Mid-America Apartment Communities MAA · USD

13.Segment InformationAs of December 31, 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 NOI in evaluating the performance of the operating segments.

11.Commitments and ContingenciesLeasesThe 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 December 31, 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 Consolidated Balance Sheets as of December 31, 2025 (in thousands): Operating Leases 2026 $ 3,098 2027 3,136 2028 1,714 2029 820 2030 771 Thereafter 54,187 Total minimum lease payments 63,726 Net present value adjustments (39,447 ) Right-of-use lease liabilities $ 24,279 Legal ProceedingsIn late 2022 and early 2023, multiple putative class action lawsuits were filed against RealPage, Inc. and approximately 50 of the largest owners and operators of apartment communities in the country, including the Company, alleging that RealPage and such owners and operators conspired to artificially inflate multifamily residential rental prices through the use of RealPage’s revenue management software. In April 2023, those cases were centralized in the U.S. District Court for the Middle District of Tennessee in a case captioned In Re: RealPage, Inc., Rental Software Antitrust Litigation (No. II) (the “Class Action Litigation”). On January 26, 2026, the Company entered into a settlement agreement with the named plaintiffs in the Class Action Litigation, individually and on behalf of the class members. The settlement agreement remains subject to preliminary and final approval by the court. Under the terms of the settlement agreement, the Company will pay an aggregate of $53.0 million into a settlement fund to settle all claims asserted, or that could have been asserted, against the Company relating to the alleged conduct at issue in the Class Action Litigation. The settlement payment will be made in two equal installments of $26.5 million, with the first installment payable no earlier than March 2, 2026 and the second installment payable 30 days after the first payment.

7.Income TaxesDue to the structure of MAA as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the MAA level. In addition, as MAALP is structured as a limited partnership, and its partners recognize their proportionate share of income or loss in their tax returns, no provision for federal income taxes has been made at the MAALP level. Historically, the Company has incurred certain state and local income, excise and franchise taxes.Taxable REIT SubsidiariesA TRS is an entity that is subject to federal, state and any applicable local corporate income tax without the benefit of the dividends paid deduction applicable to REITs. The Company’s TRS generated taxable income of $7.6 million, $8.3 million and $4.6 million, and recognized income tax expense of $1.5 million, $1.8 million and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. One of the Company’s TRS generally provides the Company with services (property management services to a real estate joint venture and other services) for which the Company reimburses the TRS. In addition, one of the Company’s TRS owns the investments in the technology-focused limited partnerships and marketable securities that generate investment income and losses. The investment income or loss is recognized for tax purposes at the time of sale or exchange of the investment. In addition to the TRS income tax provision, income tax expense primarily relates to the Texas-based margin tax for all Texas apartment communities. Income tax expense for the Company was $4.6 million, $5.2 million and $4.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, as presented in “Income tax expense” in the accompanying Consolidated Statements of Operations. As of December 31, 2025 and 2024, there were no deferred tax assets and the components of the Company’s deferred tax liabilities were as follows (dollars in thousands): December 31, 2025 December 31, 2024 Deferred tax liability: Unrealized gain from limited partnerships $ 5,348 $ 4,048 Unrealized gain from marketable securities & other 900 861 Total deferred tax liability $ 6,248 $ 4,909 The net deferred tax liability balances are reflected in “Accrued expenses and other liabilities” in the accompanying Consolidated Balance Sheets.

4.Stock-Based CompensationOverviewMAA accounts for its stock-based employee compensation plans in accordance with accounting standards governing stock-based compensation. These standards require an entity to measure the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognize the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. Any liability awards issued are remeasured at each reporting period.MAA’s stock compensation plans consist of a number of incentives provided to attract and retain independent directors, executive officers and key employees. Incentives are currently granted under the 2023 Omnibus Incentive Plan, or the Omnibus Plan, which was approved at the 2023 annual meeting of MAA shareholders. The Omnibus Plan allows for the grant of awards, including restricted stock and stock options, with respect to up to 1,000,000 shares. Prior to the Omnibus Plan, incentives were awarded under the Amended and Restated 2013 Stock Incentive Plan, or the Stock Incentive Plan, which was approved at the 2018 annual meeting of MAA shareholders. The Stock Incentive Plan allowed for the grant of awards, including restricted stock and stock options, with respect to up to 2,000,000 shares. MAA believes that such awards better align the interests of its employees with those of its shareholders. The Omnibus Plan and the Stock Incentive Plan are collectively referred to as the Stock Plans. Compensation expense is generally recognized for service based restricted stock awards using the straight-line method over the vesting period of the shares regardless of cliff or ratable vesting distinctions. Compensation expense for market and performance based restricted stock awards is generally recognized using the accelerated amortization method with each vesting tranche valued as a separate award, with a separate vesting date, consistent with the estimated value of the award at each period end. Additionally, compensation expense is adjusted for actual forfeitures for all awards in the period that the award was forfeited. Compensation expense for stock options is generally recognized on a straight-line basis over the requisite service period. MAA presents stock compensation expense in the Consolidated Statements of Operations in “General and administrative expenses.

14.Real Estate Acquisitions and DispositionsAcquisitionsIn August 2025, the Company closed on the acquisition of a 318-unit multifamily apartment community located in Kansas City, Kansas for approximately $96 million. In October, September and May 2024, the Company closed on acquisitions of a 386-unit multifamily apartment community located in Dallas, Texas for approximately $106 million, 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 the above transactions was determined to be an asset acquisition for accounting purposes and the purchase price was allocated to the assets acquired based on their relative fair values. See Note 1 for additional disclosures regarding fair value measurements. In October 2025, the Company acquired a 1-acre land parcel in Kansas City, Kansas for approximately $1 million and a 3-acre land parcel in Phoenix, Arizona for approximately $27 million. In June 2025, the Company acquired a 19-acre land parcel in Charleston, South Carolina for approximately $9 million. In December, August and April 2024, the Company acquired a 3-acre land parcel in Raleigh/Durham, North Carolina for approximately $5 million, 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. DispositionsIn 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. In December 2024, the Company closed on the disposition of a 272-unit multifamily apartment community located in Richmond, Virginia for net proceeds of approximately $47 million, resulting in gain on the sale of depreciable real estate assets of approximately $33 million. In October 2024, the Company closed on the disposition of a 216-unit multifamily apartment community located in Charlotte, North Carolina for net proceeds of approximately $38 million, resulting in gain on the sale of depreciable real estate assets of approximately $22 million.During the years ended December 31, 2025 and 2024, the Company did not dispose of any land parcels.

Item 1C. Cybersecurity.Cybersecurity Risk Management ProgramWe recognize the importance of maintaining the integrity of our information systems and safeguarding the confidential business and personal information we receive and store about our residents, prospective residents, employees and suppliers. As such, we have implemented a cybersecurity risk management program designed to assess, identify and manage material risks from cybersecurity threats. Our cybersecurity risk management program is designed to employ what we believe are industry best practices, including monitoring and analysis of the threat environment, vulnerability assessments and third-party cybersecurity risks; detecting and responding to cyber attacks, cybersecurity incidents and data breaches; cybersecurity crisis preparedness, incident response plans, and business continuity and disaster recovery capabilities; and investments in cybersecurity infrastructure and program needs. Key processes in our program include: •regular cybersecurity training and testing for employees with company email and access to connected devices;•continuous security event monitoring, management and incident response;•regular testing of incident response procedures;•regular internal reporting;•regular consulting with external advisors and specialists regarding opportunities and enhancements to strengthen our cyber practices and policies and enhance our cybersecurity maturity;•independent third-party testing of our information technology controls and defenses, including penetration tests;•independent third-party audits of our cybersecurity controls; and•annual independent third-party reviews of program maturity based on the National Institute of Standards and Technology (NIST) cybersecurity framework.In addition, as part of our cybersecurity risk management program, we have processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers, and our cybersecurity risk management program takes into account third-party systems through which we could be impacted by the compromise of the security of a third-party service provider.

5.BorrowingsThe following table summarizes the Company’s outstanding debt as of December 31, 2025 and 2024 (dollars in thousands): As of December 31, 2025 Unsecured debt December 31, 2025 December 31, 2024 Weighted Average Effective Rate Weighted Average Contract Maturity Fixed rate senior notes $ 4,400,000 $ 4,400,000 3.8 % 1/2/2032 Variable rate commercial paper program 676,000 250,000 3.9 % 1/8/2026 Debt issuance costs, discounts and premiums (31,021 ) (29,310 ) Total unsecured debt $ 5,044,979 $ 4,620,690 3.8 % Secured debt Fixed rate property mortgages $ 363,293 $ 363,293 4.4 % 1/26/2049 Debt issuance costs (2,900 ) (3,026 ) Total secured debt $ 360,393 $ 360,267 4.4 % Total outstanding debt $ 5,405,372 $ 4,980,957 3.8 % Unsecured Revolving Credit FacilityIn October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The revolving credit facility bears interest at a variable rate, at MAALP’s election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP’s credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP’s credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of December 31, 2025, there was no outstanding balance under the revolving credit facility, while $5.0 million of capacity was used to support outstanding letters of credit.Unsecured Commercial PaperMAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days. In October 2025, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program from $625.0 million to $750.0 million. As of December 31, 2025, there were $676.0 million of borrowings outstanding under the commercial paper program. For the year ended December 31, 2025, the average daily borrowings outstanding under the commercial paper program were $379.9 million.Unsecured Senior NotesAs of December 31, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding.

10.Employee Benefit PlansThe following provides details of the employee benefit plans not previously discussed in Note 4.401(k) Savings PlansMAA’s 401(k) Savings Plan, or 401(k) Plan, is a defined contribution plan that satisfies the requirements of Section 401(a) and 401(k) of the Code. MAA’s Board of Directors has the discretion to approve matching contributions to the 401(k) Plan. MAA recognized expense from the 401(k) Plan of $5.3 million, $4.9 million and $4.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Non-Qualified Executive Deferred Compensation Retirement PlanMAA has adopted the MAA Non-Qualified Executive Deferred Compensation Retirement Plan Amended and Restated effective January 1, 2016, or the Deferred Compensation Plan, for certain executive employees. Under the terms of the Deferred Compensation Plan, employees may elect to defer a percentage of their compensation and bonus, and MAA may, but is not obligated to, match a portion of the employees’ salary deferral. MAA recognized expense on its match to the Deferred Compensation Plan for the years ended December 31, 2025, 2024 and 2023 of $0.2 million, $0.3 million and $0.4 million, respectively.Non-Qualified Deferred Compensation Plan for Outside Company DirectorsMAA has adopted the Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended effective November 30, 2010, or the Directors Deferred Compensation Plan, which allows non-employee directors to defer their director fees by having the fees held by MAA as shares of MAA’s common stock. Directors can also choose to have their annual restricted stock grants issued into the Directors Deferred Compensation Plan. Amounts deferred through the Directors Deferred Compensation Plan are distributed to the directors in two annual installments beginning in the first 90 days of the year following the director’s departure from the board. Participating directors may choose to have the amount issued to them in shares of MAA’s common stock or paid to them as cash at the market value of MAA’s common stock as of the end of the year the director ceases to serve on the board.For the years ended December 31, 2025, 2024 and 2023, directors deferred 9,742 shares, 11,439 shares and 9,459 shares of common stock, respectively, with weighted-average grant date fair values of $158.55, $140.85 and $145.96, respectively, into the Directors Deferred Compensation Plan.