Gaining Momentum 2024 ANNUAL REPORT We are excited about the outlook for MAA and the building momentum for strong performance. We expect to see leasing conditions meaningfully improve starting in 2025 and likely to be very strong for the next few years as new development supply significantly declines. “ 31 2.4K $23.5B YEARS PUBLIC ASSOCIATES TOTAL MARKET CAPITALIZATION MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. ” We believe that our portfolio is uniquely well positioned to capture the benefits from job growth, population growth, and high, single-family housing costs. This continues to drive a resulting growth in the demand for apartment housing across our markets, that will outpace national trends over the long term. Gaining Momentum over the Emerging Recovery Cycle In 2024, we invested in five new development communities and acquired three newly completed communities. By year-end we had 5,075 units under construction or in lease-up combined. Our external growth pipeline is stronger and larger than at any time in our company history with several of our new projects slated to deliver over the emerging recovery cycle. We expect our proven renovation programs, including our unit kitchen and bath redevelopments and our property amenity enhancements, as well as our rollout of various new tech initiatives aimed at driving enhanced services for our residents and more efficiencies within our operating platform, such as smart home technology and ubiquitous Wi-Fi, will further increase operating margins and accelerate earnings over the next few years. New Development & Acquisitions Platform Initiatives to Enhance our Resident Experience Continued Demand for Housing 1 2024 MAA ANNUAL REPORT MAA Boggy Creek, Orlando, FL MAA Nixie, Raleigh-Durham, NC MAA had a strong year of performance in 2024 despite several challenges for the apartment industry including a 50-year, record-high delivery of new apartments. The impact and competitive pressures were felt throughout most markets in the U.S. but were more acute in several of our high-growth markets across the Sunbelt states. Our company strategy and operating platform are designed to better withstand economic and market cycles that have long defined the apartment industry. Whether managing through periods of high new development supply, economic slowdown, or volatile interest rates, MAA has a strong and sophisticated operating platform, supported by an industry-leading balance sheet, that is designed to outperform for our shareholders over the long term. MAA’s annualized return to shareholders over the past 5-, 10-, 15-, and 20-year performance windows are in the top tier of performance for the apartment sector. Despite the record levels of new competition across many of our markets in 2024, coupled with an employment market that was normalizing after the hyper-strong conditions emerging out of the COVID era, our portfolio was able to capture slightly positive growth in average rent per unit across the portfolio at 0.3% and slightly positive revenue performance at 0.5%. Our ability to capture this performance, despite the very challenging leasing conditions, was due in large part to a combination of high resident satisfaction and low resident move-outs. MAA captured sector leading Google scores during 2024, an important insight into our performance and responsiveness to leasing prospects and residents. We have remained committed to further enhancing the appeal and competitiveness of our existing communities with the completion of our Smart Home technology program (unit entry locks, mobile control of lights and thermostats, and leak monitoring), upgrades to our amenity areas, and the renovation of just over 5,800 apartment homes, all producing very attractive returns on invested capital. Beyond the commitment to our existing communities, during calendar year 2024 we were also successful in continuing to improve the long-term earnings profile of the company through the acquisition of $272 million in newly constructed apartment communities, investing in 5 new developments representing $508 million, and the disposition of $89 million in older communities. At year end, MAA had $1.6 billion of new apartment communities in active lease-up and under construction. These investment and capital recycling initiatives will have a meaningful impact on our future earnings growth. 2 2024 MAA ANNUAL REPORT To Our Fellow Shareholders MAA has a strong and sophisticated operating platform, supported by an industry-leading balance sheet, that is designed to outperform for our shareholders over the long term. “ ” 3 2024 MAA ANNUAL REPORT Following the successful implementation of our formal succession plan, on December 10, 2024, MAA announced the appointment of A. Bradley Hill (pictured above on left) as its President and Chief Executive Officer effective April 1, 2025, succeeding H. Eric Bolton (pictured above on right) who retired as Chief Executive Officer and now serves as Executive Chairman and continues to serve as Chairman of the Board of Directors. MAA continues to maintain a strong balance sheet with $1.0 billion of combined cash and available capacity under our unsecured revolving credit facility as of year-end 2024. Total debt outstanding of $5.0 billion is 95% fixed at an average effective interest rate of 3.8% with an average 7.3 years to maturity. Total debt to adjusted total assets at year-end was just 29.0% and net debt to adjusted EBITDAre was a solid 4.0x. MAA’s mission to be a long- term outperformer is significantly enhanced by the strength of our balance sheet. MAA’s commitment to strong corporate sustainability continued in 2024 by formally re-establishing new goals surrounding energy use as defined by energy use intensity (EUI) and greenhouse gas emissions intensity (GEI); after achieving our original 2018 baseline targets in 2023. We now aim to reduce EUI and GEI by 35% and 45% by 2028, respectively. We encourage you to read our latest Corporate Sustainability Report, published in October 2024. We are excited about the outlook for MAA and the building momentum for strong performance. We expect to see leasing conditions meaningfully improve starting in 2025 and likely to be very strong for the next few years as new development supply significantly declines. Beyond the performance lift associated with much stronger demand- supply dynamics, we have several new portfolio initiatives underway aimed at delivering enhanced services for our residents and leasing prospects. Our growing use of technology will drive opportunities to reimagine a number of on-site transactions towards a more centralized platform creating operating efficiencies while also delivering enhanced customer service to our residents and prospects. While our execution methodologies continue to evolve and strengthen, our core principles and strategy associated with delivering long-term outperformance for our residents, our shareholders, our associates, and the communities where we operate remain intact. We believe our focus on high-growth markets, our active approach to portfolio diversification, our commitment to a sophisticated and technology-driven operating platform, and a focus on maintaining a strong balance sheet able to withstand economic volatility and support active new growth, combine to offer future top tier performance prospects for our shareholders. In closing, we want to express our appreciation to the MAA Board of Directors for their wise counsel and support. In 2024 we welcomed Sheila McGrath to our board and are excited to have her unique capital markets and real estate expertise. We also would like to recognize Tom Lowder and Jimmy Lowder who will both be retiring from our board in keeping with our mandatory retirement policies. Tom and Jimmy both joined the MAA Board of Directors following our merger with Colonial Properties Trust and oversaw tremendous growth and success at MAA. We are grateful for their dedicated service and support over each of their 32 years on both the legacy Colonial Properties Trust and MAA boards. We also were deeply saddened earlier this year with the passing of our long-term director Reid Sanders. Reid brought many high-quality skills and attributes to our board, and we mourn the loss of our friend. And finally, we want to send our deep appreciation and thanks to our MAA associates. Their hard work and passion for our mission at MAA are what drive our long- term success. Sincerely, 4 2024 MAA ANNUAL REPORT H. Eric Bolton, Jr. Chairman of the Board of Directors and Executive Chairman A. Bradley Hill President and Chief Executive Officer 5 2024 MAA ANNUAL REPORT MAA Sand Lake, Orlando, FL Multifamily Market Multifamily Market and Regional Office Multifamily Market and Corporate Headquarters Multifamily Development Underway 6 2024 MAA ANNUAL REPORT Diversified Across High Growth Markets Employing a portfolio strategy focused on high growth markets primarily in the U.S. Sunbelt region, and maintaining a unique diversification across submarkets, price points and property types, we believe we are able to lessen periodic supply pressures, create stability and ultimately deliver strong, long-term and full-cycle performance for our shareholders. Creating Value for the Long-Term Our Differentiated Portfolio Strategy 16 STATES + D.C. 301 COMMUNITIES 104.6K APARTMENT HOMES 7 2024 MAA ANNUAL REPORT Annual Compounded Total Shareholder Returns At 12/31/2024 | SOURCE: S&P Global Dow Jones Equity All REIT Index Peer Avg 1 MAA 6.7% 5 YR 3.1% 3.3% 11.3% 10 YR 6.8% 5.9% 12.2% 15 YR 10.7% 9.3% 11.3% 20 YR 8.7% 7.1% 1MAA excluded from average. Peers: AVB, CPT, EQR, ESS, and UDR included in average. $1.21 1994 2024 $2.00 $2.04 $2.14 $2.20 $2.30 $2.32 $2.34 $2.34 $2.34 $2.34 $2.35 $2.38 $2.42 $2.46 $2.46 $2.46 $2.51 $2.64 $2.78 $2.92 $3.08 $3.28 $3.48 $3.69 $3.84 $4.00 $4.10 $4.68 $5.60 Consistent and Growing Annual Dividend per Share Annual Cash Dividends Paid to Common Shareholders at 12/31/2024 | Never Cut or Suspended $5.88 Core FFO per Share1, 2 5-Year Compounded Annual Growth Rate | 6.7% 2020 $6.43 2021 $7.01 2022 $8.50 2023 $9.17 2024 $8.88 1Core Funds from Operations (FFO) per Share include diluted common shares and units. 2For a reconciliation of net income available for MAA common shareholders to Core FFO, see page 33 of the accompanying Annual Report on Form 10-K. 8 1Adjusted EBITDAre represents trailing twelve-month period ended December 31, 2024. Peer Average includes multifamily peers AVB, CPT, EQR, ESS and UDR. From company fourth quarter 2024 filings. 2For a reconciliation of unsecured notes payable and secured notes payable to net debt and a reconciliation of net income to Adjusted EBITDAre, see pages 34 and 35 of the accompanying Annual Report on Form 10-K. A- Stable STANDARD & POOR’S RATINGS SERVICES1 MOODY’S INVESTORS SERVICE2 FITCH RATINGS1 2024 MAA ANNUAL REPORT Credit Ratings 1Corporate credit rating assigned to MAA and MAALP (the operating partnership of MAA) 2Corporate credit rating assigned to MAALP A3 Stable A- Stable Net Debt/Adjusted EBITDAre1,2 4.0x MAA 4.7x PEER AVERAGE Total Capitalization1 At 12/31/2024 $5.0B TOTAL DEBT + PREFERRED 0.2% Preferred Stock 1.5% Secured Debt 19.6% Unsecured Debt 78.7% Common Equity $18.5B COMMON EQUITY 21.3% DEBT + PREFERRED/TOTAL CAPITALIZATION Strong, Industry-Leading Balance Sheet, Well-Positioned to Support Continued Growth 1Common shares and units outstanding multiplied by the closing stock price on 12/31/2024, plus total debt outstanding at 12/31/2024, plus Preferred stock ($50 redeemable stock price multiplied by total shares outstanding). UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission File Number 001-12762 (Mid-America Apartment Communities, Inc.) Commission File Number 333-190028-01 (Mid-America Apartments, L.P.) MID-AMERICA APARTMENT COMMUNITIES, INC. MID-AMERICA APARTMENTS, L.P. (Exact name of registrant as specified in its charter) Tennessee (Mid-America Apartment Communities, Inc.) 62-1543819 Tennessee (Mid-America Apartments, L.P.) 62-1543816 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 6815 Poplar Avenue, Suite 500, Germantown, Tennessee, 38138 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (901) 682-6600 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.) MAA New York Stock Exchange 8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.) MAA*I New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Mid-America Apartment Communities, Inc. Yes ☒ No ☐ Mid-America Apartments, L.P. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Mid-America Apartment Communities, Inc. Yes ☐ No ☒ Mid-America Apartments, L.P. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Mid-America Apartment Communities, Inc. Yes ☒ No ☐ Mid-America Apartments, L.P. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Mid-America Apartment Communities, Inc. Yes ☒ No ☐ Mid-America Apartments, L.P. Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Mid-America Apartment Communities, Inc. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ Mid-America Apartments, L.P. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Mid-America Apartment Communities, Inc. ☒ Mid-America Apartments, L.P. ☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Mid-America Apartment Communities, Inc. ☐ Mid-America Apartments, L.P. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Mid-America Apartment Communities, Inc. ☐ Mid-America Apartments, L.P. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Mid-America Apartment Communities, Inc. Yes ☐ No ☒ Mid-America Apartments, L.P. Yes ☐ No ☒ The aggregate market value of the 77,079,482 shares of common stock of Mid-America Apartment Communities, Inc. held by non-affiliates was approximately $11.0 billion based on the closing price of $142.61 as reported on the New York Stock Exchange on June 28, 2024. This calculation excludes shares of common stock held by the registrant’s officers and directors and each person known by the registrant to beneficially own more than 5% of the registrant’s outstanding shares, as such persons may be deemed to be affiliates. This determination of affiliate status should not be deemed conclusive for any other purpose. As of February 4, 2025, there were 116,901,778 shares of Mid-America Apartment Communities, Inc. common stock outstanding. There is no public trading market for the partnership units of Mid-America Apartments, L.P. As a result, an aggregate market value of the partnership units of Mid-America Apartments, L.P. cannot be determined. Documents Incorporated by Reference Portions of the proxy statement for the annual shareholders meeting of Mid-America Apartment Communities, Inc. to be held on May 20, 2025 are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2024. MID-AMERICA APARTMENT COMMUNITIES, INC. MID-AMERICA APARTMENTS, L.P. TABLE OF CONTENTS Item Page PART I 1. Business. 3 1A. Risk Factors. 10 1B. Unresolved Staff Comments. 24 1C. Cybersecurity. 24 2. Properties. 26 3. Legal Proceedings. 27 4. Mine Safety Disclosures. 27 PART II 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 27 6. [Reserved]. 29 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 30 7A. Quantitative and Qualitative Disclosures About Market Risk. 42 8. Financial Statements and Supplementary Data. 42 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 42 9A. Controls and Procedures. 42 9B. Other Information. 43 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 43 PART III 10. Directors, Executive Officers and Corporate Governance. 44 11. Executive Compensation. 44 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 44 13. Certain Relationships and Related Transactions, and Director Independence. 44 14. Principal Accountant Fees and Services. 44 PART IV 15. Exhibits and Financial Statement Schedules. 45 16. Form 10-K Summary. 49 1 Explanatory Note This report combines the Annual Reports on Form 10-K for the year ended December 31, 2024 of Mid-America Apartment Communities, Inc., a Tennessee corporation, and Mid-America Apartments, L.P., a Tennessee limited partnership, of which Mid- America Apartment Communities, Inc. is the sole general partner. Mid-America Apartment Communities, Inc. and its 97.4% owned subsidiary, Mid-America Apartments, L.P., are both required to file annual reports under the Securities Exchange Act of 1934, as amended. Unless the context otherwise requires, all references in this Annual Report on Form 10-K to “MAA” refer only to Mid- America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, all references in this report to “we,” “us,” “our,” or 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 in this report 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 interest 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 December 31, 2024, MAA owned 116,883,421 OP Units (97.4% 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. We believe combining the Annual Reports on Form 10-K of MAA and the Operating Partnership, including the notes to the consolidated financial statements, into this report 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 this report applies to both MAA and the Operating Partnership; and • creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. 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. We believe 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 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 presentation of MAA’s shareholders’ equity and the Operating Partnership’s capital are the principal areas of difference between the 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. 2 In order to highlight the material differences between MAA and the Operating Partnership, this Annual Report on Form 10-K includes sections that separately present and discuss areas that are materially different between MAA and the Operating Partnership, including: • the consolidated financial statements in Item 8 of this report; • certain accompanying notes to the consolidated financial statements, including Note 2 - Earnings per Common Share of MAA and Note 3 - Earnings per OP Unit of MAALP; and Note 8 - Shareholders’ Equity of MAA and Note 9 - Partners’ Capital of MAALP; • the controls and procedures in Item 9A of this report; and • the certifications included as Exhibits 31 and 32 to this report. In the sections that combine disclosures for MAA and the Operating Partnership, this Annual Report on Form 10-K refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership (directly or indirectly through one of its subsidiaries) is generally the entity that enters into contracts, holds assets and issues debt, management believes this presentation is appropriate for the reasons set forth above and because we operate the business through the Operating Partnership. MAA, the Operating Partnership and its subsidiaries operate as one consolidated business, but MAA, the Operating Partnership and each of its subsidiaries are separate, distinct legal entities. Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this Annual Report on Form 10-K may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements: • inability to generate sufficient cash flows due to unfavorable economic and market conditions, changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors; • exposure to risks inherent in investments in a single industry and sector; • adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns; • failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; • unexpected capital needs; • material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; • inability to obtain appropriate insurance coverage at reasonable rates, or at all, losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; • ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; • level and volatility of interest or capitalization rates or capital market conditions; • the effect of any rating agency actions on the cost and availability of new debt financing; 3 • the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto; • significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product; • ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of the Operating Partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules; • inability to attract and retain qualified personnel; • cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions; • potential liability for environmental contamination; • changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; • extreme weather and natural disasters; • disease outbreaks and other public health events, and measures that are taken by federal, state and local governmental authorities in response to such outbreaks and events; • impact of climate change on our properties or operations; • legal proceedings or class action lawsuits; • impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted; • compliance costs associated with numerous federal, state and local laws and regulations; and • other risks identified in this Annual Report on Form 10-K, including under the caption “Risk Factors,” and in other reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate. New factors may also emerge from time to time that could have a material adverse effect on our business. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this Annual Report on Form 10-K to reflect events, circumstances or changes in expectations after the date on which this Annual Report on Form 10-K is filed. PART I Item 1. Business. Overview MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2024, we maintained full or partial ownership of apartment communities, including communities currently in development, across 16 states and the District of Columbia, summarized as follows: Multifamily Communities (1) Units Consolidated 300 (2) 102,079 (3) Unconsolidated 1 269 Total 301 102,348 (1) As of December 31, 2024, 35 of the Company’s apartment communities included retail components. (2) Number of communities includes seven communities under development as of December 31, 2024. One of these developments is a phase II expansion of an existing apartment community. (3) Number of units excludes development units not yet delivered as of December 31, 2024. Our business is conducted principally through the Operating Partnership. MAA is the sole general partner of the Operating Partnership, holding 116,883,421 OP Units, comprising a 97.4% partnership interest in the Operating Partnership as of December 31, 2024. MAA and MAALP were formed in Tennessee in 1993. 4 Business Objectives Our primary business objectives are to generate a sustainable, stable and increasing cash flow that will fund our dividends and distributions through all parts of the real estate investment cycle. To achieve these objectives, we intend to continue to pursue the following goals and strategies: • create value for our shareholders, residents, associates and the communities in which our properties are located; • effectively operate our existing properties with an intense property and asset management focus; • utilize technology to provide services desired by our residents and create efficiencies and performance advantages in our operations; • take an opportunistic approach to buying, selling, developing and renovating apartment communities; • diversify our portfolio across markets, submarkets, product type (i.e., garden style, mid-rise, and high-rise) and price points to minimize operating performance volatility; • offer attractive work environments, compensation and incentive packages and career development opportunities to attract and retain required talent; and • actively manage our balance sheet and capital structure. Operations Our goal is to generate return on investment collectively and in each apartment community by increasing revenues, controlling operating expenses, maintaining high occupancy levels and reinvesting in the income producing capacity of each apartment community as appropriate. The steps taken to meet these objectives include: • providing management information and improved customer services through technology innovations; • implementing programs to control expenses through investment in cost-saving initiatives; • analyzing individual asset productivity performances to identify best practices and improvement areas; • maintaining the physical condition of each property through ongoing capital investments; • improving the “curb appeal,” amenities and common areas of the apartment communities through environmentally- thoughtful landscaping and exterior improvements, and repositioning apartment communities from time to time to enhance or maintain market positions; • effectively utilizing search engine optimization, internet leasing solutions and other internet tools to generate leasing traffic; • managing lease expirations to align with peak leasing traffic patterns and to maximize productivity of property staffing; and • allocating additional capital, including capital for selective interior and exterior improvements. We believe in leveraging the strength of our enterprise as a foundation for our operating structure, which capitalizes on local management with specific market knowledge and accountability. Senior management, along with certain centralized asset management functions, are proactively involved in supporting and optimizing property operations and reviewing property management performance through extensive reporting processes and on-site visits. Our significant platform allows us to take advantage of technology that makes information sharing easier on a real-time basis, allows for operating efficiencies and continued expense control, and provides for various expanded revenue management practices to improve the support provided to on-site property operations. Investment in technology continues to drive operating efficiencies in our business and helps us to better meet the changing needs of our residents. Our residents have the ability to conduct business with us 24 hours a day, 7 days a week and complete online leasing applications, leases and renewals through our web-based resident portal. Interacting with our residents through such technology has allowed us to improve resident satisfaction ratings and increase the efficiency of our operating teams. We continue to invest in technology to enable potential residents to examine their future homes both online (virtual touring) or by self-guided tour (self-touring) in addition to the more traditional guided tour. Acquisitions and Development Our external growth strategy is to acquire existing apartment communities, utilize our internal development team to develop our own apartment communities and partner with select developers to develop apartment communities that we will own completely after stabilization, which we refer to as a pre-purchase transaction. Acquisitions and development, along with dispositions, help us achieve and maintain our desired product mix, geographic diversification and asset allocation. Portfolio growth allows for maximizing the efficiency of the existing management and overhead structure. We have extensive experience in the acquisition and development of apartment communities. We will continue to evaluate opportunities that arise, and we will utilize this strategy to increase our number of apartment communities in strong and growing markets. 5 We acquired the following properties during the year ended December 31, 2024: Multifamily Acquisitions Market Units Date Acquired MAA Vale Raleigh, NC 306 May 2024 MAA Boggy Creek Orlando, FL 310 September 2024 MAA Cathedral Arts Dallas, TX 386 October 2024 Modera Chandler (1) Phoenix, AZ 345 April 2024 (1) Represents a pre-purchase multifamily development. We own 95% of the joint venture that owns this property. Construction of this development commenced in the second quarter of 2024. Land Acquisitions Market Acres Date Acquired MAA Porter Richmond, VA 3.3 August 2024 MAA Nixie II Raleigh/Durham, NC 3.3 December 2024 Development activities may be conducted through wholly-owned entities or through joint ventures with our pre-purchase transaction partners. Typically, fixed price construction contracts are signed with unrelated parties to minimize the risk of increases in construction costs. We may also engage in limited expansion development opportunities on existing communities in which we typically serve as the developer. During the year ended December 31, 2024, we incurred $313.9 million in development costs and completed three development projects. For information regarding our development costs, see Note 1 (Organization and Summary of Significant Accounting Policies – Development Costs) to the consolidated financial statements included in this Annual Report on Form 10-K. The following multifamily projects were under development as of December 31, 2024 (dollars in thousands): Project Market Total Units Units Completed Costs to Date Budgeted Costs Estimated Costs Per Unit Expected Completion MAA Nixie Raleigh/Durham, NC 406 73 $ 127,944 $ 145,500 $ 358 3rd Quarter 2025 MAA Breakwater Tampa, FL 495 — 154,540 197,500 399 4th Quarter 2025 Modera Liberty Row (1) Charlotte, NC 239 — 100,492 112,000 469 1st Quarter 2026 MAA Plaza Midwood (2) Charlotte, NC 302 — 29,105 101,500 336 4th Quarter 2026 Modera Chandler (2) Phoenix, AZ 345 — 34,068 117,500 341 4th Quarter 2026 MAA Porter Richmond, VA 306 — 15,994 99,500 325 3rd Quarter 2027 MAA Milepost 35 II Denver, CO 219 — 15,038 78,000 356 4th Quarter 2026 Total 2,312 73 $ 477,181 $ 851,500 (1) In July 2024, we agreed to finance the third-party development of this property currently under construction. We have the option to purchase the property once construction is complete and the property is stabilized. We consider an apartment community to be stabilized once it achieves 90% average physical occupancy for 90 days. (2) We own 95% of the joint venture that owns this property. The following multifamily development projects were completed during the year ended December 31, 2024 (dollars in thousands): As of December 31, 2024 Project Location Total Units Development Costs Development Costs per Unit Construction Completed Novel Daybreak (1) Salt Lake City, UT 400 $ 95,091 $ 238 3rd Quarter 2024 Novel Val Vista (1) Phoenix, AZ 317 78,707 248 4th Quarter 2024 MAA Milepost 35 Denver, CO 352 123,634 351 4th Quarter 2024 Total 1,069 $ 297,432 (1) We own 80% of the joint venture that owns this property. 6 Dispositions We sell apartment communities and other assets that no longer meet our long-term strategy or when market conditions are favorable, and we redeploy the proceeds from those sales to acquire, develop and redevelop additional apartment communities and rebalance our portfolio across or within geographic regions. Dispositions also allow us to realize a portion of the value created through our investments and provide additional liquidity. We are then able to redeploy the net proceeds from our dispositions in lieu of raising additional equity or debt capital. In deciding to sell an apartment community, we consider current market conditions and generally solicit competing bids from unrelated parties for these individual properties, considering the sales price and other key terms of each proposal. We also consider portfolio dispositions when such a structure is useful to maximize proceeds and efficiency of execution. During the year ended December 31, 2024, we disposed of two multifamily communities totaling 488 units. Property Redevelopment and Repositioning Activity We focus on both interior unit upgrades and property amenity and common area upgrades above and beyond routine capital upkeep on our apartment communities that we believe have the ability to support additional rent growth. During the year ended December 31, 2024, we renovated the kitchens and bathrooms of 5,665 apartment units at an average cost of $6,219 per apartment unit, achieving average rental rate increases of 7.3% above the normal market rate for similar but non-renovated apartment units. We have installed smart home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) at many of our apartment communities in order to provide additional resident value and increase rent growth. As of December 31, 2024, we had completed installation of Smart Home technology in over 96,000 units across our apartment community portfolio providing an increase in average effective rent per unit of approximately $25 per month since the initiative began during the first quarter of 2019. For a definition of average effective rent per unit, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Trends” in this Annual Report on Form 10-K. Separately, we continued our property repositioning program to upgrade and reposition the amenity and common areas at certain of our apartment communities. The program includes targeted plans to move all apartment units at such apartment communities to higher rents. For the year ended December 31, 2024, we spent $4.8 million on this program. Portfolio Strategy Our goal is to maintain a diversified, balanced portfolio that we believe provides the optimal path to maximizing operating performance over the full economic cycle. Maintaining a diverse portfolio includes: • Operating apartment communities in a variety of markets across the Southeast, Southwest, and Mid-Atlantic regions of the U.S. • Operating apartment communities in a variety of submarkets within our markets (urban, suburban, inner loop, etc.) • Operating apartment communities of different product types such as high-rise, mid-rise and garden style • Offering a variety of different rent price points within a market or submarket We believe a diverse portfolio performs well during economic up cycles and weathers economic down cycles better than a more homogenous portfolio. Human Capital As of December 31, 2024, we employed 2,532 associates. Our associates’ time, energy, creativity and passion are essential to our continued success as a company. With respect to our workforce, we focus on inclusion, providing market-competitive pay and benefits to support our associates’ well-being, encouraging our associates’ growth and development, fostering associate engagement and protecting our associates’ health and safety. We respect the privilege of providing value to those whose lives we touch. We call this outlook our “Brighter View.” To achieve these objectives, we use our Core Values to guide the way we interact with each other and conduct business by: • appreciating the uniqueness of each individual; • communicating openly and with integrity; • embracing opportunities; and • doing the right thing at the right time for the right reasons. 7 We strive to recruit, develop and retain a talented and diverse workforce that mirrors the diversity of our residents and the communities where we do business. We are committed to an inclusive working environment that not only values diversity in ideas and opinions, but also fosters a sense of belonging and connection where associates feel recognized and appreciated regardless of individual differences. Our goal through these efforts is to support and promote inclusive diversity, equal opportunity and fair treatment for all those working at the company and as a result create more value for all the constituents we serve. Our Inclusive Diversity Council is comprised of individuals across all areas of our company whose aim is to cultivate conversations, expand education and examine our practices surrounding diversity and inclusion. This group works collaboratively with our Chief Executive Officer and other members of our executive team to ensure our policies and actions are guided by our culture of inclusivity and are free from discriminatory practices and bias. We recruit from a diverse range of sources including historically Black colleges and universities as well as technical/trade schools. As of December 31, 2024, ethnic/cultural minorities represented approximately 54% of our workforce, 43% of our collective corporate, regional and property leadership positions and 55% of our associates promoted during the year ended December 31, 2024. Also, as of December 31, 2024, females represented approximately 46% of our workforce, 57% of our collective corporate, regional and property leadership positions and 54% of our associates promoted during the year ended December 31, 2024. We take a comprehensive approach to supporting our associates’ physical and emotional health as well as their financial and professional well-being. Our associates are eligible for many benefit plans and programs for which we pay part or all of the cost, such as medical, dental and vision insurance, life and disability insurance, various wellness programs and an employee assistance program. In addition, we offer several supplemental and voluntary benefit plans, paid sick leave, paid vacation and other paid time off benefits to support our associates’ overall well-being. We strive to maintain an equitable compensation program for performance, designed to reward competitive levels of compensation based on employee contributions, performance and qualifications. We offer a 401(k) savings plan with an employer match as well as educational support for savings strategies. We also offer discounted rent to associates, parental leave and financial assistance with adoption expenses as well as grant up to three scholarships for associates’ dependents each year. Our training and development programs are designed to provide continuous learning for associates in the flow of their workday. Additionally, we encourage and provide financial assistance to our eligible associates to seek education and certification outside of the company through both apartment associations and accredited educational institutions. We encourage our associates to “embrace opportunities” including developing skills and knowledge needed for increased responsibilities as they promote within the company. We place an emphasis on communication in an effort to ensure associates feel informed and connected as an organization. We utilize a variety of communication channels to provide associates with timely information that is relevant to their role in the company, to company-wide initiatives and their professional interests. We also believe the best way to gain in-depth insight into how associates feel about working at MAA is to provide regular, frequent, and trusted opportunities to safely share feedback. From there, we are able to develop and continuously improve our work environment to enhance job satisfaction. We regularly conduct surveys with all associates to measure associate engagement and capture topical feedback to guide current programs, projects and progress. We are also driven to prove that we are listening, and that real action and improvements are executed as a result. Lastly, we conduct an annual review process to provide an opportunity for each associate to build mutual understanding with leadership, gain self- discovery and learn about possible avenues for growth. We encourage a work environment where ideas, problems and solutions can be discussed with immediate managers and other management personnel. Capital Structure We use a combination of debt and equity sources to fund our business objectives. We focus on maintaining access, flexibility and low costs, which we believe allows us to proactively support normal business operations and source potential investment opportunities in the marketplace. We structure our debt maturities to avoid disproportionate exposure in any given year. Our primary debt financing strategy is to access the unsecured debt markets to provide our debt capital needs, but we also maintain a limited amount of secured debt and maintain our access to both the secured and unsecured debt markets for maximum flexibility. We also believe that we have significant access to the equity capital markets. We intend to target our total debt, net of cash held, to a range of approximately 30% to 36% of our adjusted total assets (as defined in the covenants for the unsecured senior notes issued by MAALP). Our charter and bylaws do not limit our debt levels and our Board of Directors can modify this policy at any time. We may issue new equity to maintain our debt within the target range. Covenants for our unsecured senior notes limit our total debt to 60% or less of our adjusted total assets. As of December 31, 2024, our total debt was 29.0% of our adjusted total assets. 8 We intend to target the ratio of our net debt to Adjusted EBITDAre to a range of 4.5x to 5.5x. We monitor our debt levels to a ratio of net debt to Adjusted EBITDAre in order to maintain our investment grade credit ratings. We believe this is an important factor in the management of our debt levels to maintain an optimal capital structure, and it is also considered in the assignment of our credit ratings. Adjusted EBITDAre is measured on a trailing twelve-month basis. As of December 31, 2024, our net debt to Adjusted EBITDAre ratio was 4.0x. For additional information on net debt and Adjusted EBITDAre, including reconciliations of the most directly comparable U.S. generally accepted accounting principles, or GAAP, measures to both net debt and Adjusted EBITDAre, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation - Non-GAAP Financial Measures - Net Debt, EBITDA, EBITDAre, and Adjusted EBITDAre” in this Annual Report on Form 10-K. We continuously review opportunities for lowering our cost of capital. We plan to continue using unsecured debt to take advantage of the lower cost of capital and flexibility provided by these markets. We will evaluate opportunities to repurchase shares when we believe that our share price is significantly below our net present value. We also look for opportunities where we can acquire or develop apartment communities, selectively funded or partially funded by sales of equity securities, when appropriate opportunities arise. We focus on improving the net present value of our investments by generating cash flow from our portfolio of assets above the estimated total cost of debt and equity capital. We routinely make new investments when we believe it will be accretive to shareholder value over the life of the investments. Competition and Market Demand Our apartment communities are located in areas that include other apartment communities. Occupancy and rental rates are affected by the number of competitive apartment communities as well as demand for housing in a particular area. The owners of competing apartment communities may have greater resources than us, and the managers of these apartment communities may have more experience than our management. Moreover, single-family rental housing, manufactured housing, condominiums and the new and existing home markets provide housing alternatives to potential residents of apartment communities. Competition for new residents is generally intense across all of our markets. Some competing apartment communities offer features that our apartment communities do not have or may be deemed to be in a more desirable location within the market. Competing apartment communities can use concessions or lower rents to obtain temporary competitive advantages. Also, some competing apartment communities are newer than our apartment communities, may have different amenities or otherwise be more attractive to a prospective resident. The competitive position of each apartment community is different depending upon many factors including submarket supply and demand. In addition, other real estate investors compete with us to acquire existing properties and to develop new properties. These competitors include insurance companies, pension and investment funds, public and private real estate companies, investment companies and other public and private apartment REITs, some of which may have greater resources, greater ability to utilize leverage or lower capital costs than we do. We believe, however, that we are generally well-positioned to compete effectively for residents and acquisition and development opportunities. We believe our competitive advantages include: • a fully integrated organization with property management, development, redevelopment, acquisition, marketing, sales and financing expertise; • scalable operating and support systems, which include automated systems to meet the changing technological needs of our residents and associates; • access to a wide variety of debt and equity capital sources; • geographic diversification with a presence in 39 defined markets across the Southeast, Southwest and Mid-Atlantic regions of the U.S.; and • significant presence in many of our major markets that allows us to be a local operating expert and offer varying location, product type and price options within a market to meet a variety of prospective resident preferences. Moving forward, we plan to continue our focus on optimizing lease expiration management, current and prospective resident engagement, expense control and resident retention efforts and also to align employee incentive plans with our performance. We also plan to continue to make capital improvements to both our apartment communities and individual units on a regular basis to maintain a competitive position. We believe this plan of operation, coupled with the portfolio’s strengths in targeting residents across a geographically diverse platform, should position us for continued operational growth. For information regarding trends in market demand, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Trends” in this Annual Report on Form 10-K. 9 Environmental Matters As a part of our standard apartment community acquisition and development processes, we generally obtain environmental studies of the sites from outside environmental engineering firms. The purpose of these studies is to identify potential sources of contamination at the site and to assess the status of environmental regulatory compliance. These studies generally include historical reviews of the site, reviews of certain public records, preliminary investigations of the site and surrounding properties, inspection for the presence of asbestos, poly-chlorinated biphenyls and underground storage tanks and the preparation and issuance of written reports. Depending on the results of these studies, more invasive procedures, such as soil sampling or ground water analysis, may be performed to investigate potential sources of contamination. These studies must be satisfactorily completed before we take ownership of an acquisition or development property; however, no assurance can be given that the studies or additional documents reviewed identify all significant environmental risks. See “Risk Factors – Environmental problems are possible and can be costly” and “Risk Factors – Compliance or failure to comply with laws and regulations could have an adverse effect on our operations and the values of our properties” in this Annual Report on Form 10-K. The environmental studies we received on properties that we have acquired have not revealed any material environmental liabilities. Should any potential environmental risks or conditions be discovered during our due diligence process, the potential costs of remediation will be assessed carefully and factored into the cost of acquisition, assuming the identified risks and factors are deemed to be manageable and within reason. We are not aware of any existing conditions that we believe would be considered a material environmental liability. Nevertheless, it is possible that the studies do not reveal all environmental risks or that there are material environmental liabilities of which we are not aware. Moreover, no assurance can be given concerning future laws, ordinances or regulations, or the potential introduction of hazardous or toxic substances by neighboring properties or residents. Government Regulations We must own, operate, manage, acquire, develop and redevelop our properties in compliance with numerous federal, state and local laws and regulations, some of which may conflict with one another or are subject to limited judicial or regulatory interpretations. These laws and regulations include landlord-tenant laws, employment laws, antitrust and other competition laws, laws benefiting disabled persons, privacy laws, tax laws, environmental laws, zoning laws, building codes and other laws regulating housing or that are generally applicable to our business and operations. Noncompliance with laws and regulations could expose us to liability, such as the imposition of fines by the government or the award of damages to private litigants, and could require us to make significant unanticipated expenditures, such as making modifications to our existing apartment communities or increasing construction costs for development communities. Compliance with the various laws and regulations we are subject to did not have a material effect on our capital expenditures, results of operations and competitive position for the year ended December 31, 2024 as compared to prior periods. For additional information, see “Risk Factors – Environmental problems are possible and can be costly” and “Risk Factors – Compliance or failure to comply with laws and regulations could have an adverse effect on our operations and the values of our properties” in this Annual Report on Form 10-K. Qualification as a Real Estate Investment Trust MAA has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code. To continue to qualify as a REIT, MAA must continue to meet certain tests which, among other things, generally require that our assets consist primarily of real estate assets, our income be derived primarily from real estate assets and that we distribute at least 90% of our REIT taxable income (other than our net capital gains) to our shareholders annually. If MAA maintains its qualification as a REIT, MAA generally will not be subject to U.S. federal income taxes at the corporate level on its net income to the extent it distributes such net income to its shareholders annually. Even if MAA continues to qualify as a REIT, it will continue to be subject to certain federal, state and local taxes on its income and its property. For the year ended December 31, 2024, MAA paid total distributions of $5.88 per share of common stock to its shareholders, which was above the 90% REIT distribution requirement. Website Access to Our Reports MAA and the Operating Partnership file combined periodic reports with the SEC. Our Annual Reports on Form 10-K, along with our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports, are available on our website at https://www.maac.com as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. Reference to our website does not constitute incorporation by reference of the information contained on the site and should not be considered part of this Annual Report on Form 10-K. All of the aforementioned materials may also be obtained free of charge by contacting our Investor Relations Department, 6815 Poplar Avenue, Suite 500, Germantown, Tennessee 38138. 10 Item 1A. Risk Factors. In addition to the other information contained in this Annual Report on Form 10-K, we have identified the following risks and uncertainties that may have a material adverse effect on our business prospects, financial condition or results of operations. Investors should carefully consider the risks described below before making an investment decision. Our business faces significant risks and the risks described below may not be the only risks we face. Additional risks that are not presently known to us, that we currently believe are immaterial or that could apply generically to any company may also significantly impact our business operations. If any of these risks occur, our business prospects, financial condition or results of operations could suffer, the market price of our stock and the trading price of our debt securities could decline and you could lose all or part of your investment in our stock or debt securities. Risks Related to Our Real Estate Investments and Our Operations Unfavorable market and economic conditions could adversely affect occupancy levels, rental revenues and the value of our properties. General economic conditions in the U.S. have fluctuated in recent quarters, and concerns persist regarding negative macroeconomic conditions, such as inflation and the labor market. Unfavorable market and economic conditions may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of properties on economically favorable terms. Our ability to lease our properties at favorable rates is adversely affected by the increase in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, personal debt levels, a downturn in the housing market, stock market volatility, inflationary conditions and uncertainty about the future. Some of our major expenses generally do not decline when rents decline. We would expect that declines in our occupancy levels, rental revenues and/or the values of our properties would cause us to have less cash available to make payments on our debt and to make distributions, which could adversely affect our financial condition or the market value of our securities. Factors that may affect our occupancy levels, our rental revenues and/or the value of our properties include the following, among others: • downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; • declines in mortgage interest rates and home pricing, making alternative housing options more affordable; • government or builder incentives with respect to home ownership, making alternative housing options more attractive; • local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; • declines in market rental rates; • declines in household formation; and • increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants. Failure to generate sufficient cash flow could limit our ability to make payments on our debt and to make distributions. Our ability to make payments on our debt and to make distributions depends on our ability to generate cash flow in excess of operating costs and capital expenditure requirements and/or to have access to the markets for debt and equity financing. Our funds from operations may be insufficient because of factors that are beyond our control. Such factors could include: • weakness in the general economy, which lowers job growth and the associated demand for apartment housing; • competition from other apartment communities or alternative housing options (including condominiums and single- family houses for rent or sale); • overbuilding of new apartments or oversupply of available apartments or alternative housing options in our markets, which might adversely affect occupancy or rental rates and/or require rent concessions in order to lease apartments; • increases in operating costs (including real estate taxes, utilities and insurance premiums) due to inflation and other factors, which may not be offset by increased rental rates; • inability to rent apartments on favorable economic terms; • changes in governmental regulations and the related costs of compliance; • the enactment of rent control or rent stabilization laws in the areas in which we operate or other laws regulating multifamily housing; • other changes in laws, including tax laws and housing laws; • an uninsured loss, including those resulting from a catastrophic storm, earthquake or act of terrorism; 11 • changes in interest rate levels and the availability of financing, borrower credit standards and down-payment requirements which could lead renters to purchase homes (if interest rates decrease and home loans are more readily available) or increase our acquisition and operating costs (if interest rates increase and financing is less readily available); and • the relative illiquidity of real estate investments. At times, we have relied on external funding sources to fully fund the payment of distributions to shareholders and our capital investment program, including our property developments. While we have sufficient liquidity to permit distributions at current rates through additional borrowings, if necessary, any significant and sustained deterioration in operations could result in our financial resources being insufficient to make payments on our debt and to make distributions at the current rate, in which event we would be required to reduce the distribution rate. Any decline in our funds from operations could adversely affect our ability to make distributions or to meet our loan covenants and could have a material adverse effect on our stock price or the trading price of our debt securities. We are dependent on a concentration of our investments in a single asset class, making our results of operations more vulnerable to a downturn or slowdown in the multifamily sector or other economic factors. As of December 31, 2024, substantially all of our investments are concentrated in the multifamily sector. As a result, we will be subject to risks inherent in investments in a single type of property. A downturn or slowdown in the demand for multifamily housing will have more pronounced effects on our results of operations and on the value of our assets than if we had diversified our investments into more than one asset class. Our operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S.; we are subject to general economic conditions in the regions in which we operate. As of December 31, 2024, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida. In addition, our overall operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S. Our performance could be adversely affected by economic conditions in, and other factors relating to, these geographic areas, including supply and demand for apartments in these areas, zoning and other regulatory conditions and competition from other communities and alternative housing options. In particular, our performance is disproportionately influenced by job growth and unemployment. To the extent the economic conditions, job growth and unemployment in any of these markets deteriorate or any of these areas experiences natural disasters, the value of our portfolio, our results of operations and our ability to make payments on our debt and to make distributions could be adversely affected. Substantial competition may adversely affect our revenues and limit our acquisition and development opportunities. There are numerous alternative housing options within the market area of each of our communities that compete with us for residents, including other apartment communities, condominiums and single-family homes. Competitive housing in a particular area, particularly new supply (and especially during lease up efforts), could adversely affect our ability to retain residents, rent our apartments and increase or maintain rents, which could materially adversely affect our results of operations and financial condition. Similarly, some of our competitors may have loan covenants or fund requirements that encourage decisions on occupancy targets or rental rates that vary from decisions based on market conditions, which could require us to react in ways that may negatively affect our performance. We also face competition from other businesses for acquisition and development opportunities. The activities of these competitors could cause us to pay higher prices for new properties than we otherwise would have paid or may prevent us from purchasing desired properties at all, which could have a material adverse effect on us and our ability to make payments on our debt and to make distributions. Failure to succeed in new markets may have adverse consequences on our performance. We may make acquisitions or pursue developments outside of our existing market areas if appropriate opportunities arise. Our historical experience in our existing markets does not ensure that we will be able to operate successfully in new markets, should we choose to enter them. We may be exposed to a variety of risks if we choose to enter new markets, including an inability to accurately evaluate local market conditions and local economies, an inability to identify appropriate acquisition or development opportunities, an inability to hire and retain key personnel and a lack of familiarity with local governmental and permitting procedures. In addition, we may abandon opportunities to enter new markets that we have begun to explore for any reason and may, as a result, fail to recover expenses already incurred. 12 Environmental problems are possible and can be costly. Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances in, on, around or under such property. Such laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. The presence of, or failure to properly remediate, hazardous or toxic substances or petroleum product releases may adversely affect the owner’s or operator’s ability to sell or rent the affected property or to borrow using the property as collateral. Persons who arrange for the disposal or treatment of hazardous or toxic substances may also be liable for the costs of removal or remediation of hazardous or toxic substances at a disposal or treatment facility, whether or not the facility is owned or operated by the person. Certain environmental laws impose liability for the release of asbestos-containing materials into the air, and third parties may also seek recovery from owners or operators of real property for personal injury associated with asbestos- containing materials and other hazardous or toxic substances. Federal and state laws also regulate the operation and subsequent removal of certain underground storage tanks. In connection with the current or former ownership (direct or indirect), operation, management, development or control of real property, we may be considered an owner or operator of such apartment communities or as having arranged for the disposal or treatment of hazardous or toxic substances and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines, and claims for injuries to persons and property. Our current policy is to obtain a Phase I environmental study on each apartment community that we seek to acquire or develop, which generally does not involve invasive techniques such as soil or ground water sampling, and to proceed accordingly. However, there can be no assurance that the Phase I environmental studies or other environmental studies undertaken with respect to any of our current or future apartment communities will reveal: • all or the full extent of potential environmental liabilities; • that any prior owner or operator of a property did not create any material environmental condition unknown to us; • that a material environmental condition does not otherwise exist as to any one or more of such apartment communities; or • that environmental matters will not have a material adverse effect on us and our ability to make payments on our debt and to make distributions. Certain environmental laws impose liability on a previous owner of property to the extent that hazardous or toxic substances were present during the prior ownership period. A transfer of the property does not relieve an owner of such liability. Thus, we may have liability with respect to apartment communities previously sold by our predecessors or by us. There have been a number of lawsuits against owners and operators of multifamily apartment communities alleging personal injury and property damage caused by the presence of mold in residential real estate. Some of these lawsuits have resulted in substantial monetary judgments or settlements. Insurance carriers have reacted to these liability awards by excluding mold-related claims from standard policies and pricing mold endorsements separately. We have obtained a separate pollution insurance policy that covers mold-related claims and have adopted programs designed to minimize the existence of mold in any of our apartment communities as well as guidelines for promptly addressing and resolving reports of mold. To the extent not covered by our pollution policy, the presence of mold could expose us to liability from residents and others if property damage or health concerns, or allegations thereof, arise. Our business and operations are subject to physical and transition risks related to climate change. Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue. Over time, such conditions could result in reduced demand for housing in areas where our communities are located, as well as higher costs for mitigating or repairing damage related to the effects of climate change, some which may not be fully covered by insurance. Similarly, these conditions may also negatively impact the types, pricing and terms of insurance we are able to procure. Changes in federal, state and local laws and regulations on sustainable buildings could result in increased operating costs and capital expenditures for us to meet mandated levels of energy efficiency and/or greenhouse gas emissions performance with respect to our existing communities and could also require us to spend more on our new development communities without a corresponding increase in rental revenues. For example, various laws and regulations have been implemented or are under consideration to mitigate the effects of climate change caused by greenhouse gas emissions. Among other things, “green” building codes may seek to reduce emissions through the imposition of standards for design, construction materials, water and energy efficiency and waste management. The imposition of such requirements could increase the costs of maintaining or improving our existing communities (for example by requiring retrofits of existing communities to improve their energy efficiency and/or resistance to inclement weather) and developing new communities without creating corresponding increases in rental revenues, which would have an adverse impact on our operating results and could adversely impact the value of our properties. Additionally, if non-compliant with building efficiency standards, our existing communities may decrease in value. 13 Operations from new acquisitions, development projects and redevelopment activities may fail to perform as expected. We intend to acquire, develop and redevelop apartment communities as part of our business strategy. Newly acquired, developed or renovated properties may not perform as we expect. We may also overestimate the revenue (or underestimate the expenses) that a new or repositioned property may generate. The occupancy rates and rents at these properties may fail to meet our expectations underlying our investment. In addition, with respect to acquisitions, we may be unable to quickly and efficiently integrate acquired apartment communities and new personnel into our existing operations, and the failure to successfully integrate those apartment communities or personnel would result in inefficiencies that could adversely affect our expected return on our investments. Likewise, we may acquire properties that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes or other legal requirements. In each case, our acquisition may be without any, or with only limited, recourse with respect to unknown liabilities or conditions, and we may be obligated to pay substantial sums to settle or cure it, which could adversely affect our cash flow and operating results. Our implementation of long-standing succession planning could have adverse effects. To reduce the risk of disruption from the planned retirement and unexpected departure of long-term employees and board members, we engage in succession planning to identify and develop in-house candidates for leadership and key executive positions within the company, recruit talented associates to fill areas of expertise needed within the company, and continually assess the needs of MAA’s Board of Directors to ensure stable governance of the company. In the last three years, we have transformed our executive team by elevating internal candidates to the offices of Chief Executive Officer (effective April 1, 2025), President, Chief Financial Officer, Chief Administrative Officer, Chief Strategy and Analysis Officer and Chief Technology and Innovation Officer. Such significant changes over a relatively short period of time could result in unintended negative effects, such as creating employee dissatisfaction that could affect retention of key employees or impacting short-term strategic initiatives, which could adversely affect our business. We are subject to certain risks associated with selling apartment communities, which could limit our operational and financial flexibility. We plan to sell apartment communities that no longer meet our long-term strategy. However, adverse market conditions could limit our ability to sell properties when we want and to change our portfolio promptly to meet our strategic objectives. Likewise, federal tax laws applicable to REITs limit our ability to profit on the sale of properties, and this limitation could prevent us from selling properties when market conditions are favorable. From time to time, we may dispose of properties in transactions intended to qualify as “like-kind exchanges” under Section 1031 of the Code. If a transaction intended to qualify as a Section 1031 exchange is later determined to be taxable, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis. Development and construction risks could impact our profitability. As of December 31, 2024, we had seven development communities under construction representing 2,312 units once complete. We may make further investments in these and other development communities as opportunities arise and may do so through joint ventures with unaffiliated parties. Our development and construction activities are subject to the following risks: • we may be unable to obtain, or face delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, which could result in increased development costs, could delay initial occupancy dates for all or a portion of a development community and could require us to abandon our activities entirely with respect to a project for which we are unable to obtain permits or authorizations; • we may be unable to obtain financing for development activities under favorable terms, which could cause a delay in construction resulting in increased costs, decreases in revenue and potentially cause us to abandon the opportunity; • yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget, higher than expected concessions for lease-up and lower rents than initially estimated; • bankruptcy of developers in our development projects could impose delays and costs on us with respect to the development of our communities and may adversely affect our financial condition and results of operations; • we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such opportunities; • we may be unable to complete construction and lease-up of an apartment community on schedule, including by reason of work stoppages, labor disputes, shortages of skilled tradespeople and shortages of building components and materials; • we may incur development or construction costs, including labor and building components and materials, that exceed our original estimates and we may be unable to charge rents that would compensate for any increase in such costs; 14 • occupancy rates and rents at a newly developed apartment community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our profitability goals for that community; • when we sell apartment communities that we developed or renovated, we may be subject to warranty or construction defects that are uninsured or exceed the limit of our insurance; • our failure to successfully enter into a joint venture agreement may prohibit an otherwise advantageous investment; • changes in laws and regulations, or enforcement priorities, such as the imposition of tariffs or changes in immigration laws or their enforcement, could result in higher building component costs, tighter overall labor conditions and a shortage of skilled tradespeople, which could increase our costs of development and cause delays in the construction of our development communities; and • adoption of laws and regulations designed to address climate change and its effects, including “green” building codes, could increase our costs of development and cause delays in the construction of our development communities. Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results. As a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense. These costs are subject to substantial increases and fluctuations, which can be widely outside of our control. For example, the current and potential impacts of climate change, along with the increased risk of extreme weather events and natural disasters have caused significant increases in our property insurance premiums and may adversely affect the availability and terms of coverage in the future. Additionally, “social inflation” has caused the cost of general liability claims to rise at a rate well above general economic inflation, primarily due to a trend in increasing litigation costs related to unpredictable jury verdicts for plaintiffs seeking large monetary relief for their injuries. Premises liability is of particular concern for multifamily apartment owners. In general, these factors have pressured insurance premiums and made it more challenging to obtain appropriate coverage at reasonable rates without assuming higher levels of self-retained risk. If the costs associated with real estate taxes, utilities and insurance premiums continue to rise without being offset by corresponding increases in rental revenues or, in the case of insurance, strategic self-retention of risk, our operating results could be negatively impacted, potentially affecting our ability to meet debt obligations and make distributions. Short-term leases expose us to the effects of declining market rents, and we may be unable to renew leases or relet units as leases expire. Our apartment leases are generally for a term of approximately one year. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation as our leases allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. However, since our leases typically permit the residents to leave at the end of the lease term without penalty, our revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our financial condition and results of operations may be adversely affected. We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation. We rely on proprietary and third-party information technology systems to process, transmit and store information and to manage or support our business processes. We store and maintain confidential financial and business information regarding us and persons with whom we do business on our information technology systems. We also collect and hold personally identifiable information of our residents and prospective residents in connection with our leasing and property management activities, and we collect and hold personally identifiable information of our employees in connection with their employment. In addition, we engage third-party service providers that may collect and hold personally identifiable information of our residents, prospective residents and employees in connection with providing business services to us, including web hosting, property management, leasing, accounting, payroll and benefit services. The protection of the information technology systems on which we rely is critically important to us. As described in more detail under the heading "Cybersecurity" in this Annual Report on Form 10-K, we take steps, and generally require third-party service providers to take steps, to protect the security of the information maintained in our and our service providers’ information technology systems, including the use of systems, software, tools and monitoring to provide security for processing, transmitting and storing of the information. However, we face risks associated with breaches or security failures of the information technology systems on which we rely, which could result from, among other incidents, cyber-attacks or cyber-intrusions over the internet, malware, computer viruses or employee error or misconduct. This risk of a data breach or security failure, particularly through cyber-attacks or cyber-intrusion, has generally increased due to the rise in new technologies, such as ransomware and generative artificial intelligence, and the increased sophistication and activities of the perpetrators of attempted attacks and intrusions, including as a result of the intensification of state-sponsored cybersecurity attacks during periods of geopolitical conflict, such as the ongoing conflicts involving Ukraine and in the Middle East. 15 The security measures put in place by us and our service providers cannot provide absolute security and there can be no assurance that we or our service providers will not suffer a data security incident in the future, that unauthorized parties will not gain access to sensitive information stored on our or our service providers’ systems, that such access will not, whether temporarily or permanently, impact, interfere with or interrupt our operations, or that any such incident will be discovered in a timely manner. Even the most well-protected information, networks, systems and facilities remain potentially vulnerable as the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. The rapid evolution and increased adoption of artificial intelligence technologies, by us and our third-party service providers, may also heighten our cybersecurity risks by making cyber attacks more difficult to detect, contain and mitigate. In addition, third-party information technology providers may not provide us with fixes or updates to hardware or software in a manner as to avoid an unauthorized loss or disclosure or to address a known vulnerability, which may subject us to known threats or downtime as a result of those delays. Accordingly, we and our service providers may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures. Further, we may be required to expend significant additional resources to continue to enhance information security measures and internal processes and procedures or to investigate and remediate any information security vulnerabilities. A data security incident could compromise our or our service providers’ information technology systems, and the information stored by us or our service providers, including personally identifiable information of residents, prospective residents and employees, could be accessed, misused, publicly disclosed, corrupted, lost or stolen. Any failure to prevent a data breach or a security failure of our or our service providers’ information technology systems could interrupt our operations, result in downtime, divert our planned efforts and resources from other projects, damage our reputation and brand, damage our competitive position, make it difficult for us to attract and retain residents, subject us to liability claims or regulatory penalties and could materially and adversely affect our business, financial condition or results of operations. Similarly, if our service providers fail to use adequate security or data protection processes, or use personal data in an unpermitted or improper manner, we may be liable for certain losses and it may damage our reputation. Compliance or failure to comply with laws and regulations could have an adverse effect on our operations and the values of our properties. We must own, operate, manage, acquire, develop and redevelop our properties in compliance with numerous federal, state and local laws and regulations, some of which may conflict with one another or are subject to limited judicial or regulatory interpretations. These laws and regulations include landlord-tenant laws, employment laws, laws benefitting disabled persons, antitrust and other competition laws, privacy laws, tax laws, environmental laws, zoning laws, building codes and other laws regulating housing or that are generally applicable to our business and operations. Noncompliance with laws and regulations could expose us to liability, such as the imposition of fines by the government or the award of damages to private litigants, and could require us to make significant unanticipated expenditures, such as making modifications to our existing apartment communities or increasing construction costs for development communities. As our industry becomes increasingly regulated, we do not know whether the legal requirements we are subject to will change or whether new requirements will be imposed. For example, privacy laws continue to evolve, with several states passing new data privacy laws that govern the collection, processing, use, security and disclosure of information about state residents, such as the Texas Data Privacy and Security Act. In addition, there are legislative efforts underway at the local, state and federal levels related to tenant screening limitations, affordable housing mandates, increased eviction notice periods, mandatory alternative dispute resolution and access to legal counsel for unrepresented tenants. Likewise, we have seen an increase in governments implementing, considering or being urged by tenant advocacy groups to consider rent control or rent stabilization laws and regulations and other tenants’ rights laws and regulations. New or changed legal requirements implemented in the markets in which we operate could require us to make significant unanticipated expenditures and could also limit our ability to recover increases in operating expenses, impose limitations on our ability to charge market rents or increase rents or charge certain fees, impose limitations on our ability to enforce remedies for the failure to pay rent or otherwise adversely impact our operations. Therefore, any such new or changed legal requirements could have a significant adverse impact on our results of operations and the value of our properties. Legal proceedings that we become involved in from time to time could adversely affect our business. As an owner, operator and developer of multifamily apartment communities, we may become involved in various legal proceedings, including, proceedings related to commercial, development, employment, competition, environmental, securities, shareholder, tenant or tort legal issues, some of which could result in a class action lawsuit. For example, we are currently a defendant, among other companies, in lawsuits filed by plaintiffs individually and on behalf of a purported class of plaintiffs alleging that RealPage, Inc. and many of the largest owners and operators of apartment communities in the country, including us, conspired to artificially inflate the prices of multifamily rents above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws. Similarly, another lawsuit alleging violations of the District of Columbia’s antitrust laws has been filed by the District of Columbia against RealPage and a number of large apartment community owners and operators, including us. For more detail on these lawsuits, see Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K. 16 Legal proceedings, if decided adversely to or settled by us, and not covered by insurance, could result in liability material to our financial condition, results of operations or cash flows. Likewise, regardless of outcome, legal proceedings could result in substantial costs and expenses, result in operational changes in our business, affect the availability or cost of some of our insurance coverage and significantly divert the attention of our management. There can be no assurance that we will be able to prevail in, or achieve a favorable settlement of, any pending or future legal proceedings to which we become subject. In addition, other multifamily apartment owners could become involved in legal proceedings, the outcome of which could affect the way we conduct our business. Extreme weather or natural disasters may cause significant damage to our properties. Many of our apartment communities are located in areas that may be subject to extreme weather and natural disasters, such as floods, tornados, hurricanes, earthquakes, wildfires and major winter storms, the likelihood or frequency of which events could increase in part based on the impact of climate change. Such events may cause significant damage to our properties, disrupt our operations, and adversely impact our residents and rental revenue. There can be no assurances that such conditions will not have a material adverse effect on our properties, operations or business. We may incur losses that are not covered by our insurance. We have a comprehensive insurance program covering our properties and operations with limits of liability, deductibles and self-insured retentions that we negotiated with our insurance carriers. While we believe the terms and insured limits of these policies are appropriate for our business, there are certain types of losses, generally of a catastrophic nature, such as losses due to environmental matters, extreme weather or natural disasters, that are uninsurable or not economically insurable, or that may be insured subject to limitations, and therefore may be uninsured. We exercise our discretion in determining amounts, coverage limits, deductibles and self-insured retention provisions of our insurance, with a view to maintaining what we believe is appropriate insurance at a reasonable cost and on suitable terms. Despite our insurance coverage, we may incur material losses due to uninsured risks, deductibles, self-insured retentions and/or losses in excess of coverage limits. In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or current replacement cost of our lost investment or any settlement, fine or judgment against us resulting from legal proceedings. Inflation, changes in building codes and ordinances, environmental considerations and other factors also might make it infeasible to use insurance proceeds to replace a property after it has been damaged or destroyed. In addition, certain casualties or losses incurred may expose us in the future to higher insurance premiums. We insure our properties and operations with insurance carriers that we believe have a good rating at the time our policies are put into effect. However, the financial condition of one or more of our insurance carriers may be negatively impacted, which would result in their inability to cover the full amount of any insured losses for which we submit a claim. Any such inability to pay future claims could have an adverse impact on our operating results. In addition, the failure, or exit or partial exit from an insurance market, of one or more insurance carriers may adversely affect our ability to obtain insurance in the amounts that we seek, increase our costs to renew or replace our insurance policies, or cause us to self-insure a greater portion of the risk. Our financial condition, results of operations and cash flows could be materially adversely affected by factors relating to disease outbreaks and other public health events. The U.S. has experienced, and may experience in the future, outbreaks of contagious diseases that affect public health and public perception of health risk. Our rental revenues and operating results depend significantly on the occupancy levels at our properties and the ability of our residents and commercial tenants to meet their rent obligations to us, which could be adversely affected by such disease outbreak or other public health events. For example, in response to the COVID-19 pandemic, extraordinary actions were taken by federal, state and local governmental authorities to combat the spread of COVID-19, including issuance of “stay-at-home” directives and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. These measures, while intended to protect human life, led to significantly reduced economic activity and a surge in unemployment throughout the U.S., including the markets where our properties are located, and they materially affected our ability to lease our properties and collect rental revenues. The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including: • the duration and scope of the event in the U.S.; • our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis; • federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent, such as the various orders that were issued by governmental authorities and public officials during the COVID-19 pandemic to temporarily halt residential evictions; • the regulatory focus on landlords as distinguished from other providers of essential services; 17 • our ability to renew leases or relet units on favorable terms, or at all, including as a result of unfavorable economic and market conditions in those markets where our properties are located; • our ability to lease or relet units due to social distancing or other restrictions that may frustrate our leasing activities; • our ability to successfully complete the lease-up of properties in our lease-up portfolio and attain expected rental and occupancy rates due to social distancing or other restrictions that may frustrate our leasing activities, which, for example, led us to temporarily close property amenities and temporarily prohibit public access in our property leasing offices during the COVID-19 pandemic; • our ability to continue our apartment unit redevelopment programs and attain increased rental rates for renovated or upgraded units due to social distancing or other restrictions, which, for example, caused us to temporarily suspend our apartment unit redevelopment activities during the COVID-19 pandemic; • our ability to complete the construction of properties in our development portfolio on schedule and on budget due to social distancing or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs; • the impact of supply chain disruptions and inflationary pressures on our normal business operations, including repair and maintenance work and unit renovations and upgrades; • disruption and instability in the financial markets, which experienced significant volatility during the COVID-19 pandemic, or deteriorations in credit and financing conditions (or a refusal or failure of one or more lenders under our unsecured revolving credit facility to fund their respective financing commitment to us), which could affect our ability to access capital necessary to fund our business operations or refinance maturing debt on a timely basis, on attractive terms, or at all, which would adversely affect our ability to meet liquidity and capital expenditure requirements; • stock market volatility that negatively affects the market price of our securities, including market conditions unrelated to our operating performance or prospects; • the impact on our workforce of any vaccine mandate implemented by governmental authorities, which could result in employee attrition; and • our ability to manage our business to the extent our management or other personnel are impacted in significant numbers and are not willing, available or allowed to conduct work. To the extent a disease outbreak or other public health event adversely affects our business, financial condition, results of operations and cash flows, it may also have the effect of heightening many of the other risk described in this Annual Report on Form 10-K. Acts of violence could decrease the value of our assets and could have an adverse effect on our business and results of operations. Our apartment communities could directly or indirectly be the location or target of actual or threatened terrorist attacks, crimes, shootings or other acts of violence, the occurrence of which could impact the value of our communities through damage, destruction, loss or increased security costs, as well as result in operational losses due to reduced rental demand, and the availability of insurance may be limited or may be subject to substantial costs. If such an incident were to occur at one of our apartment communities, we may also become subject to significant liability claims. In addition, the adverse effects that actual or threatened terrorist attacks could have on national economic conditions, as well as economic conditions in the markets in which we operate, could similarly have a material adverse effect on our business and results of operations. 18 Risks Related to Our Indebtedness and Financing Activities Our substantial indebtedness could adversely affect our financial condition and results of operations. As of December 31, 2024, the amount of our total debt was $5.0 billion. We may incur additional indebtedness in the future in connection with, among other things, our acquisition, development and operating activities. The degree of our leverage creates significant risks, including that: • we may be required to dedicate a substantial portion of our funds from operations to servicing our debt and our cash flow may be insufficient to make required payments of principal and interest; • debt service obligations will reduce funds available for distribution and funds available for acquisitions, development and redevelopment; • we may be more vulnerable to economic and industry downturns than our competitors that have less debt; • we may be limited in our ability to respond to changing business and economic conditions; • we may default on our indebtedness, which could result in acceleration of those obligations, assignment of rents and leases and loss of properties to foreclosure; and • if one of our subsidiaries defaults, it could trigger a cross default or cross acceleration provision under other indebtedness, which could cause an immediate default or could allow the lenders to declare all funds borrowed thereunder to be due and payable. If any one of these events was to occur, our financial condition and results of operations could be materially and adversely affected. We may be unable to renew, repay or refinance our outstanding debt, which could negatively impact our financial condition and results of operations. We are subject to the normal risks associated with debt financing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest, the risk that either secured or unsecured indebtedness will not be able to be renewed, repaid or refinanced when due or that the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness. If we are unable to refinance our indebtedness on acceptable terms, if at all, we might be forced to dispose of one or more of our apartment communities on disadvantageous terms, which might result in losses to us. Such losses could have a material adverse effect on us and our ability to make payments on our debt and to make distributions. Furthermore, if a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the mortgagee could foreclose upon the property, appoint a receiver and receive an assignment of rents and leases or pursue other remedies, all with a consequent loss of our revenues and asset value. Foreclosures could also create taxable income without accompanying cash proceeds, thereby hindering our ability to meet the REIT distribution requirements of the Code. Rising interest rates could adversely affect our results of operations and cash flows. We have incurred and expect in the future to incur indebtedness that bears interest at variable rates. Interest rates increased significantly in 2022 and 2023, and while the Federal Reserve began cutting its benchmark interest rate in 2024, interest rates remain elevated. To the extent the current interest rate environment continues or interest rates increase further, we could experience higher interest expense on our variable-rate debt or increase interest rates when refinancing maturing fixed-rate debt, which could have a material adverse effect on us and our ability to make payments on our debt and to make distributions or cause us to be in default under certain debt instruments. In addition, the current interest rate environment, or any further increase in interest rates, may lead holders of shares of our common stock to demand a higher yield on their shares from distributions by us, which could adversely affect the market price for our common stock. Any increase in the federal funds rate due to key economic indicators, such as the unemployment rate or inflation, may cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. Any continued adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations. We may incur additional debt in the future, which may adversely impact our financial condition. We currently fund the acquisition and development of apartment communities partially through borrowings (including our commercial paper program and revolving credit facility) as well as from other sources such as sales of apartment communities which no longer meet our investment criteria. In addition, we may fund other of our capital requirements through debt. Our organizational documents do not contain any limitation on the amount of indebtedness that we may incur, and we may incur more debt in the future. Accordingly, subject to limitations on indebtedness set forth in various loan agreements and the indentures governing our unsecured senior notes, we could become more highly leveraged, resulting in an increase in debt service and an increased risk of default on our obligations, which could have a material adverse effect on our financial condition, our ability to access debt and equity capital markets in the future and our ability to make payments on our debt and to make distributions. 19 The restrictive terms of certain of our indebtedness may cause acceleration of debt payments. As of December 31, 2024, we had outstanding borrowings of $5.0 billion. Our indebtedness contains financial covenants as to interest coverage ratios, maximum secured debt, maintenance of unencumbered asset value, and total debt to gross assets, among others, and cross default provisions with other material debt. Our ability to comply with these financial covenants may be affected by changes in our operating and financial performance, changes in general business and economic conditions, adverse regulatory developments or other events adversely impacting us. In the event that an event of default occurs, our lenders may declare borrowings under the respective loan agreements to be due and payable immediately, which could have a material adverse effect on our financial condition and our ability to make payments on our debt and to make distributions. A downgrade in our credit ratings could have a material adverse effect on our business, financial condition and results of operations. We have a significant amount of unsecured debt outstanding. We are currently assigned corporate credit ratings from each of the three ratings agencies based on their evaluation of our creditworthiness. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality and sustainability of cash flows and earnings. If our credit ratings are downgraded or other negative action is taken, we could be required to pay additional interest and fees on our outstanding borrowings. In addition, a downgrade may adversely impact our ability to borrow secured and unsecured debt, increase our borrowing costs and otherwise limit our access to capital, which could adversely affect our business, financial condition and results of operations. Financing may not be available and could be dilutive. Our capital requirements depend on numerous factors, including the occupancy and turnover rates of our apartment communities, development and capital expenditures, costs of operations and potential acquisitions. We cannot accurately predict the timing and amount of our capital requirements. If our capital requirements vary materially from our plans, we may require additional financing sooner than anticipated. We and other companies in the real estate industry have experienced limited availability of financing from time to time. Dislocations and liquidity disruptions in capital and credit markets could impact liquidity in the debt markets, which could result in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing. Likewise, disruptions could impede the ability of our counterparties to perform on their contractual obligations. Should the capital and credit markets experience volatility and the availability of funds again becomes limited, or be available only on unattractive terms, we will incur increased costs associated with issuing debt instruments. In addition, it is possible that our ability to access the capital and credit markets may be limited or precluded by these or other factors at a time when we would like, or need, to do so, which would adversely impact our ability to refinance maturing debt and/or react to changing economic and business conditions. Uncertainty in the credit markets could negatively impact our ability to make acquisitions and make it more difficult or not possible for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing. Potential continued disruptions in the financial markets could also have other unknown adverse effects on us or the economy generally and may cause the price of our securities to fluctuate significantly and/or to decline. If we issue additional equity securities to obtain additional capital, the interest of our existing shareholders could be diluted. Risks Related to MAA’s Organization and Ownership of Its Stock MAA’s ownership limit restricts the transferability of its capital stock. MAA’s charter limits ownership of its capital stock by any single shareholder to 9.9% of the value of all outstanding shares of its capital stock, both common and preferred, unless approved by its Board of Directors. The charter also prohibits anyone from buying shares if the purchase would result in it losing REIT status. This could happen if a share transaction results in fewer than 100 persons owning all of its shares or in five or fewer persons, applying certain broad attribution rules of the Code, owning 50% or more of its shares. If an investor acquires shares in excess of the ownership limit or in violation of the ownership requirements of the Code for REITs, MAA: • will consider the transfer to be null and void; • will not reflect the transaction on its books; • may institute legal action to enjoin the transaction; • will not pay dividends or other distributions with respect to those shares; • will not recognize any voting rights for those shares; • will consider the shares held in trust for its benefit; and 20 • will either direct the holder to sell the shares and turn over any profit to MAA, or MAA will redeem the shares. If MAA redeems the shares, the holder will be paid a price equal to the lesser of: o the principal price paid for the shares by the holder, o a price per share equal to the market price (as determined in the manner set forth in MAA’s charter) of the applicable capital stock, o the market price (as so determined) on the date such holder would, but for the restrictions on transfers set forth in MAA’s charter, be deemed to have acquired ownership of the shares, and o the maximum price allowed under the Tennessee Greenmail Act (such price being the average of the highest and lowest closing market price for the shares during the 30 trading days preceding the purchase of such shares or, if the holder of such shares has commenced a tender offer or has announced an intention to seek control of MAA, during the 30 trading days preceding the commencement of such tender offer or the making of such announcement). The redemption price may be paid, at MAA’s option, by delivering one OP Unit (subject to adjustment from time to time in the event of, among other things, stock splits, stock dividends or recapitalizations affecting its common stock or certain mergers, consolidations or asset transfers by MAA) issued by the Operating Partnership for each excess share being redeemed. If an investor acquires shares in violation of the limits on ownership described above, the holder may: • lose its power to dispose of the shares; • not recognize profit from the sale of such shares if the market price of the shares increases; and • be required to recognize a loss from the sale of such shares if the market price decreases. Future offerings of debt or equity securities, which may rank senior to MAA’s stock, may adversely affect the market price of MAA’s stock. If we decide to issue additional debt securities in the future, which would rank senior to MAA’s common stock, it is likely that they will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, any equity securities or convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of MAA’s common stock and may result in dilution to owners of MAA’s common stock. We and, indirectly, MAA’s shareholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any future offerings. Thus, holders of MAA’s common stock will bear the risk of our future offerings reducing the market price of MAA’s common stock and diluting the value of their stock holdings. The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations. Though MAA’s Board of Directors has a history of declaring dividends in advance of the quarter they are paid, the form, timing and amount of dividend distributions will be declared, and standing practice changed, at the discretion of the Board of Directors. The form, timing and amount of dividend distributions will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as MAA’s Board of Directors may consider relevant. MAA’s Board of Directors may modify our dividend policy from time to time. Provisions of MAA’s charter and Tennessee law may limit the ability of a third party to acquire control of MAA. Ownership Limit The 9.9% ownership limit discussed above may have the effect of precluding acquisition of control of MAA by a third party without the consent of MAA’s Board of Directors. Preferred Stock MAA’s charter authorizes its Board of Directors to issue up to 20,000,000 shares of preferred stock, 868,000 of which have been designated as 8.50% Series I Cumulative Redeemable Preferred Stock, which we refer to as MAA Series I preferred stock. In addition to the MAA Series I preferred stock, the Board of Directors may establish the preferences and rights of any other series of preferred shares issued. The issuance of preferred stock could have the effect of delaying or preventing someone from taking control of MAA, even if a change in control were in MAA shareholders’ best interests. As of December 31, 2024, 867,846 shares of preferred stock were issued and outstanding, all of which shares were MAA Series I preferred stock. 21 Tennessee Anti-Takeover Statutes As a Tennessee corporation, MAA is subject to various legislative acts, which impose restrictions on and require compliance with procedures designed to protect shareholders against unfair or coercive mergers and acquisitions. These statutes may delay or prevent offers to acquire MAA and increase the difficulty of consummating any such offers, even if MAA’s acquisition would be in MAA shareholders’ best interests. Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks. We have a significant institutional investor base, and there is a heightened focus from institutional investors and other stakeholders on corporate responsibility, specifically related to environmental, social and governance, or ESG, factors. Some institutional investors may use these factors to guide their investment strategies, and many institutional investors focus on positive ESG business practices and may consider a company’s ESG score when making an investment decision. In addition, many institutional investors may use ESG scores to benchmark companies against their peers. Third-party providers of corporate responsibility ratings and reports on companies have increased in number, resulting in varied and in some cases inconsistent standards. In addition, the criteria by which companies’ ESG practices are assessed are evolving and inconsistent, which could result in greater expectations of us and cause us to undertake costly initiatives to satisfy any new or contradictory criteria. Alternatively, if we elect not to or are unable to satisfy new criteria or do not meet the criteria of a specific third-party provider, some investors may conclude that our ESG business practices are inadequate. We may face reputational damage in the event that our corporate responsibility standards do not meet the standards set by various stakeholders. In addition, in the event that we communicate certain ESG initiatives and goals, we could fail, or be perceived to have failed, in our achievement of our initiatives or goals, or we could be criticized for the scope of our initiatives or goals or the achievement of our initiatives or goals may be costly. If we fail to satisfy the ESG expectations of investors and other stakeholders or our initiatives are not executed as planned, our reputation and financial results and the market price of MAA’s common stock could be adversely affected. Market interest rates may have an adverse effect on the market value of MAA’s common stock. The market price of shares of common stock of a REIT may be affected by the distribution rate on those shares, as a percentage of the price of the shares, relative to market interest rates. If market interest rates increase, prospective purchasers of MAA’s common stock may expect a higher annual distribution rate. Higher interest rates would not, however, result in more funds for MAA to distribute and, in fact, would likely increase MAA’s future borrowing costs and potentially decrease funds available for distribution. This could cause the market price of MAA’s common stock to go down. Changes in market conditions or a failure to meet the market’s expectations with regard to our results of operations and cash distributions could adversely affect the market price of MAA’s common stock. We believe that the market value of a REIT’s equity securities is based primarily upon the market’s perception of the REIT’s growth potential and its current and potential future cash distributions, and is secondarily based upon the real estate market value of the underlying assets. For that reason, MAA’s common stock may trade at prices that are higher or lower than the net asset value per share. To the extent we retain operating cash flow for investment purposes, working capital reserves or other purposes, these retained funds, while increasing the value of our underlying assets, may not correspondingly increase the market price of MAA’s common stock. In addition, we are subject to the risk that our cash flow will be insufficient to pay distributions to MAA’s shareholders. Our failure to meet the market’s expectations with regard to future earnings and cash distributions would likely adversely affect the market price of MAA’s common stock. The stock markets, including the NYSE, on which MAA lists its common stock, have, at times, experienced significant price and volume fluctuations. As a result, the market price of MAA’s common stock could be similarly volatile, and investors in MAA’s common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The market price of MAA’s publicly traded securities may be affected by many factors, including: • our financial condition and operating performance and the performance of other similar companies; • actual or anticipated differences in our quarterly and annual operating results; • changes in our revenues or earnings estimates or recommendations by securities analysts; • publication of research reports about us or our industry by securities analysts; • additions and departures of key personnel; • inability to access the capital markets; • strategic decisions by us or our competitors, such as acquisitions, dispositions, spin-offs, joint ventures, strategic investments or changes in business strategy; 22 • the issuance of additional shares of MAA’s common stock, or the perception that such sales may occur, including under a forward sale agreement and MAA’s at-the-market share offering program, or ATM program; • the reputation of REITs generally and the reputation of REITs with portfolios similar to ours; • the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies); • an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for MAA’s common stock; • the passage of legislation or other regulatory developments that adversely affect us or our industry; • speculation in the press or investment community; • actions by institutional shareholders or hedge funds; • the issuance of ratings, reports and scores related to our corporate responsibility and ESG reports and disclosures; • changes in accounting principles; • terrorist acts; and • general market conditions, including factors unrelated to our performance. In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources. Risks Related to the Operating Partnership’s Organization and Ownership of OP Units The Operating Partnership’s existing unitholders have limited approval rights, which may prevent the Operating Partnership’s sole general partner, MAA, from completing a change of control transaction that may be in the best interests of all unitholders of the Operating Partnership and all shareholders of MAA. MAA may not engage in a sale or other disposition of all or substantially all of the assets of the Operating Partnership, dissolve the Operating Partnership or, upon the occurrence of certain triggering events, take any action that would result in any unitholder realizing taxable gain, without the approval of the holders of a majority of the outstanding OP Units held by holders other than MAA or its affiliates, or Class A OP Units. The right of the holders of our Class A OP Units to vote on these transactions could limit MAA’s ability to complete a change of control transaction that might otherwise be in the best interest of all unitholders of the Operating Partnership and all shareholders of MAA. In certain circumstances, certain of the Operating Partnership’s unitholders must approve the Operating Partnership’s sale of certain properties contributed by the unitholders. In certain circumstances, as detailed in the limited partnership agreement of the Operating Partnership, the Operating Partnership may not sell or otherwise transfer certain properties unless a specified percentage of the limited partners who were partners in the limited partnership holding such properties at the time of its acquisition by us approves such sale or transfer. The exercise of these approval rights by the Operating Partnership’s unitholders could delay or prevent the Operating Partnership from completing a transaction that may be in the best interest of all unitholders of the Operating Partnership and all shareholders of MAA. MAA, its officers and directors have substantial influence over the Operating Partnership’s affairs. MAA, as the Operating Partnership’s sole general partner and acting through its officers and directors, has a substantial influence on the Operating Partnership’s affairs. MAA, its officers and directors could exercise their influence in a manner that is not in the best interest of the unitholders of the Operating Partnership. Also, as of December 31, 2024, MAA owned approximately 97.4% of the OP Units. As such, MAA has substantial influence on the outcome of substantially all matters submitted to the Operating Partnership’s unitholders for approval. Insufficient cash flow from operations or a decline in the market price of MAA’s common stock may reduce the amount of cash available to the Operating Partnership to meet its obligations. The Operating Partnership is subject to the risk that its cash flow will be insufficient to make payments on its debt and to make distributions to its unitholders, which may cause MAA to not have the funds to make distributions to its shareholders. MAA’s failure to meet the market’s expectations with regard to future results of operations and cash distributions would likely adversely affect the market price of its shares and thus potentially reduce MAA’s ability to contribute funds from issuances down to the Operating Partnership, resulting in a lower level of cash available for investment, to make payments on its debt or to make distributions to its unitholders. 23 Risks Related to Tax Laws Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders. If MAA fails to qualify as a REIT for federal income tax purposes, MAA will be subject to federal income tax on its taxable income at regular corporate rates without the benefit of the dividends paid deduction applicable to REITs. In addition, unless MAA is entitled to relief under applicable statutory provisions, MAA would be ineligible to make an election for treatment as a REIT for the four taxable years following the year in which it loses its qualification. The additional tax liability resulting from the failure to qualify as a REIT would significantly reduce or eliminate the amount of funds available for distribution to MAA’s shareholders. MAA’s failure to qualify as a REIT also could impair its ability to expand its business and raise capital, and would adversely affect the value of MAA’s common stock. MAA believes that it is organized and qualified as a REIT, and MAA intends to operate in a manner that will allow it to continue to qualify as a REIT. MAA cannot assure, however, that it is qualified or will remain qualified as a REIT. This is because qualification as a REIT involves the application of highly technical and complex provisions of the Code for which there are only limited judicial and administrative interpretations and involves the determination of a variety of factual matters and circumstances not entirely within MAA’s control. In addition, future legislation, new regulations, administrative interpretations or court decisions may significantly change the tax laws or the application of the tax laws with respect to qualification as a REIT for federal income tax purposes or the federal income tax consequences of qualification as a REIT. Even if MAA qualifies as a REIT, MAA will be subject to various federal, state and local taxes, including property taxes and income taxes on taxable income that MAA does not timely distribute to its shareholders. In addition, MAA may hold certain assets and engage in certain activities that a REIT could not engage in directly through its taxable REIT subsidiaries, or TRS, and those TRS will be subject to federal income tax at regular corporate rates on their taxable income without the benefit of the dividends paid deduction applicable to REITs. Furthermore, we have a subsidiary that has elected to be treated as a REIT, and if our subsidiary REIT were to fail to qualify as a REIT, it is possible that we also would fail to qualify as a REIT unless we (or the subsidiary REIT) could qualify for certain relief provisions. The qualification of our subsidiary REIT as a REIT will depend on satisfaction, on an annual or quarterly basis, of numerous requirements set forth in highly technical and complex provisions of the Code for which there are only limited judicial or administrative interpretations. A determination as to whether such requirements are satisfied involves various factual matters and circumstances not entirely within our control. The fact that we hold substantially all of our assets through the Operating Partnership and its subsidiaries further complicates the application of the REIT requirements for us. No assurance can be given that our subsidiary REIT will qualify as a REIT for any particular year. The Operating Partnership may fail to be treated as a partnership for federal income tax purposes. We believe that the Operating Partnership qualifies, and has so qualified since its formation, as a partnership for federal income tax purposes and not as a publicly traded partnership taxable as a corporation. No assurance can be provided, however, that the Internal Revenue Service, or IRS, will not challenge the treatment of the Operating Partnership as a partnership for federal income tax purposes or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership as a corporation for federal income tax purposes, then the taxable income of the Operating Partnership would be taxable at regular corporate income tax rates. In addition, the treatment of the Operating Partnership as a corporation would cause MAA to fail to qualify as a REIT. See “Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders” above. Certain dispositions of property by us may generate prohibited transaction income, resulting in a 100% penalty tax on any gain attributable to the disposition. Any gain resulting from a transfer of property that we hold as inventory or primarily for sale to customers in the ordinary course of business would be treated for federal income tax purposes as income from a prohibited transaction that is subject to a 100% penalty tax. Since we acquire properties for investment purposes, we do not believe that our occasional transfers or disposals of property would be considered prohibited transactions. Whether property is held for investment purposes is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. As such, the IRS may contend that certain transfers or disposals of properties by us are prohibited transactions. If the IRS were to argue successfully that a transfer or disposition of property constituted a prohibited transaction, then we would be required to pay a 100% penalty tax on any gain allocable to us from the prohibited transaction. In addition, income from a prohibited transaction might adversely affect our ability to satisfy the income tests for qualification as a REIT for federal income tax purposes. A safe harbor to the characterization of the disposition of property as a prohibited transaction and the resulting imposition of the 100% tax is available; however, we cannot assure that we will be able to comply with such safe harbor in connection with any property dispositions. 24 Legislative or regulatory income tax changes related to REITs could materially and adversely affect us. The U.S. federal income tax laws and regulations governing REITs and their shareholders, as well as the administrative interpretations of those laws and regulations, are constantly under review and may be changed at any time, possibly with retroactive effect. No assurance can be given as to whether, when, or in what form changes to the U.S. federal income tax laws applicable to us and MAA’s shareholders may be enacted. Changes to the U.S. federal income tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in MAA’s stock. Item 1B. Unresolved Staff Comments. None. Item 1C. Cybersecurity. Cybersecurity Risk Management Program We recognize the importance of maintaining the integrity of our information systems and safeguarding the confidential business and personal information we receive and store about our residents, prospective residents, employees and suppliers. As such, we have implemented a cybersecurity risk management program designed to assess, identify and manage material risks from cybersecurity threats. Our cybersecurity risk management program is designed to employ what we believe are industry best practices, including monitoring and analysis of the threat environment, vulnerability assessments and third-party cybersecurity risks; detecting and responding to cyber attacks, cybersecurity incidents and data breaches; cybersecurity crisis preparedness, incident response plans, and business continuity and disaster recovery capabilities; and investments in cybersecurity infrastructure and program needs. Key processes in our program include: • regular cybersecurity training and testing for employees with company email and access to connected devices; • continuous security event monitoring, management and incident response; • regular testing of incident response procedures; • regular internal reporting; • regular consulting with external advisors and specialists regarding opportunities and enhancements to strengthen our cyber practices and policies and enhance our cybersecurity maturity; • independent third-party testing of our information technology controls and defenses, including penetration tests; • independent third-party audits of our cybersecurity controls; and • annual independent third-party reviews of program maturity based on the National Institute of Standards and Technology (NIST) cybersecurity framework. In addition, as part of our cybersecurity risk management program, we have processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers, and our cybersecurity risk management program takes into account third-party systems through which we could be impacted by the compromise of the security of a third-party service provider. In this regard, we conduct due diligence on third-party service providers with respect to cybersecurity risks prior to entering into relationships with them, and we regularly assess security risks associated with our use of third-party service providers, including onboarding contract employees through the same process we onboard our own employees. In addition, we contractually require third-party service providers to promptly notify us of any actual or suspected breach impacting our data or operations, and we continuously track mission critical vendors using a third-party monitoring service. We maintain a cyber insurance policy, we periodically meet with our insurance broker and insurer to discuss emerging trends in cybersecurity and we utilize self-assessment tools and other services provided by our insurance broker and insurer, including annual tabletop exercises conducted by cybersecurity experts. Our cybersecurity risk management program is integrated into our overall risk management system. To help identify, assess and manage material risks from cybersecurity threats, we include cyber risk in our enterprise risk management, or ERM, evaluation and strategy process. Our ERM process takes a top-down, enterprise view of risks; it is an ongoing process consisting of risk identification, risk rating, analysis and action plans, and reporting and monitoring. Our Vice President Cyber Security has a dotted line reporting relationship to our Chief Administrative Officer and General Counsel to help ensure that risks from cybersecurity threats are considered as part of the broader ERM process. At a management level, our Chief Administrative Officer and General Counsel leads our ERM process. 25 We do not believe that any risks from cybersecurity threats of which we are aware, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. For information regarding the risks we face associated with cybersecurity incidents, see “Risk Factors – We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation” included in this Annual Report on Form 10-K. Governance The Audit Committee of our Board of Directors is responsible for oversight of risks from cybersecurity threats. At a management level, our cybersecurity risk management program is led by our Chief Technology and Innovation Officer who has over 20 years of experience providing business and information technology, or IT, process consulting and regulatory compliance services, including founding a cyber-security consulting and regulatory compliance firm and serving as Sarbanes-Oxley subject matter specialist for an international public accounting firm, and whose certifications include Certified Public Accountant and Certified Information Systems Auditor. Partnering with our Chief Technology and Innovation Officer is our Vice President Cyber Security, who has over 30 years of IT technical and IT business process experience and has been an IT and cyber security leader for multiple financial services companies. Collectively, our cybersecurity team consists of 5 professionals with an average cybersecurity tenure of 15 years and various relevant certifications. Members of our cybersecurity team deliver regular updates to our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel. The Audit Committee of our Board of Directors receives regular reports, including an annual cybersecurity maturity assessment and quarterly scorecards, from our Chief Technology and Innovation Officer. Those reports cover topics related to information security, privacy, and cyber risks and our risk management processes, including the status of any recent cybersecurity events, the emerging threat landscape, and the status of capital investments in our information security infrastructure. The Audit Committee provides regular reports to the full Board of Directors. In addition, the Audit Committee and the full Board of Directors have authority to engage external consultants, including legal, accounting or other advisors, such as cybersecurity firms, in carrying out its oversight of our cybersecurity risk management program. Likewise, the Audit Committee or the Board of Directors may request members of management or others to attend meetings at which cybersecurity risk management is addressed. As part of our cybersecurity risk management program, we have adopted an incident response plan which provides for controls and procedures upon the occurrence of a cybersecurity event. In connection with that plan, we have established a cross- functional critical response team, comprised of members of management under the direction of our Chief Technology and Innovation Officer and Chief Administrative Officer and General Counsel, which is responsible for monitoring our cybersecurity incident response. In addition, this critical response team performs an impact assessment in the event of the occurrence of a cybersecurity event meeting certain criteria, which is elevated for the team’s review and, if any such cybersecurity event is determined by the critical response team to have the potential to have a material impact on the Company, the cybersecurity event is elevated for further review and assessment by a senior management team, which includes all of the members of our standing crises control committee, and, under certain circumstances, the Audit Committee and/or the full Board of Directors. Cybersecurity risks are part of the broader ERM process overseen by our Board of Directors. ERM risk assessment results are presented annually to the Board of Directors, and status updates are delivered quarterly to the Audit Committee. 26 Item 2. Properties. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. with the potential for above average growth and return on investment. Approximately 70% of our apartment units are located in the Florida, Georgia, North Carolina, and Texas markets. Our strategic focus is to provide our residents high quality apartment units in attractive community settings, characterized by upscale amenities, extensive landscaping and attention to aesthetic detail. The following schedule summarizes our apartment community portfolio by location as of December 31, 2024, as well as occupancy levels and average effective rent per unit by location for the year ended December 31, 2024: Number of Communities (1) Number of Units (2) Average Physical Occupancy (3) Average Effective Rent per Unit (4) Atlanta, GA 29 11,434 94.6 % $ 1,819 Dallas, TX 27 10,117 95.3 % 1,662 Austin, TX 20 6,829 95.0 % 1,585 Charlotte, NC 19 5,651 95.6 % 1,638 Orlando, FL 13 5,643 95.9 % 1,979 Tampa, FL 14 5,416 96.0 % 2,093 Raleigh/Durham, NC 15 5,350 95.8 % 1,540 Houston, TX 16 5,175 95.4 % 1,432 Nashville, TN 12 4,375 95.9 % 1,691 Fort Worth, TX 9 3,687 95.3 % 1,579 Jacksonville, FL 10 3,496 95.7 % 1,514 Charleston, SC 11 3,168 96.1 % 1,801 Phoenix, AZ 9 2,968 95.3 % 1,734 Greenville, SC 10 2,354 95.8 % 1,331 Northern Virginia 4 1,888 96.6 % 2,445 Savannah, GA 6 1,837 95.8 % 1,706 Memphis, TN 4 1,811 95.2 % 1,371 Richmond, VA 6 1,732 96.4 % 1,659 San Antonio, TX 4 1,504 95.6 % 1,373 Birmingham, AL 5 1,462 95.6 % 1,403 Fredericksburg, VA 4 1,435 96.6 % 1,850 Huntsville, AL 3 1,228 95.2 % 1,307 Denver, CO 3 1,118 95.3 % 1,974 Kansas City, MO-KS 3 1,110 95.8 % 1,614 Chattanooga, TN 4 943 95.4 % 1,291 Lexington, KY 4 924 96.4 % 1,273 Norfolk / Hampton / Virginia Beach, VA 3 788 94.8 % 1,671 Las Vegas, NV 2 721 96.5 % 1,582 Tallahassee, FL 2 604 95.6 % 1,538 South Florida, FL 1 480 95.5 % 2,421 Gainesville, FL 2 468 95.8 % 1,692 Louisville, KY 1 384 95.7 % 1,201 Maryland, MD 1 361 96.4 % 2,265 Gulf Shores, AL 1 324 95.3 % 1,429 Panama City, FL 1 254 95.2 % 1,687 Charlottesville, VA 1 251 96.3 % 2,081 Same Store 279 97,290 95.5 % $ 1,688 Charlotte, NC 4 (5) 696 89.5 % 1,908 Phoenix, AZ 3 (5) 640 88.3 % 1,887 Columbia, SC 2 576 92.9 % 1,247 Orlando, FL 2 574 87.9 % 2,098 Salt Lake City, UT 1 400 69.5 % 1,766 Raleigh/Durham, NC 2 379 70.8 % 1,876 Denver, CO 1 352 66.9 % 2,268 Austin, TX 1 350 95.5 % 1,626 Atlanta, GA 1 340 82.1 % 2,115 Dallas, TX 1 386 44.0 % 1,978 Richmond, VA 1 (5) — — — Tampa, FL 1 (5) — — — Gulf Shores, AL 1 96 95.7 % 2,325 Total (6) 300 102,079 94.8 % $ 1,697 (1) Number of communities includes seven communities under development as of December 31, 2024. One of these development communities is a phase II expansion of an existing apartment community. (2) Number of units excludes development units not yet delivered. (3) Average physical occupancy is calculated by dividing the average daily number of units occupied in 2024 by the total number of units at each apartment community. (4) Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. (5) Includes a new multifamily apartment community development that has not yet delivered any units. (6) Schedule excludes a 269-unit joint venture property in Washington, D.C. Thirty-five of our apartment communities reflected in the above schedule also include retail components. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a discussion of our Same Store and Non-Same Store and Other segments. 27 Mortgage Financing As of December 31, 2024, we had $363.3 million of indebtedness collateralized, secured and outstanding as set forth in Schedule III – Real Estate and Accumulated Depreciation included in this Annual Report on Form 10-K. Item 3. Legal Proceedings. As disclosed in Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K, we are engaged in certain legal proceedings, and the disclosure set forth in Note 11 relating to legal proceedings is incorporated herein by reference. Item 4. Mine Safety Disclosures. Not applicable. PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Mid-America Apartment Communities, Inc. Market Information MAA’s common stock has been listed and traded on the NYSE under the symbol “MAA” since its initial public offering in February 1994. As of February 4, 2025, there were approximately 2,000 holders of record of the common stock. MAA believes it has a significantly larger number of beneficial owners of its common stock. MAA has a history of declaring dividends to holders of MAA common stock. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify our dividend policy from time to time. Direct Stock Purchase and Distribution Reinvestment Plan MAA has established the dividend and distribution reinvestment stock purchase plan, or DRSPP, under which holders of common stock, preferred stock and OP Units can elect to automatically reinvest their distributions in shares of MAA’s common stock. The DRSPP also allows for the optional purchase of MAA’s common stock of at least $250, but not more than $5,000 in any given month. In its absolute discretion, MAA may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA may elect to sell shares under the DRSPP at up to a 5% discount. During the year ended December 31, 2024, MAA issued 10,610 shares through the DRSPP and no shares were issued at a discount. Mid-America Apartments, L.P. Operating Partnership Units There is no established public trading market for the Operating Partnership’s OP Units. From time to time, we issue shares of MAA’s common stock in exchange for OP Units tendered to the Operating Partnership for redemption in accordance with the provisions of the Operating Partnership’s limited partnership agreement. As of December 31, 2024, there were 119,958,973 OP Units outstanding in the Operating Partnership, of which 116,883,421 OP Units, or 97.4%, were owned by MAA and 3,075,552 OP Units, or 2.6%, were owned by limited partners. Under the terms of the Operating Partnership’s limited partnership agreement, the limited partner holders of OP Units have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the holder in exchange for one share of MAA common stock per one OP Unit or a cash payment based on the market value of MAA’s common stock at the time of redemption, at the option of MAA. During the year ended December 31, 2024, MAA issued a total of 68,419 shares of common stock upon redemption of OP Units. At-the-Market Equity Offering Program MAA has entered into an at-the-money equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the year ended December 31, 2024, MAA did not sell any shares of common stock under the ATM program. As of December 31, 2024, 4.0 million shares of MAA’s common stock remained issuable under the ATM program. 28 Stock Repurchase Plan In December 2015, MAA’s Board of Directors authorized the repurchase of up to 4.0 million shares of MAA common stock, which represented approximately 5.3% of MAA’s common stock outstanding at the time of such authorization. From time to time, we may repurchase shares under this authorization when we believe that shareholder value would be enhanced. Factors affecting this determination include, among others, the share price and expected rates of return. As of December 31, 2024, no shares have been repurchased under the authorization. Purchases of Equity Securities The following table reflects repurchases of shares of MAA’s common stock during the three months ended December 31, 2024: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs (1) October 1, 2024 - October 31, 2024 — $ — — 4,000,000 November 1, 2024 - November 30, 2024 — $ — — 4,000,000 December 1, 2024 - December 31, 2024 — $ — — 4,000,000 Total — — 4,000,000 (1) This column reflects the number of shares of MAA’s common stock that are available for purchase under the 4.0 million share repurchase program authorized by MAA’s Board of Directors in December 2015. 29 Comparison of Five-year Cumulative Total Returns The following graph compares the cumulative total returns of the shareholders of MAA since December 31, 2019 with the S&P 500 Index and the Dow Jones (DJ) U.S. Real Estate Apartments Index. The graph assumes that the base share price for our common stock and each index is $100 and that all dividends are reinvested. The performance graph is not necessarily indicative of future investment performance. Year Ended December 31, 2019 2020 2021 2022 2023 2024 Mid-America Apartment Communities, Inc. $ 100.00 $ 99.36 $ 184.68 $ 129.74 $ 115.38 $ 138.39 S&P 500 Index 100.00 118.40 152.39 124.79 157.59 197.02 DJ U.S. Real Estate Apartments Index 100.00 88.07 142.47 96.76 103.64 124.86 Item 6. [Reserved]. 30 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion analyzes the financial condition and results of operations of both MAA and the Operating Partnership, of which MAA is the sole general partner and in which MAA owned a 97.4% interest as of December 31, 2024. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results, performance and achievements may differ materially from those expressed or implied by such forward-looking statements as a result of many factors, including, but not limited to, those under the heading “Risk Factors” in this Annual Report on Form 10-K. MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2024, we owned and operated 293 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of December 31, 2024, we had seven development communities under construction, and 35 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of December 31, 2024. We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 13 to the consolidated financial statements included in this Annual Report on Form 10-K. Overview For the year ended December 31, 2024, net income available for MAA common shareholders was $523.9 million as compared to $549.1 million for the year ended December 31, 2023. Results for the year ended December 31, 2024 included $55.0 million of gain related to the sale of depreciable real estate assets, $11.2 million of gain on the consolidation of a third-party development, $9.3 million in net casualty gain and $6.1 million of non-cash gain, net of tax, from investments, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements. Results for the year ended December 31, 2023 included $18.5 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $3.5 million of non-cash gain, net of tax, from investments. Revenues for the year ended December 31, 2024 increased 2.0% as compared to the year ended December 31, 2023, driven by a 44.7% increase in our Non-Same Store and Other segment. Property operating expenses, excluding depreciation and amortization, for the year ended December 31, 2024 increased by 6.8% as compared to the year ended December 31, 2023, driven by a 3.9% increase in our Same Store segment and 71.8% increase in our Non-Same Store and Other segment. The primary drivers of these changes are discussed in the “Results of Operations” section. Trends During the year ended December 31, 2024, revenue growth for our Same Store segment continued to be primarily driven by growth in average effective rent per unit. The average effective rent per unit for our Same Store segment increased to an average effective rent per unit of $1,688 for the year ended December 31, 2024 compared to $1,684 for the year ended December 31, 2023. This represents an increase of 0.3% for the year ended December 31, 2024 as compared to the year ended December 31, 2023. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit. For the year ended December 31, 2024, average physical occupancy for our Same Store segment was 95.5%, as compared to 95.6% for the year ended December 31, 2023. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period. As of December 31, 2024, resident turnover for our Same Store segment was 42.0% as compared to 44.9% as of December 31, 2023. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period. 31 An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. We have multifamily assets in 39 defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities. This diversity helps to mitigate exposure to economic issues, including supply and demand factors, in any one geographic market or area. We believe that a well- balanced portfolio, including both urban and suburban locations, with a broad range of monthly rent price points, will provide higher performance and lower volatility throughout the full economic cycle. Demand for apartments in our markets was strong during 2024, which contributed to the steady absorption of the record-level volume of new supply delivered during the year, which we believe has now peaked. The strong demand resulted in record low resident turnover, steady occupancy and strong renewal pricing and collections. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation and in-migration over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent pricing on new leases and renewals than what we achieved in the year ended December 31, 2024. We believe that in calendar year 2025 we will see continued decline in the amount of new apartment deliveries impacting our portfolio and we will enter a new multi-year cycle with demand outpacing supply. Access to the financial markets remains available for high-credit rated borrowers, such as ourselves. Overall borrowing costs remain at elevated levels and we expect this trend to continue. As of December 31, 2024, we had $250.0 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates will be a result of additional variable rate borrowings or future financing and refinancing activities. Results of Operations For the year ended December 31, 2024, we achieved net income available for MAA common shareholders of $523.9 million, a 4.6% decrease as compared to the year ended December 31, 2023, and total revenue growth of $42.5 million, representing a 2.0% increase in property revenues as compared to the year ended December 31, 2023. The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the year ended December 31, 2024 as compared to the year ended December 31, 2023. A discussion of the results of operations for the year ended December 31, 2023 as compared to the year ended December 31, 2022 is found in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 9, 2024, which is available free of charge on the SEC’s website at https://www.sec.gov and on our website at https://www.maac.com, on the “For Investors” page under “Filings and Financials—Annual Reports.” Property Revenues The following table reflects our property revenues by segment for the years ended December 31, 2024 and 2023 (dollars in thousands): December 31, 2024 December 31, 2023 Increase % Increase Same Store $ 2,084,836 $ 2,075,096 $ 9,740 0.5% Non-Same Store and Other 106,179 73,372 32,807 44.7% Total $ 2,191,015 $ 2,148,468 $ 42,547 2.0% The increase in property revenues for our Non-Same Store and Other segment for the year ended December 31, 2024 as compared to the year ended December 31, 2023 was the primary driver of total property revenue growth. The Same Store segment generated a 0.5% increase in revenues for the year ended December 31, 2024, primarily the result of average effective rent per unit growth of 0.3% as compared to the year ended December 31, 2023. The increase in property revenues from the Non-Same Store and Other segment for the year ended December 31, 2024 as compared to the year ended December 31, 2023 was primarily the result of increased revenues from completed development communities and recently acquired communities. 32 Property Operating Expenses Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the years ended December 31, 2024 and 2023 (dollars in thousands): December 31, 2024 December 31, 2023 Increase % Increase Same Store $ 763,659 $ 735,286 $ 28,373 3.9% Non-Same Store and Other 56,433 32,855 23,578 71.8% Total $ 820,092 $ 768,141 $ 51,951 6.8% The increase in property operating expenses for our Same Store segment for the year ended December 31, 2024 as compared to the year ended December 31, 2023 was primarily driven by increases in personnel expense of $7.6 million, real estate tax expense of $5.3 million, utilities expense of $4.6 million, office operations expense of $4.6 million, insurance expense of $2.4 million, and marketing expense of $2.3 million. The increase in property operating expenses from the Non-Same Store and Other segment for the year ended December 31, 2024 as compared to the year ended December 31, 2023 was primarily the result of increased expenses from completed development communities and recently acquired communities. Depreciation and Amortization Depreciation and amortization expense for the year ended December 31, 2024 was $585.6 million, an increase of $20.6 million as compared to the year ended December 31, 2023. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities and capital spend activities made in the normal course of business during the year ended December 31, 2024, partially offset from decreased depreciation expense from disposed communities during the year ended December 31, 2023. Other Income and Expenses Property management expenses for the year ended December 31, 2024 were $72.0 million, an increase of $4.3 million as compared to the year ended December 31, 2023. General and administrative expenses for the year ended December 31, 2024 were $56.5 million, a decrease of $2.1 million as compared to the year ended December 31, 2023. Interest expense for the year ended December 31, 2024 was $168.5 million, an increase of $19.3 million as compared to the year ended December 31, 2023. The increase was due to an increase in our average outstanding debt balance and an increase of 25 basis points in our effective interest rate during the year ended December 31, 2024 as compared to the year ended December 31, 2023. For the year ended December 31, 2024, we disposed of two apartment communities, resulting in a gain on sale of depreciable real estate assets of $55.0 million. For the year ended December 31, 2023, we did not dispose of any apartment communities. During the year ended December 31, 2024, we did not dispose of any land parcels. During the year ended December 31, 2023, we disposed of one land parcel, resulting in the recognition of a negligible gain on sale of non-depreciable real estate assets. Other non-operating (income) expense for the year ended December 31, 2024 was $1.7 million of income, as compared to $31.2 million of income for the year ended December 31, 2023. The income for the year ended December 31, 2024 was primarily driven by $11.2 million of gain on the consolidation of a third-party development, $9.3 million of net casualty related recoveries, $7.8 million of non-cash gain from investments and miscellaneous income of $1.0 million, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements. The income for the year ended December 31, 2023 was primarily driven by $18.5 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, $4.4 million of non-cash gain from investments, $5.5 million of miscellaneous income and $3.4 million of interest income, partially offset by $1.0 million in net casualty loss. Non-GAAP Financial Measures Funds from Operations and Core Funds from Operations Funds from operations, or FFO, a non-GAAP financial measure, represents net income available for MAA common shareholders (computed in accordance with GAAP) excluding gains or losses on disposition of operating properties and asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this Annual Report on Form 10-K, represents FFO attributable to common shareholders and unitholders. 33 FFO should not be considered as an alternative to net income available for MAA common shareholders or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. While our calculation of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO represents FFO as adjusted for items that are not considered part of our core business operations, such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non- depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net; and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back to FFO, Core FFO, when used in this Annual Report on Form 10-K, represents Core FFO attributable to common shareholders and unitholders. Core FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that Core FFO is helpful in understanding our core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance from rental activities. While our definition of Core FFO may be similar to others in the industry, our methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. The following table presents a reconciliation of net income available for MAA common shareholders to FFO and Core FFO for the years ended December 31, 2024 and 2023, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands): Year ended December 31, 2024 2023 Net income available for MAA common shareholders $ 523,855 $ 549,118 Depreciation and amortization of real estate assets 579,927 558,969 (Gain) loss on sale of depreciable real estate assets (55,003) 62 MAA’s share of depreciation and amortization of real estate assets of real estate joint venture 628 615 Gain on consolidation of third-party development (1) (11,239) — Net income attributable to noncontrolling interests 14,033 15,025 FFO attributable to common shareholders and unitholders 1,052,201 1,123,789 Loss (gain) on embedded derivative in preferred shares (1) 18,751 (18,528) Gain on sale of non-depreciable real estate assets — (54) Gain on investments, net of tax (1) (6,078) (3,531) Casualty related (recoveries) charges, net (1)(2) (9,326) 980 Gain on debt extinguishment (1) — (57) Legal costs, settlements and (recoveries), net (1)(3) 9,437 (4,454) Mark-to-market debt adjustment (4) — (25) Core FFO attributable to common shareholders and unitholders $ 1,064,985 $ 1,098,120 (1) Included in “Other non-operating (income) expense” in the Consolidated Statements of Operations. (2) For the years ended December 31, 2024 and 2023, gain on investments is presented net of tax expense of $1.7 million and $0.9 million, respectively. (3) For the year ended December 31, 2024, in accordance with our accounting policies, we recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027. (4) Included in “Interest expense” in the Consolidated Statements of Operations. Core FFO attributable to common shareholders and unitholders for the year ended December 31, 2024 was $1.1 billion, a decrease of $33.1 million as compared to the year ended December 31, 2023, primarily as a result of increases in property operating expenses, excluding depreciation and amortization, of $52.0 million, interest expense of $19.3 million and property management expenses of $4.3 million, partially offset by an increase in property revenues of $42.5 million. 34 Net Debt, EBITDA, EBITDAre, and Adjusted EBITDAre Net debt, a non-GAAP financial measure, represents unsecured notes payable and secured notes payable less cash and cash equivalents and 1031(b) exchange proceeds included in restricted cash. Management considers net debt a helpful tool in evaluating our debt position. Net debt should not be considered as an alternative to any GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Earnings before interest, taxes, depreciation and amortization, or EBITDA, a non-GAAP financial measure, represents net income (computed in accordance with GAAP) plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, management considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. EBITDAre is composed of EBITDA adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third- party development and adjustments to reflect our share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, management considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While our definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other REITs to calculate EBITDAre and, accordingly, may not be comparable to such other REITs. EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Adjusted EBITDAre is comprised of EBITDAre further adjusted for items that are not considered part of our core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments; casualty related charges (recoveries), net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. Our computation of Adjusted EBITDAre may differ from the methodology utilized by other REITs to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management monitors its debt levels to a ratio of net debt to Adjusted EBITDAre in order to maintain our investment grade credit ratings. We believe this is an important factor in the management of our debt levels to maintain an optimal capital structure, and it is also considered in the assignment of our credit ratings. Adjusted EBITDAre is measured on a trailing twelve-month basis. The following table presents a reconciliation of unsecured notes payable and secured notes payable to net debt as of December 31, 2024 and 2023, as we believe unsecured notes payable and secured notes payable, combined, is the most directly comparable GAAP measure (dollars in thousands): December 31, 2024 December 31, 2023 Unsecured notes payable $ 4,620,690 $ 4,180,084 Secured notes payable 360,267 360,141 Total debt 4,980,957 4,540,225 Cash and cash equivalents (43,018) (41,314) Net debt $ 4,937,939 $ 4,498,911 35 The following table presents a reconciliation of net income to EBITDA, EBITDAre and Adjusted EBITDAre for the years ended December 31, 2024 and 2023, as we believe net income is the most directly comparable GAAP measure (dollars in thousands): Year Ended December 31, 2024 December 31, 2023 Net income $ 541,576 $ 567,831 Depreciation and amortization 585,616 565,063 Interest expense 168,544 149,234 Income tax expense 5,240 4,744 EBITDA 1,300,976 1,286,872 (Gain) loss on sale of depreciable real estate assets (55,003) 62 Gain on consolidation of third-party development (1) (11,239) — Adjustments to reflect the Company’s share of EBITDAre of an unconsolidated affiliate 1,363 1,350 EBITDAre 1,236,097 1,288,284 Loss (gain) on embedded derivative in preferred shares (1) 18,751 (18,528) Gain on sale of non-depreciable real estate assets — (54) Gain on investments (1) (7,809) (4,449) Casualty related (recoveries) charges, net (1) (9,326) 980 Gain on debt extinguishment (1) — (57) Legal costs, settlements and (recoveries), net (1) (2) 9,437 (4,454) Adjusted EBITDAre $ 1,247,150 $ 1,261,722 (1) Included in “Other non-operating (income) expense” in the Consolidated Statements of Operations. (2) For the year ended December 31, 2024, in accordance with our accounting policies, we recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027. Our net debt to Adjusted EBITDAre ratio as of December 31, 2024 was 4.0x, as compared to a ratio of 3.6x as of December 31, 2023. The change in the ratio was primarily due to a decrease of $14.6 million in Adjusted EBITDAre for the year ended December 31, 2024 as compared to the year ended December 31, 2023 and an increase of $439.0 million in comparing net debt as of December 31, 2024 to net debt as of December 31, 2023. The decrease in Adjusted EBITDAre was primarily due to an increase in property operating expenses and property management expenses partially offset by an increase in property revenues, while the increase in net debt was primarily due to an increase in unsecured notes payable, partially offset by an increase in cash and cash equivalents. The increase in unsecured notes payable was primarily driven by an increase in cash requirements to fund acquisition and development activities. Liquidity and Capital Resources Overview Our cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources. We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets. We historically have had positive net cash flows from operating activities. We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future. As of December 31, 2024, we had $1.0 billion of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility. Cash Flows from Operating Activities Net cash provided by operating activities was $1.1 billion for the year ended December 31, 2024, a decrease of $38.9 million as compared to the year ended December 31, 2023. The decrease in operating cash flows was primarily driven by an increase in property operating expenses. 36 Cash Flows from Investing Activities Net cash used in investing activities was $825.5 million for the year ended December 31, 2024, an increase of $50.2 million as compared to the year ended December 31, 2023. The primary drivers of the change were as follows (dollars in thousands): Primary drivers of cash (outflow) inflow during the year ended December 31, (Decrease) Increase 2024 2023 in Net Cash Purchases of real estate and other assets $ (301,071 ) $ (223,453 ) $ (77,618 ) Capital improvements and other (322,372 ) (341,224 ) 18,852 Development costs (313,888 ) (198,152 ) (115,736 ) Contributions to affiliates (2,874 ) (16,636 ) 13,762 Proceeds from real estate asset dispositions 84,209 2,946 81,263 Proceeds from sale of markable equity securities 9,975 — 9,975 Net proceeds from insurance recoveries 20,195 945 19,250 The increase in cash outflows for purchases of real estate and other assets was primarily driven by the number of the real estate assets acquired during the year ended December 31, 2024 as compared to the year ended December 31, 2023. During the year ended December 31, 2024, we acquired three apartment communities and closed on the pre-purchase of a multifamily development community. During the year ended December 31, 2023, we acquired two apartment communities. The decrease in cash outflows for capital improvements and other was primarily driven by decreased capital spend relating to our property redevelopment and repositioning activities during the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase in cash outflows for development costs was primarily driven by increased development activity, including financing a third-party’s development of a 239-unit multifamily apartment community currently under construction located in Charlotte, North Carolina, during the year ended December 31, 2024 as compared to the year ended December 31, 2023. The decrease in cash outflows for contributions to affiliates was driven by a lesser amount of investments made in the technology-focused limited partnerships during the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase in cash inflows from proceeds from real estate asset dispositions resulted from the disposition of two multifamily communities during the year ended December 31, 2024 as compared to the disposition of one land parcel during the year ended December 31, 2023. The increase in cash inflows from proceeds from sale of marketable equity securities resulted from the sale of marketable equity securities during the year ended December 31, 2024 as compared to no marketable securities being sold during the year ended December 31, 2023. The increase in cash inflows from net proceeds from insurance recoveries was driven by increased insurance reimbursements received for property and storm-related casualty claims during the year ended December 31, 2024 as compared to the year ended December 31, 2023. 37 Cash Flows from Financing Activities Net cash used in financing activities was $271.1 million for the year ended December 31, 2024, a decrease of $96.8 million as compared to the year ended December 31, 2023. The primary drivers of the change were as follows (dollars in thousands): Primary drivers of cash (outflow) inflow during the year ended December 31, (Decrease) Increase 2024 2023 in Net Cash Net change in commercial paper $ (245,000) $ 475,000 $ (720,000) Proceeds from notes payable 1,091,646 — 1,091,646 Principal payments on notes payable (400,000) (353,861) (46,139) Payment of deferred financing costs (10,317) (2) (10,315) Dividends paid on common shares (686,900) (651,717) (35,183) Proceeds from issuances of common shares 1,230 205,070 (203,840) Acquisition of noncontrolling interests — (15,757) 15,757 Net change in other financing activities 166 (5,279) 5,445 The increase in cash outflows related to the net change in commercial paper resulted from the decrease in net borrowings of $245.0 million under our commercial paper program during the year ended December 31, 2024 as compared to the increase in net borrowings of $475.0 million under our commercial paper program during the year ended December 31, 2023. The increase in cash inflows from proceeds from notes payable resulted from the issuance of $1.1 billion of unsecured senior notes during the year ended December 31, 2024 as compared to no issuance of unsecured senior notes during the year ended December 31, 2023. The increase in cash outflows from principal payments on notes payable primarily resulted from the retirement of $400.0 million of unsecured senior notes during the year ended December 31, 2024 as compared to the retirement of $350.0 million of unsecured senior notes during the year ended December 31, 2023. The increase in cash outflows related to payment of deferred financing costs resulted from the closing costs of $10.3 million related to the issuance of $1.1 billion of unsecured senior notes during the year ended December 31, 2024 as compared to negligible deferred financing costs during the year ended December 31, 2023. The increase in cash outflows from dividends paid on common shares primarily resulted from the increase in the dividend rate to $5.880 per share during the year ended December 31, 2024 as compared to the dividend rate of $5.600 per share during the year ended December 31, 2023. The decrease in cash inflows related to the proceeds from issuances of common shares resulted from the proceeds from the settlement of two forward sale agreements with respect to a total of 1.1 million shares at a forward price per share of $185.23 during the year ended December 31, 2023. The decrease in cash outflows from the acquisition of noncontrolling interests resulted from the acquisition of a 5% noncontrolling interest of a consolidated real estate entity for $15.8 million during the year ended December 31, 2023. The increase in cash inflows from the net change in other financing activities was primarily driven by fewer shares of MAA’s common stock surrendered by employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted shares, and more contributions received from noncontrolling interest during the year ended December 31, 2024 as compared to year ended December 31, 2023. Debt The following schedule reflects our outstanding debt as of December 31, 2024 (dollars in thousands): Principal Balance Average Years to Rate Maturity Weighted Average Effective Rate Unsecured debt Fixed rate senior notes $ 4,400,000 6.4 3.7% Variable rate commercial paper 250,000 0.1 4.7% Debt issuance costs, discounts and premiums (29,310) Total unsecured debt $ 4,620,690 6.0 3.8% Secured debt Fixed rate property mortgages $ 363,293 24.1 4.4% Debt issuance costs (3,026) Total secured debt $ 360,267 24.1 4.4% Total debt $ 4,980,957 7.3 3.8% 38 The following schedule presents the contractual maturity dates of our outstanding debt, net of debt issuance costs, discounts and premiums, as of December 31, 2024 (dollars in thousands): Commercial Paper (1) & Revolving Credit Facility (2) Senior Notes Property Mortgages Total 2025 $ 250,000 $ 399,340 $ — $ 649,340 2026 — 298,744 — 298,744 2027 — 598,121 — 598,121 2028 — 397,911 — 397,911 2029 — 556,359 — 556,359 2030 — 298,230 — 298,230 2031 — 446,302 — 446,302 2032 — 394,680 — 394,680 2033 — — — — 2034 — 343,795 — 343,795 Thereafter — 637,208 360,267 997,475 Total $ 250,000 $ 4,370,690 $ 360,267 $ 4,980,957 (1) There was $250.0 million outstanding under MAALP’s commercial paper program as of December 31, 2024. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the year ended December 31, 2024, average daily borrowings outstanding under the commercial paper program were $336.3 million. (2) There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of December 31, 2024. The following schedule reflects the maturities and average effective interest rates of our outstanding fixed rate debt, net of debt issuance costs, discounts and premiums, as of December 31, 2024 (dollars in thousands): Fixed Rate Debt Average Effective Rate 2025 $ 399,340 4.2% 2026 298,744 1.2% 2027 598,121 3.7% 2028 397,911 4.2% 2029 556,359 3.7% 2030 298,230 3.1% 2031 446,302 1.8% 2032 394,680 5.4% 2033 — — 2034 343,795 5.1% Thereafter 997,475 4.2% Total $ 4,730,957 3.8% Unsecured Revolving Credit Facility & Commercial Paper MAALP has entered into 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 bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of December 31, 2024, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit. MAALP has established an unsecured commercial paper program, whereby it can issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of December 31, 2024, there were $250.0 million of borrowings outstanding under the commercial paper program. Unsecured Senior Notes As of December 31, 2024, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. In January 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum and at an issue price of 99.019%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.123%. 39 In May 2024, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300% per annum and at an issue price of 99.496%. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.382%. In June 2024, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program. In December 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2025. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.053%. In October 2023, MAALP retired $350.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program. Secured Property Mortgages MAALP maintains secured property mortgages with various life insurance companies. As of December 31, 2024, MAALP had $363.3 million of secured property mortgages outstanding. In July 2023, MAALP retired $3.0 million remaining on a mortgage associated with an apartment community prior to its June 2025 maturity. For more information regarding our debt capital resources, see Note 5 to the consolidated financial statements included in this Annual Report on Form 10-K. Equity As of December 31, 2024, MAA owned 116,883,421 OP Units, comprising a 97.4% limited partnership interest in MAALP, while the remaining 3,075,552 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. MAA has registered under the Securities Act the 3,075,552 shares of its common stock that, as of December 31, 2024, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets. In August 2021, MAA entered into two 18-month forward sale agreements with respect to a total of 1.1 million shares of its common stock at an initial forward sale price of $190.56 per share, which is net of issuance costs. In January 2023, MAA settled its two forward sale agreements with respect to all 1.1 million shares at a forward price per share of $185.23, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of MAA’s common stock and commissions paid to sales agents, for net proceeds of $203.7 million. We have used these proceeds primarily to fund our development and redevelopment activities. MAA has entered into an at-the-money equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the years ended December 31, 2024 and 2023, MAA did not sell any shares of common stock under the ATM program. As of December 31, 2024, 4.0 million shares of MAA’s common stock remained issuable under the ATM program. For more information regarding our equity capital resources, see Note 8 and Note 9 to the consolidated financial statements included in this Annual Report on Form 10-K. 40 Material Cash Requirements The following table summarizes material cash requirements as of December 31, 2024 related to contractual obligations, which consist of principal and interest on our debt obligations and right-of-use lease liabilities (dollars in thousands): 2025 2026 2027 2028 2029 Thereafter Total Debt obligations (1) $ 650,000 $ 300,000 $ 600,000 $ 400,000 $ 550,000 $ 2,513,293 $ 5,013,293 Fixed rate interest 170,937 160,086 145,986 126,786 107,524 739,875 1,451,194 Right-of-use lease liabilities (2) 3,043 3,093 3,131 1,709 815 54,856 66,647 Total $ 823,980 $ 463,179 $ 749,117 $ 528,495 $ 658,339 $ 3,308,024 $ 6,531,134 (1) Represents principal payments gross of debt issuance costs, discounts and premiums. (2) Primarily comprised of a ground lease underlying one apartment community we own and the lease of our corporate headquarters. As of December 31, 2024, we also had obligations, which are not reflected in the table above, to make additional capital contributions to six technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of December 31, 2024, we had committed to make additional capital contributions totaling up to $30.6 million if and when called by the general partners of the limited partnerships. As discussed below, we have other material cash requirements that do not represent contractual obligations, but that we expect to incur in the ordinary course of our business. As of December 31, 2024, we had seven development communities under construction totaling 2,312 apartment units once complete. Total expected costs for the seven development projects are $851.5 million, of which $477.2 million had been incurred through December 31, 2024. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2025, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2024. We expect to have additional development projects in the future. During the year ended December 31, 2024, we acquired three multifamily apartment communities for approximately $271 million and acquired three land parcels for future development for approximately $30 million. These activities were funded from borrowings under the commercial paper program and available cash on hand. We typically declare cash dividends on MAA’s common stock on a quarterly basis, subject to approval by MAA’s Board of Directors. We expect to pay quarterly dividends at an annual rate of $6.06 per share of MAA common stock during the year ending December 31, 2025. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify our dividend policy from time to time. Inflation Our resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the year ended December 31, 2024, we experienced inflationary pressures that drove higher operating expenses, primarily in personnel, real estate taxes, utilities, office operations, insurance and marketing expenses. Critical Accounting Estimates A critical accounting estimate is one that is both important to our financial condition and results of operations and that involves some degree of uncertainty. The preceding discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements and the notes thereto, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. We believe that our estimates and assumptions are reasonable under the circumstances; however, actual results may differ from these estimates and assumptions. We believe that the estimates and assumptions summarized below are most important to the portrayal of our financial condition and results of operations because they involve a significant level of estimation uncertainty and they have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. 41 Acquisition of real estate assets We account for our acquisitions of investments in real estate as asset acquisitions in accordance with Accounting Standards Codification Topic 805, Business Combinations, which requires the cost of the real estate acquired to be allocated to the individual acquired tangible assets, consisting of land, buildings and improvements and other, and identified intangible assets, consisting of the value of in-place leases and other contracts, on a relative fair value basis. In calculating the asset value of acquired tangible and intangible assets, management may use significant subjective inputs, including forecasted net operating income, or NOI, and market specific capitalization and discount rates. Management analyzes stabilized NOI to determine its estimate for forecasted NOI. Management estimates the market capitalization rate by analyzing the market capitalization rates for sold properties with comparable ages in similarly sized markets. Management allocates the purchase price of the asset acquisition based on the relative fair value of the individual components as a proportion of the total assets acquired. Impairment of long-lived assets We account for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal of long-lived assets. Management periodically evaluates long-lived assets, including investments in real estate, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors. Long-lived assets, such as real estate assets, equipment, right-of-use lease assets and purchased intangibles subject to amortization, are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, or an asset group. Management generally considers the individual assets of an apartment community to collectively represent an asset group. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Management calculates the fair value of an asset by dividing estimated future annual cash flow by a market capitalization rate. No material impairment losses were recognized during the years ended December 31, 2024 and 2023. Our impairment assessments may contain uncertainties because they require management to make assumptions and to apply judgment to estimate future undiscounted cash flows and the fair value of the assets. Key assumptions used in estimating future cash flows and the fair value of an asset include projecting an apartment community’s NOI, estimating asset hold periods and recurring capital expenditures, as well as selecting an appropriate market capitalization rate. Management considers its apartment communities’ historical stabilized NOI performance, local market economics and the business environment impacting our apartment communities as the basis in projecting forecasted NOI, which management believes is representative of future cash flows. Management estimates the market capitalization rate by analyzing the market capitalization rates for sold properties with comparable ages in similarly sized markets. These estimates are subjective and our ability to realize future cash flows and asset fair values is affected by factors such as ongoing maintenance and improvement of the assets, changes in economic conditions and changes in operating performance. Valuation of embedded derivative The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to the statement of operations. The derivative asset related to the redemption feature is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at our option beginning on October 1, 2026 and at the redemption price of $50 per share. We may use various significant inputs in the analysis, including risk adjusted yields of relevant MAALP bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings as us, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option. As a result of the adjustments recorded to reflect the change in fair value of the derivative asset, the fair value of the embedded derivative asset decreased to $13.2 million as of December 31, 2024 as compared to $31.9 million as of December 31, 2023, a decrease in value of the asset of $18.7 million. Arriving at the valuation of the embedded derivative requires a significant amount of subjective judgment by management, and the valuation of the embedded derivative is highly sensitive to changes in certain inputs in the analysis. For example, changes in the inputs of the MAALP bond yields, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA and treasury rates could cause the valuation of the embedded derivative to materially change from the recorded balance as of December 31, 2024. 42 Significant Accounting Policies For more information regarding our significant accounting policies, including the accounting polices related to the critical accounting estimates discussed above as well as a brief description of recent accounting pronouncements that could have a material impact on our financial statements, see Note 1 to the consolidated financial statements included in this Annual Report on Form 10-K. Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. Our primary market risk exposure is to changes in interest rates on our borrowings. As of December 31, 2024, 21.2% of our total market capitalization consisted of debt borrowings. Our interest rate risk objective is to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve this objective, we manage our exposure to fluctuations in market interest rates for borrowings through the use of fixed rate debt instruments and from time to time interest rate swaps to effectively fix the interest rate on anticipated future debt transactions. We use our best efforts to have our debt instruments mature across multiple years, which we believe limits our exposure to interest rate changes in any one year. We do not enter into derivative instruments for trading or other speculative purposes. As of December 31, 2024, 95.0% of our outstanding debt was subject to fixed rates. We regularly review interest rate exposure on outstanding borrowings in an effort to minimize the risk of interest rate fluctuations. Item 8. Financial Statements and Supplementary Data. The consolidated financial statements and related financial information required to be filed are set forth on pages F-1 to F-39 of this Annual Report on Form 10-K. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None. Item 9A. Controls and Procedures. Mid-America Apartment Communities, Inc. (a) Evaluation of Disclosure Controls and Procedures MAA is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d- 15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of MAA’s disclosure controls and procedures as of December 31, 2024. Based on that evaluation, MAA’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of December 31, 2024 to ensure that information required to be disclosed by MAA in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to MAA’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. (b) Management’s Report on Internal Control over Financial Reporting MAA’s management is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA’s management, with the participation of MAA’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of MAA’s internal control over financial reporting as of December 31, 2024 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, MAA’s management concluded that MAA’s internal control over financial reporting was effective as of December 31, 2024. Ernst & Young LLP, the independent registered public accounting firm that has audited the consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on MAA’s internal control over financial reporting, which is included in this Annual Report on Form 10-K. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation. 43 (c) Changes in Internal Control over Financial Reporting There was no change to MAA’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting. Mid-America Apartments, L.P. (a) Evaluation of Disclosure Controls and Procedures The Operating Partnership is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, carried out an evaluation of the effectiveness of the Operating Partnership’s disclosure controls and procedures as of December 31, 2024. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, concluded that the disclosure controls and procedures were effective as of December 31, 2024 to ensure that information required to be disclosed by the Operating Partnership in its in Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, as appropriate to allow timely decisions regarding required disclosure. (b) Management’s Report on Internal Control over Financial Reporting Management of the Operating Partnership is responsible for establishing and maintaining adequate internal control over financial reporting within the meaning of Exchange Act Rule 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, conducted an evaluation of the effectiveness of the Operating Partnership’s internal control over financial reporting as of December 31, 2024 based on the framework specified in Internal Control - Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, management of the Operating Partnership has concluded that the Operating Partnership’s internal control over financial reporting was effective as of December 31, 2024. An attestation report of the independent registered public accounting firm of the Operating Partnership will not be required as long as the Operating Partnership is a non-accelerated filer. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation. (c) Changes in Internal Control over Financial Reporting There was no change to the Operating Partnership’s internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting. Item 9B. Other Information. Rule 10b5-1 Trading Arrangements. During the quarter ended December 31, 2024, no director or officer of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” as that term is defined in Item 408(a) of Regulation S-K. Non-Rule 10b5-1 Trading Arrangements. During the quarter ended December 31, 2024, 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. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. 44 PART III Item 10. Directors, Executive Officers and Corporate Governance. The information contained in MAA’s 2025 Proxy Statement in the sections entitled “Board Structure and Composition,” “Director Nominees for Election” and “Executive Officers of the Registrant,” is incorporated herein by reference in response to this Item 10. Our Board of Directors has adopted a Code of Conduct applicable to all officers, directors and employees, including the CEO, CFO and principal accounting officer, which can be found on our website at https://www.maac.com, on the “For Investors” page in the “Corporate Documents” section under “Overview—Corporate Governance.” We will provide a copy of this document to any person, without charge, upon request, by writing to the Legal Department at MAA, 6815 Poplar Avenue, Suite 500, Germantown, Tennessee 38138. We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of the Code of Conduct by posting such information on our website at the address and the locations specified above. Reference to our website does not constitute incorporation by reference of the information contained on the site and should not be considered part of this Annual Report on Form 10-K. Item 11. Executive Compensation. The information contained in MAA’s 2025 Proxy Statement in the sections entitled “Executive Compensation Tables,” “Director Compensation Table,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Committee Report” and “Compensation Discussion and Analysis” is incorporated herein by reference in response to this Item 11. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. The information contained in MAA’s 2025 Proxy Statement in the sections entitled “Security Ownership of Management,” “Security Ownership of Certain Beneficial Owners” and “Securities Authorized for Issuance Under Equity Compensation Plans” is incorporated herein by reference in response to this Item 12. Item 13. Certain Relationships and Related Transactions, and Director Independence. The information contained in MAA’s 2025 Proxy Statement in the sections entitled “Certain Relationships and Related Party Transactions” and “Indebtedness of Management” is incorporated herein by reference in response to this Item 13. Item 14. Principal Accountant Fees and Services. The information contained in MAA’s 2025 Proxy Statement in the section entitled “Audit and Non-Audit Fees” is incorporated herein by reference in response to this Item 14. 45 PART IV Item 15. Exhibits and Financial Statement Schedules. (a) The following documents are filed as part of this Annual Report on Form 10-K: 1. Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) F-1 Financial Statements of Mid-America Apartment Communities, Inc.: Consolidated Balance Sheets as of December 31, 2024 and 2023 F-4 Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 F-5 Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 F-6 Consolidated Statements of Equity for the years ended December 31, 2024, 2023 and 2022 F-7 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 F-8 Financial Statements of Mid-America Apartments, L.P.: Consolidated Balance Sheets as of December 31, 2024 and 2023 F-9 Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 F-10 Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 F-11 Consolidated Statements of Changes in Capital for the years ended December 31, 2024, 2023 and 2022 F-12 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 F-13 Notes to Consolidated Financial Statements for the years ended December 31, 2024, 2023 and 2022 F-14 2. Financial Statement Schedule required to be filed by Item 8 and Paragraph (b) of this Item 15: Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2024 F-34 3. The exhibits required by Item 601 of Regulation S-K, except as otherwise noted, have been filed with previous reports by the registrant and are herein incorporated by reference. All other financial statement schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and, therefore, have been omitted. 46 Exhibit Number Exhibit Description 3.1 Composite Charter of Mid-America Apartment Communities, Inc. (Filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K filed on February 24, 2017 and incorporated herein by reference). 3.2 Fifth Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 12, 2023 (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference). 3.3 Composite Certificate of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 1, 2019 and incorporated herein by reference). 3.4 Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference). 3.5 First Amendment to the Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 10, 2016 and incorporated herein by reference). 4.1 Form of Common Share Certificate (Filed as Exhibit 4.1 to the Registrant's Annual Report on Form 10-K filed on February 18, 2021 and incorporated herein by reference). 4.2 Form of 8.50% Series I Cumulative Redeemable Preferred Stock Certificate (Filed as Exhibit 4.2 to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-4 filed on September 28, 2016 and incorporated herein by reference). 4.3 Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). 4.4 First Supplemental Indenture, dated as of October 16, 2013, by and among Mid-America Apartments, L.P., Mid- America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.300% Senior Notes due 2023 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on October 16, 2013 and incorporated herein by reference). 4.5 Second Supplemental Indenture, dated as of June 13, 2014, by and among Mid-America Apartments, L.P., Mid- America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 3.7500% Senior Notes due 2024 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on June 13, 2014 and incorporated herein by reference). 4.6 Third Supplemental Indenture, dated as of November 9, 2015, by and among Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and U.S. Bank National Association, including the form of 4.000% Senior Notes due 2025 (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 9, 2015 and incorporated herein by reference). 4.7 Indenture between Post Properties, Inc. and SunTrust Bank, as Trustee (Filed as Exhibit 4.1 to Post Properties’ Registration Statement on Form S-3 (File No. 333-42884), and incorporated herein by reference). 4.8 First Supplemental Indenture to the Indenture between the Post Apartment Homes, L.P., and SunTrust Bank, as Trustee (Filed as Exhibit 4.2 to Post Properties’ Registration Statement on Form S-3ASR (File No. 333-139581) and incorporated herein by reference). 4.9 Form of Post Apartment Homes, L.P. 3.375% Note due 2022 (Filed as Exhibit 4.1 to Post Properties’ Current Report on Form 8-K filed November 7, 2012 and incorporated herein by reference). 4.10 Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). 4.11 First Supplemental Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference). 47 4.12 Second Supplemental Indenture, dated as of May 14, 2018, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 14, 2018 and incorporated herein by reference). 4.13 Third Supplemental Indenture, dated as of March 7, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on March 7, 2019 and incorporated herein by reference). 4.14 Fourth Supplemental Indenture, dated as of November 26, 2019, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on November 26, 2019 and incorporated herein by reference). 4.15 Fifth Supplemental Indenture, dated as of August 12, 2020, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 12, 2020 and incorporated herein by reference). 4.16 Sixth Supplemental Indenture, dated as of August 19, 2021, by and between Mid-America Apartments, L.P. and U.S. Bank National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 19, 2021 and incorporated herein by reference). 4.17 Seventh Supplemental Indenture, dated as of January 10, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on January 10, 2024 and incorporated herein by reference). 4.18 Eighth Supplemental Indenture, dated as of May 22, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on May 22, 2024 and incorporated herein by reference). 4.19 Ninth Supplemental Indenture, dated as of December 18, 2024, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (Filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on December 18, 2024 and incorporated herein by reference). 4.20 Description of Securities (Filed as Exhibit 4.15 to the Registrant’s Annual Report on Form 10-K filed on February 20, 2020 and incorporated herein by reference). 10.1† Employment Agreement, dated as of March 24, 2015, by and between the Registrant and H. Eric Bolton, Jr. (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on March 24, 2015 and incorporated herein by reference). 10.2† Non-Qualified Deferred Compensation Plan for Outside Company Directors as Amended Effective November 30, 2010 (Filed as Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). 10.3† Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix B to the Registrant’s Definitive Proxy Statement filed on April 16, 2014 and incorporated herein by reference). 10.4† Form of Non-Qualified Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2013 and incorporated herein by reference). 10.5† Form of Restricted Stock Award Agreement under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 1, 2015 and incorporated herein by reference). 10.6† Form of Incentive Stock Option Agreement for Company Employees under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.22 to the Registrant’s Quarterly Report on Form 10-Q filed on November 7, 2017 and incorporated herein by reference). 10.7† MAA Non-Qualified Executive Deferred Compensation Retirement Plan Amended and Restated Effective January 1, 2016 (Filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K filed on February 26, 2016 and incorporated herein by reference). 48 10.8† Form of Change in Control and Termination Agreement (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 2, 2014 and incorporated herein by reference). 10.9† Mid-America Apartment Communities, Inc. Indemnification Agreement (Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on December 1, 2016 and incorporated herein by reference). 10.10† Amended and Restated Post Properties Inc. 2003 Incentive Stock Plan (Filed as Exhibit 99.1 to the Registrant’s Registration Statement on Form S-8 filed on December 9, 2016 and incorporated herein by reference). 10.11† Second Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Appendix A to the Registrant’s Definitive Proxy Statement filed on April 9, 2018 and incorporated herein by reference). 10.12† Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.13† Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.14† Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.15† Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on August 2, 2018 and incorporated herein by reference). 10.16 Fourth Amended and Restated Credit Agreement, dated as of July 25, 2022, by and among Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, KeyBank National Association and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Truist Bank, U.S. Bank National Association, PNC Bank, National Association, Citibank, N.A., TD Bank, N.A., and Mizuho Bank, LTD., as Co-Documentation Agents, and the lenders party thereto (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on July 28, 2022 and incorporated herein by reference). 10.17 Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (filed as Exhibit A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on April 3, 2023 and incorporated herein by reference). 10.18† Form of Restricted Stock Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.19† Form of Non-Qualified Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.20† Form of Incentive Stock Option Agreement for Company Employees Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.21† Form of Restricted Stock Unit Award Agreement Under the Mid-America Apartment Communities, Inc. 2023 OMNIBUS Incentive Plan (Filed as Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed on July 27, 2023 and incorporated herein by reference). 10.22† Retirement and Transition Services Agreement by and between Albert M. Campbell, III and Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference). 19 Statement of Company Policy on Insider Trading and Disclosure 21.1 List of Subsidiaries. 49 23.1 Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAA. 23.2 Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP for MAALP. 31.1 MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.3 MAALP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.4 MAALP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1* MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2* MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.3* MAALP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.4* MAALP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97 MAA Compensation Recoupment Policy (Filed as Exhibit 97 to the Registrant’s Annual Report on Form 10-K filed on February 9, 2024 and incorporated herein by reference). 101 The following financial information from Mid-America Apartment Communities, Inc.’s and Mid-America Apartments, L.P.’s Annual Report on Form 10-K for the period ended December 31, 2024, filed with the SEC on February 7, 2025, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023; (ii) the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022; (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022; (iv) the Consolidated Statements of Equity/Changes in Capital for the years ended December 31, 2024, 2023 and 2022; (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022; (vi) Notes to Consolidated Financial Statements; and (vii) Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2024. 104 Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101). † Management contract or compensatory plan or arrangement. * This certification is being furnished solely to accompany this Annual Report on Form 10-K pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing of MAA or MAALP, whether made before or after the date hereof, regardless of any general incorporation language in such filings. (b) Exhibits: See Item 15(a)(3) above. (c) Financial Statement Schedule: See Item 15(a)(2) above. Item 16. Form 10-K Summary. None. 50 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MID-AMERICA APARTMENT COMMUNITIES, INC. Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. MID-AMERICA APARTMENT COMMUNITIES, INC. Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer (Principal Executive Officer) Date: February 7, 2025 /s/ A. Clay Holder A. Clay Holder Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 7, 2025 /s/ David Herring David Herring Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) Date: February 7, 2025 /s/ Alan B. Graf, Jr. Alan B. Graf, Jr. Director Date: February 7, 2025 /s/ Deborah H. Caplan Deborah H. Caplan Director Date: February 7, 2025 /s/ John P. Case John P. Case Director Date: February 7, 2025 /s/ Tamara Fischer Tamara Fischer Director Date: February 7, 2025 /s/ Sheila K. McGrath Sheila K. McGrath Director Date: February 7, 2025 /s/ Edith Kelly-Green Edith Kelly-Green Director Date: February 7, 2025 /s/ James K. Lowder James K. Lowder Director Date: February 7, 2025 /s/ Thomas H. Lowder Thomas H. Lowder Director Date: February 7, 2025 /s/ Claude B. Nielsen Claude B. Nielsen Director Date: February 7, 2025 /s/ Gary Shorb Gary Shorb Director Date: February 7, 2025 /s/ David P. Stockert David P. Stockert Director 51 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MID-AMERICA APARTMENTS, L.P. a Tennessee Limited Partnership By: Mid-America Apartment Communities, Inc., its general partner Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant as an officer or director of Mid-America Apartment Communities, Inc., in its capacity as the general partner of the registrant and on the dates indicated. MID-AMERICA APARTMENTS, L.P. a Tennessee Limited Partnership By: Mid-America Apartment Communities, Inc., its general partner Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer (Principal Executive Officer) Date: February 7, 2025 /s/ A. Clay Holder A. Clay Holder Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 7, 2025 /s/ David Herring David Herring Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) Date: February 7, 2025 /s/ Alan B. Graf, Jr. Alan B. Graf, Jr. Director Date: February 7, 2025 /s/ Deborah H. Caplan Deborah H. Caplan Director Date: February 7, 2025 /s/ John P. Case John P. Case Director Date: February 7, 2025 /s/ Tamara Fischer Tamara Fischer Director Date: February 7, 2025 /s/ Sheila K. McGrath Sheila K. McGrath Director Date: February 7, 2025 /s/ Edith Kelly-Green Edith Kelly-Green Director Date: February 7, 2025 /s/ James K. Lowder James K. Lowder Director Date: February 7, 2025 /s/ Thomas H. Lowder Thomas H. Lowder Director Date: February 7, 2025 /s/ Claude B. Nielsen Claude B. Nielsen Director Date: February 7, 2025 /s/ Gary Shorb Gary Shorb Director Date: February 7, 2025 /s/ David P. Stockert David P. Stockert Director F-1 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Mid-America Apartment Communities, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Mid-America Apartment Communities, Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 7, 2025 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Valuation of Embedded Derivative Description of the Matter As disclosed in Notes 6 and 8 to the consolidated financial statements, the Series I Preferred Stock shares (“preferred shares”) include a redemption feature which represents an embedded call option exercisable at the Company’s option beginning on October 1, 2026 at the redemption price of $50 per share. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred shares to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. At December 31, 2024, the fair value of the Company’s embedded derivative asset was $13.2 million. Auditing the Company’s valuation of this bifurcated embedded derivative was challenging as the Company uses a complex valuation methodology that may use various inputs in the analysis, including risk adjusted yields of relevant Company bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred stock to observable market data. We also assessed the completeness and accuracy of the underlying data used by the Company in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Company and the underlying inputs and assumptions noted above. /s/ Ernst & Young LLP We have served as the Company’s auditor since 2005. Memphis, Tennessee February 7, 2025 F-2 Report of Independent Registered Public Accounting Firm To the Partners of Mid-America Apartments, L.P. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Mid-America Apartments, L.P. (the Operating Partnership) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on the Operating Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Operating Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Operating Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Valuation of Embedded Derivative Description of the Matter As disclosed in Notes 6 and 9 to the consolidated financial statements, the MAALP Series I Preferred Units (“preferred units”) have the same characteristics as the MAA Series I Preferred Stock shares (“preferred shares”), and thus include a redemption feature which represents an embedded call option exercisable at the Operating Partnership’s option beginning on October 1, 2026 at the redemption price of $50 per unit. The embedded call option has been bifurcated as a separate asset and is valued at fair value each reporting period with changes in its fair value reported in earnings. At each reporting date, management performs an analysis which compares the perpetual value of the preferred units to the value of the preferred units assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. At December 31, 2024, the fair value of the Operating Partnership’s embedded derivative asset was $13.2 million. Auditing the Operating Partnership’s valuation of this bifurcated embedded derivative was challenging as the Operating Partnership uses a complex valuation methodology that may use various inputs in the analysis, including risk adjusted yields of relevant Operating Partnership bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings, treasury rates, and trading data available of prices of the preferred shares, and includes significant assumptions about economic and market conditions with uncertain future outcomes. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Operating Partnership’s controls over the risks of material misstatement relating to the valuation of the bifurcated embedded derivative asset. For example, we tested controls over management’s review of the valuation model and the underlying inputs and assumptions noted above. To test the valuation of the embedded derivative asset, our audit procedures included, among others, assessing the methodology used in the valuation model and testing the significant assumptions discussed above. For example, we evaluated management’s assumptions by comparing the rates that were used to discount future dividend payments from the preferred units to observable market data. We also assessed the completeness and accuracy of the underlying data used by the Operating Partnership in its valuation. In addition, we involved our valuation specialists to assist in our evaluation of the methodology used by the Operating Partnership and the underlying inputs and assumptions noted above. /s/ Ernst & Young LLP We have served as the Operating Partnership’s auditor since 2012. Memphis, Tennessee February 7, 2025 F-3 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Mid-America Apartment Communities, Inc. Opinion on Internal Control Over Financial Reporting We have audited Mid-America Apartment Communities, Inc.’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Mid-America Apartment Communities, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 7, 2025 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Memphis, Tennessee February 7, 2025 F-4 Mid-America Apartment Communities, Inc. Consolidated Balance Sheets December 31, 2024 and 2023 (Dollars in thousands, except per share data) December 31, 2024 December 31, 2023 Assets Real estate assets: Land $ 2,096,912 $ 2,031,403 Buildings and improvements and other 14,160,799 13,515,949 Development and capital improvements in progress 470,282 385,405 16,727,993 15,932,757 Less: Accumulated depreciation (5,327,584) (4,864,690) 11,400,409 11,068,067 Undeveloped land 73,359 73,861 Investment in real estate joint venture 41,650 41,977 Real estate assets, net 11,515,418 11,183,905 Cash and cash equivalents 43,018 41,314 Restricted cash 13,743 13,777 Other assets 232,426 245,507 Assets held for sale 7,764 — Total assets $ 11,812,369 $ 11,484,503 Liabilities and equity Liabilities: Unsecured notes payable $ 4,620,690 $ 4,180,084 Secured notes payable 360,267 360,141 Accrued expenses and other liabilities 683,748 645,156 Total liabilities 5,664,705 5,185,381 Redeemable common stock 22,230 19,167 Shareholders’ equity: Preferred stock, $0.01 par value per share, 20,000,000 shares authorized; 8.50% Series I Cumulative Redeemable Shares, liquidation preference $50.00 per share, 867,846 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 9 9 Common stock, $0.01 par value per share, 145,000,000 shares authorized; 116,883,421 and 116,694,124 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively (1) 1,166 1,168 Additional paid-in capital 7,417,453 7,399,921 Accumulated distributions in excess of net income (1,469,557) (1,298,263) Accumulated other comprehensive loss (6,940) (8,764) Total MAA shareholders’ equity 5,942,131 6,094,071 Noncontrolling interests - OP Units 155,409 163,128 Total Company’s shareholders’ equity 6,097,540 6,257,199 Noncontrolling interests - consolidated real estate entities 27,894 22,756 Total equity 6,125,434 6,279,955 Total liabilities and equity $ 11,812,369 $ 11,484,503 (1) Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023 are 143,822 and 142,546, respectively. See accompanying notes to consolidated financial statements. F-5 Mid-America Apartment Communities, Inc. Consolidated Statements of Operations Years ended December 31, 2024, 2023 and 2022 (Dollars in thousands, except per share data) 2024 2023 2022 Revenues: Rental and other property revenues $ 2,191,015 $ 2,148,468 $ 2,019,866 Expenses: Operating expenses, excluding real estate taxes and insurance 502,735 461,540 435,108 Real estate taxes and insurance 317,357 306,601 288,586 Depreciation and amortization 585,616 565,063 542,998 Total property operating expenses 1,405,708 1,333,204 1,266,692 Property management expenses 72,040 67,784 65,463 General and administrative expenses 56,516 58,578 58,833 Interest expense 168,544 149,234 154,747 (Gain) loss on sale of depreciable real estate assets (55,003) 62 (214,762) Gain on sale of non-depreciable real estate assets — (54) (809) Other non-operating (income) expense (1,655) (31,185) 42,713 Income before income tax (expense) benefit 544,865 570,845 646,989 Income tax (expense) benefit (5,240) (4,744) 6,208 Income from continuing operations before real estate joint venture activity 539,625 566,101 653,197 Income from real estate joint venture 1,951 1,730 1,579 Net income 541,576 567,831 654,776 Net income attributable to noncontrolling interests 14,033 15,025 17,340 Net income available for shareholders 527,543 552,806 637,436 Dividends to MAA Series I preferred shareholders 3,688 3,688 3,688 Net income available for MAA common shareholders $ 523,855 $ 549,118 $ 633,748 Earnings per common share - basic: Net income available for MAA common shareholders $ 4.49 $ 4.71 $ 5.49 Earnings per common share - diluted: Net income available for MAA common shareholders $ 4.49 $ 4.71 $ 5.48 See accompanying notes to consolidated financial statements. F-6 Mid-America Apartment Communities, Inc. Consolidated Statements of Comprehensive Income Years ended December 31, 2024, 2023 and 2022 (Dollars in thousands) 2024 2023 2022 Net income $ 541,576 $ 567,831 $ 654,776 Other comprehensive income: Adjustment for net losses reclassified to net income from derivative instruments 1,878 1,326 1,114 Total comprehensive income 543,454 569,157 655,890 Comprehensive income attributable to noncontrolling interests (14,087) (15,063) (17,374) Comprehensive income attributable to MAA $ 529,367 $ 554,094 $ 638,516 See accompanying notes to consolidated financial statements. F-7 Mid-America Apartment Communities, Inc. Consolidated Statements of Equity Years ended December 31, 2024, 2023 and 2022 (Dollars and shares in thousands) Mid-America Apartment Communities, Inc. Shareholders Noncontrolling Preferred Stock Common Stock Additional Accumulated Distributions Accumulated Other Noncontrolling Interests - Interests - Consolidated Redeemable Shares Amount Shares Amount Paid-In Capital in Excess of Net Income Comprehensive Loss Operating Partnership Real Estate Entities Total Equity Common Stock EQUITY BALANCE DECEMBER 31, 2021 868 $ 9 115,205 $ 1,151 $ 7,230,956 $ (1,255,807 ) $ (11,132 ) $ 165,116 $ 23,614 $ 6,153,907 $ 30,185 Net income (loss) — — — — — 637,436 — 17,633 (293 ) 654,776 — Other comprehensive income - derivative instruments — — — — — — 1,080 34 — 1,114 — Issuance and registration of common shares — — 169 1 (124 ) — — — — (123 ) 1,687 Shares repurchased and retired — — (71 ) — (14,043 ) — — — — (14,043 ) — Exercise of stock options — — — — 28 — — — — 28 — Shares issued in exchange for common units — — 41 — 2,118 — — (2,118 ) — — — Shares reclassified to liabilities — — — — — — — — — — (2,148 ) Redeemable stock fair market value adjustment — — — — — 9,053 — — — 9,053 (9,053 ) Adjustment for noncontrolling interests in Operating Partnership — — — — 1,199 — — (1,199 ) — — — Amortization of unearned compensation — — — — 20,143 — — — — 20,143 — Dividends on preferred stock — — — — — (3,688 ) — — — (3,688 ) — Dividends on common stock ($4.9875 per share) — — — — — (575,848 ) — — — (575,848 ) — Distributions on noncontrolling interests units ($4.9875 per unit) — — — — — — — (15,871 ) — (15,871 ) — Acquisition of noncontrolling interest — — — — (37,443 ) — — — (5,627 ) (43,070 ) — Contributions from noncontrolling interest — — — — — — — — 3,370 3,370 — EQUITY BALANCE DECEMBER 31, 2022 868 $ 9 115,344 $ 1,152 $ 7,202,834 $ (1,188,854 ) $ (10,052 ) $ 163,595 $ 21,064 $ 6,189,748 $ 20,671 Net income — — — — — 552,806 — 14,963 62 567,831 — Other comprehensive income - derivative instruments — — — — — — 1,288 38 — 1,326 — Issuance and registration of common shares — — 1,244 12 203,333 — — — — 203,345 2,135 Shares repurchased and retired — — (57 ) — (7,870 ) — — — — (7,870 ) — Shares issued in exchange for common units — — 21 — 1,092 — — (1,092 ) — — — Shares issued in exchange for redeemable stock — — — 4 577 — — — — 581 (581 ) Redeemable stock fair market value adjustment — — — — — 3,058 — — — 3,058 (3,058 ) Adjustment for noncontrolling interests in Operating Partnership — — — — (3,486 ) — — 3,486 — — — Amortization of unearned compensation — — — — 18,198 — — — — 18,198 — Dividends on preferred stock — — — — — (3,688 ) — — — (3,688 ) — Dividends on common stock ($5.6700 per share) — — — — — (661,585 ) — — — (661,585 ) — Distributions on noncontrolling interests units ($5.6700 per unit) — — — — — — — (17,862 ) — (17,862 ) — Acquisition of noncontrolling interest — — — — (14,757 ) — — — (1,000 ) (15,757 ) — Contributions from noncontrolling interest — — — — — — — — 2,630 2,630 — EQUITY BALANCE DECEMBER 31, 2023 868 $ 9 116,552 $ 1,168 $ 7,399,921 $ (1,298,263 ) $ (8,764 ) $ 163,128 $ 22,756 $ 6,279,955 $ 19,167 Net income — — — — — 527,543 — 14,033 — 541,576 — Other comprehensive income - derivative instruments — — — — — — 1,824 54 — 1,878 — Issuance and registration of common shares — — 158 2 (725 ) — — — — (723 ) 2,420 Shares repurchased and retired — — (38 ) (1 ) (4,973 ) — — — — (4,974 ) — Shares issued in exchange for common units — — 68 1 3,528 — — (3,529 ) — — — Shares issued in exchange for redeemable stock — — — (4 ) 2,073 — — — — 2,069 (2,069 ) Redeemable stock fair market value adjustment — — — — — (2,712 ) — — — (2,712 ) 2,712 Adjustment for noncontrolling interests in Operating Partnership — — — — (21 ) — — 21 — — — Amortization of unearned compensation — — — — 17,650 — — — — 17,650 — Dividends on preferred stock — — — — — (3,688 ) — — — (3,688 ) — Dividends on common stock ($5.9250 per share) — — — — — (692,437 ) — — — (692,437 ) — Distributions on noncontrolling interests units ($5.9250 per unit) — — — — — — — (18,298 ) — (18,298 ) — Contributions from noncontrolling interest — — — — — — — — 5,138 5,138 — EQUITY BALANCE DECEMBER 31, 2024 868 $ 9 116,740 $ 1,166 $ 7,417,453 $ (1,469,557 ) $ (6,940 ) $ 155,409 $ 27,894 $ 6,125,434 $ 22,230 See accompanying notes to consolidated financial statements. F-8 Mid-America Apartment Communities, Inc. Consolidated Statements of Cash Flows Years ended December 31, 2024, 2023 and 2022 (Dollars in thousands) 2024 2023 2022 Cash flows from operating activities: Net income $ 541,576 $ 567,831 $ 654,776 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 586,402 565,857 544,004 (Gain) loss on sale of depreciable real estate assets (55,003 ) 62 (214,762 ) Gain on sale of non-depreciable real estate assets — (54 ) (809 ) Gain on consolidation of third-party development (11,239 ) — — Loss (gain) on embedded derivative in preferred shares 18,751 (18,528 ) 21,107 Stock compensation expense 15,789 15,699 18,798 Amortization of debt issuance costs, discounts and premiums 6,036 5,909 6,064 (Gain) loss on investments (7,809 ) (4,449 ) 45,357 Net change in operating accounts and other operating activities 3,789 4,860 (16,056 ) Net cash provided by operating activities 1,098,292 1,137,187 1,058,479 Cash flows from investing activities: Purchases of real estate and other assets (301,071 ) (223,453 ) (271,428 ) Capital improvements and other (322,372 ) (341,224 ) (296,176 ) Development costs (313,888 ) (198,152 ) (172,124 ) Distributions from real estate joint venture 327 312 538 Contributions to affiliates (2,874 ) (16,636 ) (13,849 ) Proceeds from real estate asset dispositions 84,209 2,946 320,491 Proceeds from sale of markable equity securities 9,975 — — Net proceeds from insurance recoveries 20,195 945 27,312 Net cash used in investing activities (825,499 ) (775,262 ) (405,236 ) Cash flows from financing activities: Net (payments of) proceeds from commercial paper (245,000 ) 475,000 20,000 Proceeds from notes payable 1,091,646 — — Principal payments on notes payable (400,000 ) (353,861 ) (126,401 ) Payment of deferred financing costs (10,317 ) (2 ) (5,516 ) Distributions to noncontrolling interests (18,260 ) (17,671 ) (14,927 ) Dividends paid on common shares (686,900 ) (651,717 ) (539,605 ) Dividends paid on preferred shares (3,688 ) (3,688 ) (3,688 ) Proceeds from issuances of common shares 1,230 205,070 1,083 Acquisition of noncontrolling interests — (15,757 ) (43,070 ) Net change in other financing activities 166 (5,279 ) (10,646 ) Net cash used in financing activities (271,123 ) (367,905 ) (722,770 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1,670 (5,980 ) (69,527 ) Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071 130,598 Cash, cash equivalents and restricted cash, end of period $ 56,761 $ 55,091 $ 61,071 The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets: Reconciliation of cash, cash equivalents and restricted cash at period end: Cash and cash equivalents $ 43,018 $ 41,314 $ 38,659 Restricted cash 13,743 13,777 22,412 Total cash, cash equivalents and restricted cash $ 56,761 $ 55,091 $ 61,071 Supplemental information: Interest paid $ 164,883 $ 157,566 $ 157,497 Income taxes paid 3,343 4,002 3,490 Non-cash transactions: Distributions on common shares/ units declared and accrued $ 181,738 $ 176,162 $ 166,103 Accrued construction in progress 32,903 23,345 16,484 Interest capitalized 17,435 12,376 8,728 Conversion of OP Units to shares of common stock 3,529 1,092 2,118 See accompanying notes to consolidated financial statements. F-9 Mid-America Apartments, L.P. Consolidated Balance Sheets December 31, 2024 and 2023 (Dollars in thousands) December 31, 2024 December 31, 2023 Assets Real estate assets: Land $ 2,096,912 $ 2,031,403 Buildings and improvements and other 14,160,799 13,515,949 Development and capital improvements in progress 470,282 385,405 16,727,993 15,932,757 Less: Accumulated depreciation (5,327,584) (4,864,690) 11,400,409 11,068,067 Undeveloped land 73,359 73,861 Investment in real estate joint venture 41,650 41,977 Real estate assets, net 11,515,418 11,183,905 Cash and cash equivalents 43,018 41,314 Restricted cash 13,743 13,777 Other assets 232,426 245,507 Assets held for sale 7,764 — Total assets $ 11,812,369 $ 11,484,503 Liabilities and capital Liabilities: Unsecured notes payable $ 4,620,690 $ 4,180,084 Secured notes payable 360,267 360,141 Accrued expenses and other liabilities 683,748 645,156 Due to general partner 19 19 Total liabilities 5,664,724 5,185,400 Redeemable common units 22,230 19,167 Operating Partnership capital: Preferred units, 867,846 preferred units outstanding as of December 31, 2024 and December 31, 2023, respectively 66,840 66,840 General partner, 116,883,421 and 116,694,124 OP Units outstanding as of December 31, 2024 and December 31, 2023, respectively (1) 5,882,336 6,036,154 Limited partners, 3,075,552 and 3,143,972 OP Units outstanding as of December 31, 2024 and December 31, 2023, respectively (1) 155,409 163,128 Accumulated other comprehensive loss (7,064) (8,942) Total operating partners’ capital 6,097,521 6,257,180 Noncontrolling interests - consolidated real estate entities 27,894 22,756 Total equity 6,125,415 6,279,936 Total liabilities and equity $ 11,812,369 $ 11,484,503 (1) Number of units outstanding represents total OP Units regardless of classification on the Consolidated Balance Sheets. The number of units classified as redeemable common units on the Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023 are 143,822 and 142,546, respectively. See accompanying notes to consolidated financial statements. F-10 Mid-America Apartments, L.P. Consolidated Statements of Operations Years ended December 31, 2024, 2023 and 2022 (Dollars in thousands, except per unit data) 2024 2023 2022 Revenues: Rental and other property revenues $ 2,191,015 $ 2,148,468 $ 2,019,866 Expenses: Operating expenses, excluding real estate taxes and insurance 502,735 461,540 435,108 Real estate taxes and insurance 317,357 306,601 288,586 Depreciation and amortization 585,616 565,063 542,998 Total property operating expenses 1,405,708 1,333,204 1,266,692 Property management expenses 72,040 67,784 65,463 General and administrative expenses 56,516 58,578 58,833 Interest expense 168,544 149,234 154,747 (Gain) loss on sale of depreciable real estate assets (55,003) 62 (214,762) Gain on sale of non-depreciable real estate assets — (54) (809) Other non-operating (income) expense (1,655) (31,185) 42,713 Income before income tax (expense) benefit 544,865 570,845 646,989 Income tax (expense) benefit (5,240) (4,744) 6,208 Income from continuing operations before real estate joint venture activity 539,625 566,101 653,197 Income from real estate joint venture 1,951 1,730 1,579 Net income 541,576 567,831 654,776 Net income (loss) attributable to noncontrolling interests — 62 (293) Net income available for MAALP unitholders 541,576 567,769 655,069 Distributions to MAALP preferred unitholders 3,688 3,688 3,688 Net income available for MAALP common unitholders $ 537,888 $ 564,081 $ 651,381 Earnings per common unit - basic: Net income available for MAALP common unitholders $ 4.49 $ 4.71 $ 5.49 Earnings per common unit - diluted: Net income available for MAALP common unitholders $ 4.49 $ 4.71 $ 5.48 See accompanying notes to consolidated financial statements. F-11 Mid-America Apartments, L.P. Consolidated Statements of Comprehensive Income Years ended December 31, 2024, 2023 and 2022 (Dollars in thousands) 2024 2023 2022 Net income $ 541,576 $ 567,831 $ 654,776 Other comprehensive income: Adjustment for net losses reclassified to net income from derivative instruments 1,878 1,326 1,114 Total comprehensive income 543,454 569,157 655,890 Comprehensive (income) loss attributable to noncontrolling interests — (62) 293 Comprehensive income attributable to MAALP $ 543,454 $ 569,095 $ 656,183 See accompanying notes to consolidated financial statements. F-12 Mid-America Apartments, L.P. Consolidated Statements of Changes in Capital Years ended December 31, 2024, 2023 and 2022 (Dollars in thousands) Mid-America Apartments, L.P. Unitholders Noncontrolling Limited Partner General Partner Preferred Units Accumulated Other Comprehensive Loss Interests - Consolidated Real Estate Entities Total Partnership Capital Redeemable Common Units CAPITAL BALANCE DECEMBER 31, 2021 $ 165,116 $ 5,909,700 $ 66,840 $ (11,382 ) $ 23,614 $ 6,153,888 $ 30,185 Net income (loss) 17,633 633,748 3,688 — (293 ) 654,776 — Other comprehensive income - derivative instruments — — — 1,114 — 1,114 — Issuance of units — (123 ) — — — (123 ) 1,687 Units repurchased and retired — (14,043 ) — — — (14,043 ) — Exercise of unit options — 28 — — — 28 — General partner units issued in exchange for limited partner units (2,118 ) 2,118 — — — — — Shares reclassified to liabilities — — — — — — (2,148 ) Units issued in exchange for redeemable units — 9,053 — — — 9,053 (9,053 ) Adjustment for limited partners’ capital at redemption value (1,165 ) 1,165 — — — — — Amortization of unearned compensation — 20,143 — — — 20,143 — Distributions to preferred unitholders — — (3,688 ) — — (3,688 ) — Distributions to common unitholders ($4.9875 per unit) (15,871 ) (575,848 ) — — — (591,719 ) — Acquisition of noncontrolling interest — (37,443 ) — — (5,627 ) (43,070 ) — Contribution from noncontrolling interest — — — — 3,370 3,370 — CAPITAL BALANCE DECEMBER 31, 2022 $ 163,595 $ 5,948,498 $ 66,840 $ (10,268 ) $ 21,064 $ 6,189,729 $ 20,671 Net income 14,963 549,118 3,688 — 62 567,831 — Other comprehensive income - derivative instruments — — — 1,326 — 1,326 — Issuance of units — 203,345 — — — 203,345 2,135 Units repurchased and retired — (7,870 ) — — — (7,870 ) — General partner units issued in exchange for limited partner units (1,092 ) 1,092 — — — — — Units issued in exchange for redeemable units — 581 — — — 581 (581 ) Redeemable units fair market value adjustment — 3,058 — — — 3,058 (3,058 ) Adjustment for limited partners’ capital at redemption value 3,524 (3,524 ) — — — — — Amortization of unearned compensation — 18,198 — — — 18,198 — Distributions to preferred unitholders — — (3,688 ) — — (3,688 ) — Distributions to common unitholders ($5.6700 per unit) (17,862 ) (661,585 ) — — — (679,447 ) — Acquisition of noncontrolling interest — (14,757 ) — — (1,000 ) (15,757 ) — Contribution from noncontrolling interest — — — — 2,630 2,630 — CAPITAL BALANCE DECEMBER 31, 2023 $ 163,128 $ 6,036,154 $ 66,840 $ (8,942 ) $ 22,756 $ 6,279,936 $ 19,167 Net income 14,033 523,855 3,688 — — 541,576 — Other comprehensive income - derivative instruments — — — 1,878 — 1,878 — Issuance of units — (723 ) — — — (723 ) 2,420 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 units — 2,069 — — — 2,069 (2,069 ) Redeemable units fair market value adjustment — (2,712 ) — — — (2,712 ) 2,712 Adjustment for limited partners’ capital at redemption value 75 (75 ) — — — — — Amortization of unearned compensation — 17,650 — — — 17,650 — Distributions to preferred unitholders — — (3,688 ) — — (3,688 ) — Distributions to common unitholders ($5.9250 per unit) (18,298 ) (692,437 ) — — — (710,735 ) — Contribution from noncontrolling interest — — — — 5,138 5,138 — CAPITAL BALANCE DECEMBER 31, 2024 $ 155,409 $ 5,882,336 $ 66,840 $ (7,064 ) $ 27,894 $ 6,125,415 $ 22,230 See accompanying notes to consolidated financial statements. F-13 Mid-America Apartments, L.P. Consolidated Statements of Cash Flows Years ended December 31, 2024, 2023 and 2022 (Dollars in thousands) 2024 2023 2022 Cash flows from operating activities: Net income $ 541,576 $ 567,831 $ 654,776 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 586,402 565,857 544,004 (Gain) loss on sale of depreciable real estate assets (55,003 ) 62 (214,762 ) Gain on sale of non-depreciable real estate assets — (54 ) (809 ) Gain on consolidation of third-party development (11,239 ) — — Loss (gain) on embedded derivative in preferred shares 18,751 (18,528 ) 21,107 Stock compensation expense 15,789 15,699 18,798 Amortization of debt issuance costs, discounts and premiums 6,036 5,909 6,064 (Gain) loss on investments (7,809 ) (4,449 ) 45,357 Net change in operating accounts and other operating activities 3,789 4,860 (16,056 ) Net cash provided by operating activities 1,098,292 1,137,187 1,058,479 Cash flows from investing activities: Purchases of real estate and other assets (301,071 ) (223,453 ) (271,428 ) Capital improvements and other (322,372 ) (341,224 ) (296,176 ) Development costs (313,888 ) (198,152 ) (172,124 ) Distributions from real estate joint venture 327 312 538 Contributions to affiliates (2,874 ) (16,636 ) (13,849 ) Proceeds from real estate asset dispositions 84,209 2,946 320,491 Proceeds from sale of markable equity securities 9,975 — — Net proceeds from insurance recoveries 20,195 945 27,312 Net cash used in investing activities (825,499 ) (775,262 ) (405,236 ) Cash flows from financing activities: Net (payments of) proceeds from commercial paper (245,000 ) 475,000 20,000 Proceeds from notes payable 1,091,646 — — Principal payments on notes payable (400,000 ) (353,861 ) (126,401 ) Payment of deferred financing costs (10,317 ) (2 ) (5,516 ) Distributions paid on common units (705,160 ) (669,388 ) (554,532 ) Distributions paid on preferred units (3,688 ) (3,688 ) (3,688 ) Proceeds from issuances of common units 1,230 205,070 1,083 Acquisition of noncontrolling interests — (15,757 ) (43,070 ) Net change in other financing activities 166 (5,279 ) (10,646 ) Net cash used in financing activities (271,123 ) (367,905 ) (722,770 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1,670 (5,980 ) (69,527 ) Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071 130,598 Cash, cash equivalents and restricted cash, end of period $ 56,761 $ 55,091 $ 61,071 The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets: Reconciliation of cash, cash equivalents and restricted cash at period end: Cash and cash equivalents $ 43,018 $ 41,314 $ 38,659 Restricted cash 13,743 13,777 22,412 Total cash, cash equivalents and restricted cash $ 56,761 $ 55,091 $ 61,071 Supplemental information: Interest paid $ 164,883 $ 157,566 $ 157,497 Income taxes paid 3,343 4,002 3,490 Non-cash transactions: Distributions on common units declared and accrued $ 181,738 $ 176,162 $ 166,103 Accrued construction in progress 32,903 23,345 16,484 Interest capitalized 17,435 12,376 8,728 See accompanying notes to consolidated financial statements. F-14 Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. Notes to Consolidated Financial Statements Years ended December 31, 2024, 2023 and 2022 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 December 31, 2024, MAA owned 116,883,421 OP Units (or 97.4% 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 consolidated financial statements of MAA and the Operating Partnership results in the following benefits: • enhances a readers’ understanding of MAA and the Operating Partnership by enabling the reader 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 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 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 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. F-15 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 December 31, 2024, 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 December 31, 2024, the Company also had seven development communities under construction, totaling 2,312 apartment units once complete, and development costs of $477.2 million had been incurred through December 31, 2024 with respect to those development communities. The Company expects to complete two of these developments in 2025, four in 2026 and one in 2027. As of December 31, 2024, 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 December 31, 2024. Basis of Presentation and Principles of Consolidation The accompanying 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 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 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 December 31, 2024, 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 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 after intercompany eliminations. As of December 31, 2023, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $265.1 million, and consolidated liabilities were $12.9 million after intercompany eliminations. During the year ended December 31, 2023, the Company paid $15.8 million to acquire the noncontrolling interest of a consolidated real estate entity. F-16 In July 2024, the Company agreed to finance substantially all of a third-party’s development of a 239-unit multifamily apartment community currently under construction located in Charlotte, North Carolina. The development was determined to be a VIE with the Company designated as the primary beneficiary, resulting in the consolidation of the development by the Company and the recognition of $11.2 million of gain on the consolidation of a third-party development included within “Other non-operating (income) expense” in the Consolidated Statements of Operations. The Company initially funded $70.5 million upon entering into the financing agreement. The initial and ongoing funding are included within “Development costs” in the Consolidated Statements of Cash Flows. This development is expected to deliver its first units in the third quarter of 2025, to be completed in the first quarter of 2026 and to reach stabilization in the fourth quarter of 2026 at a total cost of approximately $112 million. The Company has the option to purchase the development once it is stabilized. Real Estate Assets and Depreciation and Amortization Real estate assets are carried at depreciated cost and consist of land, buildings and improvements and other, and development and capital improvements in progress (see “Development Costs” below). Repairs and maintenance costs are expensed as incurred, while significant improvements, renovations and recurring capital replacements are capitalized and depreciated over their estimated useful lives. Recurring capital replacements typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. In addition to these costs, the Company also capitalizes salary costs directly identifiable with renovation work. These expenditures extend the useful life of the property and increase the property’s fair market value. The cost of interior painting and blinds are typically expensed as incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which range from three to 40 years. The line item “Buildings and improvements and other” in the Consolidated Balance Sheets includes land improvements and buildings, which have a useful life ranging from five to 40 years, as well as furniture, fixtures and equipment, which have a useful life of three to five years. Development Costs Development projects and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary costs during the construction period, are capitalized and reported in the accompanying Consolidated Balance Sheets as “Development and capital improvements in progress” during the construction period. Interest is capitalized in accordance with accounting standards governing the capitalization of interest. Upon completion and certification for occupancy of individual buildings or floors within a development, amounts representing the completed portion of total estimated development costs for the project are transferred to “Buildings and improvements and other” as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer. The assets are depreciated over their estimated useful lives. Total capitalized costs (including capitalized interest, property taxes, insurance and salaries) during the years ended December 31, 2024, 2023 and 2022 were $26.0 million, $20.6 million and $14.4 million, respectively. Certain costs associated with the lease-up of development projects, including cost of model units, furnishings and signs, are capitalized and amortized over their respective estimated useful lives. All other costs relating to renting development projects are expensed as incurred. Acquisition of Real Estate Assets In accordance with Accounting Standards Codification, or ASC, Topic 805, Business Combinations, most acquisitions of operating properties qualify as an asset acquisition. Accordingly, the cost of the real estate acquired, including acquisition costs, is allocated to the acquired tangible assets, consisting of land, buildings and improvements and other, and identified intangible assets, consisting of the value of in-place leases and other contracts, on a relative fair value basis. Acquisition costs include appraisal fees, title fees, broker fees and other legal costs to acquire the property. The purchase price of an acquired property is allocated based on the relative fair value of the individual components as a proportion of the total assets acquired. The Company allocates the cost of the tangible assets of an acquired property by valuing the building as if it were vacant, based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a building using methods similar to those used by independent appraisers. These methods include using stabilized net operating income, or NOI, and market specific capitalization and discount rates. The Company allocates the cost of land based on its relative fair value if acquired with a multifamily community or records the value based on the purchase price paid if acquired separately. In allocating the cost of identified intangible assets of an acquired property, the in-place leases are valued based on current rent rates and time and cost to lease a unit. Management concluded that the residential leases acquired in connection with each of its property acquisitions approximate at-market rates since the residential lease terms generally do not extend beyond one year. For residential leases, the fair value of the in-place leases and resident relationships is amortized over the remaining term of the resident leases. For retail and commercial leases, the fair value of in-place leases and tenant relationships is amortized over the remaining term of the leases. The net amount of these lease intangibles included in “Other assets” totaled $1.0 million and $1.6 million as of December 31, 2024 and 2023, respectively. F-17 Impairment of Long-lived Assets The Company accounts for long-lived assets in accordance with the provisions of accounting standards for the impairment or disposal of long- lived assets. Management periodically evaluates long-lived assets, including investments in real estate, for indicators that would suggest that the carrying amount of the assets may not be recoverable. The judgments regarding the existence of such indicators are based on factors such as operating performance, market conditions and legal factors. Long-lived assets, such as real estate assets, equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. Undeveloped Land Undeveloped land includes sites intended for future multifamily developments and sites for future commercial development, which are carried at cost and evaluated for impairment when indicators are present. Any costs incurred prior to commencement of pre-development activities are expensed as incurred. Cash and Cash Equivalents Investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. Restricted Cash Restricted cash consists of security deposits required to be held separately, escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves, and cash held for exchanges under Section 1031(b) of the Internal Revenue Code of 1986, as amended, or the Code. Cash held for Section 1031(b) exchanges is presented within “Cash, cash equivalents and restricted cash” in the accompanying Consolidated Statements of Cash Flows. 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 $41.7 million and $42.0 million as of December 31, 2024 and 2023, respectively, and is included in “Investment in real estate joint venture” in the accompanying 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 December 31, 2024 and 2023, the Company’s investments in the limited partnerships were $62.2 million and $46.5 million, respectively, and are included in “Other assets” in the accompanying Consolidated Balance Sheets, with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at estimated fair value, recognized in “Other non-operating (income) expense” in the accompanying Consolidated Statements of Operations. During the years ended December 31, 2024, 2023 and 2022, the Company recognized $13.1 million of income, $1.6 million of income and $35.4 million of expense, respectively, from its investments in the limited partnerships. As of December 31, 2024, the Company was committed to make additional capital contributions totaling $30.6 million if and when called by the general partners of the limited partnerships. Other Assets Other assets consist primarily of receivables, the value of derivative contracts, right-of-use lease assets, investments in technology-focused limited partnerships, marketable equity securities, deferred rental concessions, the unamortized value of in-place leases and resident relationships, deferred financing costs relating to the revolving credit facility and commercial paper program and other prepaid expenses. F-18 Marketable Equity Securities Two of the technology-focused limited partnerships that are accounted for as investments in unconsolidated affiliates have distributed publicly traded marketable equity securities to the Company and the other limited partners. During the year ended December 31, 2024, the Company did not receive any marketable equity securities. During the years ended December 31, 2023 and 2022, the Company received marketable equity securities totaling $7.7 million and $18.0 million, respectively, which are noncash investing activities. 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 Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in “Other non- operating (income) expense” in the accompanying Consolidated Statements of Operations. As of December 31, 2024 and 2023, the Company’s investment in the marketable equity securities was $3.3 million and $18.6 million, respectively. During the year ended December 31, 2024, the Company sold a portion of the marketable securities for net proceeds of $10.0 million and recognized a net realized gain on sale of $8.3 million. During the years ended December 31, 2024, 2023 and 2022, the Company recognized $5.3 million of unrealized losses, $2.9 million of unrealized gains and $10.0 million of unrealized losses, respectively, from its investment in marketable equity securities. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of accrued dividends payable, accrued real estate taxes, unearned income, right-of-use lease liabilities, security deposits, accrued payroll, general liability and workers compensation insurance, accrued capital improvements in progress, accrued interest payable, net deferred tax liability (see Note 7), accrued loss contingencies (see Note 11), accounts payable and other accrued expenses. The following table reflects a detail of the Company’s “Accrued expenses and other liabilities” balances as of December 31, 2024 and 2023 (dollars in thousands): December 31, 2024 December 31, 2023 Accrued dividends payable $ 181,738 $ 176,162 Accrued real estate taxes 139,970 159,041 Unearned income 64,626 65,180 Accrued interest payable 35,125 21,941 Accrued capital improvements in progress 32,903 23,345 Security deposits 27,565 27,138 Accrued payroll 27,564 26,145 Right-of-use lease liabilities 26,091 27,344 General liability and workers compensation insurance 23,353 24,399 Accounts payable, accrued expenses and other 124,813 94,461 Total $ 683,748 $ 645,156 Loss Contingencies The outcomes of claims, disputes and legal proceedings are subject to significant uncertainty. The Company records an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. The Company also accrues an estimate of defense costs expected to be incurred in connection with legal matters. Management reviews these accruals quarterly and makes revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, management does not accrue the loss. However, if the loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then management discloses a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible loss, or range of loss, then a statement to that effect is disclosed. The assessment of whether a loss is probable or a reasonable possibility, and whether the loss or range of loss is reasonably estimable, often involves a series of complex judgments about future events. Among the factors considered in this assessment, are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if reasonably estimable), the progress of the matter, existing law and precedent, the opinions or views of legal counsel and other advisers, management’s experience in similar matters, the facts available to management at the time of assessment, and how the Company intends to respond, or has responded, to the proceeding or claim. Management’s assessment of these factors may change over time as individual proceedings or claims progress. For matters where management is not currently able to reasonably estimate a range of reasonably possible loss, the factors that have contributed to this determination include the following: (i) the damages sought are indeterminate; (ii) the proceedings are in the early stages; (iii) the matters involve novel or unsettled legal theories or a large or uncertain number of actual or potential cases or parties; and/or (iv) discussions with the parties in matters that are ultimately expected to be resolved through negotiation and settlement have not reached the point where management believes a reasonable estimate of loss, or range of loss, can be made. The Company believes that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. See Note 11 for additional disclosures regarding loss contingencies. F-19 Equity Forward Sale Agreements In August 2021, MAA entered into, and in the future may enter into, forward sale agreements for the sale and issuance of shares of its common stock, either through an underwritten public offering or through MAA’s at-the-market share offering program, or ATM program. When MAA enters into a forward sale agreement, the contract requires MAA to sell its shares to a counterparty at a predetermined price at a future date, which price is subject to adjustment during the term of the contract for MAA’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. MAA generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company accounts for the shares of MAA’s common stock reserved for issuance upon settlement as equity in accordance with ASC Topic 815-40, Contracts in Entity’s Own Equity, which permits equity classification when a contract is considered indexed to its own stock and the contract requires or permits the issuing entity to settle the contract in shares (either physically or net in shares). The guidance in ASC Topic 815-40 establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock by evaluating the instrument’s contingent exercise provisions and the instrument’s settlement provisions. In evaluating the forward sale agreements MAA entered into, management concluded that (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market of MAA’s common stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to MAA’s common stock. Before the issuance of shares of MAA’s common stock upon physical or net share settlement of the forward sale agreements, the shares issuable upon settlement of the forward sale agreements are reflected in MAA’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sale agreements over the number of shares of common stock that could be purchased by MAA in the open market (based on the average market price during the period) using the proceeds to be received upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When MAA physically or net share settles a forward sale agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic earnings per share. See Note 8 for additional disclosures regarding equity forward sale agreements. 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 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 non-lease 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 non-lease 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 13. 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 13. Advertising Costs Costs associated with advertising activities are expensed as incurred and were $31.7 million, $26.6 million and $24.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. F-20 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 December 31, 2024 and 2023, right-of- use assets recorded within “Other assets” totaled $40.5 million and $42.5 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $26.1 million and $27.3 million, respectively, in the Consolidated Balance Sheets. Lease expense recognized for the years ended December 31, 2024, 2023 and 2022 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the years ended December 31, 2024 and 2023 was also immaterial. See Note 11 for additional disclosures regarding leases. Income Taxes MAA has elected to be taxed as a REIT under the Code and intends to continue to operate in such a manner. The current and continuing qualification as a REIT depends on MAA’s ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership and certain requirements with respect to the nature and diversity of MAA’s assets and sources of MAA’s gross income. As long as MAA qualifies for taxation as a REIT, it will generally not be subject to U.S. federal corporate income tax on its taxable income that is currently distributed to shareholders. This treatment substantially eliminates the “double taxation” (i.e., income taxation at both the corporate and shareholder levels) that generally results from an investment in a corporation. Even if MAA qualifies as a REIT, MAA may be subject to U.S. federal income and excise taxes in certain situations, such as if MAA fails to distribute timely all of its taxable income with respect to a taxable year. MAA also will be required to pay a 100% tax on any net income on non-arm’s length transactions between MAA and one of its taxable REIT subsidiaries, or TRS. Furthermore, MAA and its shareholders may be subject to state or local taxation in various state or local jurisdictions, including those in which MAA transacts business or its shareholders reside, and the applicable state and local tax laws may not conform to the U.S. federal income tax treatment. Any taxes imposed on MAA would reduce its operating cash flows and net income. The Company has elected TRS status for certain of its corporate subsidiaries. As a result, the TRS incur both federal and state income taxes on any taxable income after consideration of any net operating losses. The TRS use the liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. A valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax assets will not be realized. The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. See Note 7 for additional disclosures regarding income taxes. 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 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 6 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 of the fair value hierarchy. Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with GAAP. Actual results could differ from those estimates. F-21 Recently Issued Accounting Pronouncement In 2023, the Financial Accounting Standards Board issued Accounting Standard Update, or ASU, 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures about federal, state and foreign income taxes in an entity’s income tax rate reconciliation table and regarding cash taxes paid. This ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact this standard may have on the consolidated financial statements and related disclosures upon adoption. 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 year ended December 31, 2024, MAA’s diluted earnings per share was computed using the two-class method, and for the years ended December 31, 2023 and 2022, MAA’s diluted earnings per share was computed using the treasury stock method, as presented below (dollars and shares in thousands, except per share amounts): Calculation of Earnings per common share - basic 2024 2023 2022 Net income $ 541,576 $ 567,831 $ 654,776 Net income attributable to noncontrolling interests (14,033) (15,025) (17,340) Unvested restricted shares (allocation of earnings) (75) (224) (438) Dividends to MAA Series I preferred shareholders (3,688) (3,688) (3,688) Net income available for MAA common shareholders, adjusted $ 523,780 $ 548,894 $ 633,310 Weighted average common shares - basic 116,776 116,521 115,344 Earnings per common share - basic $ 4.49 $ 4.71 $ 5.49 Calculation of Earnings per common share - diluted Net income $ 541,576 $ 567,831 $ 654,776 Net income attributable to noncontrolling interests (1) (14,033) (15,025) (17,340) Unvested restricted shares (allocation of earnings) (75) — — Dividends to MAA Series I preferred shareholders (3,688) (3,688) (3,688) Net income available for MAA common shareholders, adjusted $ 523,780 $ 549,118 $ 633,748 Weighted average common shares - basic 116,776 116,521 115,344 Effect of dilutive securities — 124 239 Weighted average common shares - diluted 116,776 116,645 115,583 Earnings per common share - diluted $ 4.49 $ 4.71 $ 5.48 (1) For the years ended December 31, 2024, 2023 and 2022, 3.1 million, 3.1 million and 3.2 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive. F-22 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 year ended December 31, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the years ended December 31, 2023 and 2022, MAALP’s diluted earnings per common unit was computed using the treasury stock method, as presented below (dollars and units in thousands, except per unit amounts): Calculation of Earnings per common unit - basic 2024 2023 2022 Net income $ 541,576 $ 567,831 $ 654,776 Net (income) loss attributable to noncontrolling interests — (62) 293 Unvested restricted units (allocation of earnings) (75) (224) (438) Distributions to MAALP Series I preferred unitholders (3,688) (3,688) (3,688) Net income available for MAALP common unitholders, adjusted $ 537,813 $ 563,857 $ 650,943 Weighted average common units - basic 119,875 119,674 118,538 Earnings per common unit - basic $ 4.49 $ 4.71 $ 5.49 Calculation of Earnings per common unit - diluted Net income $ 541,576 $ 567,831 $ 654,776 Net (income) loss attributable to noncontrolling interests — (62) 293 Unvested restricted units (allocation of earnings) (75) — — Distributions to MAALP Series I preferred unitholders (3,688) (3,688) (3,688) Net income available for MAALP common unitholders, adjusted $ 537,813 $ 564,081 $ 651,381 Weighted average common units - basic 119,875 119,674 118,538 Effect of dilutive securities — 124 239 Weighted average common units - diluted 119,875 119,798 118,777 Earnings per common unit - diluted $ 4.49 $ 4.71 $ 5.48 4. Stock-Based Compensation Overview MAA 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. F-23 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.” Total compensation expense under the Stock Plans was $17.7 million, $18.3 million and $20.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Of these amounts, total compensation expense capitalized was $1.9 million, $2.5 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the total unrecognized compensation expense was $13.7 million. This cost is expected to be recognized over the remaining weighted average period of 0.8 years. Total cash paid for the settlement of plan shares totaled $5.0 million, $7.9 million and $14.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Information concerning grants under the Stock Plans is provided below. Restricted Stock In general, restricted stock is earned based on either a service condition, market condition, performance condition or a combination thereof and generally vests ratably over a period from the grant date up to three years. Service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of MAA common stock on the date of grant. Market based awards are earned when MAA reaches a specified stock price or specified return on the stock price (price appreciation plus dividends) and are valued on the grant date using a Monte Carlo simulation. Performance based awards are earned when MAA reaches certain operational goals, such as funds available for distribution targets, and are valued based upon the market price of MAA common stock on the date of grant as well as the probability of reaching the stated targets. MAA remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The weighted average grant date fair value per share of restricted stock awards granted during the years ended December 31, 2024, 2023 and 2022, was $85.94, $102.55 and $144.77, respectively. The following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended December 31, 2024, 2023 and 2022: 2024 2023 2022 Risk free rate 4.158% 4.096% 1.010% Dividend yield 4.449% 3.550% 2.024% Volatility 22.87% 28.99% 25.84% Requisite service period 3 years 3 years 3 years The risk free rate was based on a zero coupon risk-free rate. The dividend yield was based on the closing stock price of MAA stock on the date of grant. Volatility for MAA was obtained by using a blend of both historical and implied volatility calculations. Historical volatility was based on the standard deviation of daily total continuous returns, and implied volatility was based on the trailing month average of daily implied volatilities interpolating between the volatilities implied by stock call option contracts that were closest to the terms shown and closest to the money. The requisite service period is based on the criteria for the separate restricted stock awards according to the related vesting schedule. A summary of the status of the nonvested restricted shares as of December 31, 2024, and the changes for the year ended December 31, 2024, is presented below: Nonvested Shares Shares Weighted Average Grant-Date Fair Value Nonvested as of January 1, 2024 96,430 $ 172.18 Issued 137,412 112.03 Vested (126,757) 115.84 Forfeited (82) 164.24 Nonvested as of December 31, 2024 107,003 $ 161.68 The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022 was $14.7 million, $17.3 million and $16.0 million, respectively. Stock Options Options to purchase 463 shares of MAA’s common stock were outstanding as of December 31, 2024. No stock options were granted or expired during the years ended December 31, 2024, 2023 and 2022. There were no options exercised during the years ended December 31, 2024 and 2023. There were 350 options exercised during the year ended 2022. These exercises resulted in net proceeds that were negligible during the year ended December 31, 2022. F-24 5. Borrowings The following table summarizes the Company’s outstanding debt as of December 31, 2024 and 2023 (dollars in thousands): As of December 31, 2024 Unsecured debt December 31, 2024 December 31, 2023 Weighted Average Effective Rate Weighted Average Contract Maturity Fixed rate senior notes $ 4,400,000 $ 3,700,000 3.7 % 5/9/2031 Variable rate commercial paper program 250,000 495,000 4.7 % 1/6/2025 Debt issuance costs, discounts and premiums (29,310 ) (14,916 ) Total unsecured debt $ 4,620,690 $ 4,180,084 3.8 % Secured debt Fixed rate property mortgages $ 363,293 $ 363,293 4.4 % 1/26/2049 Debt issuance costs (3,026 ) (3,152 ) Total secured debt $ 360,267 $ 360,141 4.4 % Total outstanding debt $ 4,980,957 $ 4,540,225 3.8 % Unsecured Revolving Credit Facility MAALP has entered into 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 bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of December 31, 2024, 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 MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of December 31, 2024, MAALP had $250.0 million of borrowings outstanding under the commercial paper program. For the year ended December 31, 2024, the average daily borrowings outstanding under the commercial paper program were $336.3 million. Unsecured Senior Notes As of December 31, 2024, 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. In January 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum and at an issue price of 99.019%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.123%. In May 2024, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300% per annum and at an issue price of 99.496%. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.382%. In June 2024, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program. In December 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2025. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.053%. In October 2023, MAALP retired $350.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program. F-25 Secured Property Mortgages As of December 31, 2024, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049. In July 2023, MAALP retired $3.0 million remaining on a mortgage associated with an apartment community prior to its June 2025 maturity. Upcoming Debt Obligations As of December 31, 2024, MAALP’s debt obligations over the next 12 months consist of approximately $650.0 million of principal obligations, including $250.0 million of commercial paper borrowings due January 2025 and $400.0 million of unsecured senior notes due November 2025. Schedule of Maturities The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2024, as well as the amortization of debt issuance costs, discounts and premiums (in thousands): Maturities Amortization Total 2025 $ 650,000 $ (660) $ 649,340 2026 300,000 (1,256) 298,744 2027 600,000 (1,879) 598,121 2028 400,000 (2,089) 397,911 2029 550,000 6,359 556,359 Thereafter 2,513,293 (32,811) 2,480,482 Total $ 5,013,293 $ (32,336) $ 4,980,957 6. 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 December 31, 2024 and 2023 totaled $4.7 billion and $4.0 billion, respectively, and had estimated fair values of $4.4 billion and $3.7 billion (excluding prepayment penalties) as of December 31, 2024 and 2023, 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 December 31, 2024 and 2023 totaled $250.0 million and $495.0 million, respectively, and the variable rate debt had estimated fair values of $250.0 million and $495.0 million as of December 31, 2024 and 2023, 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 December 31, 2024, 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 Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non- operating (income) expense” in the accompanying Consolidated Statements of Operations. As of December 31, 2024 and 2023, the fair value of the embedded derivative was $13.2 million and $31.9 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 December 31, 2024 and 2023 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 is classified as Level 1 in the fair value hierarchy. F-26 Terminated Cash Flow Hedges of Interest As of December 31, 2024, the Company had $6.9 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 $1.7 million will be reclassified to earnings as an increase to “Interest expense.” Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively (dollars in thousands): Derivatives in Cash Flow Location of Loss Reclassified Net Loss Reclassified from AOCL into Interest Expense Hedging Relationships from AOCL into Income 2024 2023 2022 Terminated interest rate swaps Interest expense $ (1,878) $ (1,326) $ (1,114) Derivatives Not Designated Location of (Loss) Gain Recognized (Loss) Gain Recognized in Earnings on Derivative as Hedging Instruments in Earnings on Derivative 2024 2023 2022 Preferred stock embedded derivative Other non-operating (income) expense $ (18,751) $ 18,528 $ (21,107) 7. Income Taxes Due 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 Subsidiaries A 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 $8.3 million for the year ended December 31, 2024, taxable income of $4.6 million for the year ended December 31, 2023 and taxable loss of $45.2 million for the year ended December 31, 2022. The Company’s TRS recognized income tax expense of $1.8 million for the year ended December 31, 2024, income tax expense of $1.0 million for the year ended December 31, 2023 and income tax benefit of $9.5 million for the year ended December 31, 2022. 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 for the year ended December 31, 2024 was $5.2 million, income tax expense for the Company for the year ended December 31, 2023 was $4.7 million and income tax benefit for the Company for the year ended December 31, 2022 was $6.2 million, as presented in “Income tax (expense) benefit” in the accompanying Consolidated Statements of Operations. As of December 31, 2024 and 2023, the components of the Company’s TRS deferred income tax assets and liabilities were as follows (dollars in thousands): December 31, 2024 December 31, 2023 Deferred tax liability: Unrealized gain from limited partnerships $ 4,048 $ 300 Unrealized gain from marketable securities & other 861 3,575 Total deferred tax liability $ 4,909 $ 3,875 Net deferred tax liability $ 4,909 $ 3,875 F-27 The net deferred tax liability balances are reflected in “Accrued expenses and other liabilities” in the accompanying Consolidated Balance Sheets. The TRS have no reserve for uncertain tax positions for the years ended December 31, 2024 and 2023, and management does not believe there will be any material changes in the TRS unrecognized tax positions over the next 12 months. If necessary, the TRS accrue interest and penalties on unrecognized tax benefits as a component of income tax expense. Net Operating Loss Carryforwards As of December 31, 2024, MAA held federal net operating loss, or NOL, carryforwards of $43.9 million for income tax purposes that expire in the years 2029 to 2032. Utilization of any NOL carryforwards is subject to an annual limitation due to ownership change limitations provided by Section 382 of the Code and similar state provisions. The annual limitations may result in the expiration of NOL carryforwards prior to utilization. MAA may use these NOL to offset all or a portion of the taxable income generated at the REIT level. Tax years 2021 through 2024 are subject to examination by the Internal Revenue Service. No tax examination is currently in process. Taxable Composition of Distributions For income tax purposes, dividends paid to holders of MAA’s common stock generally consist of ordinary income, return of capital, capital gains, qualified dividends and un-recaptured Section 1250 gains, or a combination thereof. For the years ended December 31, 2024, 2023 and 2022, dividends per common share held for the entire year were estimated to be taxable as follows: 2024 2023 2022 Amount Percentage Amount Percentage Amount Percentage Ordinary income $ 5.80 98.61% $ 5.60 100.00% $ 4.44 95.03% Capital gains 0.08 1.39% — — 0.23 4.78% Un-recaptured Section 1250 gains — — — — 0.01 0.19% Total $ 5.88 100% $ 5.60 100% $ 4.68 100% The Company designated the per share amounts above as capital gain dividends in accordance with the requirements of the Code. The difference between net income available to common shareholders for financial reporting purposes and taxable income before dividend deductions relates primarily to temporary differences such as depreciation and amortization and taxable gains on sold properties. 8. Shareholders’ Equity of MAA As of December 31, 2024, 116,883,421 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 119,958,973 common shares and units. As of December 31, 2023, 116,694,124 shares of common stock of MAA and 3,143,972 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,838,096 common shares and units. Preferred Stock As of December 31, 2024, 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 6 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. Direct Stock Purchase and Distribution Reinvestment Plan MAA has a Dividend and Distribution Reinvestment and Share Purchase Plan, or DRSPP, pursuant to which MAA’s common shareholders have the ability to reinvest all or part of their distributions from MAA into shares of MAA’s common stock and holders of Class A OP Units have the ability to reinvest all or part of their distributions from the Operating Partnership into shares of MAA’s common stock. The DRSPP also provides the opportunity to make optional cash investments in MAA’s common stock of at least $250, but not more than $5,000 in any given month. MAA, in its absolute discretion, may grant waivers to allow for optional cash payments in excess of $5,000. To fulfill its obligations under the DRSPP, MAA may either issue additional shares of common stock or repurchase common stock in the open market. MAA may elect to sell shares under the DRSPP at up to a 5% discount. Shares of MAA’s common stock totaling 10,610 in 2024, 9,787 in 2023 and 6,547 in 2022 were acquired by participants under the DRSPP. MAA did not offer a discount for optional cash purchases in 2024, 2023 or 2022. F-28 Equity Forward Sale Agreements In August 2021, MAA entered into two 18-month forward sale agreements with respect to a total of 1.1 million shares of its common stock at an initial forward sale price of $190.56 per share, which is net of issuance costs. Under the forward sale agreements, the forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and was decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. In January 2023, MAA settled its two forward sale agreements with respect to a total of 1.1 million shares at a forward price per share of $185.23, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of MAA common stock and commissions paid to sales agents, for net proceeds of $203.7 million. The impact of the forward sale agreements was not dilutive to the Company’s diluted earnings per share for the years ended December 31, 2023 and 2022. At-the-Market Equity Offering Program MAA has entered into an at-the-money equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the years ended December 31, 2024, 2023 and 2022 MAA did not sell any shares of common stock through the ATM program. As of December 31, 2024, 4.0 million shares of MAA’s common stock remained issuable under the ATM program. 9. Partners’ Capital of MAALP Common units of limited partnership interests in MAALP are represented by OP Units. As of December 31, 2024, there were 119,958,973 OP Units outstanding, 116,883,421, or 97.4%, 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 3,075,552 OP Units were Class A OP Units owned by Class A limited partners. As of December 31, 2023, there were 119,838,096 OP Units outstanding, 116,694,124, or 97.4%, of which were owned by MAA and 3,143,972 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 December 31, 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 $475.4 million, based on the closing price of MAA’s common stock on December 31, 2024 of $154.57 per share. As of December 31, 2023, a total of 3,143,972 Class A OP Units were outstanding and redeemable for 3,143,972 shares of MAA common stock, with an approximate value of $422.7 million, based on the closing price of MAA’s common stock on December 31, 2023 of $134.46 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. F-29 As of December 31, 2024, 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 December 31, 2024, 867,846 units of the MAALP Series I preferred units were outstanding and owned by MAA. See Note 6 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units. 10. Employee Benefit Plans The following provides details of the employee benefit plans not previously discussed in Note 4. 401(k) Savings Plans MAA’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 $4.9 million, $4.7 million and $4.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. Non-Qualified Executive Deferred Compensation Retirement Plan MAA 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, 2024, 2023 and 2022 of $0.3 million, $0.4 million and $0.5 million, respectively. Non-Qualified Deferred Compensation Plan for Outside Company Directors MAA 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, 2024, 2023 and 2022, directors deferred 11,439 shares, 9,459 shares and 6,122 shares of common stock, respectively, with weighted-average grant date fair values of $140.85, $145.96 and $174.76, respectively, into the Directors Deferred Compensation Plan. The shares of common stock held in the Directors Deferred Compensation Plan are classified outside of permanent equity in redeemable stock with changes in the redemption amount recorded immediately to retained earnings because the directors have redemption rights not solely within the control of MAA. Additionally, any shares that become mandatorily redeemable because a departed director has elected to receive a cash payout are recorded as a liability. As of December 31, 2024 and 2023, there was no liability related to mandatorily redeemable shares. Employee Stock Ownership Plan MAA’s Employee Stock Ownership Plan, or ESOP, is a non-contributory stock bonus plan that satisfies the requirements of Section 401(a) of the Code. On December 31, 2010, the ESOP was frozen by amendment, whereby effective January 1, 2011, no additional employees became eligible for the plan, no additional contributions were made to the ESOP, and all participants with an account balance under the ESOP became 100% vested. The Company did not contribute to the ESOP during 2024, 2023 or 2022. As of December 31, 2024, the ESOP held 122,735 shares with a fair value of $19.0 million. 11. 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 December 31, 2024, the Company’s operating leases had a weighted average remaining lease term of approximately 34 years and a weighted average discount rate of approximately 4.60%. F-30 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, 2024 (in thousands): Operating Leases 2025 $ 3,043 2026 3,093 2027 3,131 2028 1,709 2029 815 Thereafter 54,856 Total minimum lease payments 66,647 Net present value adjustments (40,556) Right-of-use lease liabilities $ 26,091 Legal Proceedings In late 2022 and early 2023, numerous putative class action lawsuits were filed against RealPage, Inc., a seller of revenue management software products, along with over 50 of the largest owners and operators of apartment communities in the country that have utilized these products, including the Company. The plaintiffs allege that RealPage and these multifamily housing owners and operators conspired to artificially inflate the prices of multifamily rents above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. 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. Another 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 in November 2023 by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company. 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 in the early stages, 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 December 31, 2024 and 2023, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $11.1 million and $7.6 million in the aggregate, respectively. The accrual for loss contingencies is presented in “Accrued expenses and other liabilities” in the accompanying Consolidated Balance Sheets and in “Other non-operating (income) expense” in the accompanying Consolidated Statements of Operations. 12. Related Party Transactions The cash management of the Company is managed by the Operating Partnership. In general, cash receipts are remitted to the Operating Partnership and all cash disbursements are funded by the Operating Partnership. As a result of these transactions, the Operating Partnership had a negligible payable to MAA, its general partner, as of December 31, 2024 and 2023 that is eliminated in the preparation of MAA’s consolidated financial statements. The Partnership Agreement does not require the due to/due from balance to be settled in cash until liquidation of the Operating Partnership, and therefore, there is no regular settlement schedule for such amounts. 13. Segment Information As of December 31, 2024, 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. F-31 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. 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. F-32 Property revenues, property operating expenses (excluding depreciation and amortization) and NOI for each reportable segment for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands): 2024 2023 2022 Revenues: Same Store Rental revenues $ 2,072,467 $ 2,063,344 $ 1,895,071 Other property revenues 12,369 11,752 11,932 Total Same Store revenues 2,084,836 2,075,096 1,907,003 Non-Same Store and Other Rental revenues 104,151 72,874 111,067 Other property revenues 2,028 498 1,796 Total Non-Same Store and Other revenues 106,179 73,372 112,863 Total rental and other property revenues $ 2,191,015 $ 2,148,468 $ 2,019,866 Expenses: Same Store Real estate taxes $ 270,584 $ 265,296 $ 244,476 Personnel 165,249 157,656 146,319 Utilities 135,810 131,197 122,563 Building repair & maintenance 97,590 95,955 85,350 Office operations 34,922 30,366 27,337 Insurance 33,088 30,713 26,031 Marketing 26,416 24,103 22,034 Total Same Store expenses 763,659 735,286 674,110 Non-Same Store and Other Total Non-Same Store and Other expenses 56,433 32,855 49,584 Total property operating expenses, excluding depreciation and amortization $ 820,092 $ 768,141 $ 723,694 Net Operating Income: Same Store NOI $ 1,321,177 $ 1,339,810 $ 1,232,893 Non-Same Store and Other NOI 49,746 40,517 63,279 Total NOI 1,370,923 1,380,327 1,296,172 Depreciation and amortization (585,616) (565,063) (542,998) Property management expenses (72,040) (67,784) (65,463) General and administrative expenses (56,516) (58,578) (58,833) Interest expense (168,544) (149,234) (154,747) Gain (loss) on sale of depreciable real estate assets 55,003 (62) 214,762 Gain on sale of non-depreciable real estate assets — 54 809 Other non-operating income (expense) 1,655 31,185 (42,713) Income tax (expense) benefit (5,240) (4,744) 6,208 Income from real estate joint venture 1,951 1,730 1,579 Net income attributable to noncontrolling interests (14,033) (15,025) (17,340) Dividends to MAA Series I preferred shareholders (3,688) (3,688) (3,688) Net income available for MAA common shareholders $ 523,855 $ 549,118 $ 633,748 Assets for each reportable segment as of December 31, 2024 and 2023 were as follows (in thousands): December 31, 2024 December 31, 2023 Assets: Same Store $ 9,673,280 $ 9,893,858 Non-Same Store and Other 1,981,457 1,391,777 Corporate 157,632 198,868 Total assets $ 11,812,369 $ 11,484,503 F-33 14. Real Estate Acquisitions and Dispositions Acquisitions 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. In November and October 2023, the Company closed on acquisitions of a 352-unit multifamily apartment community located in Charlotte, North Carolina for approximately $107 million and a 323-unit multifamily apartment community located in Phoenix, Arizona for approximately $103 million, respectively. 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. In November and February 2023, the Company acquired a half-acre land parcel in Raleigh, North Carolina for approximately $1 million and a 6-acre land parcel in Orlando, Florida for approximately $12 million, respectively. Dispositions 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, respectively. During the year ended December 31, 2023, the Company did not dispose of any multifamily apartment communities. In December 2022, the Company closed on the disposition of a 288-unit multifamily apartment community located in Austin, Texas for net proceeds of approximately $54 million, resulting in gain on the sale of depreciable real estate assets of approximately $47 million. In October 2022, the Company closed on the disposition of a 396-unit multifamily apartment community located in Maryland for net proceeds of approximately $104 million, resulting in gain on the sale of depreciable real estate assets of approximately $36 million. In June 2022, the Company closed on the dispositions of a 304- unit and a 426-unit multifamily apartment community located in Fort Worth, Texas for net proceeds of approximately $65 million and $102 million, respectively, resulting in gain on the sale of depreciable real estate assets of approximately $59 million and $73 million, respectively. During the year ended December 31, 2024, the Company did not dispose of any land parcels. In March 2023, the Company closed on the disposition of 21 acres of land in Gulf Shores, Alabama for gross proceeds of approximately $3 million, resulting in the recognition of a negligible gain on the sale of non-depreciable real estate assets. As of December 31, 2024, a 336-unit multifamily apartment community and a 240-unit multifamily apartment community located in Columbia, South Carolina were classified as held for sale. The criteria for classifying the communities as held for sale were met during December 2024, and the properties remained in the Company’s portfolio as of December 31, 2024. As a result, the assets associated with the communities were presented as “Assets held for sale” in the accompanying Consolidated Balance Sheet as of December 31, 2024. F-34 Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. Schedule III — Real Estate and Accumulated Depreciation December 31, 2024 (Dollars in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount carried as of December 31, 2024 Property Location Encumbrances Land Buildings and Fixtures Land Buildings and Fixtures Land Buildings and Fixtures Total (3) Accumulated Depreciation (4) Net Date of Construction Date Acquired Birchall at Ross Bridge Birmingham, AL $ — $ 2,641 $ 28,842 $ — $ 5,327 $ 2,641 $ 34,169 36,810 $ (15,453) $ 21,357 2009 2011 Colonial Grand at Riverchase Trails Birmingham, AL — 3,762 22,079 — 7,676 3,762 29,755 33,517 (14,581) 18,936 2010 2013 MAA Trussville Birmingham, AL — 3,403 31,813 — 8,142 3,403 39,955 43,358 (17,690) 25,668 1996/97 2013 MAA Eagle Ridge Birmingham, AL — 852 7,667 — 6,252 852 13,919 14,771 (10,681) 4,090 1986 1998 Colonial Grand at Traditions Gulf Shores, AL — 3,212 25,162 — 8,956 3,212 34,118 37,330 (15,585) 21,745 2007 2013 MAA Edgewater Huntsville, AL — 4,944 38,673 — 11,961 4,944 50,634 55,578 (21,027) 34,551 1990 2013 MAA Providence Main Huntsville, AL — 1,740 10,152 — 21,457 1,740 31,609 33,349 (19,898) 13,451 1993 1997 MAA Madison Lakes Madison, AL — 3,602 28,934 — 5,764 3,602 34,698 38,300 (15,579) 22,721 2000 2013 Cypress Village Orange Beach, AL — 1,290 12,238 — 3,920 1,290 16,158 17,448 (7,100) 10,348 2008 2013 MAA Liberty Park Vestavia Hills, AL — 3,922 30,977 — 10,438 3,922 41,415 45,337 (18,835) 26,502 2000 2013 MAA Sky View Gilbert, AZ — 2,668 14,577 — 4,565 2,668 19,142 21,810 (9,841) 11,969 2007 2009 MAA City Gate Mesa, AZ — 4,219 26,255 — 5,972 4,219 32,227 36,446 (14,190) 22,256 2002 2013 MAA Lyon's Gate Phoenix, AZ — 7,901 27,182 — 7,106 7,901 34,288 42,189 (17,899) 24,290 2007 2008 MAA Fountainhead Phoenix, AZ — (1) 12,212 56,705 — 4,744 12,212 61,449 73,661 (15,904) 57,757 2015 2016 MAA Foothills Phoenix, AZ — 12,741 47,701 — 7,891 12,741 55,592 68,333 (33,356) 34,977 2005 2006 MAA Phoenix Midtown Phoenix, AZ — 9,001 — — 74,692 9,001 74,692 83,693 (14,293) 69,400 2021 2019 MAA Central Ave Phoenix, AZ — 11,323 90,350 — 2,219 11,323 92,569 103,892 (3,834) 100,058 2022 2023 Novel Val Vista Phoenix, AZ — 7,285 — — 71,425 7,285 71,425 78,710 (2,330) 76,380 2020 2020 MAA Old Town Scottsdale Scottsdale, AZ — 7,820 51,627 — 14,011 7,820 65,638 73,458 (26,927) 46,531 1994/95 2013 MAA Camelback Scottsdale, AZ — 3,612 20,273 — 7,591 3,612 27,864 31,476 (11,458) 20,018 1999 2013 MAA SkySong Scottsdale, AZ — — 55,748 — 6,454 — 62,202 62,202 (16,338) 45,864 2014 2015 MAA River North Denver, CO — 14,500 28,900 — 42,424 14,500 71,324 85,824 (17,145) 68,679 2018 2016 MAA Promenade Denver, CO — 24,111 81,317 — 24,062 24,111 105,379 129,490 (21,984) 107,506 2017/19 2018 MAA Westglenn Denver, CO — 8,077 — — 74,720 8,077 74,720 82,797 (13,697) 69,100 2021 2018 MAA Tiffany Oaks Altamonte Springs, FL — 1,024 9,219 — 10,321 1,024 19,540 20,564 (13,510) 7,054 1985 1996 MAA Lakewood Ranch Bradenton, FL — 2,980 40,230 — 13,440 2,980 53,670 56,650 (21,636) 35,014 1999 2013 MAA Indigo Point Brandon, FL — 1,167 10,500 — 7,904 1,167 18,404 19,571 (12,278) 7,293 1989 2000 MAA Brandon Brandon, FL — 2,896 26,111 — 11,626 2,896 37,737 40,633 (27,895) 12,738 1998 1997 MAA Coral Springs Coral Springs, FL — 9,600 40,004 — 21,971 9,600 61,975 71,575 (36,970) 34,605 1996 2004 MAA Steeplegate Gainesville, FL — 1,800 15,879 — 7,340 1,800 23,219 25,019 (14,351) 10,668 1999 1998 MAA Magnolia Parke Gainesville, FL — 2,040 16,338 — 2,430 2,040 18,768 20,808 (8,700) 12,108 2009 2011 MAA Heathrow Heathrow, FL — 4,101 35,684 — 6,895 4,101 42,579 46,680 (19,727) 26,953 1997 2013 MAA 220 Riverside Jacksonville, FL — 2,381 35,514 — 10,041 2,381 45,555 47,936 (11,390) 36,546 2015 2012 MAA Town Center Jacksonville, FL — 4,000 19,495 — 5,140 4,000 24,635 28,635 (11,214) 17,421 2008 2011 MAA Mandarin North Jacksonville, FL — 854 7,500 — 5,908 854 13,408 14,262 (10,673) 3,589 1987 1995 MAA Deerwood Jacksonville, FL — 1,533 13,835 — 8,208 1,533 22,043 23,576 (16,738) 6,838 1987 1997 Lakeside Jacksonville, FL — 1,430 12,883 — 11,930 1,430 24,813 26,243 (19,464) 6,779 1985 1996 MAA Fleming Island Jacksonville, FL — 4,047 35,052 — 8,043 4,047 43,095 47,142 (28,660) 18,482 2003 2003 MAA Belmont Jacksonville, FL — 1,411 14,967 — 5,773 1,411 20,740 22,151 (12,872) 9,279 1998 1998 MAA Mandarin Lakes Jacksonville, FL — 2,857 6,475 — 24,518 2,857 30,993 33,850 (16,906) 16,944 1987/ 2008 1995 MAA Tapestry Park Jacksonville, FL — 6,417 36,069 — 4,910 6,417 40,979 47,396 (18,202) 29,194 2009 2011 MAA Atlantic Jacksonville, FL — 1,678 15,179 — 12,547 1,678 27,726 29,404 (21,575) 7,829 1986 1997 MAA Lake Mary Lake Mary, FL — (2) 6,346 41,539 — 27,707 6,346 69,246 75,592 (26,202) 49,390 2012 2013 MAA Town Park Lake Mary, FL — 9,223 66,873 — 12,621 9,223 79,494 88,717 (37,349) 51,368 2004/2005 2013 MAA Heather Glen Orlando, FL — 4,662 56,988 — 10,564 4,662 67,552 72,214 (29,964) 42,250 2000 2013 MAA Randal Lakes Orlando, FL — 8,859 50,553 — 53,475 8,859 104,028 112,887 (25,991) 86,896 2014/17 2013 MAA Robinson Orlando, FL — 6,003 — — 91,766 6,003 91,766 97,769 (16,567) 81,202 2021 2018 MAA Baldwin Park Orlando, FL — 18,101 144,200 — 8,502 18,101 152,702 170,803 (49,270) 121,533 2011 2016 MAA Crosswater Orlando, FL — 7,046 52,585 — 4,189 7,046 56,774 63,820 (16,668) 47,152 2013 2016 MAA Parkside Orlando, FL — 5,669 49,754 — 11,834 5,669 61,588 67,257 (19,372) 47,885 1999 2016 MAA Lake Nona Orlando, FL — 7,880 41,175 — 8,992 7,880 50,167 58,047 (21,885) 36,162 2006 2012 Sand Lake Orlando, FL — 7,635 — — 56,561 7,635 56,561 64,196 (10,974) 53,222 2021 2019 MAA Boggy Creek Orlando, FL — 10,879 72,838 — 137 10,879 72,975 83,854 (909) 82,945 2023 2024 MAA Palm Harbor Palm Harbor, FL — 6,900 26,613 — 6,669 6,900 33,282 40,182 (18,005) 22,177 2000 2009 Club at Panama Beach Panama City, FL — 893 14,276 — 7,590 893 21,866 22,759 (13,778) 8,981 2000 1998 MAA Twin Lakes Sanford, FL — 3,091 47,793 — 9,381 3,091 57,174 60,265 (24,848) 35,417 2005 2013 MAA Oak Grove Tallahassee, FL — 1,480 4,805 — 16,360 1,480 21,165 22,645 (16,842) 5,803 1992 1997 MAA Southwood Tallahassee, FL — 3,600 25,914 — 3,992 3,600 29,906 33,506 (10,863) 22,643 2003 2011 MAA Belmere Tampa, FL — 852 7,667 — 11,445 852 19,112 19,964 (13,323) 6,641 1984 1994 MAA Hampton Preserve Tampa, FL — 17,029 131,398 — 8,321 17,029 139,719 156,748 (37,762) 118,986 2012, 2021 2013, 2022 MAA Carrollwood Tampa, FL — 927 7,355 — 9,421 927 16,776 17,703 (11,883) 5,820 1980 1998 MAA Bay View Tampa, FL — 4,541 28,381 — 3,529 4,541 31,910 36,451 (10,202) 26,249 1997 2016 MAA Harbour Island Tampa, FL — 16,296 116,193 — 21,265 16,296 137,458 153,754 (45,979) 107,775 1997 2016 MAA Hyde Park Tampa, FL — 16,891 95,259 — 14,724 16,891 109,983 126,874 (35,874) 91,000 1994 2016 MAA Rocky Point Tampa, FL — 35,260 153,102 — 26,248 35,260 179,350 214,610 (58,193) 156,417 1994-1996 2016 MAA SoHo Square Tampa, FL — (1) 5,190 56,296 — 2,543 5,190 58,839 64,029 (16,700) 47,329 2012 2016 MAA Tampa Oaks Tampa, FL — 2,891 19,055 — 5,625 2,891 24,680 27,571 (12,748) 14,823 2005 2008 F-35 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount carried as of December 31, 2024 Property Location Encumbrances Land Buildings and Fixtures Land Buildings and Fixtures Land Buildings and Fixtures Total (3) Accumulated Depreciation (4) Net Date of Construction Date Acquired MAA Seven Oaks Wesley Chapel, FL — 3,051 42,768 — 7,038 3,051 49,806 52,857 (21,236 ) 31,621 2004 2013 MAA Windermere Windermere, FL — (1) 2,711 36,710 — 4,380 2,711 41,090 43,801 (17,541 ) 26,260 2009 2013 MAA Briarcliff Atlanta, GA — 24,614 114,921 — 12,766 24,614 127,687 152,301 (39,694 ) 112,607 1996 2016 MAA Brookhaven Atlanta, GA — 29,048 106,463 — 16,182 29,048 122,645 151,693 (40,719 ) 110,974 1989-1992 2016 MAA Brookwood Atlanta, GA — (2) 11,168 52,758 — 8,868 11,168 61,626 72,794 (26,301 ) 46,493 2008 2012 MAA Buckhead Atlanta, GA — 8,633 19,844 — 12,226 8,633 32,070 40,703 (14,687 ) 26,016 2002 2012 MAA Centennial Park Atlanta, GA — 13,650 10,950 — 63,831 13,650 74,781 88,431 (15,184 ) 73,247 2018 2016 MAA Chastain Atlanta, GA — 30,223 82,964 — 6,624 30,223 89,588 119,811 (28,378 ) 91,433 1990 2016 MAA Dunwoody Atlanta, GA — 15,799 48,054 — 8,547 15,799 56,601 72,400 (18,374 ) 54,026 1995 2016 MAA Gardens Atlanta, GA — 17,907 56,093 — 14,457 17,907 70,550 88,457 (22,939 ) 65,518 1996 2016 MAA Glen Atlanta, GA — 13,878 51,079 — 9,403 13,878 60,482 74,360 (19,619 ) 54,741 1996 2016 MAA Lenox Atlanta, GA — 23,876 165,572 — 7,598 23,876 173,170 197,046 (58,165 ) 138,881 2006/15 2016 MAA Midtown Atlanta, GA — 7,000 44,000 — 42,230 7,000 86,230 93,230 (17,514 ) 75,716 2017 2016 MAA Oglethorpe Atlanta, GA — 6,856 31,441 — 8,976 6,856 40,417 47,273 (21,270 ) 26,003 1994 2008 MAA Peachtree Hills Atlanta, GA — 11,974 55,264 — 3,025 11,974 58,289 70,263 (17,688 ) 52,575 1992-1994/2009 2016 MAA Piedmont Park Atlanta, GA — 11,025 34,277 — 6,959 11,025 41,236 52,261 (12,422 ) 39,839 1999 2016 MAA Riverside Atlanta, GA — 23,765 89,369 — 14,869 23,765 104,238 128,003 (36,830 ) 91,173 1996 2016 MAA Spring Atlanta, GA — 18,596 57,819 — 10,999 18,596 68,818 87,414 (23,389 ) 64,025 1999 2016 MAA Stratford Atlanta, GA — — 30,051 — 7,828 — 37,879 37,879 (13,489 ) 24,390 1999 2016 Novel West Midtown Atlanta, GA — 7,000 — — 84,409 7,000 84,409 91,409 (6,783 ) 84,626 2021 2021 MAA Berkeley Lake Duluth, GA — 1,960 15,707 — 4,230 1,960 19,937 21,897 (10,244 ) 11,653 1998 2013 MAA McDaniel Farm Duluth, GA — 3,985 32,206 — 8,199 3,985 40,405 44,390 (20,339 ) 24,051 1997 2013 MAA Pleasant Hill Duluth, GA — 6,753 32,202 — 9,967 6,753 42,169 48,922 (20,566 ) 28,356 1996 2013 MAA Prescott Duluth, GA — 3,840 24,011 — 9,699 3,840 33,710 37,550 (21,107 ) 16,443 2001 2004 MAA River Oaks Duluth, GA — 4,349 13,579 — 6,129 4,349 19,708 24,057 (11,248 ) 12,809 1992 2013 MAA River Place Duluth, GA — 2,059 19,158 — 7,238 2,059 26,396 28,455 (12,412 ) 16,043 1994 2013 MAA Mount Vernon Dunwoody, GA — 6,861 23,748 — 5,798 6,861 29,546 36,407 (13,239 ) 23,168 1997 2013 MAA Lake Lanier Gainesville, GA — 6,710 40,994 — 15,590 6,710 56,584 63,294 (35,190 ) 28,104 1998/ 2001 2005 MAA Shiloh Kennesaw, GA — 4,864 45,893 — 10,887 4,864 56,780 61,644 (26,378 ) 35,266 2002 2013 MAA Milstead LaGrange, GA — 3,100 29,240 — 5,720 3,100 34,960 38,060 (14,344 ) 23,716 1998 2008 MAA Barrett Creek Marietta, GA — 5,661 26,186 — 6,120 5,661 32,306 37,967 (16,220 ) 21,747 1999 2013 MAA Benton Pooler, GA — 3,550 66,347 — 10,617 3,550 76,964 80,514 (34,358 ) 46,156 2001/08 2013 MAA Avala Savannah, GA — 1,500 24,862 — 4,031 1,500 28,893 30,393 (13,198 ) 17,195 2009 2011 MAA Hammocks Savannah, GA — 2,441 36,863 — 10,118 2,441 46,981 49,422 (20,970 ) 28,452 1997 2013 MAA Huntington Savannah, GA — 2,521 8,223 — 3,740 2,521 11,963 14,484 (5,562 ) 8,922 1986 2013 MAA Georgetown Grove Savannah, GA — 1,288 11,579 — 5,243 1,288 16,822 18,110 (13,408 ) 4,702 1997 1998 MAA Wilmington Island Savannah, GA — 2,864 25,315 — 7,886 2,864 33,201 36,065 (19,880 ) 16,185 1999 2006 MAA West Village Smyrna, GA — 14,410 73,733 — 14,090 14,410 87,823 102,233 (31,912 ) 70,321 2006/12 2014 MAA Prairie Trace Overland Park, KS — 3,500 40,614 — 4,475 3,500 45,089 48,589 (11,491 ) 37,098 2015 2015 MAA Pinnacle Lexington, KY — 2,024 31,525 — 9,317 2,024 40,842 42,866 (25,555 ) 17,311 2000 1998 MAA Lakepointe Lexington, KY — 411 3,699 — 3,458 411 7,157 7,568 (5,799 ) 1,769 1986 1994 MAA Mansion Lexington, KY — 694 6,242 — 5,719 694 11,961 12,655 (9,432 ) 3,223 1989 1994 MAA Village Lexington, KY — 900 8,097 — 6,807 900 14,904 15,804 (11,938 ) 3,866 1989 1994 MAA Westport Louisville, KY — 1,169 10,518 — 14,139 1,169 24,657 25,826 (18,532 ) 7,294 1985 1994 Market Station Kansas City, MO — 5,814 46,241 — 7,430 5,814 53,671 59,485 (21,909 ) 37,576 2010 2012 Denton Kansas City, MO — 5,520 50,939 — 31,390 5,520 82,329 87,849 (20,000 ) 67,849 2013/14/17 2015 MAA Beaver Creek Apex, NC — 7,491 34,863 — 4,880 7,491 39,743 47,234 (17,433 ) 29,801 2007 2013 MAA Hermitage Cary, NC — 896 8,099 — 6,657 896 14,756 15,652 (11,613 ) 4,039 1988 1997 MAA 900 Waterford Cary, NC — 4,000 20,250 — 7,581 4,000 27,831 31,831 (16,727 ) 15,104 1996 2005 MAA 1225 Charlotte, NC — 9,612 22,342 — 37,138 9,612 59,480 69,092 (20,699 ) 48,393 2010 2010 MAA Ayrsley Charlotte, NC — 2,481 52,119 — 21,885 2,481 74,004 76,485 (29,990 ) 46,495 2008 2013 MAA Ballantyne Charlotte, NC — 16,216 44,817 — 7,203 16,216 52,020 68,236 (16,771 ) 51,465 2004 2016 MAA Beverly Crest Charlotte, NC — 3,161 24,004 — 8,949 3,161 32,953 36,114 (13,367 ) 22,747 1996 2013 MAA Chancellor Park Charlotte, NC — 5,311 28,016 — 9,299 5,311 37,315 42,626 (16,200 ) 26,426 1999 2013 MAA City Grand Charlotte, NC — 1,620 17,499 — 3,168 1,620 20,667 22,287 (8,643 ) 13,644 2005 2013 MAA Enclave Charlotte, NC — 1,461 18,984 — 3,840 1,461 22,824 24,285 (9,138 ) 15,147 2008 2013 MAA Gateway Charlotte, NC — 17,528 57,444 — 18,786 17,528 76,230 93,758 (24,251 ) 69,507 2000 2016 MAA Legacy Park Charlotte, NC — 2,891 28,272 — 6,294 2,891 34,566 37,457 (15,311 ) 22,146 2001 2013 MAA LoSo Charlotte, NC — 14,600 108,076 — 17,905 14,600 125,981 140,581 (8,371 ) 132,210 2021 2022 MAA Prosperity Creek Charlotte, NC — 4,591 27,713 — 4,546 4,591 32,259 36,850 (14,823 ) 22,027 2005 2013 MAA Reserve Charlotte, NC — 4,628 44,282 — 15,481 4,628 59,763 64,391 (16,714 ) 47,677 2013 2013 MAA South Line Charlotte, NC — 18,835 58,795 — 8,577 18,835 67,372 86,207 (19,807 ) 66,400 2009 2016 MAA South Park Charlotte, NC — 20,869 65,517 — 13,428 20,869 78,945 99,814 (25,528 ) 74,286 1996 2016 MAA University Lake Charlotte, NC — 3,250 31,389 — 7,939 3,250 39,328 42,578 (18,166 ) 24,412 1998 2013 MAA Uptown Charlotte, NC — 10,888 30,078 — 11,118 10,888 41,196 52,084 (12,372 ) 39,712 2000 2016 MAA Optimist Park Charlotte, NC — 10,574 95,346 — 1,088 10,574 96,434 107,008 (4,122 ) 102,886 2023 2023 MAA Cornelius Cornelius, NC — 4,571 29,151 — 4,418 4,571 33,569 38,140 (15,399 ) 22,741 2009 2013 MAA Patterson Durham, NC — 2,590 27,126 — 5,931 2,590 33,057 35,647 (14,648 ) 20,999 1997 2013 MAA Research Park Durham, NC — 4,201 37,682 — 8,008 4,201 45,690 49,891 (20,501 ) 29,390 2002 2013 MAA Duke Forest Durham, NC — 3,271 15,609 — 4,461 3,271 20,070 23,341 (9,908 ) 13,433 1985 2013 MAA Huntersville Huntersville, NC — 4,251 31,948 — 5,960 4,251 37,908 42,159 (17,539 ) 24,620 2008 2013 MAA Fifty-One Matthews, NC — 3,071 21,830 — 8,533 3,071 30,363 33,434 (14,966 ) 18,468 2008 2013 MAA Matthews Commons Matthews, NC — 3,690 28,536 — 4,607 3,690 33,143 36,833 (14,715 ) 22,118 2008 2013 F-36 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount carried as of December 31, 2024 Property Location Encumbrances Land Buildings and Fixtures Land Buildings and Fixtures Land Buildings and Fixtures Total (3) Accumulated Depreciation (4) Net Date of Construction Date Acquired MAA Arringdon Morrisville, NC — 6,401 31,134 — 8,110 6,401 39,244 45,645 (17,163 ) 28,482 2003 2013 MAA Brierdale Raleigh, NC — 7,372 50,202 — 5,082 7,372 55,284 62,656 (24,485 ) 38,171 2010 2013 MAA Brier Falls Raleigh, NC — 6,572 48,910 — 5,047 6,572 53,957 60,529 (23,253 ) 37,276 2008 2013 MAA Crabtree Raleigh, NC — 2,241 18,434 — 5,248 2,241 23,682 25,923 (9,929 ) 15,994 1997 2013 MAA Trinity Raleigh, NC — 5,232 45,138 — 8,715 5,232 53,853 59,085 (24,556 ) 34,529 2000/02 2013 MAA Hue Raleigh, NC — 3,690 29,910 — 5,481 3,690 35,391 39,081 (13,043 ) 26,038 2009 2010 MAA Wade Park Raleigh, NC — 19,434 98,288 — 30,983 19,434 129,271 148,705 (43,025 ) 105,680 2011/17/19 2016 MAA Preserve Raleigh, NC — 5,831 21,980 — 29,352 5,831 51,332 57,163 (27,977 ) 29,186 2004 2006 MAA Providence Raleigh, NC — 4,695 29,007 — 3,921 4,695 32,928 37,623 (18,070 ) 19,553 2007 2008 MAA Vale Raleigh, NC — 8,422 72,220 — 611 8,422 72,831 81,253 (1,884 ) 79,369 2023 2024 Colonial Grand at Desert Vista North Las Vegas, NV — 4,091 29,826 — 3,980 4,091 33,806 37,897 (15,364 ) 22,533 2009 2013 Colonial Grand at Palm Vista North Las Vegas, NV — 4,909 25,643 — 7,350 4,909 32,993 37,902 (15,557 ) 22,345 2007 2013 MAA Tanglewood Anderson, SC — 427 3,853 — 5,073 427 8,926 9,353 (6,374 ) 2,979 1980 1994 MAA 1201 Midtown Charleston, SC — 18,679 63,759 — 19,692 18,679 83,451 102,130 (18,876 ) 83,254 2015/18 2016 MAA Cypress Cove Charleston, SC — 3,610 28,645 — 7,862 3,610 36,507 40,117 (15,426 ) 24,691 2001 2013 MAA Hampton Pointe Charleston, SC — 3,971 22,790 — 12,855 3,971 35,645 39,616 (15,334 ) 24,282 1986 2013 MAA Westchase Charleston, SC — 4,571 20,091 — 8,533 4,571 28,624 33,195 (13,492 ) 19,703 1985 2013 MAA James Island Charleston, SC — 920 24,097 — 9,008 920 33,105 34,025 (14,590 ) 19,435 1987 2013 MAA Rivers Walk Charleston, SC — 8,831 39,430 — 4,201 8,831 43,631 52,462 (12,051 ) 40,411 2013/16 2013 Paddock Club Columbia Columbia, SC — 1,840 16,560 — 8,553 1,840 25,113 26,953 (19,631 ) 7,322 1991 1997 Fairways Columbia, SC — 910 8,207 — 3,693 910 11,900 12,810 (10,586 ) 2,224 1992 1994 MAA Crowfield Goose Creek, SC — 1,321 14,163 — 6,403 1,321 20,566 21,887 (9,755 ) 12,132 1985 2013 MAA Highland Ridge Greenville, SC — 482 4,337 — 4,013 482 8,350 8,832 (6,285 ) 2,547 1984 1995 MAA Howell Commons Greenville, SC — 1,304 11,740 — 7,120 1,304 18,860 20,164 (14,543 ) 5,621 1987 1997 MAA Innovation Greenville, SC — 4,437 52,026 — 3,734 4,437 55,760 60,197 (15,800 ) 44,397 2015 2016 MAA Paddock Club Greenville, SC — 1,200 10,800 — 4,725 1,200 15,525 16,725 (12,244 ) 4,481 1996 1997 MAA Haywood Greenville, SC — 360 2,925 — 6,667 360 9,592 9,952 (7,215 ) 2,737 1983 1993 MAA Spring Creek Greenville, SC — 583 5,374 — 5,012 583 10,386 10,969 (7,757 ) 3,212 1985 1995 MAA Greene Greenville, SC — 5,427 66,546 — 3,936 5,427 70,482 75,909 (10,250 ) 65,659 2019 2019 MAA Runaway Bay Mt. Pleasant, SC — 1,096 7,269 — 12,199 1,096 19,468 20,564 (12,863 ) 7,701 1988 1995 MAA Commerce Park North Charleston, SC — 2,780 33,966 — 7,136 2,780 41,102 43,882 (18,118 ) 25,764 2008 2013 MAA Point Place Simpsonville, SC — 1,216 18,666 — 3,590 1,216 22,256 23,472 (10,931 ) 12,541 2008 2010 MAA Park Place Spartanburg, SC — 723 6,504 — 3,702 723 10,206 10,929 (8,162 ) 2,767 1987 1997 MAA Waters Edge Summerville, SC — 2,103 9,187 — 7,427 2,103 16,614 18,717 (8,273 ) 10,444 1985 2013 MAA Farm Springs Summerville, SC — 2,800 26,295 — 4,436 2,800 30,731 33,531 (17,745 ) 15,786 2007 2007 MAA Hamilton Chattanooga, TN — 1,131 10,632 — 9,730 1,131 20,362 21,493 (11,697 ) 9,796 1989 1992 MAA Heritage Park Chattanooga, TN — 972 8,954 — 9,187 972 18,141 19,113 (10,507 ) 8,606 1987 1988 MAA Cloverdale Chattanooga, TN — 217 1,957 — 6,018 217 7,975 8,192 (5,057 ) 3,135 1986 1991 MAA Windridge Chattanooga, TN — 817 7,416 — 6,362 817 13,778 14,595 (10,446 ) 4,149 1984 1997 MAA Kirby Station Memphis, TN — 1,148 10,337 — 12,630 1,148 22,967 24,115 (18,104 ) 6,011 1978 1994 MAA Southwind Memphis, TN — 1,498 20,483 — 21,213 1,498 41,696 43,194 (33,467 ) 9,727 1992 1994 MAA Park Estate Memphis, TN — 178 1,141 — 4,338 178 5,479 5,657 (4,190 ) 1,467 1974 1977 MAA Dexter Lake Memphis, TN — 3,407 16,043 — 53,194 3,407 69,237 72,644 (40,020 ) 32,624 2000 1998 MAA Murfreesboro Murfreesboro, TN — 915 14,774 — 6,062 915 20,836 21,751 (13,052 ) 8,699 1999 1998 MAA Acklen Nashville, TN — 12,761 58,906 — 3,755 12,761 62,661 75,422 (16,003 ) 59,419 2015 2017 MAA Indian Lake Nashville, TN — 4,950 28,053 — 4,123 4,950 32,176 37,126 (14,623 ) 22,503 2010 2011 MAA Kennesaw Farms Nashville, TN — 3,456 22,443 — 6,257 3,456 28,700 32,156 (13,834 ) 18,322 2008 2010 MAA Brentwood Nashville, TN — 1,191 10,739 — 11,794 1,191 22,533 23,724 (16,929 ) 6,795 1986 1994 MAA Charlotte Ave Nashville, TN — 7,898 54,480 — 3,586 7,898 58,066 65,964 (13,062 ) 52,902 2016 2017 MAA Bellevue Nashville, TN — 17,193 64,196 — 10,735 17,193 74,931 92,124 (28,260 ) 63,864 1996/ 2015 2013 MAA Nashville West Nashville, TN — 2,963 33,673 — 13,601 2,963 47,274 50,237 (27,904 ) 22,333 2001 1998 MAA Monthaven Park Nashville, TN — 2,736 28,902 — 9,033 2,736 37,935 40,671 (25,405 ) 15,266 2000 2004 MAA Park Nashville, TN — 1,524 14,800 — 10,757 1,524 25,557 27,081 (20,918 ) 6,163 1987 1995 MAA Cool Springs Nashville, TN — 6,670 — — 55,666 6,670 55,666 62,336 (18,360 ) 43,976 2012 2010 MAA Sam Ridley Nashville, TN — 3,350 28,308 — 6,984 3,350 35,292 38,642 (17,130 ) 21,512 2009 2010 MAA Balcones Woods Austin, TX — 1,598 14,398 — 14,701 1,598 29,099 30,697 (19,488 ) 11,209 1983 1997 MAA Canyon Creek Austin, TX — 3,621 32,137 — 4,877 3,621 37,014 40,635 (16,491 ) 24,144 2008 2013 MAA Canyon Pointe Austin, TX — 3,778 20,201 — 5,501 3,778 25,702 29,480 (12,200 ) 17,280 2003 2013 MAA Double Creek Austin, TX — 3,131 29,375 — 3,375 3,131 32,750 35,881 (14,734 ) 21,147 2013 2013 MAA Onion Creek Austin, TX — 4,902 33,010 — 5,378 4,902 38,388 43,290 (17,693 ) 25,597 2009 2013 MAA Wells Branch Austin, TX — (1) 3,722 32,283 — 4,973 3,722 37,256 40,978 (16,156 ) 24,822 2008 2013 MAA Quarry Oaks Austin, TX — 4,621 34,461 — 16,062 4,621 50,523 55,144 (20,517 ) 34,627 1996 2013 MAA Sunset Valley Austin, TX — 3,150 11,393 — 7,336 3,150 18,729 21,879 (11,160 ) 10,719 1996 2004 MAA Western Oaks Austin, TX — (2) 9,100 49,339 — 6,434 9,100 55,773 64,873 (24,208 ) 40,665 2001 2009 MAA Barton Creek Austin, TX — 8,683 21,497 — 5,804 8,683 27,301 35,984 (9,008 ) 26,976 1998 2016 MAA Park Mesa Austin, TX — 4,653 19,828 — 3,312 4,653 23,140 27,793 (7,242 ) 20,551 1992 2016 MAA South Lamar Austin, TX — 20,542 74,093 — 31,288 20,542 105,381 125,923 (30,678 ) 95,245 2011/17 2016 MAA West Austin Austin, TX — (1) 7,805 48,843 — 6,892 7,805 55,735 63,540 (20,429 ) 43,111 2009 2016 MAA Brushy Creek Austin, TX — 2,900 24,009 — 7,629 2,900 31,638 34,538 (19,151 ) 15,387 2003 2006 MAA East Austin Austin, TX — 2,281 6,169 — 17,259 2,281 23,428 25,709 (12,951 ) 12,758 1987 1995 MAA Barton Skyway Austin, TX — 1,405 12,769 — 14,024 1,405 26,793 28,198 (16,543 ) 11,655 1977 1997 MAA Windmill Hill Austin, TX — 5,006 — — 54,931 5,006 54,931 59,937 (7,604 ) 52,333 2022 2020 MAA Shoal Creek Bedford, TX — 4,982 27,377 — 10,173 4,982 37,550 42,532 (16,526 ) 26,006 1996 2013 F-37 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount carried as of December 31, 2024 Property Location Encumbrances Land Buildings and Fixtures Land Buildings and Fixtures Land Buildings and Fixtures Total (3) Accumulated Depreciation (4) Net Date of Construction Date Acquired MAA Willow Creek Bedford, TX — 3,109 33,488 — 14,038 3,109 47,526 50,635 (21,560 ) 29,075 1996 2013 MAA Hebron Carrollton, TX — 4,231 42,237 — 4,166 4,231 46,403 50,634 (19,470 ) 31,164 2011 2013 MAA Cedar Park Cedar Park, TX — 7,232 56,640 — 9,375 7,232 66,015 73,247 (28,949 ) 44,298 2005 2013 MAA Grand Cypress Cypress, TX — 3,881 24,267 — 6,159 3,881 30,426 34,307 (10,864 ) 23,443 2008 2013 MAA Medical District Dallas, TX — 4,050 33,779 — 6,302 4,050 40,081 44,131 (16,095 ) 28,036 2007 2013 MAA Highlands North Dallas, TX — 988 8,893 — 6,995 988 15,888 16,876 (11,286 ) 5,590 1986 1998 MAA Grand Courtyards Dallas, TX — 2,730 22,240 — 9,037 2,730 31,277 34,007 (17,980 ) 16,027 2000 2006 MAA Lowes Farm Dallas, TX — 5,016 41,091 — 6,120 5,016 47,211 52,227 (20,923 ) 31,304 2008 2011 MAA Frisco Bridges Dallas, TX — 14,845 66,571 — 67,555 14,845 134,126 148,971 (43,480 ) 105,491 2009/13/21 2013 MAA McKinney Avenue Dallas, TX — 34,765 40,127 — 15,771 34,765 55,898 90,663 (18,862 ) 71,801 1993/96 2016 MAA Worthington Dallas, TX — 13,713 43,268 — 13,443 13,713 56,711 70,424 (17,501 ) 52,923 1993/2008 2016 MAA Abbey Dallas, TX — 2,711 4,369 — 1,469 2,711 5,838 8,549 (1,851 ) 6,698 1996 2016 MAA Addison Circle Dallas, TX — 12,308 189,419 — 36,723 12,308 226,142 238,450 (72,484 ) 165,966 1998-2000 2016 MAA North Hall Dallas, TX — 13,030 14,383 — 6,777 13,030 21,160 34,190 (7,365 ) 26,825 1998 2016 MAA Eastside Dallas, TX — 7,134 58,095 — 7,129 7,134 65,224 72,358 (22,195 ) 50,163 2008 2016 MAA Gallery Dallas, TX — 4,391 7,910 — 3,920 4,391 11,830 16,221 (3,961 ) 12,260 1999 2016 MAA Heights Dallas, TX — 26,245 37,922 — 9,510 26,245 47,432 73,677 (15,170 ) 58,507 1998-1999/2009 2016 MAA Katy Trail Dallas, TX — 10,333 32,456 — 3,735 10,333 36,191 46,524 (10,826 ) 35,698 2010 2016 MAA Legacy Dallas, TX — (1) 6,575 55,277 — 12,645 6,575 67,922 74,497 (20,518 ) 53,979 2000 2016 MAA Meridian Dallas, TX — 8,780 13,654 — 2,403 8,780 16,057 24,837 (5,346 ) 19,491 1991 2016 MAA Uptown Village Dallas, TX — 34,974 33,213 — 13,796 34,974 47,009 81,983 (16,180 ) 65,803 1995-2000 2016 MAA Watermark Dallas, TX — 960 14,438 — 5,632 960 20,070 21,030 (12,445 ) 8,585 2002 2004 MAA Cathedral Arts Dallas, TX — 13,511 91,568 — 65 13,511 91,633 105,144 (811 ) 104,333 2024 2024 MAA Bear Creek Euless, TX — 6,453 30,048 — 9,706 6,453 39,754 46,207 (18,092 ) 28,115 1998 2013 MAA Fairview Fairview, TX — 2,171 35,077 — 3,862 2,171 38,939 41,110 (15,934 ) 25,176 2012 2013 MAA Starwood Frisco, TX — 3,240 26,069 — 4,420 3,240 30,489 33,729 (14,640 ) 19,089 2009 2010 MAA Grapevine Grapevine, TX — 2,351 29,757 — 11,770 2,351 41,527 43,878 (17,838 ) 26,040 1985/1986 2013 MAA Greenwood Forest Houston, TX — 3,465 23,482 — 5,676 3,465 29,158 32,623 (11,160 ) 21,463 1994 2013 MAA Legacy Pines Houston, TX — 2,142 19,066 — 6,976 2,142 26,042 28,184 (17,263 ) 10,921 1999 2003 MAA Energy Park Houston, TX — 2,061 15,830 — 6,925 2,061 22,755 24,816 (12,492 ) 12,324 1996 2007 MAA 510 Houston, TX — 7,226 33,366 — 3,602 7,226 36,968 44,194 (12,165 ) 32,029 2014 2016 MAA Afton Oaks Houston, TX — 11,503 65,469 — 6,426 11,503 71,895 83,398 (24,671 ) 58,727 2017 2016 MAA Midtown Square Houston, TX — 19,038 89,570 — 13,575 19,038 103,145 122,183 (33,806 ) 88,377 1999/2013 2016 MAA Ranchstone Houston, TX — 1,480 14,807 — 6,278 1,480 21,085 22,565 (11,596 ) 10,969 1996 2007 MAA Woodwind Houston, TX — 1,968 19,928 — 9,593 1,968 29,521 31,489 (16,110 ) 15,379 1999 2006 MAA Vintage Park Houston, TX — (1) 8,211 40,352 — 5,423 8,211 45,775 53,986 (12,279 ) 41,707 2014 2014 MAA Greater Heights Houston, TX — (2) 13,107 62,764 — 6,209 13,107 68,973 82,080 (16,359 ) 65,721 2015 2016 MAA Park Point Houston, TX — 9,031 — — 46,558 9,031 46,558 55,589 (8,169 ) 47,420 2021 2018 MAA Fall Creek Humble, TX — 5,985 40,011 — 9,380 5,985 49,391 55,376 (26,311 ) 29,065 2007 2007 MAA Bella Casita Irving, TX — 2,521 26,432 — 7,688 2,521 34,120 36,641 (15,421 ) 21,220 2007 2010 MAA Valley Ranch Irving, TX — 5,072 37,397 — 17,777 5,072 55,174 60,246 (26,071 ) 34,175 1997 2013 MAA Las Colinas Irving, TX — (2) 3,902 40,691 — 6,158 3,902 46,849 50,751 (18,829 ) 31,922 2006 2013 MAA Remington Hills Irving, TX — 4,390 21,822 — 20,653 4,390 42,475 46,865 (17,775 ) 29,090 1984 2013 MAA Times Square McKinney, TX — 1,130 28,058 — 8,285 1,130 36,343 37,473 (17,581 ) 19,892 2009 2010 MAA Stonebridge Ranch McKinney, TX — 4,034 19,528 — 6,872 4,034 26,400 30,434 (9,533 ) 20,901 2000 2013 MAA Market Center Plano, TX — 16,894 110,705 — 10,200 16,894 120,905 137,799 (31,851 ) 105,948 2013/15 2014 MAA Highwood Plano, TX — 864 7,783 — 5,459 864 13,242 14,106 (9,724 ) 4,382 1983 1998 MAA Los Rios Plano, TX — 3,273 28,823 — 11,049 3,273 39,872 43,145 (26,330 ) 16,815 2000 2003 MAA Boulder Ridge Roanoke, TX — 3,382 26,930 — 12,055 3,382 38,985 42,367 (22,973 ) 19,394 1999 2005 MAA Copper Ridge Roanoke, TX — 4,166 — — 50,133 4,166 50,133 54,299 (16,588 ) 37,711 2009/20 2008 MAA Ashton Oaks Round Rock, TX — 5,511 36,241 — 5,623 5,511 41,864 47,375 (18,497 ) 28,878 2009 2013 MAA Round Rock Round Rock, TX — 4,691 45,379 — 6,136 4,691 51,515 56,206 (22,249 ) 33,957 1997 2013 MAA Sierra Vista Round Rock, TX — 2,561 16,488 — 6,997 2,561 23,485 26,046 (10,935 ) 15,111 1999 2013 MAA Alamo Ranch San Antonio, TX — 2,380 26,982 — 5,389 2,380 32,371 34,751 (15,416 ) 19,335 2009 2011 MAA Bulverde San Antonio, TX — 4,257 36,759 — 3,882 4,257 40,641 44,898 (11,326 ) 33,572 2014 2014 MAA Haven at Blanco San Antonio, TX — 5,411 45,958 — 6,904 5,411 52,862 58,273 (22,626 ) 35,647 2010 2012 MAA Westover Hills San Antonio, TX — 4,000 24,992 — 5,467 4,000 30,459 34,459 (15,538 ) 18,921 2009 2009 MAA Cypresswood Spring, TX — 576 5,190 — 8,241 576 13,431 14,007 (8,153 ) 5,854 1984 1994 MAA Kirkwood Stafford, TX — 1,918 15,846 — 7,443 1,918 23,289 25,207 (13,697 ) 11,510 1996 2004 MAA Valleywood Woodlands, TX — 539 4,850 — 9,649 539 14,499 15,038 (7,911 ) 7,127 1984 1994 Novel Daybreak Salt Lake City, UT — 7,025 — — 88,069 7,025 88,069 95,094 (5,623 ) 89,471 2021 2021 MAA Stonefield Charlottesville, VA — 11,044 36,689 — 3,143 11,044 39,832 50,876 (11,398 ) 39,478 2013 2014 MAA Adalay Bay Chesapeake, VA — 5,280 31,341 — 5,321 5,280 36,662 41,942 (16,460 ) 25,482 2002 2012 MAA Cobblestone Square Fredericksburg, VA — 10,990 48,696 — 5,589 10,990 54,285 65,275 (17,810 ) 47,465 2012 2016 Colonial Village at Greenbrier Fredericksburg, VA — 4,842 21,677 — 7,407 4,842 29,084 33,926 (11,547 ) 22,379 1980 2013 MAA Seasons Fredericksburg, VA — 14,490 32,083 — 44,717 14,490 76,800 91,290 (27,686 ) 63,604 2011 2011 MAA Cosners Corner Fredericksburg, VA — 12,825 51,078 — 4,847 12,825 55,925 68,750 (15,984 ) 52,766 2013/16 2013 MAA Glen Allen Glen Allen, VA — 4,851 21,678 — 5,524 4,851 27,202 32,053 (12,264 ) 19,789 1986 2013 MAA West End Glen Allen, VA — 4,661 18,908 — 4,529 4,661 23,437 28,098 (10,374 ) 17,724 1987 2013 MAA Township Hampton, VA — 1,509 8,189 — 16,753 1,509 24,942 26,451 (14,122 ) 12,329 1987 1995 MAA Pavilion Place Midlothian, VA — 6,733 29,221 — 8,125 6,733 37,346 44,079 (16,866 ) 27,213 1989 2013 MAA Radius Newport News, VA — 5,040 36,481 — 11,114 5,040 47,595 52,635 (13,124 ) 39,511 2012 2015 MAA Chase Gayton Richmond, VA — 6,021 29,004 — 7,042 6,021 36,046 42,067 (15,779 ) 26,288 1984 2013 F-38 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount carried as of December 31, 2024 Property Location Encumbrances Land Buildings and Fixtures Land Buildings and Fixtures Land Buildings and Fixtures Total (3) Accumulated Depreciation (4) Net Date of Construction Date Acquired MAA Hunton Park Richmond, VA — 4,930 35,598 — 11,645 4,930 47,243 52,173 (20,196 ) 31,977 2003 2011 MAA West Creek Richmond, VA — 10,112 36,136 — 16,917 10,112 53,053 63,165 (13,387 ) 49,778 2015/17 2015 MAA Carlyle Square Washington D.C. — 29,728 154,309 — 7,407 29,728 161,716 191,444 (49,652 ) 141,792 2006/2013 2016 MAA Centreville Washington D.C. — 7,664 70,012 — 7,993 7,664 78,005 85,669 (23,331 ) 62,338 1996 2016 MAA Fallsgrove Washington D.C. — 17,524 58,896 — 8,276 17,524 67,172 84,696 (21,193 ) 63,503 2003 2016 MAA National Landing Washington D.C. — 30,452 125,091 — 19,559 30,452 144,650 175,102 (46,342 ) 128,760 2001 2016 MAA Tysons Corner Washington D.C. — 30,776 82,021 — 14,904 30,776 96,925 127,701 (29,597 ) 98,104 1990 2016 Total Residential Properties — 1,943,517 10,296,827 — 3,585,616 1,943,517 13,882,443 15,825,960 (5,254,832 ) 10,571,128 MAA 220 Riverside Retail Jacksonville, FL — 119 2,902 — 1,080 119 3,982 4,101 (793 ) 3,308 2015 2019 MAA Parkside Retail Orlando, FL — 742 11,924 — 1,802 742 13,726 14,468 (4,177 ) 10,291 1999 2016 MAA Robinson Retail Orlando, FL — — 563 — 251 — 814 814 (75 ) 739 2021 2018 MAA Harbour Island Retail Tampa, FL — 386 4,315 — 442 386 4,757 5,143 (1,389 ) 3,754 1997 2016 MAA Rocky Point Retail Tampa, FL — 34 51 — 451 34 502 536 (351 ) 185 1994-1996 2016 MAA SoHo Square Retail Tampa, FL — (1) 268 4,033 — 69 268 4,102 4,370 (1,762 ) 2,608 2012 2016 MAA Buckhead Retail Atlanta, GA — 867 3,465 — 1,052 867 4,517 5,384 (1,762 ) 3,622 2012 2012 MAA Piedmont Park Retail Atlanta, GA — 426 1,089 — 45 426 1,134 1,560 (347 ) 1,213 1999 2016 MAA Riverside Office Atlanta, GA — 9,680 22,108 — 16,302 9,680 38,410 48,090 (12,624 ) 35,466 1996 2016 MAA Riverside Retail Atlanta, GA — 889 2,340 — 2,855 889 5,195 6,084 (1,603 ) 4,481 1996 2016 Post Training Facility Atlanta, GA — 1,092 968 — 243 1,092 1,211 2,303 (647 ) 1,656 1999 2016 MAA West Village Retail Smyrna, GA — 3,408 8,446 — 2,360 3,408 10,806 14,214 (3,665 ) 10,549 2012 2014 MAA Denton Pointe Retail Kansas City, MO — 700 4,439 — 1,700 700 6,139 6,839 (1,677 ) 5,162 2014 2015 MAA 1225 Retail Charlotte, NC — 52 199 — 267 52 466 518 (227 ) 291 2010 2010 MAA Gateway Retail Charlotte, NC — 318 1,430 — 104 318 1,534 1,852 (474 ) 1,378 2000 2016 MAA South Line Retail Charlotte, NC — 470 1,289 — 317 470 1,606 2,076 (486 ) 1,590 2009 2016 MAA Uptown Retail Charlotte, NC — 319 1,144 — 26 319 1,170 1,489 (356 ) 1,133 1998 2016 MAA Leasing Center Charlotte, NC — 1,290 1,488 — 542 1,290 2,030 3,320 (541 ) 2,779 1998 2016 MAA Hue Retail Raleigh, NC — — 2,129 — 144 — 2,273 2,273 (495 ) 1,778 2010 2018 MAA Wade Park Retail Raleigh, NC — 317 4,552 — 217 317 4,769 5,086 (1,888 ) 3,198 2011 2016 MAA South Lamar Retail Austin, TX — 421 3,072 — 768 421 3,840 4,261 (1,108 ) 3,153 2011 2016 MAA Frisco Bridges Retail Dallas, TX — 779 6,593 — 804 779 7,397 8,176 (2,471 ) 5,705 2009 2016 MAA McKinney Avenue Retail Dallas, TX — 1,581 5,982 — 513 1,581 6,495 8,076 (1,933 ) 6,143 1996 2016 MAA Worthington Retail Dallas, TX — 108 495 — 422 108 917 1,025 (309 ) 716 1993/2008 2016 MAA Addison Circle Office Dallas, TX — 1,395 4,280 — 3,193 1,395 7,473 8,868 (2,312 ) 6,556 1998-2000 2016 MAA Addison Circle Retail Dallas, TX — 448 21,386 — 3,915 448 25,301 25,749 (8,069 ) 17,680 1998-2000 2016 MAA North Hall Retail Dallas, TX — 347 716 — 141 347 857 1,204 (309 ) 895 1998 2016 MAA Eastside Retail Dallas, TX — 682 10,645 — 1,016 682 11,661 12,343 (3,480 ) 8,863 2008 2016 MAA Heights Retail Dallas, TX — 1,065 3,314 — 995 1,065 4,309 5,374 (1,273 ) 4,101 1997 2016 MAA Katy Trail Retail Dallas, TX — 465 4,883 — 241 465 5,124 5,589 (1,455 ) 4,134 2010 2016 MAA Legacy Retail Dallas, TX — (1) 150 3,334 — 582 150 3,916 4,066 (1,139 ) 2,927 2000 2016 MAA Midtown Square Retail Houston, TX — 1,322 16,005 — 993 1,322 16,998 18,320 (5,078 ) 13,242 1999/2013 2016 Rise Condo Devel LP Retail Houston, TX — — 2,280 — 68 — 2,348 2,348 (719 ) 1,629 1999/2013 2016 MAA Bella Casita Retail Irving, TX — 46 186 — 221 46 407 453 (189 ) 264 2007 2010 MAA Times Square Retail McKinney, TX — 253 1,310 — 6,483 253 7,793 8,046 (2,089 ) 5,957 2009 2010 MAA Carlyle Square Retail Washington D.C. — 1,048 7,930 — 360 1,048 8,290 9,338 (2,472 ) 6,866 2006/2016 2016 Total Retail / Commercial Properties — 31,487 171,285 — 50,984 31,487 222,269 253,756 (69,744 ) 184,012 MAA Milepost 35 Denver, CO — 22,280 — — 116,396 22,280 116,396 138,676 (2,219 ) 136,457 N/A 2022 MAA Nixie Raleigh, NC — 15,328 — — 119,005 15,328 119,005 134,333 (261 ) 134,072 N/A 2022 MAA Breakwater Tampa, FL — 23,514 — — 133,040 23,514 133,040 156,554 — 156,554 N/A 2022 Modera Liberty Row Charlotte, NC — 14,579 60,473 — 25,440 14,579 85,913 100,492 — 100,492 N/A 2024 MAA Plaza Midwood Charlotte, NC — 9,778 — — 19,328 9,778 19,328 29,106 — 29,106 N/A 2022 Modera Chandler Phoenix, AZ — 10,935 — — 23,134 10,935 23,134 34,069 — 34,069 N/A 2024 MAA Porter Richmond, VA — 11,504 — — 4,490 11,504 4,490 15,994 — 15,994 N/A 2024 Total Active Development Properties — 107,918 60,473 — 440,833 107,918 501,306 609,224 (2,480 ) 606,744 Total Properties — 2,082,922 10,528,585 — 4,077,433 2,082,922 14,606,018 16,688,940 (5,327,056 ) 11,361,884 Total Land Held for Future Developments — 73,359 — — — 73,359 — 73,359 — 73,359 N/A Various Total Properties in Predevelopment — 16,738 — — 19,090 16,738 19,090 35,828 (93 ) 35,735 N/A Various Corporate Properties — — 42,947 (2,748 ) (36,974 ) (2,748 ) 5,973 3,225 (435 ) 2,790 Various Various Total Other — 90,097 42,947 (2,748 ) (17,884 ) 87,349 25,063 112,412 (528 ) 111,884 Total Real Estate Assets, net of Real Estate Joint Venture $ — $ 2,173,019 $ 10,571,532 $ (2,748 ) $ 4,059,549 $ 2,170,271 $ 14,631,081 $ 16,801,352 $ (5,327,584 ) $ 11,473,768 (1) Encumbered by a $191.3 million secured property mortgage, with a fixed interest rate of 4.43%, which matures on February 10, 2049. (2) Encumbered by a $172.0 million secured property mortgage, with a fixed interest rate of 4.44%, which matures on January 10, 2049. (3) The aggregate cost for federal income tax purposes was approximately $13.2 billion (unaudited) as of December 31, 2024. The aggregate cost for book purposes exceeds the total gross amount of real estate assets for federal income tax purposes, principally due to purchase accounting adjustments recorded under accounting principles generally accepted in the United States of America. (4) Depreciation is recognized on a straight-line basis over the estimated useful asset life, which ranges from five to 40 years for land improvements and buildings, three to five years for furniture, fixtures and equipment and approximately six months for the fair market value of in-place residential leases. F-39 Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. Schedule III — Real Estate and Accumulated Depreciation Years ended December 31, 2024, 2023 and 2022 The following table summarizes the Company’s changes in real estate investments and accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands): 2024 2023 2022 Real estate investments: Balance at beginning of year $ 16,006,618 $ 15,246,658 $ 14,704,237 Acquisitions (1) 377,144 223,735 272,342 Less: fair market value of leases included in acquisitions (2,371) (2,050) (1,505) Improvement and development 581,050 546,237 469,661 Assets held for sale (39,724) — — Disposition of real estate assets (2) (121,365) (7,962) (198,077) Balance at end of year $ 16,801,352 $ 16,006,618 $ 15,246,658 Accumulated depreciation: Balance at beginning of year $ 4,864,690 $ 4,302,747 $ 3,848,161 Depreciation 581,539 562,760 540,708 Assets held for sale (30,218) — — Disposition of real estate assets (2) (88,427) (817) (86,122) Balance at end of year $ 5,327,584 $ 4,864,690 $ 4,302,747 (1) Includes non-cash activity related to acquisitions. (2) Includes assets sold, casualty losses and removal of certain fully depreciated assets. See accompanying reports of independent registered public accounting firm. EXHIBIT 19 MID-AMERICA APARTMENT COMMUNITIES, INC. STATEMENT OF COMPANY POLICY ON INSIDER TRADING AND DISCLOSURE In order to take an active role in the prevention of insider trading violations by its officers, directors, employees and other related individuals, Mid-America Apartment Communities, Inc. and its subsidiaries (collectively, the “Company”) has adopted the policies and procedures described in this Statement of Company Policy on Insider Trading and Disclosure (this “Insider Trading Policy”), which are designed to prevent insider trading or the appearance of impropriety, to satisfy the Company’s obligation to reasonably supervise the activities of Company personnel, and to help Company personnel avoid the severe consequences associated with violations of insider trading laws. It is your obligation to understand and comply with this Insider Trading Policy. You should refer all inquiries regarding this Insider Trading Policy to the officer, employee or consultant designated from time to time by the Company to serve as its insider trading compliance officer (the “Compliance Officer”). The Company has initially designated the Company’s General Counsel as the Compliance Officer. A. To Whom does this Insider Trading Policy Apply? This Insider Trading Policy is applicable to the Company’s directors, officers and employees and references in this Insider Trading Policy to “you” refer to persons to whom this Insider Trading Policy is applicable. This Insider Trading Policy applies to you while you are serving as a director, officer or employee of the Company and thereafter until any material, nonpublic information about the Company possessed by you has become public or is no longer material. This Insider Trading Policy also applies to: • your spouse, domestic partner, minor children and adult family members with whom you share the same household; • your family members who do not live in your household but whose transactions in Company securities are directed by you or are subject to your influence and control; • any trust, family partnership or other type of entity formed primarily for the benefit of you or your family members over which you or any other person or entity listed in the bullets above or below has the authority, or is a member of a board of directors, committee or other formalized group of individuals or entities that has the authority, to approve or direct investment decisions concerning securities; and • any other investment fund, trust, retirement plan, partnership, corporation or other entity with which you or any other person or entity listed in the bullets above is affiliated or otherwise has the authority, or is a member of a board of directors, committee or other formalized group of individuals or entities that has the authority, to approve or direct investment decisions concerning securities, unless such entity has established and follows appropriate procedures designed to prevent you and others listed in the bullets above from influencing, approving or directing its investment decisions with respect to the Company’s securities. For purposes of determining your compliance with this Insider Trading Policy, any actions taken by any of the foregoing persons or entities may be attributed to you, at the Company’s discretion, unless the Company is satisfied, in its sole discretion, that you did not influence or direct such actions. You are encouraged to consult with the Compliance Officer regarding arrangements that exist with affiliated persons and entities and compliance with this Insider Trading Policy. All members of the Board of Directors of Mid-America Apartment Communities, Inc. and certain designated officers and employees also must comply with the Company’s Special Trading Procedures for Insiders (the “Trading Procedures”), which Trading Procedures are attached hereto as Annex A and shall be deemed a part of this Insider Trading Policy. Generally, the Trading Procedures establish trading windows outside of which the persons covered by the Trading Procedures will be restricted from trading in the Company’s securities and also require the pre-clearance of all transactions in the Company’s securities by such persons. You will be notified if you are required to comply with the Trading Procedures. B. What is Prohibited by this Insider Trading Policy? It is generally illegal for you to trade in the securities of the Company, whether for your own account or for the account of another, while in the possession of material, nonpublic information about the Company. It is also generally illegal for you to disclose material, nonpublic information about the Company to others who may trade on the basis of that information. These illegal activities are commonly referred to as “insider trading.” Prohibited Activities When you know or are in possession of material, nonpublic information about the Company, whether positive or negative, you are prohibited from the following activities: • trading (whether for your own account or for the account of another) in the Company’s securities, which includes common stock, any units in Mid-America Apartments, L.P., any other securities that the Company may issue (such as preferred stock or convertible debentures), and any derivative securities (such as options and warrants) that provide the economic equivalent of ownership of any of the Company’s securities or an opportunity, direct or indirect, to profit from any change in the value of the Company’s securities, except for trades made in compliance with the affirmative defense of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, such as when the trades are made pursuant to a written plan that was adopted or trading instructions that were given before you knew or had possession of such material, nonpublic information and certain other conditions are satisfied; • trading in the securities of another company if you learn, in the course of your employment with the Company or service as a director of the Company, non-public information that is likely to affect the value of those securities; • giving trading advice of any kind about the Company; and • disclosing such material, nonpublic information about the Company, whether positive or negative, to anyone else. This Insider Trading Policy does not apply to an exercise of an employee stock option when payment of the exercise price is made in cash. The policy does apply, however, to the use of outstanding Company securities to constitute part or all of the exercise price of an option, any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option. These prohibitions continue whenever and for as long as you know or are in possession of material, nonpublic information. Remember, anyone scrutinizing your transactions will be doing so after the fact, with the benefit of hindsight. As a practical matter, before engaging in any transaction, you should carefully consider how enforcement authorities and others might view the transaction in hindsight. Definition of Material, Nonpublic Information This Insider Trading Policy prohibits you from trading in the Company’s securities if you are in possession of information about the Company that is both “material” and “nonpublic.” If you have a question whether certain information you are aware of is material or has been made public, you are encouraged to consult with the Compliance Officer. What is “Material” Information? Information about the Company is “material” if it could reasonably be expected to affect the investment or voting decisions of a shareholder or investor, or if the disclosure of the information could reasonably be expected to significantly alter the total mix of information in the marketplace about the Company. In simple terms, material information is any type of information that could reasonably be expected to affect the market price of the Company’s securities. Both positive and negative information may be material. While it is not possible to identify all information that would be deemed “material,” the following items are types of information that should be considered carefully to determine whether they are material: • projections of future earnings or losses, net operating income, funds from operations or similar financial projections, including any reaffirmation or revision of such projections, or other earnings, funds from operations, net operating income or similar guidance; • assumptions used to generate earnings, net operating income, funds from operations or other forecasts; • earnings or revenue that are inconsistent with the consensus expectations of the investment community; • potential restatements of the Company’s financial statements, changes in auditors or auditor notification that the Company may no longer rely on an auditor’s audit report; • pending or proposed mergers, acquisitions, tender offers, joint ventures or dispositions of significant assets; • changes in management or the Board of Directors; • significant actual or threatened litigation or governmental investigations or major developments in such matters; • significant developments regarding contracts or financing sources (e.g., the acquisition or loss of a contract); • significant acquisitions of apartment community portfolios; • significant new initiatives such as the Company’s entry into new markets or new lines of business and the related impact on the Company’s funds from operations; • the establishment of a repurchase program for the Company’s securities; • changes in dividend policy, the declaration of a stock split, or public or private sales of additional securities; • cybersecurity risks and incidents, such as a data breach, or any other significant disruption in the Company’s operations or loss, potential loss, breach or unauthorized access of its property or assets, whether at its facilities or through its information technology infrastructure; • potential defaults under the Company’s credit agreements, indentures or other debt instruments or the existence of material liquidity deficiencies; and • bankruptcies or receiverships. The Securities and Exchange Commission (the “SEC”) has stated that there is no fixed quantitative threshold amount for determining materiality, and that even very small quantitative changes can be qualitatively material if they would result in a movement in the price of the Company’s securities. What is “Nonpublic” Information? Material information is “nonpublic” if it has not been disseminated in a manner making it available to investors generally. To show that information is public, it is necessary to point to some fact that establishes that the information has become publicly available, such as the filing of a report with the SEC, the distribution of a press release through a widely disseminated news or wire service, or by other means that are reasonably designed to provide broad public access. Before a person who possesses material, nonpublic information can trade, there also must be adequate time for the market as a whole to absorb the information that has been disclosed. For the purposes of this Insider Trading Policy, information will be considered public after the close of trading on the first full trading day following the Company’s public release of the information. For example, if the Company announces material nonpublic information of which you are aware before trading begins on a Tuesday, the first time you can buy or sell Company securities is the opening of the market on Wednesday. However, if the Company announces this material information after trading begins on that Tuesday, the first time that you can buy or sell Company securities is the opening of the market on Thursday. Company Transactions From time to time, the Company may engage in transactions in its own securities. It is the policy of the Company to comply with applicable securities laws when engaging in transactions in the Company’s securities. C. Are there any Restrictions on the Use of Electronic Bulletin Boards, Internet Chat Rooms or Websites? While the Company encourages its shareholders and potential investors to obtain as much information as possible about the Company, the Company believes that information should come from its publicly-filed SEC reports, press releases and external website or from a designated Company spokesperson, rather than from speculation or unauthorized disclosures by the Company’s directors, officers or employees. For this reason, the Company has designated certain members of management to respond to inquiries regarding the Company’s business and prospects. This centralization of communication is designed to ensure that the information the Company discloses is accurate and considered in light of previous disclosures. Formal announcements are generally reviewed by management and legal counsel before they are made public. Any communications that do not go through this review process create an increased risk to the Company, as well as to the individual responsible for the communication, of civil and criminal liability. In addition, with the advent of the Internet, and the emergence of electronic bulletin boards and chat rooms, electronic discussions about companies and their business prospects have become common. Inappropriate communications disseminated on the Internet may pose an inherently greater risk due to the size of the audience they can reach. These forums have the potential to move a stock price significantly, and very rapidly – yet the information disseminated through electronic bulletin boards and chat rooms often is unreliable, and in some cases, may be deliberately false. The SEC has investigated and prosecuted a number of fraudulent schemes involving electronic bulletin boards and chat rooms. You may encounter information about the Company on the Internet that you believe is harmful or inaccurate, or other information that you believe is true or beneficial for the Company. Although you may have a natural tendency to deny or confirm such information on an electronic bulletin board or in a chat room, any sort of response, even if it presents accurate information, could be considered improper disclosure and could result in legal liability to you and/or to the Company. The Company is committed to preventing inadvertent disclosures of material, nonpublic information, preventing unwitting participation in Internet-based securities fraud, and avoiding the appearance of impropriety by persons associated with the Company. Accordingly, this Insider Trading Policy prohibits you from discussing material, nonpublic information about the Company with anyone, including other employees, except as required in the performance of your duties. You should not under any circumstances provide information or discuss matters involving the Company with the news media, any broker-dealer, analyst, investment banker, investment advisor, institutional investment manager, investment company or shareholder, even if you are contacted directly by such persons, without express prior authorization. This restriction applies whether or not you identify yourself as associated with the Company. You should refer all such contact or inquiries to the Company’s General Counsel. This Insider Trading Policy also prohibits you from making any comments or postings about the Company on any Internet bulletin boards, chat rooms or websites, or responding to comments or postings about the Company’s business made by others. This restriction applies whether or not you identify yourself as associated with the Company. D. What are the Penalties for Insider Trading and Noncompliance with this Insider Trading Policy? Both the SEC and the national securities exchanges, through the Financial Industry Regulatory Authority (FINRA), investigate and are very effective at detecting insider trading. The SEC, together with the U.S. Attorneys, pursue insider trading violations vigorously. For instance, cases have been successfully prosecuted against trading by employees in foreign accounts, trading by family members and friends, and trading involving only a small number of shares. The penalties for violating insider trading or tipping rules can extend significantly beyond any profits made or losses avoided, both for individuals engaging in such unlawful conduct and their employers. Enforcement remedies available to the government or private plaintiffs under the federal securities laws include: • SEC administrative sanctions; • civil injunctions; • disgorgement of the profit gained or loss avoided by the trading; • payment of the loss suffered by the persons who, contemporaneously with the purchase or sale of securities that are subject of such violation, have purchased or sold, as applicable, securities of the same class; • payment of criminal penalties of up to $5,000,000 ($25,000,000 for an entity); • payment of civil penalties of up to three times the profit made or loss avoided; • payment of civil penalties by the Company and/or the supervisors of the violator of up to the greater of $2,559,636 (which amount is subject to annual adjustments for inflation) or three times the amount of profit made or loss avoided by the violator; and/or • imprisonment for up to 20 years. Violation of this Insider Trading Policy or any federal or state insider trading laws may subject the person violating such policy or laws to disciplinary action by the Company up to and including termination. The Company reserves the right to determine, in its own discretion and on the basis of the information available to it, whether this Insider Trading Policy has been violated. The Company may determine that specific conduct violates this Insider Trading Policy, whether or not the conduct also violates the law. It is not necessary for the Company to await the filing or conclusion of a civil or criminal action against the alleged violator before taking disciplinary action. E. Who Should You Contact to Report a Violation of this Insider Trading Policy or if You Have a Question About this Insider Trading Policy? If you have a question about this Insider Trading Policy, including whether certain information you are aware of is material or has been made public, you are encouraged to consult with the Compliance Officer. In addition, if you violate this Insider Trading Policy or any federal or state laws governing insider trading, or know of any such violation by any director, officer or employee of the Company, you must report the violation immediately to the Compliance Officer. However, if the conduct in question involves the Compliance Officer, if you have reported such conduct to the Compliance Officer and do not believe that the Compliance Officer has dealt with it properly, or if you do not feel that you can discuss the matter with the Compliance Officer, you may raise the matter with (i) the officer, employee or consultant designated from time to time by the Company, which shall initially be the Chief Ethics and Compliance Officer or (ii) the Nominating and Corporate Governance Committee of the Board of Directors of Mid-America Apartment Communities, Inc. by writing to the Office of the Corporate Secretary, Attn: Nominating and Corporate Governance Committee, or contacting the Nominating and Corporate Governance Committee through such other means as may be identified by the Company from time to time. F. Is This Insider Trading Policy Subject to Modification? The Company may at any time change this Insider Trading Policy or adopt such other policies or procedures which it considers appropriate to carry out the purposes of its policies regarding insider trading and the disclosure of Company information. Notice of any such change will be delivered to you by regular or electronic mail (or other delivery option used by the Company) by the Company. You will be deemed to have received, be bound by and agree to revisions of this Insider Trading Policy when such revisions have been delivered to you, unless you object to any revision in a written statement received by the Compliance Officer within two (2) business days of such delivery. ***** Your failure to observe this Insider Trading Policy could lead to significant legal problems, including fines and/or imprisonment, and could have other serious consequences, including the termination of your employment or service relationship with the Company. Revised as of: December 10, 2024 ANNEX A MID-AMERICA APARTMENT COMMUNITIES, INC. SPECIAL TRADING PROCEDURES FOR INSIDERS To comply with federal and state securities laws governing insider trading, the Company has adopted these Special Trading Procedures for Insiders (these “Trading Procedures”) as an addendum to the Company’s Statement of Company Policy on Insider Trading and Disclosure (the “Insider Trading Policy”). These Trading Procedures are in addition to and supplement the Insider Trading Policy, which is distributed to all directors, officers and employees of the Company. As used in these Trading Procedures, the “Company” includes Mid-America Apartment Communities, Inc. and its subsidiaries. A. SCOPE These Trading Procedures regulate securities trades by all directors and executive officers of the Company and certain designated employees of the Company who in the ordinary course of the performance of their duties have access to material, nonpublic information regarding the Company (collectively, these persons are referred to as “Insiders”). In addition, as a precaution and in order to avoid the appearance of impropriety, for purposes of determining an Insider’s compliance with these Trading Procedures, trades in the Company’s securities made by each of the following persons or entities (the “Affiliated Persons”) will be attributed to such Insider unless a waiver is obtained pursuant to Section E of these Trading Procedures with respect to a specific trade or all trades by an Affiliated Person: • the Insider’s spouse, domestic partner, and minor children and adult family members with whom the Insider shares the same household; • any family members who do not live in the Insider’s household but whose transactions in Company securities are directed by the Insider or subject to the Insider’s influence and control; • any trust, family partnership or other type of entity formed primarily for the benefit of the Insider or the Insider’s family members over which the Insider or another Affiliated Person of the Insider has the authority, or is a member of a board of directors, committee or other formalized group of individuals or entities that has the authority, to approve or direct investment decisions concerning securities (“Affiliated Family Entities”); and • any investment fund, trust, retirement plan, partnership, corporation or other entity, other than an Affiliated Family Entity of the Insider, that directly or indirectly controls, or is controlled by, or is under common control with, the Insider or another Affiliated Person of the Insider, or with respect to which the Insider or another Affiliated Person of the Insider otherwise has the authority, or is a member of a board of directors, committee or other formalized group of individuals or entities that has the authority, to approve or direct investment decisions concerning securities, unless (i) such entity has established either (A) appropriate procedures designed to prevent the Insider and other Affiliated Persons of the Insider from influencing, approving or directing its investment decisions with respect to the Company’s securities or (B) its own insider trading controls and procedures designed to ensure compliance with applicable securities laws and (ii) the Insider has included such entity on the Insider’s signed acknowledgement using the attached form pursuant to which the Insider has agreed to comply with the controls and/or procedures (referred to in clause (i) above) as they relate to such entity’s trades in the Company’s securities and that the Company may deem any violation thereof to be a violation of these Trading Procedures. As a result, each Insider should establish procedures to ensure that Affiliated Persons whose trades in the Company’s securities will be attributed to the Insider comply with these Trading Procedures. The Insiders are encouraged to consult with the Compliance Officer regarding such procedures and compliance with these Trading Procedures. These Trading Procedures apply to any and all transactions in the Company’s securities, including common stock, any units in Mid-America Apartments, L.P., any other securities that the Company may issue (such as preferred stock or convertible debentures), and any derivative securities (such as options and warrants) that provide the economic equivalent of ownership of any of the Company’s securities or an opportunity, direct or indirect, to profit from any change in the value of the Company’s securities. The special trading restrictions set forth in these Trading Procedures apply to an Insider while the Insider is serving as a director, executive officer or designated employee of the Company and thereafter until any material, nonpublic information about the Company possessed by the Insider has become public or is no longer material. B. SPECIAL TRADING RESTRICTIONS APPLICABLE TO INSIDERS Please see the Insider Trading Policy for a description of prohibited activities applicable to all directors, executive officers, and employees of the Company, including Insiders. In particular, no Insider may trade in any type of securities of the Company if such Insider is in possession of material, nonpublic information about the Company, except for trades made in compliance with the affirmative defense of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This prohibition applies even if such Insider receives pre-clearance and the transaction would occur during a trading window in accordance with these Trading Procedures. Please see the Insider Trading Policy for a discussion of what constitutes “insider trading” as well as “material” and “nonpublic” information. Any Insiders who are unsure whether the information that they possess is material or nonpublic should consult the Compliance Officer identified below for guidance. In addition to the restrictions on trading in Company securities set forth in the Insider Trading Policy, Insiders are subject to the following special trading restrictions: 1. No Trading Except During Trading Windows. The announcement of the Company’s quarterly financial results almost always has the potential to have a material effect on the market for the Company’s securities. Although an Insider may not know the financial results prior to public announcement, if an Insider engages in a trade before the financial results are disclosed to the public, such trades may give an appearance of impropriety that could subject the Insider and the Company to a charge of insider trading. Therefore, subject to limited exceptions described herein, Insiders may trade in Company securities only during four quarterly trading windows and then only after obtaining pre-clearance from the Compliance Officer in accordance with the procedures set forth below. Unless otherwise advised, the four trading windows consist of the periods that begin after market close on the first full trading day following the Company’s issuance of a press release (or other method of broad public dissemination) announcing its quarterly or annual earnings and end at the close of business on the 15th day of the last month of the then-current quarter. Insiders may be allowed to trade outside of a trading window only (a) pursuant to a pre- approved Rule 10b5-1 Plan as described in Section D of these Trading Procedures or (b) in accordance with the procedure for waivers described in Section E of these Trading Procedures. 2. All Trades Must be Pre-Cleared by the Compliance Officer. No Insider may trade in Company securities unless the trade has been approved in accordance with the procedures set forth below by the officer, employee or consultant designated from time to time by the Company to serve as its insider trading compliance officer (the “Compliance Officer”). The Company has initially designated the Company’s General Counsel as the Compliance Officer. The Compliance Officer will review and either approve or prohibit all proposed trades by Insiders in accordance with the procedures set forth in Section C below. The Compliance Officer may consult with the Company’s other officers and/or outside legal counsel and will receive approval for his own trades from such officer, employee or consultant as is designated from time to time by the Company, which shall initially be the Chief Ethics and Compliance Officer. If you are unable to contact the Compliance Officer, or if you do not feel you can discuss the matter with the Compliance Officer, you may contact such officer, employee or consultant as is designated from time to time by the Company as the alternate Compliance Officer, which shall initially be the Chief Ethics and Compliance Officer. 3. No Short Sales. No Insider may at any time sell any securities of the Company that are not owned by such Insider at the time of the sale (a “short sale”). 4. No Purchases or Sales of Derivative Securities or Hedging Transactions. No Insider may buy or sell puts, calls, other derivative securities of the Company or any derivative securities that provide the economic equivalent of ownership of any of the Company’s securities or an opportunity, direct or indirect, to profit from any change in the value of the Company’s securities or engage in any other hedging transaction with respect to the Company’s securities. 5. No Company Securities Subject to Margin Calls. No Insider may use the Company’s securities as collateral in a margin account. 6. No Pledges. No Insider may pledge Company securities as collateral for a loan (or modify an existing pledge). 7. Gifts Subject to Same Restrictions as All Other Securities Trades. No Insider may give or make any other transfer of Company securities without consideration (e.g., a gift) during a period when the Insider is not permitted to trade. 8. No Trading During Retirement Plan Blackout Periods. No Insider may trade in any Company securities, which were acquired in connection with such Insider’s service or employment with the Company, during a retirement plan “blackout period” except as specifically permitted below. A blackout period includes any period of more than three (3) consecutive business days during which at least fifty percent (50%) of all participants and beneficiaries under all of the individual account plans maintained by the Company and members of its controlled group are prohibited from trading in Company securities through their plan accounts. Insiders will receive advance notice of any such blackout period from the Compliance Officer or his or her designee. C. PRE-CLEARANCE PROCEDURES Procedures. No Insider may trade in Company securities until: • The Insider has notified the Compliance Officer of the amount and nature of the proposed trade(s) using the Stock Transaction Request form attached to these Trading Procedures. In order to provide adequate time for the preparation of any required reports under Section 16 of the Exchange Act, a Stock Transaction Request form should, if practicable, be received by the Compliance Officer at least two (2) business days prior to the intended trade date; • The Insider has certified to the Compliance Officer in writing prior to the proposed trade(s) that the Insider is not in possession of material, nonpublic information concerning the Company; • The Insider has informed the Compliance Officer, using the Stock Transaction Request form attached to these Trading Procedures, whether, to the Insider’s best knowledge, (a) the Insider has (or is deemed to have) engaged in any opposite way transactions within the previous six months that were not exempt from Section 16(b) of the Exchange Act and (b) if the transaction involves a sale by an “affiliate” of the Company or of “restricted securities” (as such terms are defined under Rule 144 under the Securities Act of 1933, as amended (“Rule 144”)), whether the transaction meets all of the applicable conditions of Rule 144; and • The Compliance Officer or his or her designee has approved the trade(s) and has certified such approval in writing. Such certification may be made via digitally-signed electronic mail. The Compliance Officer does not assume the responsibility for, and approval from the Compliance Officer does not protect the Insider from, the consequences of prohibited insider trading. Additional Information. Insiders shall provide to the Compliance Officer any documentation reasonably requested by him or her in furtherance of the foregoing procedures. Any failure to provide such requested information will be grounds for denial of approval by the Compliance Officer. No Obligation to Approve Trades. The existence of the foregoing approval procedures does not in any way obligate the Compliance Officer to approve any trade requested by an Insider. The Compliance Officer may reject any trading request at his or her sole discretion. From time to time, an event may occur that is material to the Company and is known by only a few directors or executives. So long as the event remains material and nonpublic, the Compliance Officer may determine not to approve any transactions in the Company’s securities. If an Insider requests clearance to trade in the Company’s securities during the pendency of such an event, the Compliance Officer may reject the trading request without disclosing the reason. Completion of Trades. After receiving written clearance to engage in a trade signed by the Compliance Officer, an Insider must complete the proposed trade within two (2) business days or make a new trading request. Any such proposed trade must be completed during a trading window in accordance with these Trading Procedures unless such trade is (a) pursuant to a pre-approved Rule 10b5-1 Plan as described in Section D of these Trading Procedures or (b) in accordance with the procedure for waivers described in Section E of these Trading Procedures. Post-Trade Reporting. Any transactions in the Company’s securities by an Insider (including transactions effected pursuant to a Rule 10b5-1 Plan) must be reported on the same day in which such a transaction occurs. Each report an Insider makes to the Compliance Officer should include the date of the transaction, nature of ownership, quantity of shares, price and broker-dealer through which the transaction was effected. This reporting requirement may be satisfied by sending (or having such Insider’s broker send) duplicate confirmations of trades to the Compliance Officer if such information is received by the Compliance Officer on or before the required date. Compliance by directors and executive officers with this provision is imperative given the requirement of Section 16 of the Exchange Act that these persons generally must report changes in ownership of Company securities within two (2) business days. The sanctions for noncompliance with this reporting deadline include mandatory disclosure in the Company’s proxy statement for the next annual meeting of shareholders, as well as possible civil or criminal sanctions for chronic or egregious violators. D. EXEMPTIONS Pre-Approved Rule 10b5-1 Plan Transactions effected pursuant to a Rule 10b5-1 Plan as defined below that meets the requirements set forth below will not be subject to the Company’s trading windows, retirement plan blackout periods or pre-clearance procedures, and Insiders are not required to complete a Stock Transaction Request form for such transactions. Rule 10b5-1 of the Exchange Act provides an affirmative defense from insider trading liability under the federal securities laws for trading plans, arrangements or instructions that meet certain requirements. A trading plan, arrangement or instruction that meets the requirements of Rule 10b5-1 (a “Rule 10b5-1 Plan”) enables Insiders to establish arrangements to trade in Company securities outside of the Company’s trading windows, even when in possession of material, nonpublic information. In each case, such persons must act in good faith with respect to the Rule 10b5-1 Plan and not as part of a scheme to evade the prohibitions against unlawful insider trading. If an Insider intends to trade pursuant to a Rule 10b5-1 Plan, such plan, arrangement or trading instruction must adhere to the following guidelines, which are in addition to, and not in lieu of, the requirements and conditions of the Insider Trading Policy and Rule 10b5-1: 1. Pre-Clearance. All Rule 10b5-1 Plans must be submitted in writing and pre-cleared by the Compliance Officer. 2. Plan Adoption and Certification. All Rule 10b5-1 Plans must be entered into during an open trading window and when the Insider is not aware of any material, nonpublic information. Additionally, if the Insider is an officer or director (a “Section 16 Person”), then at the time of adoption of the Rule 10b5-1 Plan, the Section 16 Person must certifyas a representation in his or her Rule 10b5-1 Plan that he or she (a) is not aware of any material, nonpublic information and (b) is adopting the Rule 10b5-1 Plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1. 3. Plan Format. All Rule 10b5-1 Plans must be in writing and must either (a) expressly state the amount, price and dates on which transactions may be executed, (b) provide a written formula for determining amounts, prices and dates or (c) delegate discretion on those matters to an independent third-party who is not aware of any material, non-public information. Rule 10b5-1 Plans must not allow the Insider to exercise any subsequent influence over how, when or whether to effect trades in Company securities under the Rule 10b5-1 Plan. 4. Cooling-Off Period. After the adoption of a Rule 10b5-1 Plan by a Section 16 Person, no trades may be commenced under that Rule 10b5-1 Plan until the expiration of a “cooling-off” period consisting of the later of: (i) 90 days following adoption of the Rule 10b5-1 Plan or (ii) two (2) business days following the disclosure of the Company’s financial results on Form 10-Q or Form 10-K for the fiscal quarter in which the Rule 10b5-1 Plan was adopted, subject to a maximum of 120 days after adoption of the Rule 10b5-1 Plan. After the adoption of a Rule 10b5-1 Plan by an Insider who is not a Section 16 Person, no trades may be commenced under that Rule 10b5-1 Plan until the expiration of a cooling-off period that is 30 days following adoption of the Rule 10b5-1 Plan. 5. Multiple Plans. Insiders may enter into multiple Rule 10b5-1 Plans, provided such Rule 10b5-1 Plans do not overlap; trading under the later-commencing Rule 10b5-1 Plan may not begin until all trades under the initial Rule 10b5-1 Plan are completed or the Rule 10b5-1 Plan has expired by its terms. An exception to the foregoing restriction may be granted for Rule 10b5-1 Plans governing sell-to-cover transactions, subject to compliance with Rule 10b5-1. Note that only one “single-trade” Rule 10b5-1 Plan may be adopted during any consecutive 12-month period. 6. Trades Outside of the Plan. Once a Rule 10b5-1 Plan is established, Insiders may transact in securities that are not subject to the currently existing Rule 10b5-1 Plan. However, any such transactions continue to require pre-clearance and are otherwise subject to these Trading Procedures and the Insider Trading Policy. Under no circumstances will opposite-way open market transactions be permitted. 7. Plan Duration. The minimum duration of a Rule 10b5-1 Plan is six months, and the maximum duration is two years. 8. Early Terminations. The early termination of a Rule 10b5-1 Plan could affect the availability of the Rule 10b5-1 affirmative defense for prior Rule 10b5-1 Plan transactions if it calls into question whether the Insider is acting in good faith with respect to the Rule 10b5-1 Plan and whether the Rule 10b5-1 Plan was entered into in good faith and not as part of a plan to avoid the insider trading rules. Because of this risk, early terminations are strongly discouraged. In the event an Insider determines to terminate a Rule 10b5-1 Plan early, every effort should be taken to terminate the Rule 10b5-1 Plan during an open window. Early termination of a Rule 10b5-1 Plan during a quiet period requires extenuating circumstances and is subject to pre-clearance by the Compliance Officer. In the event an Insider early terminates his or her Rule 10b5-1 Plan, such Insider (a) will be subject to the applicable cooling-off period for any subsequent Rule 10b5-1 Plan, and (b) may be (i) prohibited from adopting future Rule 10b5-1 Plans, (ii) prohibited from transacting in securities outside of a Rule 10b5-1 Plan, or (iii) subject to other restrictions at the sole discretion of the Compliance Officer. 9. Modifications. As provided in Rule 10b5-1, any modification or change to the amount, price or timing of the purchase or sale of the securities underlying a Rule 10b5-1 Plan (including the substitution or removal of a broker that directly or indirectly results in a modification or change to such terms) is deemed (a) a termination of the existing Rule 10b5-1 Plan and (b) the adoption of a new Rule 10b5-1 Plan, each of which are subject to the applicable requirements of these Trading Procedures. 10. Brokers and Broker Reporting. Each Rule 10b5-1 Plan must require the broker counterparty to promptly report to the Company’s designated representative the details of every transaction executed under the Rule 10b5-1 Plan, but in any event, such detail must be provided no later than one business day after the execution date. 11. Public Disclosure of Plan Transactions. To the extent required by SEC rules, the Company will disclose in its periodic reports (i.e., Form 10-Qs and Form 10-Ks) the adoption or termination of a Rule 10b5-1 Plan by any Section 16 Person during the last completed quarter, including a description of the material terms of the Rule 10b5-1 Plan, other than terms with respect to price. Additionally, transactions executed pursuant to a Rule 10b5-1 Plan will be indicated as such by footnote on the Section 16 Person’s Form 4. A Rule 10b5-1 Plan does relieve Insiders from their obligations to comply with the requirements of applicable securities laws, including the requirement to file any applicable notices and reports accurately and on time. Furthermore, notwithstanding any pre-clearance of a Rule 10b5-1 Plan, the Company assumes no liability relating to the Rule 10b5-1 Plan. The Compliance Officer may refuse to approve a Rule 10b5-1 Plan as he or she deems appropriate including, without limitation, if he or she determines that such plan does not satisfy the requirements of Rule 10b5-1. The Compliance Officer may consult with the Company’s legal counsel before approving a Rule 10b5-1 Plan. If the Compliance Officer does not approve an Insider’s Rule 10b5-1 Plan, such Insider must adhere to the pre-clearance procedures and trading windows set forth above until such time as a Rule 10b5-1 Plan is approved. Employee Benefit Plans. 1. Exercise of Stock Options. The trading prohibitions and restrictions set forth in these Trading Procedures do not apply to the exercise of an option to purchase securities of the Company when payment of the exercise price is made in cash. However, the exercise of an option to purchase securities of the Company is subject to the current reporting requirements of Section 16 of the Exchange Act and, therefore, Insiders must comply with the post-trade reporting requirement described in Section C above for any such transaction. In addition, the securities acquired upon the exercise of an option to purchase Company securities are subject to all of the requirements of these Trading Procedures and the Insider Trading Policy. Moreover, these Trading Procedures apply to the use of outstanding Company securities to constitute part or all of the exercise price of an option, any net option exercise, any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option. 2. Tax Withholding on Restricted Stock. The trading prohibitions and restrictions set forth in these Trading Procedures do not apply to the withholding by the Company of shares of restricted stock upon vesting to satisfy applicable tax withholding requirements if (a) such withholding is required by the applicable plan or award agreement or (b) the election to exercise such tax withholding right was made by the Insider in compliance with these Trading Procedures. 3. Employee Stock Purchase Plan. The trading prohibitions and restrictions set forth in these Trading Procedures do not apply to periodic wage withholding contributions by the Company or employees of the Company which are used to purchase the Company’s securities pursuant to the employees’ advance instructions under the Company’s employee stock purchase plan. However, no Insider may: (a) elect to participate in such employee stock purchase plan or alter his or her instructions regarding the level of withholding or purchase by the Insider of Company securities under such employee stock purchase plan; or (b) make cash contributions to such employee stock purchase plan (other than through periodic wage withholding) without complying with these Trading Procedures. Any sale of securities acquired under such employee stock purchase plan is subject to the prohibitions and restrictions of these Trading Procedures. 4. Retirement Plan. The trading prohibitions and restrictions set forth in these Trading Procedures do not apply to purchases of Company securities in the Company’s 401(k) retirement plan resulting from periodic contributions by Insiders to such retirement plan pursuant to payroll deduction elections. Such prohibitions and restrictions do apply, however, to certain elections Insiders may make under such retirement plan, including: (a) an election to increase or decrease the percentage of periodic contributions that will be allocated to the Company stock fund; (b) an election to make an intra-plan transfer of an existing account balance into or out of the Company stock fund; (c) an election to borrow money against or receive a distribution from such Insider’s retirement plan account if the loan or distribution will result in a liquidation of some or all of such Insider’s Company stock fund balance; and (d) an election to pre-pay a plan loan if the pre-payment will result in an allocation of loan proceeds to the Company stock fund. 5. Distribution Reinvestment Plan. The trading prohibitions and restrictions set forth in these Trading Procedures do not apply to purchases of Company securities under the Company’s distribution reinvestment plan resulting from the reinvestment by Insiders of dividends paid on Company securities. Such prohibitions and restrictions do apply, however, to voluntary purchases of Company securities resulting from additional contributions by Insiders to such distribution reinvestment plan (i.e., direct stock purchases), and to elections by Insiders to participate in such distribution reinvestment plan or change the level of such participation. These Trading Procedures also apply to sales by Insiders of Company securities purchased pursuant to such distribution reinvestment plan. E. WAIVERS A waiver of any provision of these Trading Procedures in a specific instance may be authorized in writing by the Board of Directors or the Nominating and Corporate Governance Committee of the Board of Directors and any such waiver granted by the Nominating and Corporate Governance Committee shall be reported to the Company’s Board of Directors. F. ACKNOWLEDGMENT In addition to the Company’s Insider Trading Policy, these Trading Procedures will be delivered to all current Insiders and to all new Insiders at the start of their employment or relationship with the Company or upon becoming an Insider. Upon first receiving a copy of these Trading Procedures, each Insider must acknowledge that he or she has received a copy and agrees to comply with the terms of these Trading Procedures and the Insider Trading Policy. Such Insider shall return the acknowledgment attached hereto within ten (10) days of receipt to the attention of the Senior Vice President, Corporate Secretary. This acknowledgment will constitute consent for the Company to impose sanctions for violation of the Insider Trading Policy or these Trading Procedures, and to issue any necessary stop-transfer orders to the Company’s transfer agent to ensure compliance. Insiders will be required upon the Company’s request to re-acknowledge and agree to comply with these Trading Procedures and the Insider Trading Policy (including any amendments or modifications). For such purpose, an Insider will be deemed to have acknowledged and agreed to comply with these Trading Procedures and the Insider Trading Policy, as each may be amended from time to time, when copies of such items have been delivered to the Insider by regular or electronic mail (or other delivery option used by the Company) by the Compliance Officer or his or her designee. ____________________ Failure to observe these Trading Procedures and the Insider Trading Policy could lead to significant legal problems, and could have other serious consequences, including termination of employment. Questions regarding these Trading Procedures or the Insider Trading Policy are encouraged and may be directed to the Compliance Officer. Revised as of: December 10, 2024 EXHIBIT 21.1 List of Subsidiaries of Mid-America Apartment Communities, Inc. Alabama CPSI, LLC CPSI-UCO Spanish Oaks, LLC CPSI-UCO, LLC Delaware 10th Apartments, LLC 1499 Massachusetts Avenue, Inc. 1499 Massachusetts Holding, LLC CC Daybreak, LLC CC Val Vista, LLC CC West Midtown, LLC CC West Midtown TH Owner, LLC CC West Midtown Owner, LLC Chandler Farms Apartment Owner LLC Colonial Commercial Contracting, LLC Heathrow 4, LLC MAA Alloy, LLC MAA Arkansas REIT, LLC MAA Holdings, LLC MAA WWARRS, LLC Post Carlyle II, LLC Stone Ranch at Westover Hills, LLC Florida MAA Westshore Exchange LLC Georgia 3630 South Tower Residential, LLC 98 San Jac Holdings, LLC PAH Lender, LLC PBP Apartments, LLC PF Apartments, LLC PL Conservation, LLC Post 1499 Massachusetts, LLC Post Alexander II, LLC Post Asset Management, Inc. Post Carlyle I, LLC Post Centennial Park, LLC Post Corners, LLC Post Galleria, LLC Post Hyde Park, LLC Post Midtown Atlanta, LLC Post Midtown Square GP, LLC Post Midtown Square, L.P. Post Parkside at Wade II GP, LLC Post Parkside at Wade II, L.P. Post Services, LLC Post South End GP, LLC Post South End, L.P. Post Wade Tract M-2, L.P. Rise Condominium Development, LLC Tennessee Brighter View Insurance Company, LLC Mid-America Apartments, L.P. Texas Akard-McKinney Investment Company, LLC MAA of Copper Ridge, Inc. EXHIBIT 23.1 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the following Registration Statements: (1) Registration Statements (Form S-3 Nos. 33-96852, 333-82526, 333-190028, and 333-279076) of Mid- America Apartment Communities, Inc. and in the related Prospectuses, (2) Registration Statement (Form S-3 No. 333-277057) pertaining to the Dividend and Distribution Reinvestment and Share Purchase Plan of Mid-America Apartment Communities, Inc. and in the related Prospectus, (3) Registration Statement (Form S-8 No. 333-123945) pertaining to the Non-Qualified Deferred Compensation Plan for Outside Company Directors of Mid-America Apartment Communities, Inc., (4) Registration Statement (Form S-8 No. 333-115834) pertaining to the Fourth Amended and Restated 1994 Restricted Stock and Stock Option Plan and the 2004 Stock Plan of Mid-America Apartment Communities, Inc., (5) Registration Statement (Form S-8 No. 33-91416) pertaining to the 1994 Employee Stock Purchase Plan of Mid-America Apartment Communities, Inc., (6) Registration Statement (Form S-8 No. 333-191541) pertaining to the Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan, Colonial Properties Trust 2008 Omnibus Incentive Plan and Colonial Properties Trust Third Amended and Restated Shares Option and Restricted Shares Plan, (7) Registration Statement (Form S-8 No. 333-196250) pertaining to the Amended and Restated Mid-America Apartment Communities, Inc. 2013 Stock Incentive Plan, (8) Registration Statement (Form S-8 No. 333-225136) pertaining to the Second Amended and Restated Mid- America Apartment Communities, Inc. 2013 Stock Incentive Plan, (9) Registration Statement (Form S-8 No. 333-214993) pertaining to the Amended and Restated Post Properties, Inc. 2003 Incentive Stock Plan, and (10) Registration Statement (Form S-8 No. 333-272017) pertaining to the Mid-America Apartment Communities, Inc. 2023 Omnibus Incentive Plan. of our reports dated February 7, 2025, with respect to the consolidated financial statements and schedule listed in the Index at Item 15(a)(2) of Mid-America Apartment Communities, Inc. and the effectiveness of internal control over financial reporting of Mid-America Apartment Communities, Inc. included in this Annual Report (Form 10-K) of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. for the year ended December 31, 2024. /s/ Ernst & Young LLP Memphis, Tennessee February 7, 2025 EXHIBIT 23.2 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the Registration Statement (Form S-3 No. 333-279076-01) of Mid- America Apartments, L.P. and in the related Prospectus of our report dated February 7, 2025, with respect to the consolidated financial statements and schedule listed in the Index at Item 15(a)(2) included in this Annual Report (Form 10-K) of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. for the year ended December 31, 2024. /s/ Ernst & Young LLP Memphis, Tennessee February 7, 2025 EXHIBIT 31.1 CERTIFICATION I, H. Eric Bolton, Jr., certify that: 1. I have reviewed this Annual Report on Form 10-K of Mid-America Apartment Communities, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer EXHIBIT 31.2 CERTIFICATION I, A. Clay Holder, certify that: 1. I have reviewed this Annual Report on Form 10-K of Mid-America Apartment Communities, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 7, 2025 /s/ A. Clay Holder A. Clay Holder Executive Vice President and Chief Financial Officer EXHIBIT 31.3 CERTIFICATION I, H. Eric Bolton, Jr., certify that: 1. I have reviewed this Annual Report on Form 10-K of Mid-America Apartments, L.P.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer Mid-America Apartment Communities, Inc., general partner of Mid- America Apartments, L.P. EXHIBIT 31.4 CERTIFICATION I, A. Clay Holder, certify that: 1. I have reviewed this Annual Report on Form 10-K of Mid-America Apartments, L.P.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 7, 2025 /s/ A. Clay Holder A. Clay Holder Executive Vice President and Chief Financial Officer Mid-America Apartment Communities, Inc., general partner of Mid- America Apartments, L.P. EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Mid-America Apartment Communities, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, H. Eric Bolton, Jr., Chairman of the Board of Directors and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Mid-America Apartment Communities, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A. Clay Holder, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 7, 2025 /s/ A. Clay Holder A. Clay Holder Executive Vice President and Chief Financial Officer EXHIBIT 32.3 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Mid-America Apartments, L.P. (the “Operating Partnership”) on Form 10-K for the period ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, H. Eric Bolton, Jr., Chairman of the Board of Directors and Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. Date: February 7, 2025 /s/ H. Eric Bolton, Jr. H. Eric Bolton, Jr. Chairman of the Board of Directors Chief Executive Officer Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. EXHIBIT 32.4 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Mid-America Apartments, L.P. (the “Operating Partnership”) on Form 10-K for the period ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A. Clay Holder, Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. Date: February 7, 2025 /s/ A. Clay Holder A. Clay Holder Executive Vice President and Chief Financial Officer Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. This page intentionally left blank Board of Directors Executive Officers H. Eric Bolton, Jr. Chairman of the Board of Directors and Executive Chairman A. Bradley Hill President, Chief Executive Officer Timothy P. Argo Executive VP, Chief Strategy and Analysis Officer Melanie M. Carpenter Executive VP, Chief Human Resources Officer Robert J. DelPriore Executive VP, Chief Administrative Officer and General Counsel Amber Fairbanks Executive VP, Property Management Tamara Fischer Executive Chairman and Past President and CEO, National Storage Affiliates Trust Committees: Audit; Real Estate Investment Edith Kelly-Green Founding Partner, JKG Properties LLC and The KGR Group; Past Vice President and Chief Sourcing Officer of FedEx Express, a subsidiary of FedEx Corporation Committees: Audit; Nominating and Corporate Governance James K. Lowder1 Chairman of the Board of Directors and President, The Colonial Company Committees: Nominating and Corporate Governance; Real Estate Investment Thomas H. Lowder1 Past Chairman of the Board of Trustees and Chief Executive Officer, Colonial Properties Trust Committees: Compensation; Real Estate Investment Sheila K. Mcgrath Past Senior Managing Director, Evercore ISI Committees: Compensation; Real Estate Investment Claude B. Nielsen Past Chairman of the Board of Directors and Chief Executive Officer, Coca-Cola Bottling Company UNITED, Inc. Committees: Compensation; Nominating and Corporate Governance (Chairman) Gary S. Shorb Executive Director, The Urban Child Institute; Past President and Chief Executive Officer, Methodist Le Bonheur Healthcare Committees: Audit; Nominating and Corporate Governance David P. Stockert General Partner, Sweetwater Opportunity Fund, LP; Past Chief Executive Officer and President, Post Properties, Inc. Committee: Nominating and Corporate Governance, Real Estate Investment H. Eric Bolton, Jr. Chairman of the Board of Directors, Executive Chairman and Past Chief Executive Officer, MAA Committee: Real Estate Investment (Chairman) Alan B. Graf, Jr. Past Executive Vice President and Chief Financial Officer, FedEx Corporation Committee: Audit (Chairman) Lead Independent Director Deborah H. Caplan Executive Vice President, Human Resources and Corporate Services, NextEra Energy, Inc. Committees: Compensation (Chairman); Nominating and Corporate Governance John P. Case Chairman and Principal, Bunker Hill Group, Past Partner and Senior Advisor, Ares Management Corporation and Past CEO, President and Member of Board of Directors, Realty Income Corporation Committees: Compensation; Real Estate Investment 1Messrs. James K. Lowder and Thomas H. Lowder will each retire from the Board of Directors on May 20, 2025, and are not nominated for re-election at the Annual Meeting of Shareholders. Joseph P. Fracchia Executive VP, Chief Technology and Innovation Officer A. Clay Holder Executive VP, Chief Financial Officer Shareholder Information Corporate Headquarters MAA 6815 Poplar Avenue, Suite 500 Germantown, TN 38138 901-682-6600 www.maac.com Independent Registered Public Accounting Firm Ernst & Young LLP, Memphis, TN 2025 Annual Meeting of Shareholders MAA plans to hold its 2025 Annual Meeting of Shareholders virtually on Tuesday, May 20, 2025, at 12:30 p.m. CDT. Stock Listing MAA’s common and preferred stock are listed on the New York Stock Exchange (NYSE) and are traded under the stock symbols MAA and MAApI, respectively. SEC Filings MAA’s filings with the Securities and Exchange Commission are filed under the registrant names of Mid-America Apartment Communities, Inc. and/or Mid-America Apartments, L.P. Transfer Agent and Registrar Broadridge Corporate Issuer Solutions, Inc. Call: 877-206-4722 Email: shareholder@broadridge.com, or Visit: www.shareholder.broadridge.com/maa/ Form 10-K A copy of MAA’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (SEC), will be sent without charge upon written request. Please address requests to MAA’s corporate headquarters, attention Investor Relations, or email your request to investor.relations@maac.com. Please indicate your preference of email or paper copy as well as your full address information for delivery. MAA SEC filings as well as corporate governance documents are also on the “For Investors” page of our website at www.maac.com. CEO and CFO Certifications As is required by Section 303A.12(a) of the NYSE’s corporate governance standards, the CEO Certification has been previously filed without qualification with the NYSE. Certifications of the CEO and CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 have been filed as exhibits to MAA’s Form 10-K. 6815 Poplar Avenue, Suite 500 Germantown, TN 38138 www.maac.com Covers: MAA Sand Lake, Orlando, FL