Company recognized $0.8 million of unrealized gains and $1.2 million of unrealized losses, respectively, from its investment in marketable equity securities. During the nine months ended September 30, 2025 and 2024, the Company recognized $0.6 million and $5.4 million of unrealized losses, respectively, from its investment in marketable equity securities.

Revenue Recognition

Revenue Recognition

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

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

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2025 and December 31, 2024, right-of-use assets recorded within “Other assets” totaled $38.7 million and $40.5 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $24.8 million and $26.1 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended September 30, 2025 and 2024 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2025 and 2024 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair value Measurements

Fair Value Measurements

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

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

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

Level 3 - Unobservable inputs for the assets or liability.

 

Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 and Level 3 of the fair value hierarchy.
v3.25.3
Earnings Per Common Share of MAA (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Common Share Of M A A [Abstract]  
Schedule of Computation of Earnings Per Share

For the three and nine months ended September 30, 2025, MAA’s diluted earnings per share was computed using the treasury stock method, and for the three and nine months ended September 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Calculation of Earnings per common share - basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Net income attributable to noncontrolling interests

 

 

(2,506

)

 

 

(3,035

)

 

 

(9,987

)

 

 

(9,605

)

Unvested restricted shares (allocation of earnings)

 

 

(52

)

 

 

(53

)

 

 

(208

)

 

 

(163

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAA common shareholders, adjusted

 

$

98,564

 

 

$

114,220

 

 

$

386,364

 

 

$

357,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - basic

 

 

117,012

 

 

 

116,820

 

 

 

116,943

 

 

 

116,758

 

Earnings per common share - basic

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings per common share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Net income attributable to noncontrolling interests (1)

 

 

(2,506

)

 

 

(3,035

)

 

 

(9,987

)

 

 

(9,605

)

Unvested restricted shares (allocation of earnings)

 

 

—

 

 

 

(53

)

 

 

—

 

 

 

(163

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAA common shareholders, adjusted

 

$

98,616

 

 

$

114,220

 

 

$

386,572

 

 

$

357,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - basic

 

 

117,012

 

 

 

116,820

 

 

 

116,943

 

 

 

116,758

 

Effect of dilutive securities

 

 

143

 

 

 

—

 

 

 

218

 

 

 

—

 

Weighted average common shares - diluted

 

 

117,155

 

 

 

116,820

 

 

 

117,161

 

 

 

116,758

 

Earnings per common share - diluted

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 

 

(1)
For the three and nine months ended September 30, 2025, 2.9 million OP Units and 3.0 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2024, 3.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.
v3.25.3
Earnings Per OP Unit of MAALP (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Diluted Earnings per Common Unit

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

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Calculation of Earnings per common unit - basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Unvested restricted units (allocation of earnings)

 

 

(52

)

 

 

(53

)

 

 

(208

)

 

 

(163

)

Distributions to MAALP Series I preferred unitholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAALP common unitholders, adjusted

 

$

101,070

 

 

$

117,255

 

 

$

396,351

 

 

$

367,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units - basic

 

 

119,960

 

 

 

119,900

 

 

 

119,941

 

 

 

119,865

 

Earnings per common unit - basic

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings per common unit - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

102,044

 

 

$

118,230

 

 

$

399,325

 

 

$

370,502

 

Unvested restricted units (allocation of earnings)

 

 

—

 

 

 

(53

)

 

 

—

 

 

 

(163

)

Distributions to MAALP Series I preferred unitholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAALP common unitholders, adjusted

 

$

101,122

 

 

$

117,255

 

 

$

396,559

 

 

$

367,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units - basic

 

 

119,960

 

 

 

119,900

 

 

 

119,941

 

 

 

119,865

 

Effect of dilutive securities

 

 

143

 

 

 

—

 

 

 

218

 

 

 

—

 

Weighted average common units - diluted

 

 

120,103

 

 

 

119,900

 

 

 

120,159

 

 

 

119,865

 

Earnings per common unit - diluted

 

$

0.84

 

 

$

0.98

 

 

$

3.30

 

 

$

3.07

 
v3.25.3
MAA Equity (Tables)
 9 Months Ended
Sep. 30, 2025
M A A Equity [Abstract]  
Summary of Changes in Total Equity and its Components

Changes in MAA’s total equity and its components for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE JUNE 30, 2025

 

$

9

 

 

$

1,168

 

 

$

7,431,627

 

 

$

(1,535,340

)

 

$

(6,110

)

 

$

147,439

 

 

$

30,472

 

 

$

6,069,265

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

99,538

 

 

 

—

 

 

 

2,506

 

 

 

—

 

 

 

102,044

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

418

 

 

 

12

 

 

 

—

 

 

 

430

 

Issuance and registration of common shares

 

 

—

 

 

 

—

 

 

 

144

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144

 

Shares repurchased and retired

 

 

—

 

 

 

—

 

 

 

(29

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29

)

Shares issued in exchange for common units

 

 

—

 

 

 

—

 

 

 

391

 

 

 

—

 

 

 

—

 

 

 

(391

)

 

 

—

 

 

 

—

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,189

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,189

 

Adjustment for noncontrolling interests in
   Operating Partnership

 

 

—

 

 

 

—

 

 

 

(56

)

 

 

—

 

 

 

—

 

 

 

56

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

3,620

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,620

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

Dividends on common stock ($1.5150 per
    share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(177,377

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(177,377

)

Distributions on noncontrolling interests units
   ($1.5150 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,457

)

 

 

—

 

 

 

(4,457

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

172

 

 

 

172

 

 EQUITY BALANCE SEPTEMBER 30, 2025

 

$

9

 

 

$

1,168

 

 

$

7,435,697

 

 

$

(1,612,912

)

 

$

(5,692

)

 

$

145,165

 

 

$

30,644

 

 

$

5,994,079

 

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE JUNE 30, 2024

 

$

9

 

 

$

1,166

 

 

$

7,409,258

 

 

$

(1,398,993

)

 

$

(7,775

)

 

$

157,905

 

 

$

24,662

 

 

$

6,186,232

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

115,195

 

 

 

—

 

 

 

3,035

 

 

 

—

 

 

 

118,230

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

416

 

 

 

12

 

 

 

—

 

 

 

428

 

Issuance and registration of common shares

 

 

—

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

Shares issued in exchange for common units

 

 

—

 

 

 

—

 

 

 

926

 

 

 

—

 

 

 

—

 

 

 

(926

)

 

 

—

 

 

 

—

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,282

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,282

)

Adjustment for noncontrolling interests in
   Operating Partnership

 

 

—

 

 

 

—

 

 

 

(57

)

 

 

—

 

 

 

—

 

 

 

57

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

3,539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,539

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(922

)

Dividends on common stock ($1.4700 per
    share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(171,814

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(171,814

)

Distributions on noncontrolling interests units
   ($1.4700 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,521

)

 

 

—

 

 

 

(4,521

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,696

 

 

 

2,696

 

 EQUITY BALANCE SEPTEMBER 30, 2024

 

$

9

 

 

$

1,166

 

 

$

7,413,674

 

 

$

(1,458,816

)

 

$

(7,359

)

 

$

155,562

 

 

$

27,358

 

 

$

6,131,594

 

 

Changes in MAA’s total equity and its components for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE DECEMBER 31, 2024

 

$

9

 

 

$

1,166

 

 

$

7,417,453

 

 

$

(1,469,557

)

 

$

(6,940

)

 

$

155,409

 

 

$

27,894

 

 

$

6,125,434

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

389,338

 

 

 

—

 

 

 

9,987

 

 

 

—

 

 

 

399,325

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,248

 

 

 

40

 

 

 

—

 

 

 

1,288

 

Issuance and registration of common shares

 

 

—

 

 

 

1

 

 

 

(806

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(805

)

Shares repurchased and retired

 

 

—

 

 

 

 

 

 

(3,100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,100

)

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

38

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

Shares issued in exchange for common units

 

 

—

 

 

 

1

 

 

 

6,758

 

 

 

—

 

 

 

—

 

 

 

(6,759

)

 

 

—

 

 

 

—

 

Shares issued in exchange for redeemable stock

 

 

—

 

 

 

—

 

 

 

2,109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,109

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,018

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,018

 

Adjustment for noncontrolling interests in
    Operating Partnership

 

 

—

 

 

 

—

 

 

 

(51

)

 

 

—

 

 

 

—

 

 

 

51

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

13,296

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,296

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

Dividends on common stock ($4.5450 per
   share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(531,945

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(531,945

)

Distributions on noncontrolling interests units
   ($4.5450 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,563

)

 

 

—

 

 

 

(13,563

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,750

 

 

 

2,750

 

 EQUITY BALANCE SEPTEMBER 30, 2025

 

$

9

 

 

$

1,168

 

 

$

7,435,697

 

 

$

(1,612,912

)

 

$

(5,692

)

 

$

145,165

 

 

$

30,644

 

 

$

5,994,079

 

 

 

 

Mid-America Apartment Communities, Inc. Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Distributions
in Excess of
Net Income

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Operating
Partnership

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Equity

 

 EQUITY BALANCE DECEMBER 31, 2023

 

$

9

 

 

$

1,168

 

 

$

7,399,921

 

 

$

(1,298,263

)

 

$

(8,764

)

 

$

163,128

 

 

$

22,756

 

 

$

6,279,955

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

360,897

 

 

 

—

 

 

 

9,605

 

 

 

—

 

 

 

370,502

 

Other comprehensive income - derivative
    instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,405

 

 

 

43

 

 

 

—

 

 

 

1,448

 

Issuance and registration of common shares

 

 

—

 

 

 

2

 

 

 

(791

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(789

)

Shares repurchased and retired

 

 

—

 

 

 

(1

)

 

 

(4,973

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,974

)

Shares issued in exchange for common units

 

 

—

 

 

 

1

 

 

 

3,528

 

 

 

—

 

 

 

—

 

 

 

(3,529

)

 

 

—

 

 

 

—

 

Shares issued in exchange for redeemable stock

 

 

—

 

 

 

(4

)

 

 

2,073

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable stock fair market value
    adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,325

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,325

)

Adjustment for noncontrolling interests in
    Operating Partnership

 

 

—

 

 

 

—

 

 

 

47

 

 

 

—

 

 

 

—

 

 

 

(47

)

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

—

 

 

 

—

 

 

 

13,869

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,869

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,766

)

Dividends on common stock ($4.4100 per
   share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(515,359

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(515,359

)

Distributions on noncontrolling interests units
   ($4.4100 per unit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,638

)

 

 

—

 

 

 

(13,638

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,602

 

 

 

4,602

 

EQUITY BALANCE SEPTEMBER 30, 2024

 

$

9

 

 

$

1,166

 

 

$

7,413,674

 

 

$

(1,458,816

)

 

$

(7,359

)

 

$

155,562

 

 

$

27,358

 

 

$

6,131,594

 
v3.25.3
MAALP Capital (Tables)
 9 Months Ended
Sep. 30, 2025
M A A L P Capital [Abstract]  
Summary of Changes in Total Capital and its Components

Changes in MAALP’s total capital and its components for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE JUNE 30, 2025

 

$

5,830,701

 

 

$

147,439

 

 

$

66,840

 

 

$

(6,206

)

 

$

30,472

 

 

$

6,069,246

 

Net income

 

 

98,616

 

 

 

2,506

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

102,044

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

430

 

 

 

—

 

 

 

430

 

Issuance of units

 

 

144

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144

 

Units repurchased and retired

 

 

(29

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29

)

General partner units issued in exchange for limited
    partner units

 

 

391

 

 

 

(391

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

1,189

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,189

 

Adjustment for limited partners’ capital at redemption value

 

 

(68

)

 

 

68

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,620

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,620

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.5150 per unit)

 

 

(177,377

)

 

 

(4,457

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(181,834

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

172

 

 

 

172

 

CAPITAL BALANCE SEPTEMBER 30, 2025

 

$

5,757,187

 

 

$

145,165

 

 

$

66,840

 

 

$

(5,776

)

 

$

30,644

 

 

$

5,994,060

 

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE JUNE 30, 2024

 

$

5,944,728

 

 

$

157,905

 

 

$

66,840

 

 

$

(7,922

)

 

$

24,662

 

 

$

6,186,213

 

Net income

 

 

114,273

 

 

 

3,035

 

 

 

922

 

 

 

—

 

 

 

—

 

 

 

118,230

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

428

 

 

 

—

 

 

 

428

 

Issuance of units

 

 

8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

General partner units issued in exchange for limited
    partner units

 

 

926

 

 

 

(926

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redeemable units fair market value adjustment

 

 

(2,282

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,282

)

Adjustment for limited partners’ capital at redemption value

 

 

(69

)

 

 

69

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

3,539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,539

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(922

)

 

 

—

 

 

 

—

 

 

 

(922

)

Distributions to common unitholders ($1.4700 per unit)

 

 

(171,814

)

 

 

(4,521

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(176,335

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,696

 

 

 

2,696

 

CAPITAL BALANCE SEPTEMBER 30, 2024

 

$

5,889,309

 

 

$

155,562

 

 

$

66,840

 

 

$

(7,494

)

 

$

27,358

 

 

$

6,131,575

 

 

Changes in MAALP’s total capital and its components for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE DECEMBER 31, 2024

 

$

5,882,336

 

 

$

155,409

 

 

$

66,840

 

 

$

(7,064

)

 

$

27,894

 

 

$

6,125,415

 

Net income

 

 

386,572

 

 

 

9,987

 

 

 

2,766

 

 

 

—

 

 

 

—

 

 

 

399,325

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,288

 

 

 

—

 

 

 

1,288

 

Issuance of units

 

 

(805

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(805

)

Units repurchased and retired

 

 

(3,100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,100

)

Exercise of unit options

 

 

38

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

General partner units issued in exchange for limited
    partner units

 

 

6,759

 

 

 

(6,759

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,109

 

Redeemable units fair market value adjustment

 

 

2,018

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,018

 

Adjustment for limited partners’ capital at redemption value

 

 

(91

)

 

 

91

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

13,296

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,296

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

(2,766

)

Distributions to common unitholders ($4.5450 per unit)

 

 

(531,945

)

 

 

(13,563

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(545,508

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,750

 

 

 

2,750

 

CAPITAL BALANCE SEPTEMBER 30, 2025

 

$

5,757,187

 

 

$

145,165

 

 

$

66,840

 

 

$

(5,776

)

 

$

30,644

 

 

$

5,994,060

 

 

 

 

Mid-America Apartments, L.P. Unitholders’ Capital

 

 

 

 

 

 

 

 

 

General
Partner

 

 

Limited
Partners

 

 

Preferred
Units

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interests -
Consolidated
Real Estate
Entities

 

 

Total
Partnership
Capital

 

CAPITAL BALANCE DECEMBER 31, 2023

 

$

6,036,154

 

 

$

163,128

 

 

$

66,840

 

 

$

(8,942

)

 

$

22,756

 

 

$

6,279,936

 

Net income

 

 

358,131

 

 

 

9,605

 

 

 

2,766

 

 

 

—

 

 

 

—

 

 

 

370,502

 

Other comprehensive income - derivative instruments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,448

 

 

 

—

 

 

 

1,448

 

Issuance of units

 

 

(789

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(789

)

Units repurchased and retired

 

 

(4,974

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,974

)

General partner units issued in exchange for limited
    partner units

 

 

3,529

 

 

 

(3,529

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Units issued in exchange for redeemable stock

 

 

2,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,069

 

Redeemable units fair market value adjustment

 

 

(3,325

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,325

)

Adjustment for limited partners’ capital at redemption value

 

 

4

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of unearned compensation

 

 

13,869

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,869

 

Distributions to preferred unitholders

 

 

—

 

 

 

—

 

 

 

(2,766

)

 

 

—

 

 

 

—

 

 

 

(2,766

)

Distributions to common unitholders ($4.4100 per unit)

 

 

(515,359

)

 

 

(13,638

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(528,997

)

Contribution from noncontrolling interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,602

 

 

 

4,602

 

CAPITAL BALANCE SEPTEMBER 30, 2024

 

$

5,889,309

 

 

$

155,562

 

 

$

66,840

 

 

$

(7,494

)

 

$

27,358

 

 

$

6,131,575

 
v3.25.3
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of September 30, 2025 (dollars in thousands):

 

 

 

Balance

 

 

Weighted Average Effective Rate

 

 

Weighted Average Contract Maturity

Unsecured debt

 

 

 

 

 

 

 

 

Fixed rate senior notes

 

$

4,400,000

 

 

 

3.7

%

 

5/9/2031

Variable rate commercial paper program

 

 

463,000

 

 

 

4.3

%

 

10/4/2025

Debt issuance costs, discounts and premiums

 

 

(26,002

)

 

 

 

 

 

Total unsecured debt

 

$

4,836,998

 

 

 

3.8

%

 

 

Secured debt

 

 

 

 

 

 

 

 

Fixed rate property mortgages

 

$

363,293

 

 

 

4.4

%

 

1/26/2049

Debt issuance costs

 

 

(2,932

)

 

 

 

 

 

Total secured debt

 

$

360,361

 

 

 

4.4

%

 

 

Total outstanding debt

 

$

5,197,359

 

 

 

3.8

%

 

 

 
v3.25.3
Financial Instruments and Derivatives (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Effect of Derivative Instruments on Consolidated Statement of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

 

 

 

 

Net Loss Reclassified from AOCL into Interest Expense

 

 

 

Location of Loss Reclassified

 

Three months ended September 30,

 

Derivatives in Cash Flow Hedging Relationships

 

from AOCL into Income

 

2025

 

 

2024

 

Terminated interest rate swaps

 

Interest expense

 

$

(430

)

 

$

(428

)

 

 

 

 

Nine months ended September 30,

 

 

 

 

 

2025

 

 

2024

 

Terminated interest rate swaps

 

Interest expense

 

$

(1,288

)

 

$

(1,448

)

 

 

 

 

 

Gain (Loss) Recognized in Earnings on Derivative

 

 

 

Location of Gain (Loss) Recognized

 

Three months ended September 30,

 

Derivative Not Designated as Hedging Instrument

 

in Earnings on Derivative

 

2025

 

 

2024

 

Preferred stock embedded derivative

 

Other non-operating expense (income)

 

$

2,009

 

 

$

(18,257

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

 

 

2025

 

 

2024

 

Preferred stock embedded derivative

 

Other non-operating expense (income)

 

$

3,292

 

 

$

(14,451

)
v3.25.3
Shareholders' Equity of MAA (Tables)
 9 Months Ended
Sep. 30, 2025
Shareholders Equity Of M A A [Abstract]  
Schedule of Cumulative Redeemable Preferred Stock

As of September 30, 2025, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description

 

Outstanding Shares

 

 

Liquidation Preference(1)

 

 

Optional Redemption Date

 

Redemption Price(2)

 

 

Stated Dividend Yield

 

 

Approximate Dividend Rate

 

MAA Series I

 

 

867,846

 

 

$

50.00

 

 

10/1/2026

 

$

50.00

 

 

 

8.50

%

 

$

4.25

 
(1)
The total liquidation preference for the outstanding preferred stock is $43.4 million.
(2)
The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Loss Contingency [Abstract]  
Schedule of Right-of-Use Lease Obligations

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2025 (in thousands):

 

 

 

Operating Leases

 

2025

 

$

766

 

2026

 

 

3,093

 

2027

 

 

3,131

 

2028

 

 

1,709

 

2029

 

 

815

 

Thereafter

 

 

54,856

 

Total minimum lease payments

 

 

64,370

 

Net present value adjustments

 

 

(39,577

)

Right-of-use lease liabilities

 

$

24,793

 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Notes To Financial Statements [Abstract]  
Revenues and NOI for Reportable Segment

Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

517,258

 

 

$

518,924

 

 

$

1,547,421

 

 

$

1,551,887

 

Other property revenues

 

 

3,603

 

 

 

3,354

 

 

 

11,220

 

 

 

9,344

 

Total Same Store revenues

 

 

520,861

 

 

 

522,278

 

 

 

1,558,641

 

 

 

1,561,231

 

Non-Same Store and Other

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

 

33,238

 

 

 

28,455

 

 

 

93,656

 

 

 

78,098

 

Other property revenues

 

 

274

 

 

 

393

 

 

 

1,273

 

 

 

1,854

 

Total Non-Same Store and Other revenues

 

 

33,512

 

 

 

28,848

 

 

 

94,929

 

 

 

79,952

 

Total rental and other property revenues

 

$

554,373

 

 

$

551,126

 

 

$

1,653,570

 

 

$

1,641,183

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

 

 

 

 

 

 

Real estate taxes

 

$

65,852

 

 

$

64,796

 

 

$

198,207

 

 

$

200,619

 

Personnel

 

 

44,715

 

 

 

42,853

 

 

 

129,548

 

 

 

123,589

 

Utilities

 

 

37,166

 

 

 

35,917

 

 

 

104,693

 

 

 

100,320

 

Building repair and maintenance

 

 

27,328

 

 

 

26,696

 

 

 

76,921

 

 

 

74,498

 

Office operations

 

 

8,699

 

 

 

8,763

 

 

 

27,579

 

 

 

25,639

 

Insurance

 

 

7,807

 

 

 

8,284

 

 

 

24,719

 

 

 

24,564

 

Marketing

 

 

7,266

 

 

 

7,063

 

 

 

22,539

 

 

 

21,142

 

Total Same Store expenses

 

 

198,833

 

 

 

194,372

 

 

 

584,206

 

 

 

570,371

 

Non-Same Store and Other

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Same Store and Other expenses

 

 

17,231

 

 

 

17,189

 

 

 

47,865

 

 

 

44,788

 

Total property operating expenses, excluding depreciation and amortization

 

$

216,064

 

 

$

211,561

 

 

$

632,071

 

 

$

615,159

 

Net Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store NOI

 

$

322,028

 

 

$

327,906

 

 

$

974,435

 

 

$

990,860

 

Non-Same Store and Other NOI

 

 

16,281

 

 

 

11,659

 

 

 

47,064

 

 

 

35,164

 

Total NOI

 

 

338,309

 

 

 

339,565

 

 

 

1,021,499

 

 

 

1,026,024

 

Depreciation and amortization

 

 

(156,650

)

 

 

(146,722

)

 

 

(462,521

)

 

 

(434,764

)

Property management expenses

 

 

(18,183

)

 

 

(17,265

)

 

 

(56,272

)

 

 

(54,461

)

General and administrative expenses

 

 

(12,525

)

 

 

(12,728

)

 

 

(40,957

)

 

 

(42,444

)

Interest expense

 

 

(46,277

)

 

 

(42,726

)

 

 

(136,549

)

 

 

(124,352

)

Gain (loss) on sale of depreciable real estate assets

 

 

—

 

 

 

—

 

 

 

71,842

 

 

 

(25

)

Other non-operating (expense) income

 

 

(1,253

)

 

 

(1,678

)

 

 

4,303

 

 

 

2,604

 

Income tax expense

 

 

(1,766

)

 

 

(670

)

 

 

(3,404

)

 

 

(3,485

)

Income from real estate joint venture

 

 

389

 

 

 

454

 

 

 

1,384

 

 

 

1,405

 

Net income attributable to noncontrolling interests

 

 

(2,506

)

 

 

(3,035

)

 

 

(9,987

)

 

 

(9,605

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

 

 

(2,766

)

 

 

(2,766

)

Net income available for MAA common shareholders

 

$

98,616

 

 

$

114,273

 

 

$

386,572

 

 

$

358,131

 
Assets for Reportable Segment

Assets for each reportable segment as of September 30, 2025 and December 31, 2024 were as follows (in thousands):

 

 

September 30, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

   Same Store

 

$

9,674,900

 

 

$

9,840,140

 

   Non-Same Store and Other

 

 

2,096,691

 

 

 

1,814,597

 

   Corporate

 

 

154,994

 

 

 

157,632

 

Total assets

 

$

11,926,585

 

 

$

11,812,369

 
v3.25.3
Organization and Summary of Significant Accounting Policies - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Properties
State
Property
Community
shares
Sep. 30, 2024
USD ($)
shares
Sep. 30, 2025
USD ($)
Properties
State
Property
Community
shares
Sep. 30, 2024
USD ($)
shares
Dec. 31, 2028
Property
Dec. 31, 2027
Property
Dec. 31, 2026
Property
Dec. 31, 2025
Property
Dec. 31, 2024
USD ($)
shares
Real Estate Properties [Line Items]                  
General Partners' Capital Account, Units Outstanding | shares 117,081,742 116,880,291 117,081,742 116,880,291          
Number of Real Estate Properties | Community 293   293            
Number of units under development community | Properties 2,242   2,242            
Development and capital improvements in progress $ 449,390   $ 449,390           $ 470,282
Number of States in which Entity Operates | State 16   16            
Consolidated assets $ 11,926,585   $ 11,926,585           11,812,369
Consolidated liabilities 5,912,283   5,912,283           $ 5,664,705
Real Estate Investments, Joint Ventures $ 22,400   $ 22,400            
Percentage Of Rental Revenue From Leasing Of Apartment Homes     94.00%            
Percentage Of Reimbursable Revenue From Leasing Of Apartment Homes     5.00%            
Percentage of Rental Revenue and Other Income From Non-leasing Activities     1.00%            
Operating Lease, Right-of-Use Asset, Statement of Financial Position Other assets   Other assets           Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities   Accrued expenses and other liabilities            
Operating Lease, Right-of-Use Asset $ 38,700   $ 38,700           $ 40,500
Right-of-use Lease, Liability 24,793   24,793           26,100
Net proceeds from sale of marketable equity securities   $ 3,300 0 $ 9,975          
Net realized / unrealized gain on sale   2,700   8,300          
Marketable equity securities 2,700   2,700           3,300
Marketable Equity Securities [Member]                  
Real Estate Properties [Line Items]                  
Unrealized gains (losses) (800) (1,200) (600) (5,400)          
Limited Partnership [Member]                  
Real Estate Properties [Line Items]                  
Investment Income   $ 500 6,000 $ 9,000          
Investment Expense 4,300                
Other Assets [Member]                  
Real Estate Properties [Line Items]                  
Real Estate Investments, Joint Ventures 76,000   76,000           62,200
Real Estate [Member] | Post Massachusetts Avenue [Member]                  
Real Estate Properties [Line Items]                  
Real Estate Investments, Joint Ventures $ 41,900   $ 41,900           $ 41,700
Maximum [Member] | Accounting Standards Update 2016-02 [Member]                  
Real Estate Properties [Line Items]                  
Operating lease, term of contract 1 year   1 year            
Development Properties [Member] | Scenario Forecast [Member]                  
Real Estate Properties [Line Items]                  
Number of Real Estate Properties | Property         1 1 4 1  
Retail [Member]                  
Real Estate Properties [Line Items]                  
Number of Real Estate Properties | Property 35   35            
M A A L P [Member]                  
Real Estate Properties [Line Items]                  
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest     97.50% 97.40%          
Limited Partnership [Member]                  
Real Estate Properties [Line Items]                  
General Partners' Capital Account, Units Outstanding | shares 117,081,742   117,081,742           116,883,421
Number of Real Estate Properties | Property 1   1            
Development and capital improvements in progress $ 449,390   $ 449,390           $ 470,282
Consolidated assets 11,926,585   11,926,585           11,812,369
Consolidated liabilities 5,912,302   5,912,302           5,664,724
Net proceeds from sale of marketable equity securities     0 $ 9,975          
Limited Partnership [Member] | Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]                  
Real Estate Properties [Line Items]                  
Consolidated assets 530,800   530,800           432,200
Consolidated liabilities $ 24,200   $ 24,200           $ 27,100
Limited Partnership [Member] | Minimum [Member]                  
Real Estate Properties [Line Items]                  
Percentage of ownership interests of all consolidated subsidiaries (percent) 80.00%   80.00%            
Limited Partnership [Member] | Maximum [Member]                  
Real Estate Properties [Line Items]                  
Percentage of ownership interests of all consolidated subsidiaries (percent) 100.00%   100.00%            
Limited Partnership [Member] | Development Properties [Member] | Costs Incurred To Date [Member]                  
Real Estate Properties [Line Items]                  
Development and capital improvements in progress $ 543,200   $ 543,200            
v3.25.3
Earnings Per Common Share of MAA - Schedule of Computation of Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share Disclosure [Line Items]        
Net income $ 102,044 $ 118,230 $ 399,325 $ 370,502
Net income attributable to noncontrolling interests (2,506) (3,035) (9,987) (9,605)
Unvested restricted shares (allocation of earnings) (52) (53) (208) (163)
Dividends to MAA Series I preferred shareholders (922) (922) (2,766) (2,766)
Net income available for MAA common shareholders, adjusted $ 98,564 $ 114,220 $ 386,364 $ 357,968
Weighted average common shares - basic 117,012 116,820 116,943 116,758
Earnings per common share - basic $ 0.84 $ 0.98 $ 3.3 $ 3.07
Net income attributable to noncontrolling interests [1] $ (2,506) $ (3,035) $ (9,987) $ (9,605)
Unvested restricted shares (allocation of earnings) 0 (53) 0 (163)
Dividends to MAA Series I preferred shareholders (922) (922) (2,766) (2,766)
Net income available for MAA common shareholders, adjusted $ 98,616 $ 114,220 $ 386,572 $ 357,968
Weighted average common shares - diluted 117,155 116,820 117,161 116,758
Effect of dilutive securities 143 0 218 0
Earnings per common share - diluted $ 0.84 $ 0.98 $ 3.3 $ 3.07
Limited Partnership Units [Member]        
Earnings Per Share Disclosure [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 2,900 3,100 3,000 3,100
[1] For the three and nine months ended September 30, 2025, 2.9 million OP Units and 3.0 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2024, 3.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.
v3.25.3
Earnings Per OP Unit of MAALP - Schedule of Diluted Earnings per Common Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share Disclosure [Line Items]        
Net income $ 102,044 $ 118,230 $ 399,325 $ 370,502
Distributions to MAALP Series I preferred unitholders $ (922) $ (922) $ (2,766) $ (2,766)
Effect of dilutive securities 143 0 218 0
Weighted average common shares - diluted 117,155 116,820 117,161 116,758
Limited Partnership [Member]        
Earnings Per Share Disclosure [Line Items]        
Net income $ 102,044 $ 118,230 $ 399,325 $ 370,502
Unvested restricted units (allocation of earnings) (52) (53) (208) (163)
Distributions to MAALP Series I preferred unitholders (922) (922) (2,766) (2,766)
Net income available for MAALP common unitholders, adjusted $ 101,070 $ 117,255 $ 396,351 $ 367,573
Weighted average common units - basic 119,960 119,900 119,941 119,865
Earnings per common unit - basic $ 0.84 $ 0.98 $ 3.3 $ 3.07
Net income available for MAALP common unitholders, adjusted $ 101,122 $ 117,255 $ 396,559 $ 367,573
Weighted average common units - basic 119,960 119,900 119,941 119,865
Effect of dilutive securities 143   218  
Weighted average common shares - diluted 120,103 119,900 120,159 119,865
Earnings per common unit - diluted $ 0.84 $ 0.98 $ 3.3 $ 3.07
v3.25.3
MAA Equity - Summary of Changes in Total Equity and its Components (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance     $ 6,125,434  
Ending Balance $ 5,994,079   5,994,079  
Mid America Apartment Communities Inc. Shareholders Equity [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 6,069,265 $ 6,186,232 6,125,434 $ 6,279,955
Net income 102,044 118,230 399,325 370,502
Other comprehensive income - derivative instruments 430 428 1,288 1,448
Issuance and registration of common shares 144 8 (805) (789)
Shares repurchased and retired (29)   (3,100) (4,974)
Exercise of stock options     38  
Shares issued in exchange for redeemable stock     2,109 2,069
Redeemable stock fair market value adjustment 1,189 (2,282) 2,018 (3,325)
Amortization of unearned compensation 3,620 3,539 13,296 13,869
Dividends on preferred stock (922) (922) (2,766) (2,766)
Dividends on common stock (177,377) (171,814) (531,945) (515,359)
Distributions on noncontrolling interests units (4,457) (4,521) (13,563) (13,638)
Contribution from noncontrolling interest 172 2,696 2,750 4,602
Ending Balance 5,994,079 6,131,594 5,994,079 6,131,594
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Preferred Stock [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 9 9 9 9
Ending Balance 9 9 9 9
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Common Stock [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 1,168 1,166 1,166 1,168
Issuance and registration of common shares     1 2
Shares repurchased and retired       (1)
Shares issued in exchange for common units     1 1
Shares issued in exchange for redeemable stock       (4)
Ending Balance 1,168 1,166 1,168 1,166
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Additional Paid-in Capital [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 7,431,627 7,409,258 7,417,453 7,399,921
Issuance and registration of common shares 144 8 (806) (791)
Shares repurchased and retired (29)   (3,100) (4,973)
Exercise of stock options     38  
Shares issued in exchange for common units 391 926 6,758 3,528
Shares issued in exchange for redeemable stock     2,109 2,073
Adjustment for noncontrolling interests in Operating Partnership (56) (57) (51) 47
Amortization of unearned compensation 3,620 3,539 13,296 13,869
Ending Balance 7,435,697 7,413,674 7,435,697 7,413,674
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Distributions in Excess of Net Income [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (1,535,340) (1,398,993) (1,469,557) (1,298,263)
Net income attributable to MAA 99,538 115,195 389,338 360,897
Redeemable stock fair market value adjustment 1,189 (2,282) 2,018 (3,325)
Dividends on preferred stock (922) (922) (2,766) (2,766)
Dividends on common stock (177,377) (171,814) (531,945) (515,359)
Ending Balance (1,612,912) (1,458,816) (1,612,912) (1,458,816)
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Other Comprehensive Loss [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (6,110) (7,775) (6,940) (8,764)
Other comprehensive income - derivative instruments 418 416 1,248 1,405
Ending Balance (5,692) (7,359) (5,692) (7,359)
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Operating Partnership [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 147,439 157,905 155,409 163,128
Net Income attributable to noncontrolling interest 2,506 3,035 9,987 9,605
Other comprehensive income - derivative instruments 12 12 40 43
Shares issued in exchange for common units (391) (926) (6,759) (3,529)
Adjustment for noncontrolling interests in Operating Partnership 56 57 51 (47)
Distributions on noncontrolling interests units (4,457) (4,521) (13,563) (13,638)
Ending Balance 145,165 155,562 145,165 155,562
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Consolidated Real Estate Entities [Member]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 30,472 24,662 27,894 22,756
Contribution from noncontrolling interest 172 2,696 2,750 4,602
Ending Balance $ 30,644 $ 27,358 $ 30,644 $ 27,358
v3.25.3
MAA Equity - Summary of Changes in Total Equity and its Components (Parenthetical) (Details) - Mid America Apartment Communities Inc. Shareholders Equity [Member] - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Equity [Line Items]        
Dividends on common stock, per share $ 1.515 $ 1.47 $ 4.545 $ 4.41
Distributions on noncontrolling interests per units $ 1.515 $ 1.47 $ 4.545 $ 4.41
v3.25.3
MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Increase (Decrease) in Partners' Capital [Roll Forward]        
Net income $ 102,044 $ 118,230 $ 399,325 $ 370,502
M A A L P [Member]        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Beginning Balance 6,069,246 6,186,213 6,125,415 6,279,936
Net Income Available for Common Unitholders 102,044 118,230 399,325 370,502
Other comprehensive income - derivative instruments 430 428 1,288 1,448
Issuance of units 144 8 (805) (789)
Units repurchased and retired (29)   (3,100) (4,974)
Exercise of stock options     38  
Units issued in exchange for redeemable stock     2,109 2,069
Redeemable stock fair market value adjustment 1,189 (2,282) 2,018 (3,325)
Amortization of unearned compensation 3,620 3,539 13,296 13,869
Dividends on preferred stock (922) (922) (2,766) (2,766)
Distributions (181,834) (176,335) (545,508) (528,997)
Contribution from noncontrolling interest 172 2,696 2,750 4,602
Ending Balance 5,994,060 6,131,575 5,994,060 6,131,575
M A A L P [Member] | Preferred Partner [Member]        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Beginning Balance 66,840 66,840 66,840 66,840
Net income 922 922 2,766 2,766
Dividends on preferred stock (922) (922) (2,766) (2,766)
Ending Balance 66,840 66,840 66,840 66,840
M A A L P [Member] | Limited Partner [Member]        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Beginning Balance 147,439 157,905 155,409 163,128
Net income (loss) 2,506 3,035 9,987 9,605
General partner units issued in exchange for limited partner units (391) (926) (6,759) (3,529)
Adjustment for limited partners’ capital at redemption value 68 69 91 (4)
Distributions (4,457) (4,521) (13,563) (13,638)
Ending Balance 145,165 155,562 145,165 155,562
M A A L P [Member] | General Partners' Capital Account [Member]        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Beginning Balance 5,830,701 5,944,728 5,882,336 6,036,154
Net Income Allocated to General Partners 98,616 114,273 386,572 358,131
Issuance of units 144 8 (805) (789)
Units repurchased and retired (29)   (3,100) (4,974)
Exercise of stock options     38  
General partner units issued in exchange for limited partner units 391 926 6,759 3,529
Units issued in exchange for redeemable stock     2,109 2,069
Redeemable stock fair market value adjustment 1,189 (2,282) 2,018 (3,325)
Adjustment for limited partners’ capital at redemption value (68) (69) (91) 4
Amortization of unearned compensation 3,620 3,539 13,296 13,869
Distributions (177,377) (171,814) (531,945) (515,359)
Ending Balance 5,757,187 5,889,309 5,757,187 5,889,309
M A A L P [Member] | AOCI Attributable to Noncontrolling Interest [Member]        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Beginning Balance (6,206) (7,922) (7,064) (8,942)
Other comprehensive income - derivative instruments 430 428 1,288 1,448
Ending Balance (5,776) (7,494) (5,776) (7,494)
M A A L P [Member] | Noncontrolling Interests-Consolidated Real Estate Entities [Member]        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Beginning Balance 30,472 24,662 27,894 22,756
Contribution from noncontrolling interest 172 2,696 2,750 4,602
Ending Balance $ 30,644 $ 27,358 $ 30,644 $ 27,358
v3.25.3
MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
M A A L P [Member] | Limited Partner [Member]        
Capital Disclosure [Line Items]        
Distribution Made to Limited Partner, Distributions Declared, Per Unit $ 1.515 $ 1.47 $ 4.545 $ 4.41
v3.25.3
Borrowings - Summary of Outstanding Debt (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Total Outstanding Debt $ 5,197,359
Debt Instrument, Interest Rate, Effective Percentage 3.80%
Fixed Rate Property Mortgages [Member]  
Debt Instrument [Line Items]  
Contract Maturity Jan. 26, 2049
Commercial Paper Notes [Member] | Variable Rate Commercial Paper Program [Member]  
Debt Instrument [Line Items]  
Contract Maturity Oct. 04, 2025
Unsecured Debt [Member]  
Debt Instrument [Line Items]  
Total Outstanding Debt $ 4,836,998
Debt Instrument, Interest Rate, Effective Percentage 3.80%
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]  
Debt Instrument [Line Items]  
Debt Instrument, Face Amount $ 4,400,000
Debt Instrument, Interest Rate, Effective Percentage 3.70%
Contract Maturity May 09, 2031
Unsecured Debt [Member] | Variable Rate Commercial Paper Program [Member]  
Debt Instrument [Line Items]  
Debt Instrument, Face Amount $ 463,000
Debt Instrument, Interest Rate, Effective Percentage 4.30%
Unsecured Debt [Member] | $1 billion unsecured revolving credit facility [Member]  
Debt Instrument [Line Items]  
Debt issuance costs, discounts and premiums $ (26,002)
Secured Debt [Member]  
Debt Instrument [Line Items]  
Total Outstanding Debt 360,361
Debt issuance costs $ (2,932)
Debt Instrument, Interest Rate, Effective Percentage 4.40%
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]  
Debt Instrument [Line Items]  
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate $ 363,293
Debt Instrument, Interest Rate, Effective Percentage 4.40%
Contract Maturity Dec. 31, 2049
v3.25.3
Borrowings - Additional Information (Details) - USD ($)
 1 Months Ended 9 Months Ended
Oct. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Long-Term Debt, Maturity, Year One   $ 1,163,000,000  
Unsecured debt   $ 4,836,998,000 $ 4,620,690,000
Fixed Rate Property Mortgages [Member]      
Debt Instrument [Line Items]      
Debt instrument, Maturity date   Jan. 26, 2049  
Commercial Paper Notes [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Payment Terms   397  
Debt Instrument, Face Amount $ 625,000,000 $ 463,000,000  
Average daily borrowings outstanding under commercial paper program   361,800,000  
Unsecured debt   463,000,000  
Maximum [Member] | Commercial Paper Notes [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount 750,000,000 625,000,000  
Unsecured Senior Notes Due November 2025 [Member      
Debt Instrument [Line Items]      
Unsecured debt   400,000,000  
Unsecured Senior Notes Due September 2026 [Member]      
Debt Instrument [Line Items]      
Unsecured debt   $ 300,000,000  
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]      
Debt Instrument [Line Items]      
Debt instrument, Maturity date   May 09, 2031  
Debt Instrument, Face Amount   $ 4,400,000,000  
Unsecured Debt [Member] | Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Line of credit facility, current Borrowing capacity 1,500,000,000 1,250,000,000  
Line of credit facility, maximum Borrowing capacity $ 2,000,000,000 $ 2,000,000,000  
Debt instrument, Basis spread on variable rate 0.725%    
Debt instrument, Maturity date Jan. 01, 2030 Oct. 01, 2026  
Line of Credit Facility, Amount Outstanding   $ 0  
Letters of Credit Outstanding, Amount   $ 4,500,000  
Unsecured Debt [Member] | Minimum [Member]      
Debt Instrument [Line Items]      
Debt instrument, Basis spread on variable rate 0.65% 0.70%  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember  
Unsecured Debt [Member] | Minimum [Member] | Fixed Rate Debt Senior Notes [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Term   5 years  
Unsecured Debt [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Debt instrument, Basis spread on variable rate 1.40% 1.40%  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember  
Unsecured Debt [Member] | Maximum [Member] | Fixed Rate Debt Senior Notes [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Term   30 years  
Unsecured Debt [Member] | Public Income Notes [Member] | Fixed Rate Debt Senior Notes [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount   $ 4,400,000,000  
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]      
Debt Instrument [Line Items]      
Debt instrument, Maturity date   Dec. 31, 2049  
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate   $ 363,293,000  
v3.25.3
Financial Instruments and Derivatives - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Preferred Stock, Redemption Price Per Share [1] $ 50  
Preferred Stock, Redemption Date Oct. 01, 2026  
Variable Rate Commercial Paper Program [Member]    
Derivative [Line Items]    
Debt instruments Carrying Value $ 463.0 $ 250.0
Variable Rate Commercial Paper Program $ 463.0 250.0
Variable Rate Commercial Paper Program [Member] | Maximum [Member]    
Derivative [Line Items]    
Debt Renewal Period 30 days  
Designated as Hedging Instrument    
Derivative [Line Items]    
Realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments $ 5.8  
Designated as Hedging Instrument | Interest Expense    
Derivative [Line Items]    
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months 1.5  
Fair Value, Measurements, Recurring [Member]    
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative Asset 16.4 13.2
Fixed Rate Debt [Member]    
Derivative [Line Items]    
Notes Payable Excluding Interest Rate Swaps and Cap Agreements 4,700.0 4,700.0
Notes Payable, Fair Value Disclosure $ 4,500.0 $ 4,400.0
[1] The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.
v3.25.3
Financial Instruments and Derivatives - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative [Line Items]        
Derivative Instruments, Gain (Loss) Recognized in Income, Net     $ 3,292 $ (14,451)
Designated as Hedging Instrument        
Derivative [Line Items]        
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) $ (430) $ (428) $ (1,288) $ (1,448)
Not Designated as Hedging Instrument        
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating (Expense) Income Other Nonoperating (Expense) Income Other Nonoperating (Expense) Income Other Nonoperating (Expense) Income
Derivative Instruments, Gain (Loss) Recognized in Income, Net $ 2,009 $ (18,257) $ 3,292 $ (14,451)
v3.25.3
Shareholders' Equity of MAA - Additional Information (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Equity [Line Items]          
Common stock, shares outstanding 117,081,742 116,880,291 117,081,742 116,880,291 116,883,421
Common Shares Issuable Upon Conversion Of Convertible Stock 2,941,839 3,075,552 2,941,839 3,075,552  
Total common shares and operating partnership units outstanding 120,023,581 119,955,843 120,023,581 119,955,843  
At The Market Offering [Member]          
Equity [Line Items]          
Common stock shares sold 0 0 0 0  
Number Of Shares Remaining For Issuance     4,000,000    
Maximum [Member] | At The Market Offering [Member]          
Equity [Line Items]          
Common stock shares sold     4,000,000    
v3.25.3
Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Equity [Line Items]    
Preferred Stock, Shares Outstanding 867,846 867,846
Preferred Stock, Liquidation Preference Per Share $ 50 [1] $ 50
Preferred Stock, Redemption Date Oct. 01, 2026  
Preferred Stock, Redemption Price Per Share [2] $ 50  
Preferred Stock, Dividend Rate, Percentage 8.50% 8.50%
Preferred Stock, Dividend Rate, Per-Dollar-Amount $ 4.25  
Redeemable Preferred Stock [Member]    
Equity [Line Items]    
Preferred Stock, Shares Outstanding 867,846  
[1] The total liquidation preference for the outstanding preferred stock is $43.4 million.
[2] The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.
v3.25.3
Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Parenthetical) (Details)
$ in Millions
Sep. 30, 2025
USD ($)
M A A Equity [Abstract]  
Preferred Stock, Liquidation Preference, Value $ 43.4
v3.25.3
Partners' Capital of MAALP - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule Of Capital Structure [Line Items]      
Operating partnership units outstanding 120,023,581 119,955,843  
General Partners' Capital Account, Units Outstanding 117,081,742 116,880,291  
Limited Partners' Capital Account, Units Outstanding 2,941,839 3,075,552  
Common Shares Issuable Upon Conversion Of Convertible Stock 2,941,839 3,075,552  
Limited Partners' Capital Account $ 411.1 $ 488.7  
Redeemable Capital Shares Par Or Stated Value Per Share $ 139.73 $ 158.9  
Preferred Stock, Shares Outstanding 867,846   867,846
Redeemable Preferred Stock [Member]      
Schedule Of Capital Structure [Line Items]      
Preferred Stock, Shares Outstanding 867,846    
M A A L P [Member]      
Schedule Of Capital Structure [Line Items]      
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest 97.50% 97.40%  
v3.25.3
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]    
Operating lease weighted average remaining lease term 36 years  
Operating lease weighted average discount rate 4.60%  
Loss contingency accrual $ 11.7 $ 11.1
Apartment Communities [Member]    
Loss Contingencies [Line Items]    
Lease expiration year 2074  
Office Lease [Member]    
Loss Contingencies [Line Items]    
Lease expiration year 2028  
v3.25.3
Commitments and Contingencies - Schedule of Right-of-Use Lease Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Loss Contingency [Abstract]    
2025 $ 766  
2026 3,093  
2027 3,131  
2028 1,709  
2029 815  
Thereafter 54,856  
Total minimum lease payments 64,370  
Net present value adjustments (39,577)  
Right-of-use lease liabilities $ 24,793 $ 26,100
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities  
v3.25.3
Segment Information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
State
Community
Segment
Segment Reporting Information [Line Items]  
Number of owned or owned interests of apartment communities | Community 293
Number of States in which Entity Operates 16
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Number of reportable segments | Segment 2
Period properties owned and stabilized 12 months
Occupancy Level For Stabilized Communities 90.00%
Period Properties Stabilized 90 days
Excluding Construction in Progress [Member]  
Segment Reporting Information [Line Items]  
Number of States in which Entity Operates 16
Same Store [Member]  
Segment Reporting Information [Line Items]  
Period properties owned and stabilized 12 months
v3.25.3
Segment Information - Revenues and NOI for Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Information        
Total operating revenues $ 554,373 $ 551,126 $ 1,653,570 $ 1,641,183
Total property operating expenses, excluding depreciation and amortization 216,064 211,561 632,071 615,159
Net Operating Income 338,309 339,565 1,021,499 1,026,024
Depreciation and amortization (156,650) (146,722) (462,521) (434,764)
Property management expenses (18,183) (17,265) (56,272) (54,461)
General and administrative expenses (12,525) (12,728) (40,957) (42,444)
Interest expense (46,277) (42,726) (136,549) (124,352)
Gain (loss) on sale of depreciable real estate assets 0 0 71,842 (25)
Other non-operating (expense) income (1,253) (1,678) 4,303 2,604
Income tax expense (1,766) (670) (3,404) (3,485)
Income from real estate joint venture 389 454 1,384 1,405
Net income (loss) attributable to noncontrolling interests (2,506) (3,035) (9,987) (9,605)
Dividends to MAA Series I preferred shareholders (922) (922) (2,766) (2,766)
Net income available for MAA common shareholders 98,616 114,273 386,572 358,131
Same Store [Member]        
Segment Information        
Revenue from Contract with Customer, Including Assessed Tax 517,258 518,924 1,547,421 1,551,887
Other operating income expense net 3,603 3,354 11,220 9,344
Total operating revenues 520,861 522,278 1,558,641 1,561,231
Total property operating expenses, excluding depreciation and amortization 198,833 194,372 584,206 570,371
Real estate taxes 65,852 64,796 198,207 200,619
Personnel 44,715 42,853 129,548 123,589
Utilities 37,166 35,917 104,693 100,320
Building repair and maintenance 27,328 26,696 76,921 74,498
Office operations 8,699 8,763 27,579 25,639
Insurance 7,807 8,284 24,719 24,564
Marketing 7,266 7,063 22,539 21,142
Net Operating Income 322,028 327,906 974,435 990,860
Non-Same Store and Other [Member]        
Segment Information        
Revenue from Contract with Customer, Including Assessed Tax 33,238 28,455 93,656 78,098
Other operating income expense net 274 393 1,273 1,854
Total operating revenues 33,512 28,848 94,929 79,952
Total property operating expenses, excluding depreciation and amortization 17,231 17,189 47,865 44,788
Net Operating Income $ 16,281 $ 11,659 $ 47,064 $ 35,164
v3.25.3
Segment Information - Assets for Reportable Segment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting Asset Reconciling Item [Line Items]    
Total assets $ 11,926,585 $ 11,812,369
Same Store [Member]    
Segment Reporting Asset Reconciling Item [Line Items]    
Total assets 9,674,900 9,840,140
Non-Same Store and Other [Member]    
Segment Reporting Asset Reconciling Item [Line Items]    
Total assets 2,096,691 1,814,597
Corporate Assets [Member]    
Segment Reporting Asset Reconciling Item [Line Items]    
Total assets $ 154,994 $ 157,632
v3.25.3
Real Estate Acquisitions and Dispositions - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Aug. 31, 2025
USD ($)
ApartmentUnit
Sep. 30, 2024
USD ($)
ApartmentUnit
Aug. 31, 2024
USD ($)
a
May 31, 2024
USD ($)
ApartmentUnit
Apr. 30, 2024
USD ($)
a
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
ApartmentUnit
Sep. 30, 2024
USD ($)
ApartmentUnit
Jun. 30, 2025
USD ($)
a
Sep. 30, 2025
USD ($)
ApartmentUnit
Sep. 30, 2024
USD ($)
ApartmentUnit
Business Combination [Line Items]                      
Number of acquired multifamily apartment communities or land parcels | ApartmentUnit                   0 0
Gain (loss) on sale of depreciable real estate assets           $ 0   $ 0   $ 71,842 $ (25)
Multifamily [Member]                      
Business Combination [Line Items]                      
Number of units in real estate property | ApartmentUnit             336        
Charleston                      
Business Combination [Line Items]                      
Acquisition cost                 $ 9,000    
Charleston | Land                      
Business Combination [Line Items]                      
Area of land | a                 19    
Phoenix                      
Business Combination [Line Items]                      
Acquisition cost         $ 11,000            
Phoenix | Land                      
Business Combination [Line Items]                      
Area of land | a         13            
Richmond                      
Business Combination [Line Items]                      
Acquisition cost     $ 14,000                
Richmond | Land                      
Business Combination [Line Items]                      
Area of land | a     3                
Columbia | Multifamily [Member]                      
Business Combination [Line Items]                      
Gross proceeds from disposition             $ 81,000        
Number of units in real estate property | ApartmentUnit             240        
Gain (loss) on sale of depreciable real estate assets             $ 72,000        
Raleigh Nc | Multifamily [Member]                      
Business Combination [Line Items]                      
Number of units in real estate property | ApartmentUnit       306              
Proceeds used to purchase apartment communities       $ 81,000              
Orlando | Multifamily [Member]                      
Business Combination [Line Items]                      
Number of units in real estate property | ApartmentUnit   310           310     310
Proceeds used to purchase apartment communities   $ 84,000                  
Kansas City                      
Business Combination [Line Items]                      
Acquisition cost $ 96,000                    
Kansas City | Multifamily [Member]                      
Business Combination [Line Items]                      
Number of units in real estate property | ApartmentUnit 318