10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

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 Ave., Suite 500, Germantown, TN 38138

(Address of principal executive offices) (Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

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.

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 Exchange Act).

Mid-America Apartment Communities, Inc.	Yes ☐	No ☒
Mid-America Apartments, L.P.	Yes ☐	No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Mid-America Apartment Communities, Inc.	Number of Shares Outstanding at
Class	October 24, 2022
Common Stock, $0.01 par value	115,477,018

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

TABLE OF CONTENTS

			Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements.		5
	Mid-America Apartment Communities, Inc.
		Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021.	5
		Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021.	6
		Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021.	7
		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021.	8
	Mid-America Apartments, L.P.
		Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021.	9
		Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021.	10
		Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021.	11
		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021.	12
	Notes to Condensed Consolidated Financial Statements.		13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		38
Item 4.	Controls and Procedures.		38
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings.		39
Item 1A.	Risk Factors.		39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		39
Item 3.	Defaults Upon Senior Securities.		39
Item 4.	Mine Safety Disclosures.		39
Item 5.	Other Information.		40
Item 6.	Exhibits.		40
	Signatures.		41

2

Explanatory Note

This report combines the Quarterly Reports on Form 10-Q for the quarter ended September 30, 2022 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 97.3% owned subsidiary, Mid-America Apartments, L.P., are both required to file quarterly reports under the Securities Exchange Act of 1934, as amended.

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q 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 September 30, 2022, MAA owned 115,447,252 OP Units (97.3% 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 periodic reports of MAA and the Operating Partnership, including the notes to the condensed 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. 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 condensed consolidated financial statements of MAA and those of the Operating Partnership. MAA’s shareholders’ equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership’s capital may include common capital and preferred capital of the general partner (MAA), limited partners’ common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

3

In order to highlight the material differences between MAA and the Operating Partnership, this Quarterly Report on Form 10-Q includes sections that separately present and discuss areas that are materially different between MAA and the Operating Partnership, including:

•the condensed consolidated financial statements in Part 1, Item 1 of this report;

•certain accompanying notes to the condensed consolidated financial statements, including Note 2 - Earnings per Common Share of MAA and Note 3 - Earnings per OP Unit of MAALP; Note 4 - MAA Equity and Note 5 - MAALP Capital; and Note 8 - Shareholders’ Equity of MAA and Note 9 - Partners’ Capital of MAALP;

•the controls and procedures in Part 1, Item 4 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 Quarterly Report on Form 10-Q 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.

4

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except per share data)

	September 30, 2022			December 31, 2021
Assets
Real estate assets:
Land	$	1,991,472		$	1,977,813
Buildings and improvements and other		12,787,864			12,454,439
Development and capital improvements in progress		297,416			247,970
		15,076,752			14,680,222
Less: Accumulated depreciation		(4,180,694	)		(3,848,161	)
		10,896,058			10,832,061
Undeveloped land		64,312			24,015
Investment in real estate joint venture		42,442			42,827
Real estate assets, net		11,002,812			10,898,903
Cash and cash equivalents		38,996			54,302
Restricted cash		14,558			76,296
Other assets		215,347			255,681
Assets held for sale		66,514			—
Total assets	$	11,338,227		$	11,285,182
Liabilities and equity
Liabilities:
Unsecured notes payable	$	4,154,820		$	4,151,375
Secured notes payable		364,331			365,315
Accrued expenses and other liabilities		647,176			584,400
Total liabilities		5,166,327			5,101,090
Redeemable common stock		20,145			30,185
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 September 30, 2022    and December 31, 2021, respectively		9			9
Common stock, $0.01 par value per share, 145,000,000 shares authorized;    115,447,252 and 115,336,876 shares issued and outstanding as of    September, 2022 and December 31, 2021, respectively (1)		1,152			1,151
Additional paid-in capital		7,196,504			7,230,956
Accumulated distributions in excess of net income		(1,219,599	)		(1,255,807	)
Accumulated other comprehensive loss		(10,321	)		(11,132	)
Total MAA shareholders’ equity		5,967,745			5,965,177
Noncontrolling interests - OP Units		164,230			165,116
Total Company’s shareholders’ equity		6,131,975			6,130,293
Noncontrolling interests - consolidated real estate entities		19,780			23,614
Total equity		6,151,755			6,153,907
Total liabilities and equity	$	11,338,227		$	11,285,182

(1)Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are 134,629 and 131,559, respectively.

See accompanying notes to condensed consolidated financial statements.

5

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per share data)

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Revenues:
Rental and other property revenues	$	520,783		$	452,575		$	1,491,901		$	1,314,507
Expenses:
Operating expenses, excluding real estate taxes and insurance		117,390			106,412			328,514			304,124
Real estate taxes and insurance		74,033			66,426			214,006			199,943
Depreciation and amortization		136,879			134,611			404,761			397,938
Total property operating expenses		328,302			307,449			947,281			902,005
Property management expenses		16,262			13,831			48,429			40,522
General and administrative expenses		12,188			12,670			44,091			38,763
Interest expense		38,637			39,234			116,663			117,773
Loss (gain) on sale of depreciable real estate assets		1			313			(131,963	)		(134,515	)
Gain on sale of non-depreciable real estate assets		(431	)		(170	)		(809	)		(202	)
Other non-operating expense (income)		1,718			(10,344	)		19,248			(14,557	)
Income before income tax benefit (expense)		124,106			89,592			448,961			364,718
Income tax benefit (expense)		1,256			(2,803	)		5,750			(5,847	)
Income from continuing operations before real estate joint     venture activity		125,362			86,789			454,711			358,871
Income from real estate joint venture		341			258			1,129			915
Net income		125,703			87,047			455,840			359,786
Net income attributable to noncontrolling interests		3,392			2,568			12,025			11,636
Net income available for shareholders		122,311			84,479			443,815			348,150
Dividends to MAA Series I preferred shareholders		922			922			2,766			2,766
Net income available for MAA common shareholders	$	121,389		$	83,557		$	441,049		$	345,384
Earnings per common share - basic:
Net income available for MAA common shareholders	$	1.05		$	0.73		$	3.82		$	3.01
Earnings per common share - diluted:
Net income available for MAA common shareholders	$	1.05		$	0.73		$	3.82		$	3.01

See accompanying notes to condensed consolidated financial statements.

6

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Other comprehensive income:
Adjustment for net losses reclassified to net income from    derivative instruments		279			278			835			835
Total comprehensive income		125,982			87,325			456,675			360,621
Less: Comprehensive income attributable to    noncontrolling interests		(3,401	)		(2,598	)		(12,049	)		(11,727	)
Comprehensive income attributable to MAA	$	122,581		$	84,727		$	444,626		$	348,894

See accompanying notes to condensed consolidated financial statements.

7

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

	Nine months ended September 30,
Cash flows from operating activities:	2022			2021
Net income	$	455,840		$	359,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		405,412			398,678
Gain on sale of depreciable real estate assets		(131,963	)		(134,515	)
Gain on sale of non-depreciable real estate assets		(809	)		(202	)
Loss (gain) on embedded derivative in preferred shares		10,364			(11,492	)
Stock compensation expense		14,615			12,804
Amortization of debt issuance costs, discounts and premiums		4,547			4,142
Loss (gain) on investments		39,290			(18,001	)
Net change in operating accounts and other operating activities		10,019			67,050
Net cash provided by operating activities		807,315			678,250
Cash flows from investing activities:
Purchases of real estate and other assets		(252,628	)		(46,028	)
Capital improvements and other		(219,221	)		(208,563	)
Development costs		(124,262	)		(179,810	)
Distributions from real estate joint venture		386			483
Contributions to affiliates		(11,100	)		(1,971	)
Proceeds from real estate asset dispositions		165,827			158,812
Proceeds from insurance recoveries		26,385			7,422
Net cash used in investing activities		(414,613	)		(269,655	)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper		125,000			(147,000	)
Proceeds from notes payable		—			594,423
Principal payments on notes payable		(126,043	)		(466,817	)
Payment of deferred financing costs		(5,473	)		(5,922	)
Distributions to noncontrolling interests		(10,968	)		(12,009	)
Dividends paid on common shares		(395,258	)		(352,384	)
Dividends paid on preferred shares		(2,766	)		(2,766	)
Acquisition of noncontrolling interests		(43,070	)		—
Net change in other financing activities		(11,168	)		(10,214	)
Net cash used in financing activities		(469,746	)		(402,689	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(77,044	)		5,906
Cash, cash equivalents and restricted cash, beginning of period		130,598			35,615
Cash, cash equivalents and restricted cash, end of period	$	53,554		$	41,521

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:

Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	$	38,996	$	29,811
Restricted cash		14,558		11,710
Total cash, cash equivalents and restricted cash	$	53,554	$	41,521
Supplemental information:
Interest paid	$	109,936	$	109,471
Income taxes paid		3,463		2,518
Non-cash transactions:
Conversion of OP Units to shares of common stock	$	500	$	33,272
Accrued construction in progress		30,175		18,484
Interest capitalized		6,146		7,781

See accompanying notes to condensed consolidated financial statements.

8

Mid-America Apartments, L.P.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands)

	September 30, 2022			December 31, 2021
Assets
Real estate assets:
Land	$	1,991,472		$	1,977,813
Buildings and improvements and other		12,787,864			12,454,439
Development and capital improvements in progress		297,416			247,970
		15,076,752			14,680,222
Less: Accumulated depreciation		(4,180,694	)		(3,848,161	)
		10,896,058			10,832,061
Undeveloped land		64,312			24,015
Investment in real estate joint venture		42,442			42,827
Real estate assets, net		11,002,812			10,898,903
Cash and cash equivalents		38,996			54,302
Restricted cash		14,558			76,296
Other assets		215,347			255,681
Assets held for sale		66,514			—
Total assets	$	11,338,227		$	11,285,182
Liabilities and capital
Liabilities:
Unsecured notes payable	$	4,154,820		$	4,151,375
Secured notes payable		364,331			365,315
Accrued expenses and other liabilities		647,176			584,400
Due to general partner		19			19
Total liabilities		5,166,346			5,101,109
Redeemable common units		20,145			30,185
Operating Partnership capital:
Preferred units, 867,846 preferred units outstanding as of September 30, 2022    and December 31, 2021, respectively		66,840			66,840
General partner, 115,447,252 and 115,336,876 OP Units outstanding as of    September 30, 2022 and December 31, 2021, respectively (1)		5,911,433			5,909,700
Limited partners, 3,196,429 and 3,206,118 OP Units outstanding as of    September 30, 2022 and December 31, 2021, respectively (1)		164,230			165,116
Accumulated other comprehensive loss		(10,547	)		(11,382	)
Total operating partners’ capital		6,131,956			6,130,274
Noncontrolling interests - consolidated real estate entities		19,780			23,614
Total equity		6,151,736			6,153,888
Total liabilities and equity	$	11,338,227		$	11,285,182

(1) Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are 134,629 and 131,559, respectively.

See accompanying notes to condensed consolidated financial statements.

9

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per unit data)

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Revenues:
Rental and other property revenues	$	520,783		$	452,575		$	1,491,901		$	1,314,507
Expenses:
Operating expenses, excluding real estate taxes and insurance		117,390			106,412			328,514			304,124
Real estate taxes and insurance		74,033			66,426			214,006			199,943
Depreciation and amortization		136,879			134,611			404,761			397,938
Total property operating expenses		328,302			307,449			947,281			902,005
Property management expenses		16,262			13,831			48,429			40,522
General and administrative expenses		12,188			12,670			44,091			38,763
Interest expense		38,637			39,234			116,663			117,773
Loss (gain) on sale of depreciable real estate assets		1			313			(131,963	)		(134,515	)
Gain on sale of non-depreciable real estate assets		(431	)		(170	)		(809	)		(202	)
Other non-operating expense (income)		1,718			(10,344	)		19,248			(14,557	)
Income before income tax benefit (expense)		124,106			89,592			448,961			364,718
Income tax benefit (expense)		1,256			(2,803	)		5,750			(5,847	)
Income from continuing operations before real estate joint     venture activity		125,362			86,789			454,711			358,871
Income from real estate joint venture		341			258			1,129			915
Net income		125,703			87,047			455,840			359,786
Net loss attributable to noncontrolling interests		—			—			(293	)		—
Net income available for MAALP unitholders		125,703			87,047			456,133			359,786
Distributions to MAALP preferred unitholders		922			922			2,766			2,766
Net income available for MAALP common unitholders	$	124,781		$	86,125		$	453,367		$	357,020
Earnings per common unit - basic:
Net income available for MAALP common unitholders	$	1.05		$	0.73		$	3.82		$	3.01
Earnings per common unit - diluted:
Net income available for MAALP common unitholders	$	1.05		$	0.73		$	3.82		$	3.01

See accompanying notes to condensed consolidated financial statements.

10

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Net income	$	125,703	$	87,047	$	455,840	$	359,786
Other comprehensive income:
Adjustment for net losses reclassified to net income from    derivative instruments		279		278		835		835
Total comprehensive income		125,982		87,325		456,675		360,621
Add: Comprehensive loss attributable to noncontrolling    interests		—		—		293		—
Comprehensive income attributable to MAALP	$	125,982	$	87,325	$	456,968	$	360,621

See accompanying notes to condensed consolidated financial statements.

11

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

	Nine months ended September 30,
Cash flows from operating activities:	2022			2021
Net income	$	455,840		$	359,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		405,412			398,678
Gain on sale of depreciable real estate assets		(131,963	)		(134,515	)
Gain on sale of non-depreciable real estate assets		(809	)		(202	)
Loss (gain) on embedded derivative in preferred shares		10,364			(11,492	)
Stock compensation expense		14,615			12,804
Amortization of debt issuance costs, discounts and premiums		4,547			4,142
Loss (gain) on investments		39,290			(18,001	)
Net change in operating accounts and other operating activities		10,019			67,050
Net cash provided by operating activities		807,315			678,250
Cash flows from investing activities:
Purchases of real estate and other assets		(252,628	)		(46,028	)
Capital improvements and other		(219,221	)		(208,563	)
Development costs		(124,262	)		(179,810	)
Distributions from real estate joint venture		386			483
Contributions to affiliates		(11,100	)		(1,971	)
Proceeds from real estate asset dispositions		165,827			158,812
Proceeds from insurance recoveries		26,385			7,422
Net cash used in investing activities		(414,613	)		(269,655	)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper		125,000			(147,000	)
Proceeds from notes payable		—			594,423
Principal payments on notes payable		(126,043	)		(466,817	)
Payment of deferred financing costs		(5,473	)		(5,922	)
Distributions paid on common units		(406,226	)		(364,393	)
Distributions paid on preferred units		(2,766	)		(2,766	)
Acquisition of noncontrolling interests		(43,070	)		—
Net change in other financing activities		(11,168	)		(10,214	)
Net cash used in financing activities		(469,746	)		(402,689	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(77,044	)		5,906
Cash, cash equivalents and restricted cash, beginning of period		130,598			35,615
Cash, cash equivalents and restricted cash, end of period	$	53,554		$	41,521

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:

Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	$	38,996	$	29,811
Restricted cash		14,558		11,710
Total cash, cash equivalents and restricted cash	$	53,554	$	41,521
Supplemental information:
Interest paid	$	109,936	$	109,471
Income taxes paid		3,463		2,518
Non-cash transactions:
Accrued construction in progress	$	30,175	$	18,484
Interest capitalized		6,146		7,781

See accompanying notes to condensed consolidated financial statements.

12

Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Organization and Summary of Significant Accounting Policies

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

As of September 30, 2022, MAA owned 115,447,252 OP Units (or 97.3% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

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

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

Organization of Mid-America Apartment Communities, Inc.

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of September 30, 2022, the Company owned and operated 292 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of September 30, 2022, the Company also had five development communities under construction totaling 1,759 apartment units once complete. Total expected costs for the five development

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projects are $444.0 million, of which $266.1 million had been incurred through September 30, 2022. The Company expects to complete one of these developments in 2022, three developments in 2023, and one development in 2024. As of September 30, 2022, 34 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of September 30, 2022.

Basis of Presentation and Principles of Consolidation

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

The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights. 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. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below).

Noncontrolling Interests

As of September 30, 2022, 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 four consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2022, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $244.6 million, and consolidated liabilities were $14.4 million. As of December 31, 2021, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $252.8 million, and consolidated liabilities were $15.9 million. During the nine months ended September 30, 2022, the Company paid $43.1 million to acquire the noncontrolling interest of one consolidated real estate entity.

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture and four 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 $42.4 million and $42.8 million as of September 30, 2022 and December 31, 2021, respectively.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of September 30, 2022 and December 31, 2021, the Company’s investments in the limited partnerships were $41.8 million and $79.4 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related gains and losses, including unrealized gains and losses, recognized in

14

“Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. The decrease in the Company’s investment in the limited partnerships was driven by the recognition of unrealized losses, which were primarily a result of a decrease in the valuation of an underlying investment that recently became publicly traded. During the three months ended September 30, 2022 and 2021, the Company recognized $1.4 million of expense and $10.1 million of income, respectively, from its investments in the limited partnerships. During the nine months ended September 30, 2022 and 2021, the Company recognized $29.2 million of expense and $18.0 million of income, respectively, from its investments in the limited partnerships. As of September 30, 2022, the Company was committed to make additional capital contributions totaling $32.9 million if and when called by the general partners of the limited partnerships.

Marketable Equity Securities

During the nine months ended September 30, 2022, two of the technology-focused limited partnerships that are accounted for as unconsolidated affiliates distributed publicly traded marketable equity securities to the Company and the other limited partners. The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities, with any related gains and losses, including unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022, the Company’s investment in the marketable equity securities was $6.2 million. During the three and nine months ended September 30, 2022, the Company recognized $6.8 million and $10.1 million of expense, respectively, from its investment in marketable equity securities.

Revenue Recognition

The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with 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 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues”, as presented in the disaggregation of the Company’s revenues in Note 11.

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than twelve months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2022 and December 31, 2021, right-of-use assets recorded within “Other assets” totaled $45.3 million and $47.0 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $29.2 million and $30.3 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the three and nine months ended September 30, 2022 and 2021 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2022 and 2021 was also immaterial. See Note 10 for additional disclosures regarding leases.

15

Fair Value Measurements

The Company applies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, to the valuation of 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 as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy:

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

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

Level 3 - Unobservable inputs for the assets or liability.

2. Earnings per Common Share of MAA

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

For the three and nine months ended September 30, 2022 and 2021, 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):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common share - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Unvested restricted shares (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,307		$	83,477		$	440,741		$	345,025
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Earnings per common share - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common share - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests (1)		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,389		$	83,557		$	441,049		$	345,384
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Effect of dilutive securities		205			296			267			305
Weighted average common shares - diluted		115,568			115,229			115,592			114,873
Earnings per common share - diluted	$	1.05		$	0.73		$	3.82		$	3.01

(1)For the three and nine months ended September 30, 2022, 3.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2021, 3.5 million OP Units and 3.8 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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3. Earnings per OP Unit of MAALP

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

For the three and nine months ended September 30, 2022 and 2021, 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):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common unit - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Unvested restricted units (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,699		$	86,045		$	453,059		$	356,661
Weighted average common units - basic		118,564			118,430			118,528			118,389
Earnings per common unit - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common unit - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,781		$	86,125		$	453,367		$	357,020
Weighted average common units - basic		118,564			118,430			118,528			118,389
Effect of dilutive securities		205			296			267			305
Weighted average common units - diluted		118,769			118,726			118,795			118,694
Earnings per common unit - diluted	$	1.05		$	0.73		$	3.82		$	3.01

17

4. MAA Equity

Changes in MAA’s total equity and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2022	$	9	$	1,152	$	7,191,920		$	(1,199,216	)	$	(10,591	)	$	165,062		$	19,780	$	6,168,116
Net income		—		—		—			122,311			—			3,392			—		125,703
Other comprehensive income - derivative     instruments		—		—		—			—			270			9			—		279
Issuance and registration of common shares		—		—		156			—			—			—			—		156
Shares repurchased and retired		—		—		(12	)		—			—			—			—		(12	)
Shares issued in exchange for common units		—		—		307			—			—			(307	)		—		—
Redeemable stock fair market value     adjustment		—		—		—			2,537			—			—			—		2,537
Adjustment for noncontrolling interests in    Operating Partnership		—		—		(70	)		—			—			70			—		—
Amortization of unearned compensation		—		—		4,203			—			—			—			—		4,203
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.2500 per     share)		—		—		—			(144,309	)		—			—			—		(144,309	)
Dividends on noncontrolling interests units    ($1.2500 per share)		—		—		—			—			—			(3,996	)		—		(3,996	)
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780	$	6,151,755

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2021	$	9	$	1,147	$	7,201,885		$	(1,272,694	)	$	(11,632	)	$	185,340		$	16,612	$	6,120,667
Net income		—		—		—			84,479			—			2,568			—		87,047
Other comprehensive income - derivative     instruments		—		—		—			—			248			30			—		278
Issuance and registration of common shares		—		—		(103	)		—			—			—			—		(103	)
Exercise of stock options		—		—		12			—			—			—			—		12
Shares issued in exchange for common units		—		2		11,106			—			—			(11,108	)		—		—
Redeemable stock fair market value     adjustment		—		—		—			(2,356	)		—			—			—		(2,356	)
Adjustment for noncontrolling interests in    Operating Partnership		—		—		(22	)		—			—			22			—		—
Amortization of unearned compensation		—		—		4,007			—			—			—			—		4,007
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.0250 per    share)		—		—		—			(118,018	)		—			—			—		(118,018	)
Dividends on noncontrolling interests units    ($1.0250 per share)		—		—		—			—			—			(3,486	)		—		(3,486	)
Contribution from noncontrolling interest		—		—		—			—			—			—			3,204		3,204
EQUITY BALANCE SEPTEMBER 30, 2021	$	9	$	1,149	$	7,216,885		$	(1,309,511	)	$	(11,384	)	$	173,366		$	19,816	$	6,090,330

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Changes in MAA’s total equity and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities			Total Equity
EQUITY BALANCE DECEMBER 31, 2021	$	9	$	1,151	$	7,230,956		$	(1,255,807	)	$	(11,132	)	$	165,116		$	23,614		$	6,153,907
Net income (loss)		—		—		—			443,815			—			12,318			(293	)		455,840
Other comprehensive income - derivative     instruments		—		—		—			—			811			24			—			835
Issuance and registration of common shares		—		1		(277	)		—			—			—			—			(276	)
Shares repurchased and retired		—		—		(14,043	)		—			—			—			—			(14,043	)
Exercise of stock options		—		—		28			—			—			—			—			28
Shares issued in exchange for common units		—		—		500			—			—			(500	)		—			—
Redeemable stock fair market value     adjustment		—		—		—			9,297			—			—			—			9,297
Adjustment for noncontrolling interests in     Operating Partnership		—		—		1,251			—			—			(1,251	)		—			—
Amortization of unearned compensation		—		—		15,532			—			—			—			—			15,532
Dividends on preferred stock		—		—					(2,766	)		—			—			—			(2,766	)
Dividends on common stock ($3.5875 per    share)		—		—		—			(414,138	)		—			—			—			(414,138	)
Dividends on noncontrolling interests units    ($3.5875 per share)		—		—		—			—			—			(11,477	)		—			(11,477	)
Acquisition of noncontrolling interest		—		—		(37,443	)		—			—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,086			2,086
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780		$	6,151,755

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2020	$	9	$	1,141	$	7,176,793		$	(1,294,182	)	$	(12,128	)	$	206,927		$	9,848	$	6,088,408
Net income		—		—		—			348,150			—			11,636			—		359,786
Other comprehensive income - derivative     instruments		—		—		—			—			744			91			—		835
Issuance and registration of common shares		—		2		(438	)		—			—			—			—		(436	)
Shares repurchased and retired		—		—		(9,043	)		—			—			—			—		(9,043	)
Exercise of stock options		—		—		1,478			—			—			—			—		1,478
Shares issued in exchange for common units		—		6		33,266			—			—			(33,272	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(7,545	)		—			—			—		(7,545	)
Adjustment for noncontrolling interests in     Operating Partnership		—		—		678			—			—			(678	)		—		—
Amortization of unearned compensation		—		—		14,151			—			—			—			—		14,151
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($3.0750 per     share)		—		—		—			(353,168	)		—			—			—		(353,168	)
Dividends on noncontrolling interests units     ($3.0750 per share)		—		—		—			—			—			(11,338	)		—		(11,338	)
Contribution from noncontrolling interest		—		—		—			—			—			—			9,968		9,968
EQUITY BALANCE SEPTEMBER 30, 2021	$	9	$	1,149	$	7,216,885		$	(1,309,511	)	$	(11,384	)	$	173,366		$	19,816	$	6,090,330

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5. MAALP Capital

Changes in MAALP’s total capital and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2022	$	66,840		$	5,927,241		$	165,062		$	(10,826	)	$	19,780	$	6,168,097
Net income		922			121,389			3,392			—			—		125,703
Other comprehensive income - derivative instruments		—			—			—			279			—		279
Issuance of units		—			156			—			—			—		156
Units repurchased and retired		—			(12	)		—			—			—		(12	)
General partnership units issued in exchange for limited     partnership units		—			307			(307	)		—			—		—
Redeemable units fair market value adjustment		—			2,537			—			—			—		2,537
Adjustment for limited partners’ capital at redemption value		—			(79	)		79			—			—		—
Amortization of unearned compensation		—			4,203			—			—			—		4,203
Distributions to preferred unitholders		(922	)		—			—			—			—		(922	)
Distributions to common unitholders ($1.2500 per unit)		—			(144,309	)		(3,996	)		—			—		(148,305	)
CAPITAL BALANCE SEPTEMBER 30, 2022	$	66,840		$	5,911,433		$	164,230		$	(10,547	)	$	19,780	$	6,151,736

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2021	$	66,840		$	5,863,795		$	185,340		$	(11,939	)	$	16,612	$	6,120,648
Net income		922			83,557			2,568			—			—		87,047
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		—			(103	)		—			—			—		(103	)
Exercise of unit options		—			12			—			—			—		12
General partnership units issued in exchange for limited     partnership units		—			11,108			(11,108	)		—			—		—
Redeemable units fair market value adjustment		—			(2,356	)		—			—			—		(2,356	)
Adjustment for limited partners’ capital at redemption value		—			(52	)		52			—			—		—
Amortization of unearned compensation		—			4,007			—			—			—		4,007
Distributions to preferred unitholders		(922	)		—			—			—			—		(922	)
Distributions to common unitholders ($1.0250 per unit)		—			(118,018	)		(3,486	)		—			—		(121,504	)
Contribution from noncontrolling interest		—			—			—			—			3,204		3,204
CAPITAL BALANCE SEPTEMBER 30, 2021	$	66,840		$	5,841,950		$	173,366		$	(11,661	)	$	19,816	$	6,090,311

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Changes in MAALP’s total capital and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities			Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2021	$	66,840		$	5,909,700		$	165,116		$	(11,382	)	$	23,614		$	6,153,888
Net income (loss)		2,766			441,049			12,318			—			(293	)		455,840
Other comprehensive income - derivative instruments		—			—			—			835			—			835
Issuance of units		—			(276	)		—			—			—			(276	)
Units repurchased and retired		—			(14,043	)		—			—			—			(14,043	)
Exercise of unit options		—			28			—			—			—			28
General partnership units issued in exchange for limited     partnership units		—			500			(500	)		—			—			—
Redeemable units fair market value adjustment		—			9,297			—			—			—			9,297
Adjustment for limited partners’ capital at redemption value		—			1,227			(1,227	)		—			—			—
Amortization of unearned compensation		—			15,532			—			—			—			15,532
Distributions to preferred unitholders		(2,766	)		—			—			—			—			(2,766	)
Distributions to common unitholders ($3.5875 per unit)		—			(414,138	)		(11,477	)		—			—			(425,615	)
Acquisition of noncontrolling interest		—			(37,443	)		—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—			—			—			—			2,086			2,086
CAPITAL BALANCE SEPTEMBER 30, 2022	$	66,840		$	5,911,433		$	164,230		$	(10,547	)	$	19,780		$	6,151,736

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2020	$	66,840		$	5,817,270		$	206,927		$	(12,496	)	$	9,848	$	6,088,389
Net income		2,766			345,384			11,636			—			—		359,786
Other comprehensive income - derivative instruments		—			—			—			835			—		835
Issuance of units		—			(436	)		—			—			—		(436	)
Units repurchased and retired		—			(9,043	)		—			—			—		(9,043	)
Exercise of unit options		—			1,478			—			—			—		1,478
General partnership units issued in exchange for limited     partnership units		—			33,272			(33,272	)		—			—		—
Redeemable units fair market value adjustment		—			(7,545	)		—			—			—		(7,545	)
Adjustment for limited partners’ capital at redemption value		—			587			(587	)		—			—		—
Amortization of unearned compensation		—			14,151			—			—			—		14,151
Distributions to preferred unitholders		(2,766	)		—			—			—			—		(2,766	)
Distributions to common unitholders ($3.0750 per unit)		—			(353,168	)		(11,338	)		—			—		(364,506	)
Contribution from noncontrolling interest		—			—			—			—			9,968		9,968
CAPITAL BALANCE SEPTEMBER 30, 2021	$	66,840		$	5,841,950		$	173,366		$	(11,661	)	$	19,816	$	6,090,311

6. Borrowings

The following table summarizes the Company’s outstanding debt as of September 30, 2022 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,050,000			3.4	%	5/14/2029
Variable rate commercial paper program		125,000			3.4	%	10/3/2022
Debt issuance costs, discounts, premiums and fair market value adjustments		(20,180	)
Total unsecured debt	$	4,154,820			3.3	%
Secured debt
Fixed rate property mortgages	$	367,512			4.4	%	10/19/2048
Debt issuance costs		(3,181	)
Total secured debt	$	364,331			4.4	%
Total outstanding debt	$	4,519,151			3.4	%

21

Unsecured Revolving Credit Facility

In July 2022, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.25 billion with 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 September 30, 2022, there was no outstanding balance under the revolving credit facility, while $4.3 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. In September 2022, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding from time to time under the program from $500.0 million to $625.0 million. As of September 30, 2022, there was a $125.0 million outstanding balance under the commercial paper program. For the three months ended September 30, 2022, the average daily borrowings outstanding under the commercial paper program were $29.8 million.

Unsecured Senior Notes

As of September 30, 2022, MAALP had $4.1 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 2029.

In September 2022, MAALP retired the remaining $125.0 million portion of its publicly issued unsecured senior notes due in December 2022.

Secured Property Mortgages

As of September 30, 2022, MAALP had $367.5 million of fixed rate conventional property mortgages with a weighted average maturity in 2048.

7. Financial Instruments and Derivatives

Financial Instruments Not Carried at Fair Value

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

Fixed rate notes payable as of September 30, 2022 and December 31, 2021 totaled $4.4 billion and $4.5 billion, respectively, and had estimated fair values of $3.9 billion and $4.8 billion (excluding prepayment penalties) as of September 30, 2022 and December 31, 2021, 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 value of variable rate debt as of September 30, 2022 totaled $125.0 million and had an estimated fair value of $125.0 million. As of December 31, 2021, the Company had no variable rate debt outstanding.

Financial Instruments Measured at Fair Value on a Recurring Basis

As of September 30, 2022, 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 uses various inputs in the analysis, including trading data available on the preferred shares, coupon yields on preferred stock issuances from REITs with similar credit ratings as MAA and treasury rates to estimate the fair value of the bifurcated call option.

The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022 and December 31, 2021, the fair value of the embedded derivative was $24.1 million and $34.5 million, respectively.

The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of September 30, 2022 and December 31, 2021 were classified as Level 2 in the fair value hierarchy.

22

The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and the fair value valuation of the marketable equity securities held as of September 30, 2022 was classified as Level 1 in the fair value hierarchy.

Terminated Cash Flow Hedges of Interest

As of September 30, 2022, the Company had $10.5 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 twelve months, the Company estimates an additional $1.1 million will be reclassified to earnings as an increase to “Interest expense.”

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

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):

		Net Loss Reclassified from AOCL into Interest Expense
	Location of Loss Reclassified	Three months ended September 30,
Derivatives in Cash Flow Hedging Relationships	from AOCL into Income	2022			2021
Terminated interest rate swaps	Interest expense	$	(279	)	$	(278	)
		Nine months ended September 30,
		2022			2021
Terminated interest rate swaps	Interest expense	$	(835	)	$	(835	)

		(Loss) Gain Recognized in Earnings on Derivative
	Location of (Loss) Gain Recognized	Three months ended September 30,
Derivative Not Designated as Hedging Instrument	in Earnings on Derivative	2022			2021
Preferred stock embedded derivative	Other non-operating expense (income)	$	(425	)	$	13,432
		Nine months ended September 30,
		2022			2021
Preferred stock embedded derivative	Other non-operating expense (income)	$	(10,364	)	$	11,492

8. Shareholders’ Equity of MAA

As of September 30, 2022, 115,447,252 shares of common stock of MAA and 3,196,429 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,643,681 common shares and units. As of September 30, 2021, 115,138,323 shares of common stock of MAA and 3,402,682 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,541,005 common shares and units. Options to purchase 463 shares of MAA’s common stock were outstanding as of September 30, 2022, compared to 813 outstanding options as of September 30, 2021. During the nine months ended September 30, 2022 and 2021, MAA issued 350 common shares and 19,032 common shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds that were negligible during the nine months ended September 30, 2022 and $1.5 million during the nine months ended September 30, 2021.

Preferred Stock

As of September 30, 2022, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description	Outstanding Shares		Liquidation Preference(1)		Optional Redemption Date	Redemption Price(2)		Stated Dividend Yield			Approximate Dividend Rate
MAA Series I		867,846	$	50.00	10/1/2026	$	50.00		8.50	%	$	4.25

(1)The total liquidation preference for the outstanding preferred stock is $43.4 million.

(2)The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

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

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 price is net of issuance costs. Under the forward sale agreements, the forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and will be decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. No shares had been settled under the forward sale agreements as of September 30, 2022. MAA generally has the ability to determine the dates and method of settlement

23

(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, provided that settlement under each forward sale agreement must occur by February 2, 2023. MAA currently expects to fully physically settle each forward sale agreement with the relevant forward purchaser on one or more dates specified by MAA on or prior to the maturity date of the particular forward sale agreement, in which case MAA expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. For the three months ended September 30, 2022, the impact of the forward sale agreements was not dilutive to the Company’s diluted earnings per share. For the nine months ended September 30, 2022, approximately 17 thousand shares from the equity forward sale agreements were dilutive to the Company’s diluted earnings per share.

At-the-Market Share Offering Program

In November 2021, the Company entered into an equity distribution agreement to establish a new at-the-market, or ATM, share offering program, replacing MAA’s previous ATM program and allowing MAA to sell shares of its common stock from time to time to or through its sales agents into the existing market at current market prices, and to enter into separate forward sales agreements to or through its forward purchasers. Under its current ATM program, MAA has the authority to issue up to an aggregate of 4.0 million shares of its common stock, at such times to be determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three and nine months ended September 30, 2022 and 2021, MAA did not sell any shares of common stock under its ATM program. As of September 30, 2022, 4.0 million shares remained issuable under the ATM program.

9. Partners’ Capital of MAALP

Common units of limited partnership interests in MAALP are represented by OP Units. As of September 30, 2022, there were 118,643,681 OP Units outstanding, 115,447,252, or 97.3%, 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 3,196,429 OP Units were Class A OP Units owned by Class A limited partners. As of September 30, 2021, there were 118,541,005 OP Units outstanding, 115,138,323, or 97.1%, of which were owned by MAA and 3,402,682 of which were owned by the Class A limited partners.

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

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

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

As of September 30, 2022, a total of 3,196,429 Class A OP Units were outstanding and redeemable for 3,196,429 shares of MAA common stock, with an approximate value of $495.7 million, based on the closing price of MAA’s common stock on September 30, 2022 of $155.07 per share. As of September 30, 2021, a total of 3,402,682 Class A OP Units were outstanding and redeemable for 3,402,682 shares of MAA common stock, with an approximate value of $635.5 million, based on the closing price of MAA’s common stock on September 30, 2021 of $186.75 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.

24

As of September 30, 2022, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of September 30, 2022, 867,846 units of the MAALP Series I preferred units were outstanding. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

10. Commitments and Contingencies

Leases

The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to immaterial office and equipment operating leases. As of September 30, 2022, the Company’s operating leases had a weighted average remaining lease term of approximately 33 years and a weighted average discount rate of approximately 4.4%.

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2022 (in thousands):

	Operating Leases
2022	$	730
2023		2,885
2024		2,862
2025		2,872
2026		2,920
Thereafter		59,993
Total minimum lease payments		72,262
Net present value adjustments		(43,110	)
Right-of-use lease liabilities	$	29,152

Legal Proceedings

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

As of September 30, 2022 and December 31, 2021, the Company’s accrual for loss contingencies relating to unresolved legal matters was $2.0 million and $5.2 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.

11. Segment Information

As of September 30, 2022, the Company owned and operated 292 multifamily apartment communities (which does not include development communities under construction) in 15 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.

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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 storm related expenses related to Hurricane Ian.

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

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

Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Revenues:
Same Store
Rental revenues	$	492,215		$	429,267		$	1,412,358		$	1,243,540
Other property revenues		3,162			2,939			9,656			9,215
Total Same Store revenues		495,377			432,206			1,422,014			1,252,755
Non-Same Store and Other
Rental revenues		24,278			20,210			68,382			60,885
Other property revenues		1,128			159			1,505			867
Total Non-Same Store and Other revenues		25,406			20,369			69,887			61,752
Total rental and other property revenues	$	520,783		$	452,575		$	1,491,901		$	1,314,507
Net Operating Income:
Same Store NOI	$	315,616		$	268,882		$	910,496		$	777,147
Non-Same Store and Other NOI		13,744			10,855			38,885			33,293
Total NOI		329,360			279,737			949,381			810,440
Depreciation and amortization		(136,879	)		(134,611	)		(404,761	)		(397,938	)
Property management expenses		(16,262	)		(13,831	)		(48,429	)		(40,522	)
General and administrative expenses		(12,188	)		(12,670	)		(44,091	)		(38,763	)
Interest expense		(38,637	)		(39,234	)		(116,663	)		(117,773	)
(Loss) gain on sale of depreciable real estate assets		(1	)		(313	)		131,963			134,515
Gain on sale of non-depreciable real estate assets		431			170			809			202
Other non-operating (expense) income		(1,718	)		10,344			(19,248	)		14,557
Income tax benefit (expense)		1,256			(2,803	)		5,750			(5,847	)
Income from real estate joint venture		341			258			1,129			915
Net income attributable to noncontrolling interests		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders	$	121,389		$	83,557		$	441,049		$	345,384

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Assets for each reportable segment as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

	September 30, 2022		December 31, 2021
Assets:
Same Store	$	9,767,996	$	9,907,740
Non-Same Store and Other		1,390,173		1,106,039
Corporate assets		180,058		271,403
Total assets	$	11,338,227	$	11,285,182

12. Real Estate Acquisitions and Dispositions

During the nine months ended September 30, 2022, the Company acquired a 196-unit multifamily apartment community located in the Tampa, Florida market for approximately $73 million and a 344-unit multifamily apartment community located in the Charlotte, North Carolina market for approximately $140 million. The following table reflects the Company’s acquisition activity for the nine months ended September 30, 2022:

Multifamily Acquisitions	Market	Units	Date Acquired
MAA Hampton Preserve II	Tampa, FL	196	July 2022
MAA LoSo	Charlotte, NC	344	September 2022
Land Acquisitions	Market	Acres	Date Acquired
MAA Florida Street Station	Denver, CO	4	March 2022
MAA Packing District	Orlando, FL	4	May 2022
MAA Panorama	Denver, CO	6	July 2022

During the nine months ended September 30, 2022, the Company closed on two dispositions in the Fort Worth, Texas market and received combined gross proceeds of approximately $167 million and recognized a combined gain on the sale of depreciable real estate assets of approximately $132 million. The following table reflects the Company’s disposition activity for the nine months ended September 30, 2022:

Multifamily Dispositions	Market	Units	Date Sold
MAA Deer Run	Fort Worth, TX	304	June 2022
MAA Oakbend	Fort Worth, TX	426	June 2022
Land Dispositions	Market	Acres	Date Sold
Colonial Promenade	Huntsville, AL	2	April 2022
Colonial Promenade	Huntsville, AL	3	August 2022

As of September 30, 2022, a 396-unit multifamily apartment community located in Maryland was classified as held for sale. The criteria for classifying the community as held for sale were met during September 2022, and the property remained in our portfolio as of September 30, 2022. As a result, the assets and liabilities associated with the community were presented as “Assets held for sale” in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2022. Subsequent to the September 30, 2022 balance sheet date, but prior to the filing date of this Quarterly Report on Form 10-Q, the Company closed on the disposition of the community and received gross proceeds of approximately $104 million, resulting in an expected gain on the sale of depreciable real estate assets of approximately $37 million that will be recorded in the fourth quarter of 2022.

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Item 2. 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 97.3% interest as of September 30, 2022. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q.

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 United States. As of September 30, 2022, we owned and operated 292 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and we had an ownership interest in one apartment community through an unconsolidated real estate joint venture and had five development communities under construction. In addition, as of September 30, 2022, 34 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 September 30, 2022.

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. 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 experienced 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 storm related expenses related to Hurricane Ian. Additional information regarding the composition of our segments is included in Note 11 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Note Regarding Forward-Looking Statements

This and other sections of this Quarterly Report on Form 10-Q may contain 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 report 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, or losses from catastrophes in excess of our insurance coverage;

•ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;

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•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;

•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, such as the COVID-19 pandemic, 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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q to reflect events, circumstances or changes in expectations after the date on which this Quarterly Report on Form 10-Q is filed.

Overview of the Three Months Ended September 30, 2022

For the three months ended September 30, 2022, net income available for MAA common shareholders was $121.4 million as compared to $83.6 million for the three months ended September 30, 2021. Results for the three months ended September 30, 2022 included $0.4 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. Results for the three months ended September 30, 2021 included $13.4 million of non-cash gain related to the embedded derivative in the MAA Series I preferred shares. Revenues for the three months ended September 30, 2022 increased 15.1% as compared to the three months ended September 30, 2021, driven by a 14.6% increase in our Same Store segment. Property operating expenses, excluding depreciation and amortization, for the three months ended September 30, 2022 increased by 10.8% as compared to the three months ended September 30, 2021, driven by a 10.1% increase in our Same Store segment. The drivers of these changes are discussed in the “Results of Operations” section.

Trends

During the three months ended September 30, 2022, 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 in our Same Store segment continued to increase from the prior year, up 16.7% for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021. 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.

In addition, for the three months ended September 30, 2022, average physical occupancy for our Same Store segment was 95.8%, as compared to 96.4% for the three months ended September 30, 2021. 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.

An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. This diversity tends to mitigate exposure to economic issues 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 perform well in “up” cycles as well as better weather “down” cycles. Through our investment in 39 defined markets, we are diversified across markets, urban and suburban submarkets, and a variety of product types and monthly rent price points.

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Though demand for apartments moderated during the third quarter of 2022, we were able to maintain strong rent growth. 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. While our rent growth and rent collection trends in the third quarter of 2022 were strong, we continue to monitor pressures surrounding inflation trends and supply chain challenges. A worsening of the current environment could contribute to uncertain rent collections going forward and suppress demand for apartments and would likely drive rent growth on new leases and renewals lower than what we achieved in the three and nine months ended September 30, 2022. Current elevated supply levels could further affect rent growth for our portfolio, though we expect the demand side to continue to be more impactful over the long term. Supply chain and inflationary pressures have driven higher operating expenses during the three and nine months ended September 30, 2022, particularly in personnel, repairs and maintenance and real estate taxes, and this trend may continue going forward.

Access to the financial markets remains available for high-credit rated borrowers. However, a prolonged disruption of the markets or a decline in credit and financing conditions could negatively affect our ability to access capital necessary to fund our operations or refinance maturing debt in the future. Additionally, rising interest rates could negatively impact our borrowing costs for any variable rate borrowings or refinancing activity.

Results of Operations

Comparison of the three months ended September 30, 2022 to the three months ended September 30, 2021

For the three months ended September 30, 2022, we achieved net income available for MAA common shareholders of $121.4 million, a 45.3% increase as compared to the three months ended September 30, 2021, and total revenue growth of $68.2 million, representing a 15.1% increase in property revenues as compared to the three months ended September 30, 2021. The following discussion describes the primary drivers of the increase in net income available for MAA common shareholders for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021.

Property Revenues

The following table reflects our property revenues by segment for the three months ended September 30, 2022 and 2021 (dollars in thousands):

	Three months ended September 30,
	2022		2021		Increase		% Increase
Same Store	$	495,377	$	432,206	$	63,171		14.6	%
Non-Same Store and Other		25,406		20,369		5,037		24.7	%
Total	$	520,783	$	452,575	$	68,208		15.1	%

The increase in rental revenues for our Same Store segment for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021 was the primary driver of total property revenue growth. The Same Store segment generated a 14.6% increase in revenues for the three months ended September 30, 2022, primarily the result of average effective rent per unit growth of 16.7% as compared to the three months ended September 30, 2021. The increase in property revenues from the Non-Same Store and Other segment for the three months ended September 30, 2022 as compared to three months ended September 30, 2021 was primarily the result of increased revenues from recently completed development communities.

Property Operating Expenses

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes and insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the three months ended September 30, 2022 and 2021 (dollars in thousands):

	Three months ended September 30,
	2022		2021		Increase		% Increase
Same Store	$	179,761	$	163,324	$	16,437		10.1	%
Non-Same Store and Other		11,662		9,514		2,148		22.6	%
Total	$	191,423	$	172,838	$	18,585		10.8	%

The increase in property operating expenses for our Same Store segment for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021 was primarily driven by increases in real estate tax expense of $5.6 million, personnel expense of $3.3 million, building repairs and maintenance of $2.7 million, utilities expense of $2.4 million, and office operations expense of $1.5 million. The increase in property operating expenses from the Non-Same Store and Other segment for the three months ended September 30, 2022 as compared to three months ended September 30, 2021 was primarily the result of $1.6 million in storm-related expenses related to Hurricane Ian that are recorded in Non-Same Store and Other operating expenses.

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Depreciation and Amortization

Depreciation and amortization expense for the three months ended September 30, 2022 was $136.9 million, an increase of $2.3 million as compared to the three months ended September 30, 2021. The increase was primarily driven by the recognition of depreciation expense associated with our development and capital spend activities completed after September 30, 2021 in the normal course of business through September 30, 2022.

Other Income and Expenses

Property management expenses for the three months ended September 30, 2022 were $16.3 million, an increase of $2.4 million as compared to the three months ended September 30, 2021. General and administrative expenses for the three months ended September 30, 2022 were $12.2 million, a decrease of $0.5 million as compared to the three months ended September 30, 2021.

Interest expense for the three months ended September 30, 2022 was $38.6 million, consistent with the three months ended September 30, 2021.

Other non-operating expense (income) for the three months ended September 30, 2022 was $1.7 million of expense as compared to $10.3 million of income for the three months ended September 30, 2021, a decrease of $12.1 million. The expense for the three months ended September 30, 2022 was driven by $0.4 million of non-cash loss related to the fair value adjustment of the embedded derivative and $8.2 million of non-cash loss from investments, partially offset by $7.0 million in casualty gains primarily due to winter storm Uri. The income for the three months ended September 30, 2021 was driven by $13.4 million of non-cash gain related to the fair value adjustment of the embedded derivative and $10.1 million of non-cash gain from investments, partially offset by $13.4 million of debt extinguishment costs.

Comparison of the nine months ended September 30, 2022 to the nine months ended September 30, 2021

For the nine months ended September 30, 2022, we achieved net income available for MAA common shareholders of $441.0 million, a 27.7% increase as compared to the nine months ended September 30, 2021, and total revenue growth of $177.4 million, representing a 13.5% increase in property revenues as compared to the nine months ended September 30, 2021. The following discussion describes the primary drivers of the increase in net income available for MAA common shareholders for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021.

Property Revenues

The following table reflects our property revenues by segment for the nine months ended September 30, 2022 and 2021 (dollars in thousands):

	Nine months ended September 30,
	2022		2021		Increase		% Increase
Same Store	$	1,422,014	$	1,252,755	$	169,259		13.5	%
Non-Same Store and Other		69,887		61,752		8,135		13.2	%
Total	$	1,491,901	$	1,314,507	$	177,394		13.5	%

The increase in rental revenues for our Same Store segment for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 was the primary driver of total property revenue growth. The Same Store segment generated a 13.5% increase in revenues for the nine months ended September 30, 2022, primarily the result of average effective rent per unit growth of 14.5% as compared to the nine months ended September 30, 2021. The increase in property revenues from the Non-Same Store and Other segment for the nine months ended September 30, 2022 as compared to nine months ended September 30, 2021 was primarily the result of increased revenues from recently completed development communities.

Property Operating Expenses

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes and insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the nine months ended September 30, 2022 and 2021 (dollars in thousands):

	Nine months ended September 30,
	2022		2021		Increase		% Increase
Same Store	$	511,518	$	475,608	$	35,910		7.6	%
Non-Same Store and Other		31,002		28,459		2,543		8.9	%
Total	$	542,520	$	504,067	$	38,453		7.6	%

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The increase in property operating expenses for our Same Store segment for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 was primarily driven by increases in real estate tax expense of $9.2 million, personnel expense of $7.7 million, building repairs and maintenance of $7.1 million, utilities expense of $4.9 million, office operations expense of $3.7 million and insurance expense of $2.3 million. The increase in property operating expenses for our Non-Same Store and Other segment for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 was primarily the result of $1.6 million in storm-related expenses related to Hurricane Ian that are recorded in Non-Same Store and Other operating expenses.

Depreciation and Amortization

Depreciation and amortization expense for the nine months ended September 30, 2022 was $404.8 million, an increase of $6.8 million as compared to the nine months ended September 30, 2021. The increase was primarily driven by the recognition of depreciation expense associated with our development and capital spend activities completed after September 30, 2021 in the normal course of business through September 30, 2022.

Other Income and Expenses

Property management expenses for the nine months ended September 30, 2022 were $48.4 million, an increase of $7.9 million as compared to the nine months ended September 30, 2021. General and administrative expenses for the nine months ended September 30, 2022 were $44.1 million, an increase of $5.3 million as compared to the nine months ended September 30, 2021.

Interest expense for the nine months ended September 30, 2022 was $116.7 million, a decrease of $1.1 million as compared to the nine months ended September 30, 2021. The decrease was primarily due to a decrease in our effective interest rate during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021.

For the nine months ended September 30, 2022, we disposed of two apartment communities, resulting in gains on sale of depreciable assets of $132.0 million. For the nine months ended September 30, 2021, we disposed of four apartment communities, resulting in gains on sale of depreciable assets of $134.5 million.

Other non-operating expense (income) for the nine months ended September 30, 2022 was $19.2 million of expense as compared to $14.6 million of income for the nine months ended September 30, 2021, a decrease of $33.8 million. The expense for the nine months ended September 30, 2022 was driven by $10.4 million of non-cash loss related to the fair value adjustment of the embedded derivative and $39.3 million of non-cash loss from investments, partially offset by $29.2 million in casualty gains primarily due to winter storm Uri. The income for the nine months ended September 30, 2021 was driven by $11.5 million of non-cash gain related to the fair value adjustment of the embedded derivative and $18.0 million of non-cash gain from investments, partially offset by $13.4 million of debt extinguishment costs and $0.9 million of COVID-19 related expenses.

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 the United States generally accepted accounting principles, or GAAP) excluding gains or losses on disposition of operating properties and asset impairment, 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 Quarterly Report on Form 10-Q, represents FFO attributable to the Company.

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. 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.

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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 casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments. 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. 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. We believe 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.

The following table presents a reconciliation of net income available for MAA common shareholders to FFO and Core FFO for the three and nine months ended September 30, 2022 and 2021, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Net income available for MAA common shareholders	$	121,389		$	83,557		$	441,049		$	345,384
Depreciation and amortization of real estate assets		135,023			132,803			399,366			392,586
Loss (gain) on sale of depreciable real estate assets		1			313			(131,963	)		(134,515	)
Depreciation and amortization of real estate assets    of real estate joint venture		156			154			466			463
Net income attributable to noncontrolling interests		3,392			2,568			12,025			11,636
FFO attributable to the Company		259,961			219,395			720,943			615,554
Loss (gain) from embedded derivative in preferred shares(1)		425			(13,432	)		10,364			(11,492	)
Gain on sale of non-depreciable real estate assets		(431	)		(170	)		(809	)		(202	)
Loss (gain) on investments, net of tax(1)(2)		6,470			(7,985	)		31,036			(14,231	)
Net casualty (gain) loss and other settlement proceeds(3)		(7,046	)		244			(29,171	)		2,004
Loss on debt extinguishment(1)		47			13,354			47			13,391
Legal costs and settlements, net(1)		—			(700	)		535			(716	)
COVID-19 related costs(1)		60			492			502			911
Mark-to-market debt adjustments(4)		19			67			90			234
Core FFO	$	259,505		$	211,265		$	733,537		$	605,453

(1)Included in “Other non-operating expense (income)” in the Condensed Consolidated Statements of Operations.

(2)For the three and nine months ended September 30, 2022, loss (gain) on investments are presented net of tax benefit of $1.7 million and $8.3 million, respectively. For the three and nine months ended September 30, 2021, loss (gain) on investments are presented net of tax expense of $2.1 million and $3.8 million, respectively.

(3)For the three and nine months ended September 30, 2022, we recognized a gain of $7.2 million and $27.6 million, respectively, from the receipt of insurance proceeds that exceeded our casualty losses related to winter storm Uri. The gain is reflected in “Other non-operating expense (income)” in the Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2021, we incurred casualty losses related to winter storm Uri. The majority of the casualty losses have been reimbursed through insurance coverage. A receivable was recognized in “Other non-operating expense (income)” for the recorded losses that we expected to recover. Additional costs related to the storm that were not expected to be recovered through insurance coverage, along with other unrelated casualty losses and recoveries, are also reflected in this adjustment. The adjustment is primarily included in “Other non-operating expense (income)” in the Condensed Consolidated Statements of Operations.

(4)Included in “Interest expense” in the Condensed Consolidated Statements of Operations.

Core FFO for the three months ended September 30, 2022 was $259.5 million, an increase of $48.2 million as compared to the three months ended September 30, 2021, primarily as a result of an increase in property revenues of $68.2 million, partially offset by increases in property operating expenses, excluding depreciation and amortization, of $18.6 million and property management expenses of $2.4 million.

Core FFO for the nine months ended September 30, 2022 was $733.5 million, an increase of $128.1 million as compared to the nine months ended September 30, 2021, primarily as a result of an increase in property revenues of $177.4 million, partially offset by increases in property operating expenses, excluding depreciation and amortization, of $38.5 million, property management expenses of $7.9 million and general and administrative expenses of $5.3 million.

Liquidity and Capital Resources

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.

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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 September 30, 2022, we had $1.2 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 $807.3 million for the nine months ended September 30, 2022 as compared to $678.3 million for the nine months ended September 30, 2021. The increase in operating cash flows was primarily driven by our operating performance, partially offset by the timing of cash payments.

Cash Flows from Investing Activities

Net cash used in investing activities was $414.6 million for the nine months ended September 30, 2022 as compared to $269.7 million for the nine months ended September 30, 2021. The primary drivers of the change were as follows (dollars in thousands):

	Primary drivers of cash (outflow) inflow
	during the nine months ended September 30,						(Decrease) Increase
	2022			2021			in Net Cash
Purchases of real estate and other assets	$	(252,628	)	$	(46,028	)	$	(206,600	)
Capital improvements and other		(219,221	)		(208,563	)		(10,658	)
Development costs		(124,262	)		(179,810	)		55,548
Contributions to affiliates		(11,100	)		(1,971	)		(9,129	)
Proceeds from real estate asset dispositions		165,827			158,812			7,015
Proceeds from insurance recoveries		26,385			7,422			18,963

The increase in cash outflows for purchases of real estate and other assets was driven by the nature of the real estate assets acquired during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. During the nine months ended September 30, 2022, we acquired two apartment communities. No apartment communities were acquired during the nine months ended September 30, 2021. The increase in cash outflows for capital improvements and other was primarily driven by increased capital spend relating to our property redevelopment and repositioning activities and recurring capital replacements, partially offset by decreased reconstruction-related capital expenditures relating to winter storm Uri during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. The decrease in cash outflows for development costs was primarily driven by decreased development spend during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. The increase in cash outflows for contributions to affiliates was driven by investments in the technology-focused limited partnerships during the nine months ended September 30, 2022, while less limited partnership contributions were made during the nine months ended September 30, 2021. The increase in cash inflows from proceeds from real estate asset dispositions was driven by the nature of the real estate assets sold during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. During the nine months ended September 30, 2022, we sold two apartment communities as compared to four apartment communities during the nine months ended September 30, 2021. The increase in cash inflows from proceeds from insurance recoveries was driven by insurance reimbursements received for casualty claims related to winter storm Uri during the nine months ended September 30, 2022.

Cash Flows from Financing Activities

Net cash used in financing activities was $469.7 million for the nine months ended September 30, 2022 as compared to $402.7 million for the nine months ended September 30, 2021. The primary drivers of the change were as follows (dollars in thousands):

	Primary drivers of cash inflow (outflow)
	during the nine months ended September 30,						Increase (Decrease)
	2022			2021			in Net Cash
Net change in commercial paper	$	125,000		$	(147,000	)	$	272,000
Proceeds from notes payable		—			594,423			(594,423	)
Principal payments on notes payable		(126,043	)		(466,817	)		340,774
Dividends paid on common shares		(395,258	)		(352,384	)		(42,874	)
Acquisition of noncontrolling interests		(43,070	)		—			(43,070	)

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The increase in cash inflows related to the net change in commercial paper resulted from the increase in net borrowings of $125.0 million on our commercial paper program during the nine months ended September 30, 2022 as compared to the decrease in net borrowings of $147.0 million on our commercial paper program during the nine months ended September 30, 2021. The decrease in cash inflows related to proceeds from notes payable primarily resulted from no issuance of unsecured senior notes during the nine months ended September 30, 2022 as compared to the issuance of $600.0 million of unsecured senior notes during the nine months ended September 30, 2021. The decrease in cash outflows from principal payments on notes payable primarily resulted from the retirement of $125.0 million of unsecured senior notes during the nine months ended September 30, 2022 as compared to the retirement of $222.0 million of senior unsecured private placement notes, $125.0 million of unsecured senior notes and $118.6 million of property mortgages during the nine months ended September 30, 2021. The increase in cash outflows from dividends paid on common shares primarily resulted from the increase in the dividend rate to $3.425 per share during the nine months ended September 30, 2022 as compared to the dividend rate of $3.075 per share during the nine months ended September 30, 2021. The increase in cash outflows from the acquisition of noncontrolling interests resulted from the acquisition of the noncontrolling interest of a consolidated real estate entity for $43.1 million during the nine months ended September 30, 2022.

Debt

The following schedule reflects our debt outstanding as of September 30, 2022 (dollars in thousands):

	Principal Balance			Average Years to Rate Maturity		Effective Rate
Unsecured debt
Fixed rate senior notes	$	4,050,000			6.6		3.4	%
Variable rate commercial paper		125,000			0.1		3.4	%
Debt issuance costs, discounts, premiums and fair market value adjustments		(20,180	)
Total unsecured debt	$	4,154,820			6.4		3.4	%
Secured debt
Fixed rate property mortgages	$	367,512			26.1		4.4	%
Debt issuance costs		(3,181	)
Total secured debt	$	364,331			26.1		4.4	%
Total debt	$	4,519,151			8.0		3.4	%
Total fixed rate debt	$	4,394,151			8.2		3.4	%

The following schedule presents the contractual maturity dates of our outstanding debt, net of debt issuance costs, discounts, premiums and fair market value adjustments, as of September 30, 2022 (dollars in thousands):

	Commercial Paper & Revolving Credit Facility⁽¹⁾⁽²⁾		Senior Notes		Property Mortgages		Total
2022	$	125,000	$	—	$	—	$	125,000
2023		—		349,340		—		349,340
2024		—		398,637		—		398,637
2025		—		397,580		4,347		401,927
2026		—		297,009		—		297,009
2027		—		596,351		—		596,351
2028		—		396,543		—		396,543
2029		—		559,415		—		559,415
2030		—		297,456		—		297,456
2031		—		444,819		—		444,819
Thereafter		—		292,670		359,984		652,654
Total	$	125,000	$	4,029,820	$	364,331	$	4,519,151

(1)As of September 30, 2022, borrowings totaling $125.0 million were outstanding under MAALP’s unsecured commercial paper program. 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 three months ended September 30, 2022, average daily borrowings outstanding under the commercial paper program were $29.8 million.

(2)There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 30, 2022.

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The following schedule reflects the interest rate maturities of our outstanding fixed rate debt, net of debt issuance costs, discounts, premiums and fair market value adjustments, as of September 30, 2022 (dollars in thousands):

	Fixed Rate Debt		Effective Rate
2023	$	349,340		4.2	%
2024		398,637		4.0	%
2025		401,927		4.2	%
2026		297,009		1.2	%
2027		596,351		3.7	%
2028		396,543		4.2	%
2029		559,415		3.7	%
2030		297,456		3.1	%
2031		444,819		1.8	%
Thereafter		652,654		3.8	%
Total	$	4,394,151		3.4	%

Unsecured Revolving Credit Facility & Commercial Paper

In July 2022, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.25 billion with 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 September 30, 2022, there was no outstanding balance under the revolving credit facility, while $4.3 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. In September 2022, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding from time to time under the program from $500.0 million to $625.0 million. As of September 30, 2022, there were $125.0 million of borrowings outstanding under the commercial paper program.

Unsecured Senior Notes

As of September 30, 2022, MAALP had $4.1 billion of publicly issued unsecured senior notes outstanding.

In September 2022, MAALP retired the remaining $125.0 million portion of its publicly issued unsecured senior notes due in December 2022.

Secured Property Mortgages

MAALP maintains secured property mortgages with various life insurance companies. As of September 30, 2022, we had $367.5 million of secured property mortgages outstanding.

For more information regarding our debt capital resources, see Note 6 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Equity

As of September 30, 2022, MAA owned 115,447,252 OP Units, comprising a 97.3% limited partnership interest in MAALP, while the remaining 3,196,429 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 3,196,429 shares of its common stock that, as of September 30, 2022, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets.

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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 is subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and will be decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. No shares had been settled under the forward sale agreements as of September 30, 2022. Subject to certain conditions, we generally have the right to elect cash or net share settlement under the forward sale agreements, although we expect to settle the forward sale agreements entirely by the full physical delivery of shares of MAA’s common stock in exchange for cash proceeds. We intend to use any cash proceeds upon settlement of the forward sale agreements to fund our development and redevelopment activities, among other potential uses.

In November 2021, the Company entered into an equity distribution agreement to establish a new at-the-market, or ATM, share offering program, replacing MAA’s previous ATM program and allowing MAA to sell shares of its common stock from time to time to or through its sales agents into the existing market at current market prices, and to enter into separate forward sales agreements to or through its forward purchasers. Under its current ATM program, MAA has the authority to issue up to an aggregate of 4.0 million shares of its common stock, at such times to be determined by MAA. MAA has no obligation to issue shares through the ATM program. During the nine months ended September 30, 2022 and 2021, MAA did not sell any shares of common stock under its ATM program. As of September 30, 2022, there were 4.0 million shares remaining under the ATM program.

For more information regarding our equity capital resources, see Note 8 and Note 9 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Material Cash Requirements

As of September 30, 2022, we had $125.4 million of outstanding debt obligations that will mature in the year ending December 31, 2022, and we were obligated to make $46.3 million of additional interest payments on fixed rate debt obligations in the year ending December 31, 2022. For a schedule of the maturity dates of our outstanding debt beyond 2022, see the “Liquidity and Capital Resources - Debt” section above. As of September 30, 2022, we also had obligations to make additional capital contributions to four 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 September 30, 2022, we had committed to make additional capital contributions totaling up to $32.9 million if and when called by the general partners of the limited partnerships.

We have other material cash requirements that do not represent contractual obligations, but we expect to incur in the ordinary course of our business.

As of September 30, 2022, we had five development communities under construction totaling 1,759 apartment units once complete. Expected total costs for the five development projects are $444.0 million, of which $266.1 million had been incurred through September 30, 2022. 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, 2022, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be less than our total capital expenditures for the year ended December 31, 2021 primarily due to a lesser number of communities under development in the year ending December 31, 2022 as compared to the year ended December 31, 2021. We expect to have additional development projects in the future.

During the three months ended September 30, 2022, we funded the acquisitions of two multifamily apartment communities for $73.0 million and $140.0 million primarily from the proceeds we received from the sale of multifamily apartment communities in 2022.

We typically declare cash dividends on MAA’s common stock on a quarterly basis, subject to approval by MAA’s Board of Directors. The current annual dividend rate is $5.00 per common share. 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.

For information regarding our material cash requirements as of December 31, 2021, see Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022.

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 revenues.

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Legal Matter

In October 2022, six plaintiffs individually and on behalf of a purported class of plaintiffs, filed a complaint against RealPage, Inc., Greystar Real Estate Partners, LLC, Lincoln Property Co., FPI Management, Inc., MAA, Avenue5 Residential, LLC, Equity Residential, Essex Property Trust, Inc., Thrive Communities Management, LLC and Security Properties, Inc. in the United States District Court for the Southern District of California. The lawsuit alleges that RealPage and lessors of multifamily residential real estate conspired to artificially inflate the prices of multifamily residential real estate above competitive levels. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. We believe the lawsuit is without merit and will vigorously defend the action.

Critical Accounting Estimates

Please refer to our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022, for discussions of our critical accounting estimates. During the three months ended September 30, 2022, there were no material changes to these estimates.

Item 3. 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 September 30, 2022, 19.7% 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 September 30, 2022, 97.2% 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. There have been no material changes in our market risk as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022.

Item 4. 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 September 30, 2022. Based on that evaluation, MAA’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of September 30, 2022 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) 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 September 30, 2022 that has materially affected, or is reasonably likely to materially affect, MAA’s internal control over financial reporting.

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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 September 30, 2022. 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 September 30, 2022 to ensure that information required to be disclosed by the Operating Partnership 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 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) 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 September 30, 2022 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are subject to various legal proceedings and claims that arise in the ordinary course of our business operations. While the resolution of these matters cannot be predicted with certainty, we do not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on our 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.

Item 1A. Risk Factors.

There have been no material changes to the risk factors that were discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Purchases of Equity Securities

The following table reflects repurchases of shares of MAA’s common stock during the three months ended September 30, 2022:

Period	Total Number of Shares Purchased (1)		Average Price Paid per Share (2)		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 (3)
July 1, 2022 - July 31, 2022		—	$	—		—		4,000,000
August 1, 2022 - August 31, 2022		13	$	179.54		—		4,000,000
September 1, 2022 - September 30, 2022		54	$	165.95		—		4,000,000
Total		67				—		4,000,000

(1)The shares reflected in this column are 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 under the Second Amended and Restated 2013 Stock Incentive Plan.

(2)The price per share is based on the closing price of MAA’s common stock as of the date of determination of the statutory minimum for federal and state tax
obligations.

(3)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.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

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Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

(a)The following exhibits are filed as part of this report.

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	Fourth Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of March 13, 2018 (Filed as Exhibit 3.2(i) to the Registrant’s Current Report on Form 8-K filed on March 14, 2018 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)
10.1	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)
10.2†	Retirement and Transition Services Agreement by and between the Registrants and Thomas L. Grimes, Jr.
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
101	Interactive Data Files submitted pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (Inline XBRL)
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

			MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	October 27, 2022	By:	/s/ A. Clay Holder
			A. Clay Holder
			Senior Vice President and Chief Accounting Officer
			(Duly Authorized Officer)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

			MID-AMERICA APARTMENTS, L.P.
		By:	Mid-America Apartment Communities, Inc., its general partner
Date:	October 27, 2022		/s/ A. Clay Holder
			A. Clay Holder
			Senior Vice President and Chief Accounting Officer
			(Duly Authorized Officer)

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EX-10.2

EXHIBIT 10.2

This Retirement and Transition Services Agreement (this “Agreement”) is entered into as of October 19, 2022, by and between Thomas L. Grimes, Jr. (“Executive”), on the one hand, and MID-AMERICA APARTMENT COMMUNITIES, INC. and MID-AMERICA APARTMENTS, L.P., on behalf of each entity and all of their respective affiliates (individually and collectively, as the context requires, “MAA”).

WHEREAS, Executive is employed by MAA, most recently as Executive Vice-President and Chief Operating Officer;

WHEREAS, Executive understands that his employment with MAA will be terminated effective December 31, 2022 (the “Retirement Date”); and

WHEREAS, Executive wishes to accept the payments described in this Agreement pursuant to the terms and conditions set forth herein (the “Payments”).

NOW, THEREFORE, in consideration of each party’s execution of this Agreement, other good and valuable consideration, the receipt and sufficiency of which is hereby irrevocably acknowledged by each party, and the mutual recitals, declarations and representations of the parties as set forth in this Agreement, the parties to this Agreement hereby stipulate and agree as follows:

1.Retirement Date; Transition Services. MAA will continue to pay Executive’s base salary through the Retirement Date. As of the first date above and through the Retirement Date, Executive shall provide to MAA transition services, which shall include, without limitation, (i) working with the senior executives of MAA and providing assistance to transition Executive’s job functions and responsibilities and, in connection therewith, to execute and deliver any documents, certificates, agreements, or instruments which are necessary to effect such transition, and (ii) providing any other assistance as may reasonably be requested by MAA during such period. Notwithstanding anything to the contrary, during such period, Executive shall (i) be permitted to perform such services remotely and (ii) not be required to travel for or on behalf of MAA.

2.Payments. In consideration for the full and complete release set forth in paragraph 11 of this Agreement, the Release (defined below), and the other undertakings of Executive as set forth herein, MAA agrees (subject to the tax obligations set forth in paragraphs 4(g) and 4(h)):

(a) To pay Executive a lump sum severance payment representing Twelve (12) monthsof Executive’s base salary in the amount of Five Hundred Fifty-Eight Thousand Three Hundred Seventy-Three and 00/100 Dollars ($558,373.00) within thirty (30) days following the Retirement Date.

(b) To pay Executive a lump sum payment equal to the annual bonus to which Executive would have been entitled under the 2022 annual incentive plan but for the termination of Executive’s employment as of the Retirement Date as soon as reasonably practicable after MAA’s financial results for 2022 are determined but in no event later than March 15, 2023.

(c) In accordance with and pursuant to MAA’s medical, dental, and vision plans, Executive’s coverage will cease as of the Retirement Date. Executive may elect to continue medical, dental, and vision coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) by completing the COBRA election notice. Within thirty days of the Retirement Date, MAA will pay Executive a lump sum in the amount of $18,074.64. If Executive decides to elect COBRA coverage, (i) Executive will be solely responsible for making timely premium payments for such COBRA coverage, and (ii) Executive will pay the applicable full COBRA premium and the 2% administrative fee to the COBRA Administrator, WEX Health, to continue coverage.

(d) Executive’s annual premiums for the Supplemental Individual Disability Insurance policies through Unum and Lloyd’s of London have been paid by MAA through April 30, 2023. The total annual premium for both policies in the amount of $29,107.72 will be reported as taxable income.

(e) In addition to tax withholdings, if required pursuant to MAA’s 401(k) or Non-Qualified Deferred Compensation plan, amounts may be deducted from payments described in this Agreement and treated as contributions under the respective plan document. Executive will remain eligible for the total vested value of Executive’s account under each plan. Questions regarding either account should be directed to Empower at (844) 465-4455.

(f) Executive will continue to have access to the Executive Assistance Program at MAA’s expense through June 30, 2024for EAP support as needed. The EAP can be reached at (888) 371-1125.

(g) To provide career transition services through Lee Hecht Harrison for a period of up to six (6) months from the Retirement Date or until employment is obtained, whichever occurs first. Career transition services under this subsection will terminate and forever lapse if Executive is employed by MAA or an affiliate of MAA or in the event of Executive’s breach of this Agreement. Executive will not receive the cash equivalent cost of the career transition services should Executive choose not to use it.

3.Executive Entitlements. MAA acknowledges that pursuant to the Stock Plan (defined below) and other employee benefit plans of MAA, Executive is entitled to, and MAA agrees (subject to the tax obligations set forth in paragraphs 4(g) and 4(h)):

(a)To pay Executive a lump sum payment for accrued and unused vacation as of the Retirement Date within thirty (30) days following the Retirement Date.

(b)Pursuant to MAA’s Second Amended and Restated 2013 Stock Incentive Plan (the “Stock Plan”), as of the Retirement Date: (i) Executive’s previously issued 12,445 outstanding shares of unvested restricted stock shall vest and (ii) Executive’s previously granted Performance Shares (as defined in the Stock Plan) shall be calculated at the end of the applicable Performance Period (as defined in the Stock Plan) and a pro-rata portion of such Performance Shares (based on the amount of time Executive was employed by MAA during such Performance Period) shall be issued to Executive as soon as practicable following the end of the Performance Period, but in no event any later than the date on which the Performance Shares for that Performance Period are issued to any named executive officer of MAA. All Performance Shares issued pursuant to this Paragraph 3(b) shall be immediately vested.

4.Executive Acknowledgments and Covenants. In consideration for the payment by MAA of the Payments and other good and valuable consideration described herein, Executive agrees:

(a)To return all MAA property, including but not limited to computer, laptop, phone, iPad and any other electronic devices, keys, MAA clothing, faxes, files, credit cards, account numbers, handbooks, training materials, policies, electronic data or any other MAA information or asset no later than close of business on the Retirement Date. Notwithstanding the foregoing, Executive shall be entitled to retain his MAA-issued iPad and iPhone and MAA will work with Executive to transfer the numbers associated with such devices to Executive on the Retirement Date; provided, however, that all MAA-related information and data on such devices shall be deleted on the Retirement Date.

(b)To provide support, transitional notes and/or other helpful information that may assist in facilitating smooth operations, including transferring knowledge regarding such things that Executive has designed, customized, security protected or has knowledge of as related to MAA. Such information or activities is owned by MAA and cannot be shared or distributed. Executive agrees to be cooperative and make himself available on behalf of MAA to consult and provide deposition and/or trial testimony related to investigations and litigations filed against MAA for which Executive may have knowledge; provided, if such assistances is requested after the Retirement Date, MAA shall pay Executive at the rate of Two Hundred Dollars ($200.00) per hour worked and reimburse Executive for all reasonable and documented expenses incurred. Executive will submit an invoice to MAA no later than the tenth (10th) day of each month that sets forth, in reasonable detail, a description of the services performed by Executive during the previous month and the amount of time Executive spent providing such services.

(c)The Payments constitutes adequate legal consideration for the promises and representations made by Executive in this Agreement, and Executive hereby relinquishes and waives any rights to other forms of payment or benefits under any other agreement between Executive and MAA (or any affiliate thereof), whether written, oral, express or implied.

(d)To execute all documents necessary to evidence the termination of his roles and responsibilities with MAA or any affiliate thereof.

(e)That, within ten (10) days of the Retirement Date, Executive shall submit a final documented expense reimbursement statement reflecting all reasonable business expenses Executive incurred through the Retirement Date, if any, for which Executive seeks reimbursement. MAA shall reimburse Executive for such reasonable expenses in a lump sum in accordance with MAA’s normal expense reimbursement cycle.

(f)Executive has not filed or otherwise initiated any complaint, cause of action or claim against MAA (or any of its affiliates) based on events occurring prior to and including the date he executes this Agreement. Executive further represents and warrants that, as of the date he executes this Agreement, Executive is unaware of any outstanding complaints, causes of action or claims against MAA that involve or relate in any way to Executive.

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(g)That MAA and its affiliates shall withhold from any amount payable pursuant to paragraph 2 or 3 such amounts that are required to be withheld by MAA and its affiliates in connection with any payments or benefits made or provided to Executive pursuant to paragraph 2 or 3 (including the vesting of any equity or other benefits).

(h)To indemnify and hold harmless MAA and its affiliates for any taxes required to be withheld in connection with any payments or benefits made or provided to Executive pursuant to paragraph 2 or 3 (including the vesting of any equity or other benefits).

(i)MAA is under no duty or obligation to make this Agreement, that the consideration set forth in paragraph 2 is in addition to anything of value to which Executive may already be entitled, and that this Agreement is made in return for Executive’s agreement to be obligated by all the promises contained herein.

5.MAA Policies. Executive understands and agrees that he is obligated to adhere to MAA’s policies during his employment and until the Retirement Dateand that if he engages in any misconduct or conduct harmful to MAA, MAA has the right to terminate Executive’s employment and other benefits conferred by this Agreement, including the Payments. Misconduct shall include, but is not limited to, any violation of law; any willful failure to adhere to MAA policies; any misrepresentation or deception; disparagement of MAA and its employees, directors, officers; insubordination; fraud or dishonesty; any willful failure to follow the lawful directions of MAA management; any willful refusal or failure to assist MAA in this transition; any willful refusal to perform the duties and responsibilities of the position for any reason other than illness or incapacity; and any other material misconduct of any kind.

6.Breach of this Agreement. In the event that Executive commits a material breach of this Agreement, Executive will not receive any portion of the Payments which has not been paid. Executive hereby consents to the entry of injunctive relief against Executive, without the posting of a bond, in addition to the right of MAA to pursue any and all of its remedies under the law, including without limitation money damages, attorney fees and costs.

7.Confidential Information. Executive acknowledges that he has been given access to confidential information of MAA which he would not otherwise be able to acquire. Executive acknowledges that he will have access to valuable confidential business and professional information and trade secrets of MAA and that MAA has a legitimate business interest in its relationships with prospective or existing vendors, residents and prospective residents, as well as vendor, resident and prospective resident goodwill associated with MAA’s trade name, trademark, service mark, geographic location, and marketing and trade area. Executive understands that MAA has developed, and is continuing to develop, valuable business information that MAA has a right to protect to safeguard its legitimate business interests. Executive agrees that the information MAA regards as confidential and proprietary and/or trade secrets include, but is not limited to: employee lists, staffing models, compensation data, business plans or forecasts, systems, programs or software, policies and procedures, pricing data, costs or sources of supply, financial data, and advertising, marketing or merchandising systems or plans. Executive hereby agrees that:

(a)Until the Retirement Date, Executive will faithfully devote his best efforts and entire time during usual business hours to advance the interests of MAA and shall not, directly or indirectly, on his own account, or as agent, associate, partner, major stockholder or otherwise, engage in any business competing with or similar to that of MAA, or solicit any such business except for, on behalf of, or at the direction of MAA.

(b)Executive shall treat as confidential any information obtained by Executive relating to MAA employee lists, residents and potential residents, staffing models, compensation data, business plans or forecasts, systems, programs or software, policies and procedures, pricing data, costs or sources of supply, financial data, and advertising, marketing or merchandising systems or plans; and shall not during his employment or at any time thereafter disclose such information in whole or in part to any persons, firm or corporation for any reason or purpose whatsoever, or use such information in any way or in any capacity other than as an MAA Executive in furtherance of MAA’s interests.

(c)Executive understands that information may be disclosed to the extent required by applicable laws or governmental regulations or judicial regulatory process provided that Executive provides MAA prompt notice of any and all such requests for disclosure so that MAA has ample opportunity to take all the necessary or desired actions, to avoid disclosure.

(d)Executive may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.

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8.Violations of This Agreement. Executive acknowledges that a violation of paragraph 7 would result in irreparable harm to MAA, and that MAA has the right to enforce its interests in a court of law for injunctive relief and damages. If MAA brings an action to enforce Section 7 of this Agreement and Executive is found to have violated Section 7 of the Agreement, Executive agrees that attorney fees and costs incurred by MAA for enforcing Section 7 of the Agreement can be assessed against him.

9.Re-Employment. Executive acknowledges that he does not have any re-employment rights with MAA and that MAA has no obligation to re-employ him in the future.

10.Non-Solicitation. Executive agrees not to solicit or recruit, whether directly or indirectly through one or more intermediaries, employees of MAA for twelve (12) months following the Retirement Date. During such period, Executive agrees not to engage, whether directly or indirectly through one or more intermediaries, in any activity that encourages or seeks to cause employees to leave their employment with MAA for Executive’s own benefit or the benefit of another person or organization.

11.General Release. In consideration for the payment by MAA of the Payments to Executive and other good and valuable consideration described herein, and with the exception of claims that cannot be released as a matter of law, Executive hereby releases MAA (including its parents, subsidiaries, affiliates, and merged and/or affiliated corporations or entities) and its directors, officers, agents and employees, of all causes of action, claims, debts, contracts and agreements which Executive or his heirs may have for any cause known or unknown, including any and all claims relating to his employment and termination of employment; including but not limited to those under federal, state and local laws prohibiting employment discrimination, including but not limited to, any claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act; the Equal Pay Act, the Americans With Disabilities Act, the Americans With Disabilities Amendment Act, the Family and Medical Leave Act, the Pregnancy Discrimination Act, Section 1981 of the Civil Rights Act of 1866, Employee Retirement Income Security Act of 1974, any similar state statutes (including the Tennessee Human Rights Act, Tennessee Public Protection Act, Tennessee Disability Act), and any tort (including, but not limited to, wrongful discharge) or contract claims. This Agreement does not waive or release any claims that may arise after the date of the signing of the Agreement, nor does it waive any vested rights which accrued on the Executive’s behalf as a result of his participation in any benefit plan or plans of MAA, under the terms and conditions set forth in such plan or plans as of the date of Executive’s termination. Executive acknowledges he has been paid all compensation due and owing to him and has no claims for compensation under the Fair Labor Standards Act. Executive further acknowledges that he has received all time entitled under the Family and Medical Leave Act and that he has no workers’ compensation claims that have not been reported to MAA. Additionally, Executive hereby agrees to execute and deliver a release, in the form attached hereto as Exhibit A (the “Release”), to MAA on the Retirement Date. Executive understands that he shall not be entitled to receive, and MAA shall not be obligated to provide, any payments or other benefits set forth in paragraph 2 unless and until the execution and delivery of the Release as contemplated hereby has been accomplished. Executive also acknowledges that he is being provided with at least twenty-one (21) days to consider executing the Release.

12.Indemnification. In accordance with, and subject to the terms and conditions of, MAA’s corporate governance documents, policies and applicable law, MAA shall indemnify, defend, and hold harmless the Executive from and against any claims, losses, liabilities, damages, fines, penalties, costs, and expenses (including, without limitation, reasonable fees and disbursements of counsel and other professionals) brought against and/or suffered by the Executive as a result of any proceeding commenced against the Executive arising out of or in connection with any act or failure to act by the Executive within the scope of authority on or before the Retirement Date.

13.Non-Disparagement. As an express condition of this Agreement, the parties agree not to make, whether publicly or to any third party and whether orally, in writing, or electronically via e-mail or otherwise, any false, negative, critical, or disparaging statements, implied or expressed, concerning the other, including, but not limited to, management style, methods of doing business, the quality of products and services, role in the community, or treatment of employees; provided, however, that the non-disparagement obligations imposed on MAA in this paragraph shall apply only to a person who is an executive officer of MAA at the time the statement about the Executive is made.

14.Arbitration. Any and all claims or controversies arising out of or relating to this Agreement, or otherwise arising between the parties shall, in lieu of a jury or other civil trial, be settled by final and binding arbitration in accordance with then-current rules of the American Arbitration Association (“AAA”) applicable to employment disputes. This agreement to arbitrate includes all claims whether arising in tort or contract and whether arising under statute or common law including, but not limited to, any claim of breach of contract, discrimination or harassment of any kind. The obligation to arbitrate such claims shall survive termination of this Agreement, and the arbitrator shall have jurisdiction to determine the arbitrability of any claim. The arbitrator shall have the authority to award any and all damages otherwise recoverable in a court of law. The arbitrator shall not have the authority to add to, subtract from or modify any of the terms of this Agreement. Judgment on any award rendered by the arbitrator may be entered and enforced by any court having jurisdiction thereof. Executive shall pay the then-current AAA filing fee

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towards the costs of the arbitration (i.e., filing fees, administration fees, and arbitrator fees), and each party shall be responsible for paying its own other costs for the arbitration, including, but not limited to, attorneys’ fees, witness fees, transcript fees, or other litigation expenses that Executive would otherwise be required to bear in a court action, provided, however, that Executive shall not be required to pay any type or amount of expense if such requirement would invalidate this agreement or would otherwise be contrary to the law as it exists at the time of the arbitration.

15.No Admission. Neither this Agreement nor anything contained herein shall be admissible in any proceeding as evidence of or an admission by MAA or its affiliates of any violation of any law or regulation or of any liability whatsoever to Executive. Notwithstanding the foregoing, this Agreement may be introduced into a proceeding solely for the purpose of enforcing this Agreement.

16.Tax Acknowledgements. Executive acknowledges that (A) neither MAA nor any of its affiliates nor of their representatives or advisors are providing tax, accounting, or legal advice to Executive, and neither MAA nor any of its affiliates nor of their representatives or advisors are making any representations regarding any tax obligations or tax consequences on Executive’s part relating to or arising from this Agreement, (B) Executive will assume and pay the employee share of all federal, state, and/or local income, employment, payroll and other taxes and any other liens, obligations, claims, or consequences to him that may arise from this Agreement, and he will not seek any indemnification from MAA or any of its affiliates with respect thereto, and (C) Executive has been advised that MAA will comply with its obligations to make reports of such taxable income to the appropriate taxing or governmental authorities.

17.Tax Treatment. MAA intends that all payments provided under this Agreement be exempt from, or comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (Section 409A) and any guidance promulgated under Section 409A of the Code (collectively, Section 409A) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities in this Agreement will be interpreted in accordance with this intent.

(a) No payment or benefits to be paid to the Executive, if any, under this Agreement or otherwise, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until the Executive has a separation from service within the meaning of Section 409A.

(b) If, at the time of the Executive’s termination of employment, the Executive is a specified employee within the meaning of Section 409A, then the payment of the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means that the Executive will receive payment on the first payroll date that occurs on or after the date that is six (6) months and one (1) day following the Executive’s termination of employment.

(c) MAA reserves the right to amend this Agreement as it considers necessary or advisable, in its sole discretion and without the consent of the Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax.

(d) Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2). In no event will MAA reimburse, indemnify, or hold harmless the Executive for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A.

Any reimbursements or in-kind benefits provided under the Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during the period of time specified in the Agreement, (B) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (C) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (D) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

18.Permissible Disclosures. Notwithstanding anything to the contrary contained herein, Executive further understands that nothing in this Agreement is intended to or will be used in any way to limit Executive’s rights to communicate with a government agency, as provided for, protected under or warranted by applicable law. Executive agrees to waive the right to receive future monetary recovery directly from MAA, including MAA payments that result from any complaints or charges that

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Executive files with any government agency or that are filed on behalf of Executive. This Agreement does not limit Executive’s right to receive an award for information provided to any government agencies. Notwithstanding the foregoing provisions in this paragraph 18, under no circumstance will Executive be authorized to disclose any information covered by MAA’s attorney-client privilege or MAA’s attorney work product (i) without prior written consent of MAA’s General Counsel or other officer designated by MAA, or (ii) unless such disclosure of that information would otherwise be permitted pursuant to 17 CFR 205.3(d)(2), applicable state attorney conduct rules, or otherwise under applicable law or court order.

19.Review Period. Executive acknowledges that he has up to twenty-one (21) full days to consider whether to sign this Agreement; provided that Executive may voluntarily choose to sign this Agreement before the end of the twenty-one (21)-day review period. If this Agreement is not signed within the aforementioned twenty-one (21) day period, the offer contained herein shall lapse and be of no further force and effect.

20.Revocation Period. Once the signed Agreement is returned to MAA, Executive has seven (7) days to revoke the release of claims under the ADEA set forth in the Agreement. Once the Release is returned to MAA, Executive has seven (7) days to revoke the release of claims under the ADEA set forth in the Release. If Executive wants to revoke the signed release of claims under the ADEA, please deliver such notice in writing to MAA (to attention of Rob DelPriore, EVP, Chief Administrative Officer and General Counsel) on or before the seventh day after signing the Agreement or the Release, as applicable. Notwithstanding any provision herein to the contrary, this Agreement will not become effective until the seven-day revocation period has expired without revocation.

21.Executive Certification. Executive certifies that he has thoroughly read this Agreement, understands all of its terms, has been advised to consult an attorney prior to signing this Agreement, and is signing this Agreement knowingly and voluntarily, of his own free will, and with full knowledge of what it means.

22.Successors and Assigns. This Agreement is binding upon the parties’ successors, heirs, assigns, servants, agents and representatives. The parties have attempted to create an Agreement that is lawful and enforceable in all respects. In the event that any provision of this Agreement is found or deemed to be illegal or otherwise invalid or unenforceable, whether in whole or in part, such invalidity shall not affect the enforceability of the remaining terms hereof. Provided, however, that if the release set forth in paragraph 11 of this Agreement or the Release is invalidated, then the entire Agreement is invalid and the consideration paid hereunder is immediately due and payable to MAA.

23.Governing Law. This Agreement shall be governed by the laws of the State of Tennessee. Executive expressly submits to the jurisdiction of the courts of the State of Tennessee and agrees that the venue of any action or proceeding arising out of or relating to this Agreement shall be exclusively in a state or federal court in Memphis, Tennessee, subject to the arbitration provision set forth in paragraph 14.

24.Entire Agreement. This Agreement contains the ENTIRE AGREEMENT between the parties hereto, and the terms of this Agreement are contractual and not a mere recital. Should any portion of this Agreement be held void, the remainder shall continue in full force and effect.

THIS AGREEMENT IS EXECUTED BY EXECUTIVE WITHOUT RELIANCE ON ANY REPRESENTATIONS BY MAA, OR ANY OF ITS REPRESENTATIVES, AND EXECUTIVE FURTHER STATES THAT HE HAS CAREFULLY READ THE FOREGOING RELEASE, HAS BEEN ADVISED OF ITS MEANING AND CONSEQUENCES, HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT, IS AWARE THAT BY SIGNING THIS AGREEMENT HE IS GIVING UP AND WAIVING LEGAL RIGHTS, KNOWS AND UNDERSTANDS THE CONTENTS THEREOF AND SIGNS THE SAME AS HIS OWN FREE ACT.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates written below:

/s/ Thomas L. Grimes, Jr.

Thomas L. Grimes, Jr.

Date: October 19, 2022

Mid-America Apartment Communities, Inc., on behalf of itself and all its affiliates

By: /s/ H. Eric Bolton, Jr.

H. Eric Bolton, Jr.

Chief Executive Officer

Date: October 19, 2022

Mid-America Apartments, L.P., on behalf of itself and its affiliates

By: Mid-America Apartment Communities, Inc.

Its: General Partner

By: /s/ H. Eric Bolton, Jr.

H. Eric Bolton, Jr.

Chief Executive Officer

Date: October 19, 2022

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EXHIBIT A

This Release (this “Release”) is entered into as of December 31, 2022, by and between Thomas L. Grimes, Jr. (“Executive”), on the one hand, and MID-AMERICA APARTMENT COMMUNITIES, INC. and MID-AMERICA APARTMENTS, L.P., on behalf of each entity and all of their respective affiliates (individually and collectively, as the context requires, “MAA”).

WHEREAS, pursuant that certain Retirement and Transition Services Agreement between Executive and MAA dated October 19, 2022 (the “Agreement”), Executive is required to execute and deliver this Release as a condition to receipt of the Payments (as defined in the Agreement).

NOW, THEREFORE, in consideration of Executive’s execution of this Release, other good and valuable consideration, the receipt and sufficiency of which is hereby irrevocably acknowledged Executive agrees as follows:

In consideration for the payment by MAA of the Payments (as defined in the Agreement) to Executive and other good and valuable consideration described herein, and with the exception of claims that cannot be released as a matter of law, Executive hereby releases MAA (including its parents, subsidiaries, affiliates, and merged and/or affiliated corporations or entities) and its directors, officers, agents and employees, of all causes of action, claims, debts, contracts and agreements which Executive or his heirs may have for any cause known or unknown, including any and all claims relating to my employment and termination of employment; including but not limited to those under federal, state and local laws prohibiting employment discrimination, including but not limited to, any claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act; the Equal Pay Act, the Americans With Disabilities Act, the Americans With Disabilities Amendment Act, the Family and Medical Leave Act, the Pregnancy Discrimination Act, Section 1981 of the Civil Rights Act of 1866, Employee Retirement Income Security Act of 1974, any similar state statutes (including the Tennessee Human Rights Act, Tennessee Public Protection Act, Tennessee Disability Act), and any tort (including, but not limited to, wrongful discharge) or contract claims. This Agreement does not waive or release any claims that may arise after the date of the signing of the Agreement, nor does it waive any vested rights which accrued on the Executive’s behalf as a result of his participation in any benefit plan or plans of MAA, under the terms and conditions set forth in such plan or plans as of the date of Executive’s termination. Executive acknowledges he has been paid all compensation due and owing to him and has no claims for compensation under the Fair Labor Standards Act. Executive further acknowledges that he has received all time entitled under the Family and Medical Leave Act and that he has no workers’ compensation claims that have not been reported to MAA.

IN WITNESS WHEREOF, the parties hereto have executed this Release as of the dates written below:

/s/ Thomas L. Grimes, Jr. October 19, 2022

Thomas L. Grimes, Jr. DATE

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EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, H. Eric Bolton, Jr., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartment Communities, Inc.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, 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 Quarterly Report on Form 10-Q;

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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q 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:	October 27, 2022	/s/ H. Eric Bolton, Jr.
		H. Eric Bolton, Jr.
		Chairman of the Board of Directors
		Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Albert M. Campbell, III, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartment Communities, Inc.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, 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 Quarterly Report on Form 10-Q;

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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q 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:	October 27, 2022	/s/ Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer

EX-31.3

EXHIBIT 31.3

CERTIFICATION

I, H. Eric Bolton, Jr., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartments, L.P.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, 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 Quarterly Report on Form 10-Q;

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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q 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:	October 27, 2022	/s/ H. Eric Bolton, Jr.
		H. Eric Bolton, Jr.
		Chairman of the Board of Directors
		Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

EX-31.4

EXHIBIT 31.4

CERTIFICATION

I, Albert M. Campbell, III, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartments, L.P.;

2.Based on my knowledge, this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q;

3.Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, 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 Quarterly Report on Form 10-Q;

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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

(d)Disclosed in this Quarterly Report on Form 10-Q 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:	October 27, 2022	/s/ Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

EX-32.1

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 Quarterly Report of Mid-America Apartment Communities, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2022, 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:	October 27, 2022	/s/ H. Eric Bolton, Jr.
		H. Eric Bolton, Jr.
		Chairman of the Board of Directors
		Chief Executive Officer

EX-32.2

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 Quarterly Report of Mid-America Apartment Communities, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Albert M. Campbell, III, 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:	October 27, 2022	/s/ Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer

EX-32.3

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 Quarterly Report of Mid-America Apartments, L.P. (the “Operating Partnership”) on Form 10-Q for the period ended September 30, 2022, 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:	October 27, 2022	/s/ H. Eric Bolton, Jr.
		H. Eric Bolton, Jr.
		Chairman of the Board of Directors
		Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

EX-32.4

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 Quarterly Report of Mid-America Apartments, L.P. (the “Operating Partnership”) on Form 10-Q for the period ended September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Albert M. Campbell, III, 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:	October 27, 2022	/s/ Albert M. Campbell, III
		Albert M. Campbell, III
		Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P.

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 24, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		115,477,018
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Ave
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	MAA
Title of 12(b) Security	Common Stock
Cumulative Preferred Stock [Member]
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	MAA*I
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock
Limited Partner [Member]
Document Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity Central Index Key	0001581776
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	333-190028-01
Entity Tax Identification Number	62-1543816
Entity Address, Address Line One	6815 Poplar Ave
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Land		$ 1,991,472	$ 1,977,813
Buildings and improvements and other		12,787,864	12,454,439
Development and capital improvements in progress		297,416	247,970
Real Estate Investment Property, at Cost		15,076,752	14,680,222
Less: Accumulated depreciation		(4,180,694)	(3,848,161)
Real Estate Investment Property, Net		10,896,058	10,832,061
Undeveloped land		64,312	24,015
Investment in real estate joint venture		42,442	42,827
Real estate assets, net		11,002,812	10,898,903
Cash and cash equivalents		38,996	54,302
Restricted cash		14,558	76,296
Other assets		215,347	255,681
Assets held for sale		66,514	0
Total assets		11,338,227	11,285,182
Liabilities:
Unsecured notes payable		4,154,820	4,151,375
Secured notes payable		364,331	365,315
Accrued expenses and other liabilities		647,176	584,400
Total liabilities		5,166,327	5,101,090
Redeemable common stock		20,145	30,185
Shareholders' equity:
Preferred Stock, Value, Outstanding		9	9
Common Stock, Value, Outstanding	[1]	1,152	1,151
Additional Paid in Capital		7,196,504	7,230,956
Accumulated distributions in excess of net income		(1,219,599)	(1,255,807)
Accumulated other comprehensive loss		(10,321)	(11,132)
Total MAA shareholders' equity		5,967,745	5,965,177
Noncontrolling interests - Operating Partnership units		164,230	165,116
Total Company’s shareholders’ equity		6,131,975	6,130,293
Noncontrolling interests - consolidated real estate entities		19,780	23,614
Operating Partnership capital:
Accumulated other comprehensive loss		(10,321)	(11,132)
Noncontrolling interests - consolidated real estate entities		19,780	23,614
Total equity		6,151,755	6,153,907
Total liabilities and equity		11,338,227	11,285,182
Limited Partnership [Member]
Assets
Land		1,991,472	1,977,813
Buildings and improvements and other		12,787,864	12,454,439
Development and capital improvements in progress		297,416	247,970
Real Estate Investment Property, at Cost		15,076,752	14,680,222
Less: Accumulated depreciation		(4,180,694)	(3,848,161)
Real Estate Investment Property, Net		10,896,058	10,832,061
Undeveloped land		64,312	24,015
Investment in real estate joint venture		42,442	42,827
Real estate assets, net		11,002,812	10,898,903
Cash and cash equivalents		38,996	54,302
Restricted cash		14,558	76,296
Other assets		215,347	255,681
Assets held for sale		66,514	0
Total assets		11,338,227	11,285,182
Liabilities:
Unsecured notes payable		4,154,820	4,151,375
Secured notes payable		364,331	365,315
Accrued expenses and other liabilities		647,176	584,400
Due to general partner		19	19
Total liabilities		5,166,346	5,101,109
Redeemable common stock		20,145	30,185
Shareholders' equity:
Accumulated other comprehensive loss		(10,547)	(11,382)
Total Company’s shareholders’ equity		6,131,956	6,130,274
Noncontrolling interests - consolidated real estate entities		19,780	23,614
Operating Partnership capital:
Preferred Units, Preferred Partners' Capital Accounts		66,840	66,840
General Partners' Capital Account	[2]	5,911,433	5,909,700
Limited Partners' Capital Account	[2]	164,230	165,116
Accumulated other comprehensive loss		(10,547)	(11,382)
Noncontrolling interests - consolidated real estate entities		19,780	23,614
Total equity		6,151,736	6,153,888
Total liabilities and equity		$ 11,338,227	$ 11,285,182

[1] Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are 134,629 and 131,559, respectively.

[2] Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are 134,629 and 131,559, respectively.

XML

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2022		Dec. 31, 2021
Common stock, par value per share	$ 0.01		$ 0.01
Common stock, shares authorized	145,000,000		145,000,000
Common stock, shares issued	115,447,252		115,336,876
Common stock, shares outstanding	115,447,252		115,336,876
Preferred Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	20,000,000		20,000,000
Preferred Stock, Dividend Rate, Percentage	8.50%		8.50%
Preferred Stock, Shares Issued	867,846		867,846
Preferred Stock, Shares Outstanding	867,846		867,846
Preferred Stock, Liquidation Preference Per Share	$ 50.00	[1]	$ 50.00
Redeemable stock, shares issued and outstanding	134,629		131,559
General Partners' Capital Account, Units Outstanding	115,447,252
Limited Partners' Capital Account, Units Outstanding	3,196,429
Limited Partnership [Member]
Redeemable stock, shares issued and outstanding	134,629		131,559
General Partners' Capital Account, Units Outstanding	115,447,252		115,336,876
Limited Partners' Capital Account, Units Outstanding	3,196,429		3,206,118
Preferred Units, Outstanding	867,846		867,846

[1] The total liquidation preference for the outstanding preferred stock is $43.4 million.

XML

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental and other property revenues	$ 520,783	$ 452,575	$ 1,491,901	$ 1,314,507
Expenses:
Operating expenses, excluding real estate taxes and insurance	117,390	106,412	328,514	304,124
Real estate taxes and insurance	74,033	66,426	214,006	199,943
Depreciation and amortization	136,879	134,611	404,761	397,938
Total property operating expenses	328,302	307,449	947,281	902,005
Property management expenses	16,262	13,831	48,429	40,522
General and administrative expenses	12,188	12,670	44,091	38,763
Interest expense	38,637	39,234	116,663	117,773
Loss (gain) on sale of depreciable real estate assets	1	313	(131,963)	(134,515)
Gain on sale of non-depreciable real estate assets	(431)	(170)	(809)	(202)
Other non-operating expense (income)	1,718	(10,344)	19,248	(14,557)
Income before income tax benefit (expense)	124,106	89,592	448,961	364,718
Income tax benefit (expense)	1,256	(2,803)	5,750	(5,847)
Income from continuing operations before real estate joint venture activity	125,362	86,789	454,711	358,871
Income from real estate joint venture	341	258	1,129	915
Net income	125,703	87,047	455,840	359,786
Net income (loss) attributable to noncontrolling interests	3,392	2,568	12,025	11,636
Net income available for shareholders	122,311	84,479	443,815	348,150
Dividends to MAA Series I preferred shareholders	922	922	2,766	2,766
Net income available for MAA common shareholders	$ 121,389	$ 83,557	$ 441,049	$ 345,384
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 1.05	$ 0.73	$ 3.82	$ 3.01
Earnings per common share - diluted:
Net income available for MAA common shareholders	$ 1.05	$ 0.73	$ 3.82	$ 3.01
Limited Partnership [Member]
Revenues:
Rental and other property revenues	$ 520,783	$ 452,575	$ 1,491,901	$ 1,314,507
Expenses:
Operating expenses, excluding real estate taxes and insurance	117,390	106,412	328,514	304,124
Real estate taxes and insurance	74,033	66,426	214,006	199,943
Depreciation and amortization	136,879	134,611	404,761	397,938
Total property operating expenses	328,302	307,449	947,281	902,005
Property management expenses	16,262	13,831	48,429	40,522
General and administrative expenses	12,188	12,670	44,091	38,763
Interest expense	38,637	39,234	116,663	117,773
Loss (gain) on sale of depreciable real estate assets	1	313	(131,963)	(134,515)
Gain on sale of non-depreciable real estate assets	(431)	(170)	(809)	(202)
Other non-operating expense (income)	1,718	(10,344)	19,248	(14,557)
Income before income tax benefit (expense)	124,106	89,592	448,961	364,718
Income tax benefit (expense)	1,256	(2,803)	5,750	(5,847)
Income from continuing operations before real estate joint venture activity	125,362	86,789	454,711	358,871
Income from real estate joint venture	341	258	1,129	915
Net income	125,703	87,047	455,840	359,786
Net income (loss) attributable to noncontrolling interests	0	0	(293)	0
Net income available for shareholders	125,703	87,047	456,133	359,786
Dividends to MAA Series I preferred shareholders	922	922	2,766	2,766
Net income available for MAA common shareholders	$ 124,781	$ 86,125	$ 453,367	$ 357,020
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 1.05	$ 0.73	$ 3.82	$ 3.01
Net income available for MAALP common unitholders	1.05	0.73	3.82	3.01
Earnings per common share - diluted:
Net income available for MAA common shareholders	1.05	0.73	3.82	3.01
Net income available for MAALP common unitholders	$ 1.05	$ 0.73	$ 3.82	$ 3.01

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 125,703	$ 87,047	$ 455,840	$ 359,786
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	279	278	835	835
Total comprehensive income	125,982	87,325	456,675	360,621
Less: Comprehensive income loss attributable to noncontrolling interests	(3,401)	(2,598)	(12,049)	(11,727)
Comprehensive income attributable to MAA	122,581	84,727	444,626	348,894
Limited Partnership [Member]
Net income	125,703	87,047	455,840	359,786
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	279	278	835	835
Total comprehensive income	125,982	87,325	456,675	360,621
Less: Comprehensive income loss attributable to noncontrolling interests	0	0	293	0
Comprehensive income attributable to MAA	$ 125,982	$ 87,325	$ 456,968	$ 360,621

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 455,840	$ 359,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	405,412	398,678
Gain on sale of depreciable real estate assets	(131,963)	(134,515)
Gain on sale of non-depreciable real estate assets	(809)	(202)
Loss (gain) on embedded derivative in preferred shares	10,364	(11,492)
Stock compensation expense	14,615	12,804
Amortization of debt issuance costs, discounts and premiums	4,547	4,142
Loss (gain) on investments	39,290	(18,001)
Net change in operating accounts and other operating activities	10,019	67,050
Net cash provided by operating activities	807,315	678,250
Cash flows from investing activities:
Purchases of real estate and other assets	(252,628)	(46,028)
Capital improvements and other	(219,221)	(208,563)
Development costs	(124,262)	(179,810)
Distributions from real estate joint venture	386	483
Contributions to affiliates	(11,100)	(1,971)
Proceeds from real estate asset dispositions	165,827	158,812
Proceeds from insurance recoveries	26,385	7,422
Net cash used in investing activities	(414,613)	(269,655)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper	125,000	(147,000)
Proceeds from notes payable	0	594,423
Principal payments on notes payable	(126,043)	(466,817)
Payment of deferred financing costs	(5,473)	(5,922)
Distributions to noncontrolling interests	(10,968)	(12,009)
Dividends paid on common shares	(395,258)	(352,384)
Dividends paid on preferred shares	(2,766)	(2,766)
Acquisition of noncontrolling interests	(43,070)	0
Net change in other financing activities	(11,168)	(10,214)
Net cash used in financing activities	(469,746)	(402,689)
Net (decrease) increase in cash, cash equivalents and restricted cash	(77,044)	5,906
Cash, cash equivalents and restricted cash, beginning of period	130,598	35,615
Cash, cash equivalents and restricted cash, end of period	53,554	41,521
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	38,996	29,811
Restricted cash	14,558	11,710
Total cash, cash equivalents and restricted cash	53,554	41,521
Supplemental disclosure of cash flow information:
Interest paid	109,936	109,471
Income taxes paid	3,463	2,518
Supplemental disclosure of noncash investing and financing activities:
Conversion of OP Units to shares of common stock	500	33,272
Accrued construction in progress	30,175	18,484
Interest capitalized	6,146	7,781
Limited Partnership [Member]
Cash flows from operating activities:
Net income	455,840	359,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	405,412	398,678
Gain on sale of depreciable real estate assets	(131,963)	(134,515)
Gain on sale of non-depreciable real estate assets	(809)	(202)
Loss (gain) on embedded derivative in preferred shares	10,364	(11,492)
Stock compensation expense	14,615	12,804
Amortization of debt issuance costs, discounts and premiums	4,547	4,142
Loss (gain) on investments	39,290	(18,001)
Net change in operating accounts and other operating activities	10,019	67,050
Net cash provided by operating activities	807,315	678,250
Cash flows from investing activities:
Purchases of real estate and other assets	(252,628)	(46,028)
Capital improvements and other	(219,221)	(208,563)
Development costs	(124,262)	(179,810)
Distributions from real estate joint venture	386	483
Contributions to affiliates	(11,100)	(1,971)
Proceeds from real estate asset dispositions	165,827	158,812
Proceeds from insurance recoveries	26,385	7,422
Net cash used in investing activities	(414,613)	(269,655)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper	125,000	(147,000)
Proceeds from notes payable	0	594,423
Principal payments on notes payable	(126,043)	(466,817)
Payment of deferred financing costs	(5,473)	(5,922)
Dividends paid on common shares	(406,226)	(364,393)
Dividends paid on preferred shares	(2,766)	(2,766)
Acquisition of noncontrolling interests	(43,070)	0
Net change in other financing activities	(11,168)	(10,214)
Net cash used in financing activities	(469,746)	(402,689)
Net (decrease) increase in cash, cash equivalents and restricted cash	(77,044)	5,906
Cash, cash equivalents and restricted cash, beginning of period	130,598	35,615
Cash, cash equivalents and restricted cash, end of period	53,554	41,521
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	38,996	29,811
Restricted cash	14,558	11,710
Total cash, cash equivalents and restricted cash	53,554	41,521
Supplemental disclosure of cash flow information:
Interest paid	109,936	109,471
Income taxes paid	3,463	2,518
Supplemental disclosure of noncash investing and financing activities:
Accrued construction in progress	30,175	18,484
Interest capitalized	$ 6,146	$ 7,781

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Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Consolidation And Basis Of Presentation And Significant Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

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

As of September 30, 2022, MAA owned 115,447,252 OP Units (or 97.3% of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

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

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

Organization of Mid-America Apartment Communities, Inc.

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of September 30, 2022, the Company owned and operated 292 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of September 30, 2022, the Company also had five development communities under construction totaling 1,759 apartment units once complete. Total expected costs for the five development

projects are $444.0 million, of which $266.1 million had been incurred through September 30, 2022. The Company expects to complete one of these developments in 2022, three developments in 2023, and one development in 2024. As of September 30, 2022, 34 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of September 30, 2022.

Basis of Presentation and Principles of Consolidation

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

The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights. 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. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below).

Noncontrolling Interests

As of September 30, 2022, 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 four consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2022, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $244.6 million, and consolidated liabilities were $14.4 million. As of December 31, 2021, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $252.8 million, and consolidated liabilities were $15.9 million. During the nine months ended September 30, 2022, the Company paid $43.1 million to acquire the noncontrolling interest of one consolidated real estate entity.

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture and four 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 $42.4 million and $42.8 million as of September 30, 2022 and December 31, 2021, respectively.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of September 30, 2022 and December 31, 2021, the Company’s investments in the limited partnerships were $41.8 million and $79.4 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related gains and losses, including unrealized gains and losses, recognized in

“Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. The decrease in the Company’s investment in the limited partnerships was driven by the recognition of unrealized losses, which were primarily a result of a decrease in the valuation of an underlying investment that recently became publicly traded. During the three months ended September 30, 2022 and 2021, the Company recognized $1.4 million of expense and $10.1 million of income, respectively, from its investments in the limited partnerships. During the nine months ended September 30, 2022 and 2021, the Company recognized $29.2 million of expense and $18.0 million of income, respectively, from its investments in the limited partnerships. As of September 30, 2022, the Company was committed to make additional capital contributions totaling $32.9 million if and when called by the general partners of the limited partnerships.

Marketable Equity Securities

During the nine months ended September 30, 2022, two of the technology-focused limited partnerships that are accounted for as unconsolidated affiliates distributed publicly traded marketable equity securities to the Company and the other limited partners. The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities, with any related gains and losses, including unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022, the Company’s investment in the marketable equity securities was $6.2 million. During the three and nine months ended September 30, 2022, the Company recognized $6.8 million and $10.1 million of expense, respectively, from its investment in marketable equity securities.

Revenue Recognition

The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with 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 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues”, as presented in the disaggregation of the Company’s revenues in Note 11.

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than twelve months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2022 and December 31, 2021, right-of-use assets recorded within “Other assets” totaled $45.3 million and $47.0 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $29.2 million and $30.3 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the three and nine months ended September 30, 2022 and 2021 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2022 and 2021 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair Value Measurements

The Company applies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, to the valuation of 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 as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy:

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

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

Level 3 - Unobservable inputs for the assets or liability.

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Earnings Per Common Share of MAA

9 Months Ended

Sep. 30, 2022

Earnings Per Common Share Of M A A [Abstract]

Earnings per Common Share of MAA

2. Earnings per Common Share of MAA

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

For the three and nine months ended September 30, 2022 and 2021, 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):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common share - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Unvested restricted shares (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,307		$	83,477		$	440,741		$	345,025
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Earnings per common share - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common share - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests (1)		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,389		$	83,557		$	441,049		$	345,384
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Effect of dilutive securities		205			296			267			305
Weighted average common shares - diluted		115,568			115,229			115,592			114,873
Earnings per common share - diluted	$	1.05		$	0.73		$	3.82		$	3.01

(1)For the three and nine months ended September 30, 2022, 3.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2021, 3.5 million OP Units and 3.8 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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Earnings Per OP Unit of MAALP

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per OP Unit of MAALP

3. Earnings per OP Unit of MAALP

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

For the three and nine months ended September 30, 2022 and 2021, 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):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common unit - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Unvested restricted units (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,699		$	86,045		$	453,059		$	356,661
Weighted average common units - basic		118,564			118,430			118,528			118,389
Earnings per common unit - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common unit - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,781		$	86,125		$	453,367		$	357,020
Weighted average common units - basic		118,564			118,430			118,528			118,389
Effect of dilutive securities		205			296			267			305
Weighted average common units - diluted		118,769			118,726			118,795			118,694
Earnings per common unit - diluted	$	1.05		$	0.73		$	3.82		$	3.01

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MAA Equity

9 Months Ended

Sep. 30, 2022

M A A Equity [Abstract]

MAA Equity

4. MAA Equity

Changes in MAA’s total equity and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2022	$	9	$	1,152	$	7,191,920		$	(1,199,216	)	$	(10,591	)	$	165,062		$	19,780	$	6,168,116
Net income		—		—		—			122,311			—			3,392			—		125,703
Other comprehensive income - derivative     instruments		—		—		—			—			270			9			—		279
Issuance and registration of common shares		—		—		156			—			—			—			—		156
Shares repurchased and retired		—		—		(12	)		—			—			—			—		(12	)
Shares issued in exchange for common units		—		—		307			—			—			(307	)		—		—
Redeemable stock fair market value     adjustment		—		—		—			2,537			—			—			—		2,537
Adjustment for noncontrolling interests in    Operating Partnership		—		—		(70	)		—			—			70			—		—
Amortization of unearned compensation		—		—		4,203			—			—			—			—		4,203
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.2500 per     share)		—		—		—			(144,309	)		—			—			—		(144,309	)
Dividends on noncontrolling interests units    ($1.2500 per share)		—		—		—			—			—			(3,996	)		—		(3,996	)
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780	$	6,151,755

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2021	$	9	$	1,147	$	7,201,885		$	(1,272,694	)	$	(11,632	)	$	185,340		$	16,612	$	6,120,667
Net income		—		—		—			84,479			—			2,568			—		87,047
Other comprehensive income - derivative     instruments		—		—		—			—			248			30			—		278
Issuance and registration of common shares		—		—		(103	)		—			—			—			—		(103	)
Exercise of stock options		—		—		12			—			—			—			—		12
Shares issued in exchange for common units		—		2		11,106			—			—			(11,108	)		—		—
Redeemable stock fair market value     adjustment		—		—		—			(2,356	)		—			—			—		(2,356	)
Adjustment for noncontrolling interests in    Operating Partnership		—		—		(22	)		—			—			22			—		—
Amortization of unearned compensation		—		—		4,007			—			—			—			—		4,007
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.0250 per    share)		—		—		—			(118,018	)		—			—			—		(118,018	)
Dividends on noncontrolling interests units    ($1.0250 per share)		—		—		—			—			—			(3,486	)		—		(3,486	)
Contribution from noncontrolling interest		—		—		—			—			—			—			3,204		3,204
EQUITY BALANCE SEPTEMBER 30, 2021	$	9	$	1,149	$	7,216,885		$	(1,309,511	)	$	(11,384	)	$	173,366		$	19,816	$	6,090,330

Changes in MAA’s total equity and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities			Total Equity
EQUITY BALANCE DECEMBER 31, 2021	$	9	$	1,151	$	7,230,956		$	(1,255,807	)	$	(11,132	)	$	165,116		$	23,614		$	6,153,907
Net income (loss)		—		—		—			443,815			—			12,318			(293	)		455,840
Other comprehensive income - derivative     instruments		—		—		—			—			811			24			—			835
Issuance and registration of common shares		—		1		(277	)		—			—			—			—			(276	)
Shares repurchased and retired		—		—		(14,043	)		—			—			—			—			(14,043	)
Exercise of stock options		—		—		28			—			—			—			—			28
Shares issued in exchange for common units		—		—		500			—			—			(500	)		—			—
Redeemable stock fair market value     adjustment		—		—		—			9,297			—			—			—			9,297
Adjustment for noncontrolling interests in     Operating Partnership		—		—		1,251			—			—			(1,251	)		—			—
Amortization of unearned compensation		—		—		15,532			—			—			—			—			15,532
Dividends on preferred stock		—		—					(2,766	)		—			—			—			(2,766	)
Dividends on common stock ($3.5875 per    share)		—		—		—			(414,138	)		—			—			—			(414,138	)
Dividends on noncontrolling interests units    ($3.5875 per share)		—		—		—			—			—			(11,477	)		—			(11,477	)
Acquisition of noncontrolling interest		—		—		(37,443	)		—			—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,086			2,086
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780		$	6,151,755

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2020	$	9	$	1,141	$	7,176,793		$	(1,294,182	)	$	(12,128	)	$	206,927		$	9,848	$	6,088,408
Net income		—		—		—			348,150			—			11,636			—		359,786
Other comprehensive income - derivative     instruments		—		—		—			—			744			91			—		835
Issuance and registration of common shares		—		2		(438	)		—			—			—			—		(436	)
Shares repurchased and retired		—		—		(9,043	)		—			—			—			—		(9,043	)
Exercise of stock options		—		—		1,478			—			—			—			—		1,478
Shares issued in exchange for common units		—		6		33,266			—			—			(33,272	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(7,545	)		—			—			—		(7,545	)
Adjustment for noncontrolling interests in     Operating Partnership		—		—		678			—			—			(678	)		—		—
Amortization of unearned compensation		—		—		14,151			—			—			—			—		14,151
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($3.0750 per     share)		—		—		—			(353,168	)		—			—			—		(353,168	)
Dividends on noncontrolling interests units     ($3.0750 per share)		—		—		—			—			—			(11,338	)		—		(11,338	)
Contribution from noncontrolling interest		—		—		—			—			—			—			9,968		9,968
EQUITY BALANCE SEPTEMBER 30, 2021	$	9	$	1,149	$	7,216,885		$	(1,309,511	)	$	(11,384	)	$	173,366		$	19,816	$	6,090,330

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MAALP Capital

9 Months Ended

Sep. 30, 2022

M A A L P Capital [Abstract]

MAALP Capital

5. MAALP Capital

Changes in MAALP’s total capital and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2022	$	66,840		$	5,927,241		$	165,062		$	(10,826	)	$	19,780	$	6,168,097
Net income		922			121,389			3,392			—			—		125,703
Other comprehensive income - derivative instruments		—			—			—			279			—		279
Issuance of units		—			156			—			—			—		156
Units repurchased and retired		—			(12	)		—			—			—		(12	)
General partnership units issued in exchange for limited     partnership units		—			307			(307	)		—			—		—
Redeemable units fair market value adjustment		—			2,537			—			—			—		2,537
Adjustment for limited partners’ capital at redemption value		—			(79	)		79			—			—		—
Amortization of unearned compensation		—			4,203			—			—			—		4,203
Distributions to preferred unitholders		(922	)		—			—			—			—		(922	)
Distributions to common unitholders ($1.2500 per unit)		—			(144,309	)		(3,996	)		—			—		(148,305	)
CAPITAL BALANCE SEPTEMBER 30, 2022	$	66,840		$	5,911,433		$	164,230		$	(10,547	)	$	19,780	$	6,151,736

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2021	$	66,840		$	5,863,795		$	185,340		$	(11,939	)	$	16,612	$	6,120,648
Net income		922			83,557			2,568			—			—		87,047
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		—			(103	)		—			—			—		(103	)
Exercise of unit options		—			12			—			—			—		12
General partnership units issued in exchange for limited     partnership units		—			11,108			(11,108	)		—			—		—
Redeemable units fair market value adjustment		—			(2,356	)		—			—			—		(2,356	)
Adjustment for limited partners’ capital at redemption value		—			(52	)		52			—			—		—
Amortization of unearned compensation		—			4,007			—			—			—		4,007
Distributions to preferred unitholders		(922	)		—			—			—			—		(922	)
Distributions to common unitholders ($1.0250 per unit)		—			(118,018	)		(3,486	)		—			—		(121,504	)
Contribution from noncontrolling interest		—			—			—			—			3,204		3,204
CAPITAL BALANCE SEPTEMBER 30, 2021	$	66,840		$	5,841,950		$	173,366		$	(11,661	)	$	19,816	$	6,090,311

Changes in MAALP’s total capital and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities			Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2021	$	66,840		$	5,909,700		$	165,116		$	(11,382	)	$	23,614		$	6,153,888
Net income (loss)		2,766			441,049			12,318			—			(293	)		455,840
Other comprehensive income - derivative instruments		—			—			—			835			—			835
Issuance of units		—			(276	)		—			—			—			(276	)
Units repurchased and retired		—			(14,043	)		—			—			—			(14,043	)
Exercise of unit options		—			28			—			—			—			28
General partnership units issued in exchange for limited     partnership units		—			500			(500	)		—			—			—
Redeemable units fair market value adjustment		—			9,297			—			—			—			9,297
Adjustment for limited partners’ capital at redemption value		—			1,227			(1,227	)		—			—			—
Amortization of unearned compensation		—			15,532			—			—			—			15,532
Distributions to preferred unitholders		(2,766	)		—			—			—			—			(2,766	)
Distributions to common unitholders ($3.5875 per unit)		—			(414,138	)		(11,477	)		—			—			(425,615	)
Acquisition of noncontrolling interest		—			(37,443	)		—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—			—			—			—			2,086			2,086
CAPITAL BALANCE SEPTEMBER 30, 2022	$	66,840		$	5,911,433		$	164,230		$	(10,547	)	$	19,780		$	6,151,736

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2020	$	66,840		$	5,817,270		$	206,927		$	(12,496	)	$	9,848	$	6,088,389
Net income		2,766			345,384			11,636			—			—		359,786
Other comprehensive income - derivative instruments		—			—			—			835			—		835
Issuance of units		—			(436	)		—			—			—		(436	)
Units repurchased and retired		—			(9,043	)		—			—			—		(9,043	)
Exercise of unit options		—			1,478			—			—			—		1,478
General partnership units issued in exchange for limited     partnership units		—			33,272			(33,272	)		—			—		—
Redeemable units fair market value adjustment		—			(7,545	)		—			—			—		(7,545	)
Adjustment for limited partners’ capital at redemption value		—			587			(587	)		—			—		—
Amortization of unearned compensation		—			14,151			—			—			—		14,151
Distributions to preferred unitholders		(2,766	)		—			—			—			—		(2,766	)
Distributions to common unitholders ($3.0750 per unit)		—			(353,168	)		(11,338	)		—			—		(364,506	)
Contribution from noncontrolling interest		—			—			—			—			9,968		9,968
CAPITAL BALANCE SEPTEMBER 30, 2021	$	66,840		$	5,841,950		$	173,366		$	(11,661	)	$	19,816	$	6,090,311

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Borrowings

9 Months Ended

Sep. 30, 2022

Notes To Financial Statements [Abstract]

Borrowings

6. Borrowings

The following table summarizes the Company’s outstanding debt as of September 30, 2022 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,050,000			3.4	%	5/14/2029
Variable rate commercial paper program		125,000			3.4	%	10/3/2022
Debt issuance costs, discounts, premiums and fair market value adjustments		(20,180	)
Total unsecured debt	$	4,154,820			3.3	%
Secured debt
Fixed rate property mortgages	$	367,512			4.4	%	10/19/2048
Debt issuance costs		(3,181	)
Total secured debt	$	364,331			4.4	%
Total outstanding debt	$	4,519,151			3.4	%

Unsecured Revolving Credit Facility

In July 2022, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.25 billion with 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 September 30, 2022, there was no outstanding balance under the revolving credit facility, while $4.3 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. In September 2022, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding from time to time under the program from $500.0 million to $625.0 million. As of September 30, 2022, there was a $125.0 million outstanding balance under the commercial paper program. For the three months ended September 30, 2022, the average daily borrowings outstanding under the commercial paper program were $29.8 million.

Unsecured Senior Notes

As of September 30, 2022, MAALP had $4.1 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 2029.

In September 2022, MAALP retired the remaining $125.0 million portion of its publicly issued unsecured senior notes due in December 2022.

Secured Property Mortgages

As of September 30, 2022, MAALP had $367.5 million of fixed rate conventional property mortgages with a weighted average maturity in 2048.

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Financial Instruments and Derivatives

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Derivatives

7. Financial Instruments and Derivatives

Financial Instruments Not Carried at Fair Value

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

Fixed rate notes payable as of September 30, 2022 and December 31, 2021 totaled $4.4 billion and $4.5 billion, respectively, and had estimated fair values of $3.9 billion and $4.8 billion (excluding prepayment penalties) as of September 30, 2022 and December 31, 2021, 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 value of variable rate debt as of September 30, 2022 totaled $125.0 million and had an estimated fair value of $125.0 million. As of December 31, 2021, the Company had no variable rate debt outstanding.

Financial Instruments Measured at Fair Value on a Recurring Basis

As of September 30, 2022, 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 uses various inputs in the analysis, including trading data available on the preferred shares, coupon yields on preferred stock issuances from REITs with similar credit ratings as MAA and treasury rates to estimate the fair value of the bifurcated call option.

The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022 and December 31, 2021, the fair value of the embedded derivative was $24.1 million and $34.5 million, respectively.

The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of September 30, 2022 and December 31, 2021 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 the fair value valuation of the marketable equity securities held as of September 30, 2022 was classified as Level 1 in the fair value hierarchy.

Terminated Cash Flow Hedges of Interest

As of September 30, 2022, the Company had $10.5 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 twelve months, the Company estimates an additional $1.1 million will be reclassified to earnings as an increase to “Interest expense.”

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

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):

		Net Loss Reclassified from AOCL into Interest Expense
	Location of Loss Reclassified	Three months ended September 30,
Derivatives in Cash Flow Hedging Relationships	from AOCL into Income	2022			2021
Terminated interest rate swaps	Interest expense	$	(279	)	$	(278	)
		Nine months ended September 30,
		2022			2021
Terminated interest rate swaps	Interest expense	$	(835	)	$	(835	)

		(Loss) Gain Recognized in Earnings on Derivative
	Location of (Loss) Gain Recognized	Three months ended September 30,
Derivative Not Designated as Hedging Instrument	in Earnings on Derivative	2022			2021
Preferred stock embedded derivative	Other non-operating expense (income)	$	(425	)	$	13,432
		Nine months ended September 30,
		2022			2021
Preferred stock embedded derivative	Other non-operating expense (income)	$	(10,364	)	$	11,492

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Shareholders' Equity of MAA

9 Months Ended

Sep. 30, 2022

Shareholders Equity Of M A A [Abstract]

Shareholders' Equity of MAA

8. Shareholders’ Equity of MAA

As of September 30, 2022, 115,447,252 shares of common stock of MAA and 3,196,429 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,643,681 common shares and units. As of September 30, 2021, 115,138,323 shares of common stock of MAA and 3,402,682 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,541,005 common shares and units. Options to purchase 463 shares of MAA’s common stock were outstanding as of September 30, 2022, compared to 813 outstanding options as of September 30, 2021. During the nine months ended September 30, 2022 and 2021, MAA issued 350 common shares and 19,032 common shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds that were negligible during the nine months ended September 30, 2022 and $1.5 million during the nine months ended September 30, 2021.

Preferred Stock

As of September 30, 2022, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

Description	Outstanding Shares		Liquidation Preference(1)		Optional Redemption Date	Redemption Price(2)		Stated Dividend Yield			Approximate Dividend Rate
MAA Series I		867,846	$	50.00	10/1/2026	$	50.00		8.50	%	$	4.25

(1)The total liquidation preference for the outstanding preferred stock is $43.4 million.

(2)The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

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

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 price is net of issuance costs. Under the forward sale agreements, the forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and will be decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. No shares had been settled under the forward sale agreements as of September 30, 2022. 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, provided that settlement under each forward sale agreement must occur by February 2, 2023. MAA currently expects to fully physically settle each forward sale agreement with the relevant forward purchaser on one or more dates specified by MAA on or prior to the maturity date of the particular forward sale agreement, in which case MAA expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. For the three months ended September 30, 2022, the impact of the forward sale agreements was not dilutive to the Company’s diluted earnings per share. For the nine months ended September 30, 2022, approximately 17 thousand shares from the equity forward sale agreements were dilutive to the Company’s diluted earnings per share.

At-the-Market Share Offering Program

In November 2021, the Company entered into an equity distribution agreement to establish a new at-the-market, or ATM, share offering program, replacing MAA’s previous ATM program and allowing MAA to sell shares of its common stock from time to time to or through its sales agents into the existing market at current market prices, and to enter into separate forward sales agreements to or through its forward purchasers. Under its current ATM program, MAA has the authority to issue up to an aggregate of 4.0 million shares of its common stock, at such times to be determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three and nine months ended September 30, 2022 and 2021, MAA did not sell any shares of common stock under its ATM program. As of September 30, 2022, 4.0 million shares remained issuable under the ATM program.

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Partners' Capital of MAALP

9 Months Ended

Sep. 30, 2022

Partners' Capital Notes [Abstract]

Partners' Capital of MAALP

9. Partners’ Capital of MAALP

Common units of limited partnership interests in MAALP are represented by OP Units. As of September 30, 2022, there were 118,643,681 OP Units outstanding, 115,447,252, or 97.3%, 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 3,196,429 OP Units were Class A OP Units owned by Class A limited partners. As of September 30, 2021, there were 118,541,005 OP Units outstanding, 115,138,323, or 97.1%, of which were owned by MAA and 3,402,682 of which were owned by the Class A limited partners.

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

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

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

As of September 30, 2022, a total of 3,196,429 Class A OP Units were outstanding and redeemable for 3,196,429 shares of MAA common stock, with an approximate value of $495.7 million, based on the closing price of MAA’s common stock on September 30, 2022 of $155.07 per share. As of September 30, 2021, a total of 3,402,682 Class A OP Units were outstanding and redeemable for 3,402,682 shares of MAA common stock, with an approximate value of $635.5 million, based on the closing price of MAA’s common stock on September 30, 2021 of $186.75 per share. MAALP pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock.

As of September 30, 2022, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of September 30, 2022, 867,846 units of the MAALP Series I preferred units were outstanding. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Loss Contingency [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Leases

The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to immaterial office and equipment operating leases. As of September 30, 2022, the Company’s operating leases had a weighted average remaining lease term of approximately 33 years and a weighted average discount rate of approximately 4.4%.

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2022 (in thousands):

	Operating Leases
2022	$	730
2023		2,885
2024		2,862
2025		2,872
2026		2,920
Thereafter		59,993
Total minimum lease payments		72,262
Net present value adjustments		(43,110	)
Right-of-use lease liabilities	$	29,152

Legal Proceedings

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

As of September 30, 2022 and December 31, 2021, the Company’s accrual for loss contingencies relating to unresolved legal matters was $2.0 million and $5.2 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.

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Segment Information

9 Months Ended

Sep. 30, 2022

Notes To Financial Statements [Abstract]

Segment Information

11. Segment Information

As of September 30, 2022, the Company owned and operated 292 multifamily apartment communities (which does not include development communities under construction) in 15 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

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

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

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

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

Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Revenues:
Same Store
Rental revenues	$	492,215		$	429,267		$	1,412,358		$	1,243,540
Other property revenues		3,162			2,939			9,656			9,215
Total Same Store revenues		495,377			432,206			1,422,014			1,252,755
Non-Same Store and Other
Rental revenues		24,278			20,210			68,382			60,885
Other property revenues		1,128			159			1,505			867
Total Non-Same Store and Other revenues		25,406			20,369			69,887			61,752
Total rental and other property revenues	$	520,783		$	452,575		$	1,491,901		$	1,314,507
Net Operating Income:
Same Store NOI	$	315,616		$	268,882		$	910,496		$	777,147
Non-Same Store and Other NOI		13,744			10,855			38,885			33,293
Total NOI		329,360			279,737			949,381			810,440
Depreciation and amortization		(136,879	)		(134,611	)		(404,761	)		(397,938	)
Property management expenses		(16,262	)		(13,831	)		(48,429	)		(40,522	)
General and administrative expenses		(12,188	)		(12,670	)		(44,091	)		(38,763	)
Interest expense		(38,637	)		(39,234	)		(116,663	)		(117,773	)
(Loss) gain on sale of depreciable real estate assets		(1	)		(313	)		131,963			134,515
Gain on sale of non-depreciable real estate assets		431			170			809			202
Other non-operating (expense) income		(1,718	)		10,344			(19,248	)		14,557
Income tax benefit (expense)		1,256			(2,803	)		5,750			(5,847	)
Income from real estate joint venture		341			258			1,129			915
Net income attributable to noncontrolling interests		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders	$	121,389		$	83,557		$	441,049		$	345,384

Assets for each reportable segment as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

	September 30, 2022		December 31, 2021
Assets:
Same Store	$	9,767,996	$	9,907,740
Non-Same Store and Other		1,390,173		1,106,039
Corporate assets		180,058		271,403
Total assets	$	11,338,227	$	11,285,182

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Real Estate Acquisition and Disposition

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Real Estate Acquisitions and Dispositions

12. Real Estate Acquisitions and Dispositions

During the nine months ended September 30, 2022, the Company acquired a 196-unit multifamily apartment community located in the Tampa, Florida market for approximately $73 million and a 344-unit multifamily apartment community located in the Charlotte, North Carolina market for approximately $140 million. The following table reflects the Company’s acquisition activity for the nine months ended September 30, 2022:

Multifamily Acquisitions	Market	Units	Date Acquired
MAA Hampton Preserve II	Tampa, FL	196	July 2022
MAA LoSo	Charlotte, NC	344	September 2022
Land Acquisitions	Market	Acres	Date Acquired
MAA Florida Street Station	Denver, CO	4	March 2022
MAA Packing District	Orlando, FL	4	May 2022
MAA Panorama	Denver, CO	6	July 2022

During the nine months ended September 30, 2022, the Company closed on two dispositions in the Fort Worth, Texas market and received combined gross proceeds of approximately $167 million and recognized a combined gain on the sale of depreciable real estate assets of approximately $132 million. The following table reflects the Company’s disposition activity for the nine months ended September 30, 2022:

Multifamily Dispositions	Market	Units	Date Sold
MAA Deer Run	Fort Worth, TX	304	June 2022
MAA Oakbend	Fort Worth, TX	426	June 2022
Land Dispositions	Market	Acres	Date Sold
Colonial Promenade	Huntsville, AL	2	April 2022
Colonial Promenade	Huntsville, AL	3	August 2022

As of September 30, 2022, a 396-unit multifamily apartment community located in Maryland was classified as held for sale. The criteria for classifying the community as held for sale were met during September 2022, and the property remained in our portfolio as of September 30, 2022. As a result, the assets and liabilities associated with the community were presented as “Assets held for sale” in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2022. Subsequent to the September 30, 2022 balance sheet date, but prior to the filing date of this Quarterly Report on Form 10-Q, the Company closed on the disposition of the community and received gross proceeds of approximately $104 million, resulting in an expected gain on the sale of depreciable real estate assets of approximately $37 million that will be recorded in the fourth quarter of 2022.

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Organization and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

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

The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights. 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. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below).

Noncontrolling Interests

Noncontrolling Interests

As of September 30, 2022, 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 four consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2022, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $244.6 million, and consolidated liabilities were $14.4 million. As of December 31, 2021, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $252.8 million, and consolidated liabilities were $15.9 million. During the nine months ended September 30, 2022, the Company paid $43.1 million to acquire the noncontrolling interest of one consolidated real estate entity.

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

The Company uses the equity method to account for its investments in a real estate joint venture and four 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 $42.4 million and $42.8 million as of September 30, 2022 and December 31, 2021, respectively.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of September 30, 2022 and December 31, 2021, the Company’s investments in the limited partnerships were $41.8 million and $79.4 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related gains and losses, including unrealized gains and losses, recognized in

“Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. The decrease in the Company’s investment in the limited partnerships was driven by the recognition of unrealized losses, which were primarily a result of a decrease in the valuation of an underlying investment that recently became publicly traded. During the three months ended September 30, 2022 and 2021, the Company recognized $1.4 million of expense and $10.1 million of income, respectively, from its investments in the limited partnerships. During the nine months ended September 30, 2022 and 2021, the Company recognized $29.2 million of expense and $18.0 million of income, respectively, from its investments in the limited partnerships. As of September 30, 2022, the Company was committed to make additional capital contributions totaling $32.9 million if and when called by the general partners of the limited partnerships.

Marketable Equity Securities

Marketable Equity Securities

During the nine months ended September 30, 2022, two of the technology-focused limited partnerships that are accounted for as unconsolidated affiliates distributed publicly traded marketable equity securities to the Company and the other limited partners. The Company’s investment in marketable equity securities is measured at fair value based on the quoted share price of the securities, with any related gains and losses, including unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2022, the Company’s investment in the marketable equity securities was $6.2 million. During the three and nine months ended September 30, 2022, the Company recognized $6.8 million and $10.1 million of expense, respectively, from its investment in marketable equity securities.

Revenue Recognition

Revenue Recognition

The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with 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 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item “Other property revenues”, as presented in the disaggregation of the Company’s revenues in Note 11.

Leases

Leases

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than twelve months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2022 and December 31, 2021, right-of-use assets recorded within “Other assets” totaled $45.3 million and $47.0 million, respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $29.2 million and $30.3 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the three and nine months ended September 30, 2022 and 2021 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2022 and 2021 was also immaterial. See Note 10 for additional disclosures regarding leases.

Fair value Measurements

Fair Value Measurements

The Company applies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, to the valuation of 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 as well as the Company’s derivative accounting policies are summarized in Note 7 utilizing the following hierarchy:

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

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

Level 3 - Unobservable inputs for the assets or liability.

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Earnings Per Common Share of MAA (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Common Share Of M A A [Abstract]

Schedule of Computation of Earnings Per Share

For the three and nine months ended September 30, 2022 and 2021, 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):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common share - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Unvested restricted shares (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,307		$	83,477		$	440,741		$	345,025
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Earnings per common share - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common share - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests (1)		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,389		$	83,557		$	441,049		$	345,384
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Effect of dilutive securities		205			296			267			305
Weighted average common shares - diluted		115,568			115,229			115,592			114,873
Earnings per common share - diluted	$	1.05		$	0.73		$	3.82		$	3.01

(1)For the three and nine months ended September 30, 2022, 3.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2021, 3.5 million OP Units and 3.8 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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Earnings Per OP Unit of MAALP (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Unit

For the three and nine months ended September 30, 2022 and 2021, 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):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common unit - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Unvested restricted units (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,699		$	86,045		$	453,059		$	356,661
Weighted average common units - basic		118,564			118,430			118,528			118,389
Earnings per common unit - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common unit - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net loss attributable to noncontrolling interests		—			—			293			—
Preferred unit distributions		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	124,781		$	86,125		$	453,367		$	357,020
Weighted average common units - basic		118,564			118,430			118,528			118,389
Effect of dilutive securities		205			296			267			305
Weighted average common units - diluted		118,769			118,726			118,795			118,694
Earnings per common unit - diluted	$	1.05		$	0.73		$	3.82		$	3.01

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MAA Equity (Tables)

9 Months Ended

Sep. 30, 2022

M A A Equity [Abstract]

Summary of Changes in Total Equity and its Components

Changes in MAA’s total equity and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2022	$	9	$	1,152	$	7,191,920		$	(1,199,216	)	$	(10,591	)	$	165,062		$	19,780	$	6,168,116
Net income		—		—		—			122,311			—			3,392			—		125,703
Other comprehensive income - derivative     instruments		—		—		—			—			270			9			—		279
Issuance and registration of common shares		—		—		156			—			—			—			—		156
Shares repurchased and retired		—		—		(12	)		—			—			—			—		(12	)
Shares issued in exchange for common units		—		—		307			—			—			(307	)		—		—
Redeemable stock fair market value     adjustment		—		—		—			2,537			—			—			—		2,537
Adjustment for noncontrolling interests in    Operating Partnership		—		—		(70	)		—			—			70			—		—
Amortization of unearned compensation		—		—		4,203			—			—			—			—		4,203
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.2500 per     share)		—		—		—			(144,309	)		—			—			—		(144,309	)
Dividends on noncontrolling interests units    ($1.2500 per share)		—		—		—			—			—			(3,996	)		—		(3,996	)
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780	$	6,151,755

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE JUNE 30, 2021	$	9	$	1,147	$	7,201,885		$	(1,272,694	)	$	(11,632	)	$	185,340		$	16,612	$	6,120,667
Net income		—		—		—			84,479			—			2,568			—		87,047
Other comprehensive income - derivative     instruments		—		—		—			—			248			30			—		278
Issuance and registration of common shares		—		—		(103	)		—			—			—			—		(103	)
Exercise of stock options		—		—		12			—			—			—			—		12
Shares issued in exchange for common units		—		2		11,106			—			—			(11,108	)		—		—
Redeemable stock fair market value     adjustment		—		—		—			(2,356	)		—			—			—		(2,356	)
Adjustment for noncontrolling interests in    Operating Partnership		—		—		(22	)		—			—			22			—		—
Amortization of unearned compensation		—		—		4,007			—			—			—			—		4,007
Dividends on preferred stock		—		—		—			(922	)		—			—			—		(922	)
Dividends on common stock ($1.0250 per    share)		—		—		—			(118,018	)		—			—			—		(118,018	)
Dividends on noncontrolling interests units    ($1.0250 per share)		—		—		—			—			—			(3,486	)		—		(3,486	)
Contribution from noncontrolling interest		—		—		—			—			—			—			3,204		3,204
EQUITY BALANCE SEPTEMBER 30, 2021	$	9	$	1,149	$	7,216,885		$	(1,309,511	)	$	(11,384	)	$	173,366		$	19,816	$	6,090,330

Changes in MAA’s total equity and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities			Total Equity
EQUITY BALANCE DECEMBER 31, 2021	$	9	$	1,151	$	7,230,956		$	(1,255,807	)	$	(11,132	)	$	165,116		$	23,614		$	6,153,907
Net income (loss)		—		—		—			443,815			—			12,318			(293	)		455,840
Other comprehensive income - derivative     instruments		—		—		—			—			811			24			—			835
Issuance and registration of common shares		—		1		(277	)		—			—			—			—			(276	)
Shares repurchased and retired		—		—		(14,043	)		—			—			—			—			(14,043	)
Exercise of stock options		—		—		28			—			—			—			—			28
Shares issued in exchange for common units		—		—		500			—			—			(500	)		—			—
Redeemable stock fair market value     adjustment		—		—		—			9,297			—			—			—			9,297
Adjustment for noncontrolling interests in     Operating Partnership		—		—		1,251			—			—			(1,251	)		—			—
Amortization of unearned compensation		—		—		15,532			—			—			—			—			15,532
Dividends on preferred stock		—		—					(2,766	)		—			—			—			(2,766	)
Dividends on common stock ($3.5875 per    share)		—		—		—			(414,138	)		—			—			—			(414,138	)
Dividends on noncontrolling interests units    ($3.5875 per share)		—		—		—			—			—			(11,477	)		—			(11,477	)
Acquisition of noncontrolling interest		—		—		(37,443	)		—			—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—		—		—			—			—			—			2,086			2,086
EQUITY BALANCE SEPTEMBER 30, 2022	$	9	$	1,152	$	7,196,504		$	(1,219,599	)	$	(10,321	)	$	164,230		$	19,780		$	6,151,755

	Mid-America Apartment Communities, Inc. Shareholders’ Equity
	Preferred Stock		Common Stock		Additional Paid-In Capital			Accumulated Distributions in Excess of Net Income			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Operating Partnership			Noncontrolling Interests - Consolidated Real Estate Entities		Total Equity
EQUITY BALANCE DECEMBER 31, 2020	$	9	$	1,141	$	7,176,793		$	(1,294,182	)	$	(12,128	)	$	206,927		$	9,848	$	6,088,408
Net income		—		—		—			348,150			—			11,636			—		359,786
Other comprehensive income - derivative     instruments		—		—		—			—			744			91			—		835
Issuance and registration of common shares		—		2		(438	)		—			—			—			—		(436	)
Shares repurchased and retired		—		—		(9,043	)		—			—			—			—		(9,043	)
Exercise of stock options		—		—		1,478			—			—			—			—		1,478
Shares issued in exchange for common units		—		6		33,266			—			—			(33,272	)		—		—
Redeemable stock fair market value adjustment		—		—		—			(7,545	)		—			—			—		(7,545	)
Adjustment for noncontrolling interests in     Operating Partnership		—		—		678			—			—			(678	)		—		—
Amortization of unearned compensation		—		—		14,151			—			—			—			—		14,151
Dividends on preferred stock		—		—		—			(2,766	)		—			—			—		(2,766	)
Dividends on common stock ($3.0750 per     share)		—		—		—			(353,168	)		—			—			—		(353,168	)
Dividends on noncontrolling interests units     ($3.0750 per share)		—		—		—			—			—			(11,338	)		—		(11,338	)
Contribution from noncontrolling interest		—		—		—			—			—			—			9,968		9,968
EQUITY BALANCE SEPTEMBER 30, 2021	$	9	$	1,149	$	7,216,885		$	(1,309,511	)	$	(11,384	)	$	173,366		$	19,816	$	6,090,330

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MAALP Capital (Tables)

9 Months Ended

Sep. 30, 2022

M A A L P Capital [Abstract]

Summary of Changes in Total Capital and its Components

Changes in MAALP’s total capital and its components for the three months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2022	$	66,840		$	5,927,241		$	165,062		$	(10,826	)	$	19,780	$	6,168,097
Net income		922			121,389			3,392			—			—		125,703
Other comprehensive income - derivative instruments		—			—			—			279			—		279
Issuance of units		—			156			—			—			—		156
Units repurchased and retired		—			(12	)		—			—			—		(12	)
General partnership units issued in exchange for limited     partnership units		—			307			(307	)		—			—		—
Redeemable units fair market value adjustment		—			2,537			—			—			—		2,537
Adjustment for limited partners’ capital at redemption value		—			(79	)		79			—			—		—
Amortization of unearned compensation		—			4,203			—			—			—		4,203
Distributions to preferred unitholders		(922	)		—			—			—			—		(922	)
Distributions to common unitholders ($1.2500 per unit)		—			(144,309	)		(3,996	)		—			—		(148,305	)
CAPITAL BALANCE SEPTEMBER 30, 2022	$	66,840		$	5,911,433		$	164,230		$	(10,547	)	$	19,780	$	6,151,736

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE JUNE 30, 2021	$	66,840		$	5,863,795		$	185,340		$	(11,939	)	$	16,612	$	6,120,648
Net income		922			83,557			2,568			—			—		87,047
Other comprehensive income - derivative instruments		—			—			—			278			—		278
Issuance of units		—			(103	)		—			—			—		(103	)
Exercise of unit options		—			12			—			—			—		12
General partnership units issued in exchange for limited     partnership units		—			11,108			(11,108	)		—			—		—
Redeemable units fair market value adjustment		—			(2,356	)		—			—			—		(2,356	)
Adjustment for limited partners’ capital at redemption value		—			(52	)		52			—			—		—
Amortization of unearned compensation		—			4,007			—			—			—		4,007
Distributions to preferred unitholders		(922	)		—			—			—			—		(922	)
Distributions to common unitholders ($1.0250 per unit)		—			(118,018	)		(3,486	)		—			—		(121,504	)
Contribution from noncontrolling interest		—			—			—			—			3,204		3,204
CAPITAL BALANCE SEPTEMBER 30, 2021	$	66,840		$	5,841,950		$	173,366		$	(11,661	)	$	19,816	$	6,090,311

Changes in MAALP’s total capital and its components for the nine months ended September 30, 2022 and 2021 were as follows (dollars in thousands):

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities			Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2021	$	66,840		$	5,909,700		$	165,116		$	(11,382	)	$	23,614		$	6,153,888
Net income (loss)		2,766			441,049			12,318			—			(293	)		455,840
Other comprehensive income - derivative instruments		—			—			—			835			—			835
Issuance of units		—			(276	)		—			—			—			(276	)
Units repurchased and retired		—			(14,043	)		—			—			—			(14,043	)
Exercise of unit options		—			28			—			—			—			28
General partnership units issued in exchange for limited     partnership units		—			500			(500	)		—			—			—
Redeemable units fair market value adjustment		—			9,297			—			—			—			9,297
Adjustment for limited partners’ capital at redemption value		—			1,227			(1,227	)		—			—			—
Amortization of unearned compensation		—			15,532			—			—			—			15,532
Distributions to preferred unitholders		(2,766	)		—			—			—			—			(2,766	)
Distributions to common unitholders ($3.5875 per unit)		—			(414,138	)		(11,477	)		—			—			(425,615	)
Acquisition of noncontrolling interest		—			(37,443	)		—			—			(5,627	)		(43,070	)
Contribution from noncontrolling interest		—			—			—			—			2,086			2,086
CAPITAL BALANCE SEPTEMBER 30, 2022	$	66,840		$	5,911,433		$	164,230		$	(10,547	)	$	19,780		$	6,151,736

	Mid-America Apartments, L.P. Unitholders’ Capital
	Preferred Units			General Partner			Limited Partners			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Consolidated Real Estate Entities		Total Partnership Capital
CAPITAL BALANCE DECEMBER 31, 2020	$	66,840		$	5,817,270		$	206,927		$	(12,496	)	$	9,848	$	6,088,389
Net income		2,766			345,384			11,636			—			—		359,786
Other comprehensive income - derivative instruments		—			—			—			835			—		835
Issuance of units		—			(436	)		—			—			—		(436	)
Units repurchased and retired		—			(9,043	)		—			—			—		(9,043	)
Exercise of unit options		—			1,478			—			—			—		1,478
General partnership units issued in exchange for limited     partnership units		—			33,272			(33,272	)		—			—		—
Redeemable units fair market value adjustment		—			(7,545	)		—			—			—		(7,545	)
Adjustment for limited partners’ capital at redemption value		—			587			(587	)		—			—		—
Amortization of unearned compensation		—			14,151			—			—			—		14,151
Distributions to preferred unitholders		(2,766	)		—			—			—			—		(2,766	)
Distributions to common unitholders ($3.0750 per unit)		—			(353,168	)		(11,338	)		—			—		(364,506	)
Contribution from noncontrolling interest		—			—			—			—			9,968		9,968
CAPITAL BALANCE SEPTEMBER 30, 2021	$	66,840		$	5,841,950		$	173,366		$	(11,661	)	$	19,816	$	6,090,311

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Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of September 30, 2022 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,050,000			3.4	%	5/14/2029
Variable rate commercial paper program		125,000			3.4	%	10/3/2022
Debt issuance costs, discounts, premiums and fair market value adjustments		(20,180	)
Total unsecured debt	$	4,154,820			3.3	%
Secured debt
Fixed rate property mortgages	$	367,512			4.4	%	10/19/2048
Debt issuance costs		(3,181	)
Total secured debt	$	364,331			4.4	%
Total outstanding debt	$	4,519,151			3.4	%

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Financial Instruments and Derivatives (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Effect of Derivative Instruments on Consolidated Statement of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):

		Net Loss Reclassified from AOCL into Interest Expense
	Location of Loss Reclassified	Three months ended September 30,
Derivatives in Cash Flow Hedging Relationships	from AOCL into Income	2022			2021
Terminated interest rate swaps	Interest expense	$	(279	)	$	(278	)
		Nine months ended September 30,
		2022			2021
Terminated interest rate swaps	Interest expense	$	(835	)	$	(835	)

		(Loss) Gain Recognized in Earnings on Derivative
	Location of (Loss) Gain Recognized	Three months ended September 30,
Derivative Not Designated as Hedging Instrument	in Earnings on Derivative	2022			2021
Preferred stock embedded derivative	Other non-operating expense (income)	$	(425	)	$	13,432
		Nine months ended September 30,
		2022			2021
Preferred stock embedded derivative	Other non-operating expense (income)	$	(10,364	)	$	11,492

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Shareholders' Equity of MAA (Tables)

9 Months Ended

Sep. 30, 2022

Shareholders Equity Of M A A [Abstract]

Schedule of Cumulative Redeemable Preferred Stock

As of September 30, 2022, 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.

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Loss Contingency [Abstract]

Schedule of Right of Use Lease Obligations

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2022 (in thousands):

	Operating Leases
2022	$	730
2023		2,885
2024		2,862
2025		2,872
2026		2,920
Thereafter		59,993
Total minimum lease payments		72,262
Net present value adjustments		(43,110	)
Right-of-use lease liabilities	$	29,152

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Notes To Financial Statements [Abstract]

Revenues and NOI for Reportable Segment

Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Revenues:
Same Store
Rental revenues	$	492,215		$	429,267		$	1,412,358		$	1,243,540
Other property revenues		3,162			2,939			9,656			9,215
Total Same Store revenues		495,377			432,206			1,422,014			1,252,755
Non-Same Store and Other
Rental revenues		24,278			20,210			68,382			60,885
Other property revenues		1,128			159			1,505			867
Total Non-Same Store and Other revenues		25,406			20,369			69,887			61,752
Total rental and other property revenues	$	520,783		$	452,575		$	1,491,901		$	1,314,507
Net Operating Income:
Same Store NOI	$	315,616		$	268,882		$	910,496		$	777,147
Non-Same Store and Other NOI		13,744			10,855			38,885			33,293
Total NOI		329,360			279,737			949,381			810,440
Depreciation and amortization		(136,879	)		(134,611	)		(404,761	)		(397,938	)
Property management expenses		(16,262	)		(13,831	)		(48,429	)		(40,522	)
General and administrative expenses		(12,188	)		(12,670	)		(44,091	)		(38,763	)
Interest expense		(38,637	)		(39,234	)		(116,663	)		(117,773	)
(Loss) gain on sale of depreciable real estate assets		(1	)		(313	)		131,963			134,515
Gain on sale of non-depreciable real estate assets		431			170			809			202
Other non-operating (expense) income		(1,718	)		10,344			(19,248	)		14,557
Income tax benefit (expense)		1,256			(2,803	)		5,750			(5,847	)
Income from real estate joint venture		341			258			1,129			915
Net income attributable to noncontrolling interests		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders	$	121,389		$	83,557		$	441,049		$	345,384

Assets for Reportable Segment

Assets for each reportable segment as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

	September 30, 2022		December 31, 2021
Assets:
Same Store	$	9,767,996	$	9,907,740
Non-Same Store and Other		1,390,173		1,106,039
Corporate assets		180,058		271,403
Total assets	$	11,338,227	$	11,285,182

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Real Estate Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule of Real Estate Asset Acquisitions and Dispositions

The following table reflects the Company’s acquisition activity for the nine months ended September 30, 2022:

Multifamily Acquisitions	Market	Units	Date Acquired
MAA Hampton Preserve II	Tampa, FL	196	July 2022
MAA LoSo	Charlotte, NC	344	September 2022
Land Acquisitions	Market	Acres	Date Acquired
MAA Florida Street Station	Denver, CO	4	March 2022
MAA Packing District	Orlando, FL	4	May 2022
MAA Panorama	Denver, CO	6	July 2022

The following table reflects the Company’s disposition activity for the nine months ended September 30, 2022:

Multifamily Dispositions	Market	Units	Date Sold
MAA Deer Run	Fort Worth, TX	304	June 2022
MAA Oakbend	Fort Worth, TX	426	June 2022
Land Dispositions	Market	Acres	Date Sold
Colonial Promenade	Huntsville, AL	2	April 2022
Colonial Promenade	Huntsville, AL	3	August 2022

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Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Properties Community Property State shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) Properties Community Property State shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2024 Property	Dec. 31, 2023 Property	Dec. 31, 2022 Property	Dec. 31, 2021 USD ($) shares
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	115,447,252	115,138,323	115,447,252	115,138,323
Number of Real Estate Properties | Community	292		292
Development and capital improvements in progress	$ 297,416		$ 297,416					$ 247,970
Number of States in which Entity Operates | State	16		16
Consolidated assets	$ 11,338,227		$ 11,338,227					11,285,182
Consolidated liabilities	5,166,327		5,166,327					5,101,090
Real Estate Investments, Joint Ventures	32,900		$ 32,900
Percentage Of Rental Revenue From Leasing Of Apartment Homes			94.00%
Percentage Of Reimbursable Revenue From Leasing Of Apartment Homes			5.00%
Percentage of Rental Revenue and Other Income From Non-leasing Activities			1.00%
Operating Lease, Right-of-Use Asset	45,300		$ 45,300					47,000
Right-of-use Lease, Liability	29,152		29,152					30,300
Marketable equity securities	6,200		6,200
Investment Income, Investment Expense	$ 6,800		$ 10,100
Operating lease weighted average remaining lease term	33 years		33 years
Operating lease weighted average discount rate	4.40%		4.40%
Limited Partnership [Member]
Real Estate Properties [Line Items]
Investment Income, Investment Expense	$ 1,400	$ 10,100	$ 29,200	$ 18,000
Other Assets [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	41,800		41,800					79,400
Real Estate [Member]
Real Estate Properties [Line Items]
Cash proceeds			43,100
Real Estate [Member] | Post Massachusetts Avenue [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	$ 42,400		$ 42,400					$ 42,800
Maximum [Member] | Accounting Standards Update 2016-02 [Member]
Real Estate Properties [Line Items]
Operating lease, term of contract	1 year		1 year
Development Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Community	5		5
Number of units under development community | Properties	1,759		1,759
Development Properties [Member] | Expected Costs
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 444,000		$ 444,000
Development Properties [Member] | Scenario Forecast [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property					1	3	1
Retail
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	34		34
M A A L P
Real Estate Properties [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			97.30%	97.10%
Limited Partnership [Member]
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	115,447,252		115,447,252					115,336,876
Number of Real Estate Properties | Property	1		1
Development and capital improvements in progress	$ 297,416		$ 297,416					$ 247,970
Consolidated assets	11,338,227		11,338,227					11,285,182
Consolidated liabilities	5,166,346		5,166,346					5,101,109
Limited Partnership [Member] | Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
Real Estate Properties [Line Items]
Consolidated assets	244,600		244,600					252,800
Consolidated liabilities	$ 14,400		$ 14,400					$ 15,900
Limited Partnership [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80.00%		80.00%
Limited Partnership [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100.00%		100.00%
Limited Partnership [Member] | Development Properties [Member] | Costs Incurred To Date
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 266,100		$ 266,100

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Earnings Per Common Share of MAA - Schedule of Computation of Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share Disclosure [Line Items]
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 125,703	$ 87,047	$ 455,840	$ 359,786
Income from continuing operations attributable to noncontrolling interests		(3,392)	(2,568)	(12,025)	(11,636)
Income from continuing operations allocated to unvested restricted shares		(82)	(80)	(308)	(359)
Dividends, Preferred Stock, Cash		(922)	(922)	(2,766)	(2,766)
Income from continuing operations available for common shareholders, adjusted		$ 121,307	$ 83,477	$ 440,741	$ 345,025
Weighted average common shares - basic		115,363	114,933	115,325	114,568
Earnings per share - basic		$ 1.05	$ 0.73	$ 3.82	$ 3.01
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 125,703	$ 87,047	$ 455,840	$ 359,786
Income from continuing operations attributable to noncontrolling interests	[1]	(3,392)	(2,568)	(12,025)	(11,636)
Net income available for MAA common shareholders, adjusted		$ 121,389	$ 83,557	$ 441,049	$ 345,384
Effect of dilutive securities		205	296	267	305
Weighted average common shares - diluted		115,568	115,229	115,592	114,873
Earnings per common share - diluted		$ 1.05	$ 0.73	$ 3.82	$ 3.01
Limited Partnership Units [Member]
Earnings Per Share Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		3,200	3,500	3,200	3,800

[1] For the three and nine months ended September 30, 2022, 3.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2021, 3.5 million OP Units and 3.8 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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Earnings Per OP Unit of MAALP - Schedule of Diluted Earnings per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share Disclosure [Line Items]
Net income	$ 125,703	$ 87,047	$ 455,840	$ 359,786
Net loss attributable to noncontrolling interests	(3,392)	(2,568)	(12,025)	(11,636)
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Income from continuing operations available for common shareholders, adjusted	$ 121,307	$ 83,477	$ 440,741	$ 345,025
Earnings per share - basic	$ 1.05	$ 0.73	$ 3.82	$ 3.01
Net income available for MAA common shareholders, adjusted	$ 121,389	$ 83,557	$ 441,049	$ 345,384
Effect of dilutive securities	205	296	267	305
Weighted average common shares - diluted	115,568	115,229	115,592	114,873
Earnings per common share - diluted	$ 1.05	$ 0.73	$ 3.82	$ 3.01
Limited Partnership [Member]
Earnings Per Share Disclosure [Line Items]
Net income	$ 125,703	$ 87,047	$ 455,840	$ 359,786
Net loss attributable to noncontrolling interests	0	0	293	0
Income from continuing operations allocated to unvested restricted shares	(82)	(80)	(308)	(359)
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Income from continuing operations available for common shareholders, adjusted	$ 124,699	$ 86,045	$ 453,059	$ 356,661
Weighted average common units - basic	118,564	118,430	118,528	118,389
Earnings per share - basic	$ 1.05	$ 0.73	$ 3.82	$ 3.01
Net income available for MAA common shareholders, adjusted	$ 124,781	$ 86,125	$ 453,367	$ 357,020
Effect of dilutive securities	205	296	267	305
Weighted average common shares - diluted	118,769	118,726	118,795	118,694
Earnings per common share - diluted	$ 1.05	$ 0.73	$ 3.82	$ 3.01

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MAA Equity - Summary of Changes in Total Equity and its Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Preferred Stock, Cash	$ (922)	$ (922)	$ (2,766)	$ (2,766)
Mid America Apartment Communities Inc. Shareholders Equity [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	6,168,116	6,120,667	6,153,907	6,088,408
Net Income Including Portion Attributable to Noncontrolling Interest	125,703	87,047	455,840	359,786
Other comprehensive income - derivative instruments	279	278	835	835
Issuance and registration of common shares	156	(103)	(276)	(436)
Shares repurchased and retired	(12)		(14,043)	(9,043)
Exercise of stock options		12	28	1,478
Redeemable stock fair market value adjustment	2,537	(2,356)	9,297	(7,545)
Amortization of unearned compensation	4,203	4,007	15,532	14,151
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Dividends on common stock	(144,309)	(118,018)	(414,138)	(353,168)
Dividends on noncontrolling interest units	(3,996)	(3,486)	(11,477)	(11,338)
Acquisition of noncontrolling interest			(43,070)
Contribution from noncontrolling interest		3,204	2,086	9,968
Ending Balance	6,151,755	6,090,330	6,151,755	6,090,330
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9	9	9	9
Ending Balance	9	9	9	9
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,152	1,147	1,151	1,141
Issuance and registration of common shares			1	2
Shares issued in exchange for common units		2		6
Ending Balance	1,152	1,149	1,152	1,149
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,191,920	7,201,885	7,230,956	7,176,793
Issuance and registration of common shares	156	(103)	(277)	(438)
Shares repurchased and retired	(12)		(14,043)	(9,043)
Exercise of stock options		12	28	1,478
Shares issued in exchange for common units	307	11,106	500	33,266
Adjustment for noncontrolling interests in Operating Partnership	(70)	(22)	1,251	678
Amortization of unearned compensation	4,203	4,007	15,532	14,151
Acquisition of noncontrolling interest			(37,443)
Ending Balance	7,196,504	7,216,885	7,196,504	7,216,885
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(1,199,216)	(1,272,694)	(1,255,807)	(1,294,182)
Net income attributable to MAA	122,311	84,479	443,815	348,150
Redeemable stock fair market value adjustment	2,537	(2,356)	9,297	(7,545)
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Dividends on common stock	(144,309)	(118,018)	(414,138)	(353,168)
Ending Balance	(1,219,599)	(1,309,511)	(1,219,599)	(1,309,511)
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Accumulated Other Comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(10,591)	(11,632)	(11,132)	(12,128)
Other comprehensive income - derivative instruments	270	248	811	744
Ending Balance	(10,321)	(11,384)	(10,321)	(11,384)
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	165,062	185,340	165,116	206,927
Net Income Attributable to Noncontrolling Interest	3,392	2,568	12,318	11,636
Other comprehensive income - derivative instruments	9	30	24	91
Shares issued in exchange for common units	(307)	(11,108)	(500)	(33,272)
Adjustment for noncontrolling interests in Operating Partnership	70	22	(1,251)	(678)
Dividends on noncontrolling interest units	(3,996)	(3,486)	(11,477)	(11,338)
Ending Balance	164,230	173,366	164,230	173,366
Mid America Apartment Communities Inc. Shareholders Equity [Member] | Noncontrolling Interests - Consolidated Real Estate Entities [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	19,780	16,612	23,614	9,848
Net Income Attributable to Noncontrolling Interest			(293)
Acquisition of noncontrolling interest			(5,627)
Contribution from noncontrolling interest		3,204	2,086	9,968
Ending Balance	$ 19,780	$ 19,816	$ 19,780	$ 19,816

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MAA Equity - Summary of Changes in Total Equity and its Components (Parenthetical) (Details) - Mid America Apartment Communities Inc. Shareholders Equity [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Line Items]
Dividends on common stock, per share	$ 1.2500	$ 1.0250	$ 3.5875	$ 3.0750
Dividends on noncontrolling interests, per unit	$ 1.2500	$ 1.0250	$ 3.5875	$ 3.0750

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MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Dividends, Preferred Stock, Cash	$ (922)	$ (922)	$ (2,766)	$ (2,766)
M A A L P
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	6,168,097	6,120,648	6,153,888	6,088,389
Net Income Available for Common Unitholders	125,703	87,047	455,840	359,786
Other comprehensive income - derivative instruments	279	278	835	835
Issuance of units	156	(103)	(276)	(436)
Units repurchased and retired	(12)	12	(14,043)	(9,043)
Exercise of unit options			28	1,478
Redeemable stock fair market value adjustment	2,537	(2,356)	9,297	(7,545)
Amortization of unearned compensation	4,203	4,007	15,532	14,151
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Distributions	(148,305)	(121,504)	(425,615)	(364,506)
Acquisition of noncontrolling interest			(43,070)
Contribution from noncontrolling interest		3,204	2,086	9,968
Ending Balance	6,151,736	6,090,311	6,151,736	6,090,311
M A A L P | Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	165,062	185,340	165,116	206,927
Net income (loss)	3,392	2,568	12,318	11,636
General partnership units issued in exchange for limited partnership units	(307)	(11,108)	(500)	(33,272)
Adjustment for limited partners’ capital at redemption value	79	52	(1,227)	(587)
Distributions	(3,996)	(3,486)	(11,477)	(11,338)
Ending Balance	164,230	173,366	164,230	173,366
M A A L P | General Partners' Capital Account [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	5,927,241	5,863,795	5,909,700	5,817,270
Net Income Allocated to General Partners	121,389	83,557	441,049	345,384
Issuance of units	156	(103)	(276)	(436)
Units repurchased and retired	(12)	12	(14,043)	(9,043)
Exercise of unit options			28	1,478
General partnership units issued in exchange for limited partnership units	307	11,108	500	33,272
Redeemable stock fair market value adjustment	2,537	(2,356)	9,297	(7,545)
Adjustment for limited partners’ capital at redemption value	(79)	(52)	1,227	587
Amortization of unearned compensation	4,203	4,007	15,532	14,151
Distributions	(144,309)	(118,018)	(414,138)	(353,168)
Acquisition of noncontrolling interest			(37,443)
Ending Balance	5,911,433	5,841,950	5,911,433	5,841,950
M A A L P | Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	66,840	66,840	66,840	66,840
Net income (loss)	922	922	2,766	2,766
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Ending Balance	66,840	66,840	66,840	66,840
M A A L P | AOCI Attributable to Noncontrolling Interest [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	(10,826)	(11,939)	(11,382)	(12,496)
Other comprehensive income - derivative instruments	279	278	835	835
Ending Balance	(10,547)	(11,661)	(10,547)	(11,661)
M A A L P | Noncontrolling Interests-Consolidated Real Estate Entities [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	19,780	16,612	23,614	9,848
Net income (loss)			(293)
Acquisition of noncontrolling interest			(5,627)
Contribution from noncontrolling interest		3,204	2,086	9,968
Ending Balance	$ 19,780	$ 19,816	$ 19,780	$ 19,816

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MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
M A A L P | Limited Partner [Member]
Capital Disclosure [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 1.2500	$ 1.0250	$ 3.5875	$ 3.0750

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Borrowings - Summary of Outstanding Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,519,151
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Variable Rate Commercial Paper Program [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 125,000
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Contract Maturity	Oct. 19, 2048
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,154,820
Debt Instrument, Interest Rate, Effective Percentage	3.30%
Unsecured Debt [Member] | Variable Rate Commercial Paper Program [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 125,000
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Contract Maturity	Oct. 03, 2022
Unsecured Debt [Member] | Commercial Paper Notes [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 4,050,000
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Contract Maturity	May 14, 2029
Unsecured Debt [Member] | $1 billion unsecured revolving credit facility [Member] | Fair Market Value Adjustment and Debt Issuance Cost [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ (20,180)
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	364,331
Debt issuance costs	$ (3,181)
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 367,512
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Contract Maturity	Dec. 31, 2048

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Borrowings - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		3.40%
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date		Oct. 19, 2048
Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Payment Terms		397
Debt Instrument, Face Amount		$ 125,000,000.0
Debt Instrument, Unused Borrowing Capacity, Amount		29,800,000
Minimum [Member] | Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		500,000,000.0
Maximum [Member] | Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 625,000,000.0
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		3.30%
Unsecured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 1,250,000,000
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000.0
Debt instrument, maturity date	Oct. 01, 2026
Line of Credit Facility, Amount Outstanding		$ 0
Letters of Credit Outstanding, Amount		$ 4,300,000
Unsecured Debt [Member] | Minimum [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Term		5 years
Unsecured Debt [Member] | Maximum [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Term		30 years
Unsecured Debt [Member] | Public Income Notes [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 4,100,000,000
Unsecured Debt [Member] | Due in December 2022, Senior Notes [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Retirement of Senior Unsecured Notes		$ 125,000,000.0
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		4.40%
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date		Dec. 31, 2048
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate		$ 367,512,000
Debt Instrument, Interest Rate, Effective Percentage		4.40%
SOFR [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.70%
SOFR [Member] | Unsecured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.40%

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Financial Instruments and Derivatives - Additional Information (Details) - USD ($)		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Preferred Stock, Redemption Price Per Share	[1]	$ 50.00
Preferred Stock, Redemption Date		Oct. 01, 2026
Variable Rate Commercial Paper Program [Member]
Derivative [Line Items]
Variable Rate Commercial Paper Program		$ 125,000,000.0
Variable Rate Commercial Paper Program		$ 125,000,000.0
Designated as Hedging Instrument
Derivative [Line Items]
Derivative Instrument, Loss Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Expense
Realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments		$ 10,500,000
Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months		1,100,000
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset		24,100,000	$ 34,500,000
Fixed Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		4,400,000,000	4,500,000,000
Notes Payable, Fair Value Disclosure		$ 3,900,000,000	4,800,000,000
Floating Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements			$ 0

[1] The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

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Financial Instruments and Derivatives - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net			$ (10,364)	$ 11,492
Designated as Hedging Instrument
Derivative [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (279)	$ (278)	$ (835)	$ (835)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (425)	$ 13,432	$ (10,364)	$ 11,492

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Shareholders' Equity of MAA - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Equity [Line Items]
Common stock, shares outstanding		115,447,252	115,138,323	115,447,252	115,138,323	115,336,876
Total common shares and operating partnership units outstanding		118,643,681	118,541,005	118,643,681	118,541,005
Proceeds from Stock Options Exercised, Net					$ 1.5
Equity Forward Sale Agreements [Member]
Equity [Line Items]
Stock Issued During Period, Shares, New Issues	1,100,000
Common stock, price per share	$ 190.56
Common stock settlement under agreement	0
Common shares attributable to dilutive effect of equity forward agreements				17,000
At The Market Offering [Member]
Equity [Line Items]
Common stock shares sold		0	0	0	0
Remaining common stock to be issued				4,000,000.0
Maximum [Member] | At The Market Offering [Member]
Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		4,000,000.0		4,000,000.0
Equity Option [Member]
Equity [Line Items]
Stock Issued During Period, Shares, New Issues				350	19,032
Noncontrolling Interest [Member]
Equity [Line Items]
Common Shares Issuable Upon Conversion Of Convertible Stock		3,196,429	3,402,682	3,196,429	3,402,682
Employee Stock Option [Member]
Equity [Line Items]
Common stock shares, outstanding option		463	813	463	813

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Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares		9 Months Ended		12 Months Ended
		Sep. 30, 2022		Dec. 31, 2021
Equity [Line Items]
Preferred Stock, Shares Outstanding		867,846		867,846
Preferred Stock, Liquidation Preference Per Share		$ 50.00	[1]	$ 50.00
Preferred Stock, Redemption Date		Oct. 01, 2026
Preferred Stock, Redemption Price Per Share	[2]	$ 50.00
Preferred Stock, Dividend Rate, Percentage		8.50%		8.50%
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 4.25
Redeemable Preferred Stock [Member]
Equity [Line Items]
Preferred Stock, Shares Outstanding		867,846

[1] The total liquidation preference for the outstanding preferred stock is $43.4 million.

[2] The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

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Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Parenthetical) (Details) $ in Millions	Sep. 30, 2022 USD ($)
M A A Equity [Abstract]
Preferred Stock, Liquidation Preference, Value	$ 43.4

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Partners' Capital of MAALP - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule Of Capital Structure [Line Items]
Operating partnership units outstanding	118,643,681	118,541,005
General Partners' Capital Account, Units Outstanding	115,447,252	115,138,323
Limited Partners' Capital Account, Units Outstanding	3,196,429	3,402,682
Preferred Stock, Shares Outstanding	867,846		867,846
Redeemable Preferred Stock [Member]
Schedule Of Capital Structure [Line Items]
Preferred Stock, Shares Outstanding	867,846
Noncontrolling Interest [Member]
Schedule Of Capital Structure [Line Items]
Common Shares Issuable Upon Conversion Of Convertible Stock	3,196,429	3,402,682
Limited Partners' Capital Account	$ 495.7	$ 635.5
Redeemable Capital Shares Par Or Stated Value Per Share	$ 155.07	$ 186.75
M A A L P
Schedule Of Capital Structure [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	97.30%	97.10%

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Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Operating lease weighted average remaining lease term	33 years
Operating lease weighted average discount rate	4.40%
Loss contingency accrual	$ 2.0	$ 5.2
Apartment Communities [Member]
Loss Contingencies [Line Items]
Lease expiration year	2074
Office Lease [Member]
Loss Contingencies [Line Items]
Lease expiration year	2028

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Commitments and Contingencies - Schedule of Right of Use Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loss Contingency [Abstract]
Right-of-use Leases, Future Minimum Payments Due, Next Twelve Months	$ 730
Right-of-use Leases, Future Minimum Payments, Due in Two Years	2,885
Right-of-use Leases, Future Minimum Payments, Due in Three Years	2,862
Right-of-use Leases, Future Minimum Payments, Due in Four Years	2,872
Right-of-use Leases, Future Minimum Payments, Due in Five Years	2,920
Right-of-use Leases, Future Minimum Payments, Due Thereafter	59,993
Right-of-use Leases, Future Minimum Payments Due	72,262
Net present value adjustments	(43,110)
Right-of-use Lease, Liability	$ 29,152	$ 30,300
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities

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Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 State Segment Community
Segment Reporting Information [Line Items]
Number of owned or owned interests of apartment communities | Community	292
Number of States in which Entity Operates	16
Number of reportable segments | Segment	2
Period properties owned and stabilized	12 months
Occupancy Level For Stabilized Communities	90.00%
Period Properties Stabilized	90 days
Excluding Construction in Progress [Member]
Segment Reporting Information [Line Items]
Number of States in which Entity Operates	15
Same Store [Member]
Segment Reporting Information [Line Items]
Period properties owned and stabilized	12 months

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Segment Information - Revenues and NOI for Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Information
Total operating revenues	$ 520,783	$ 452,575	$ 1,491,901	$ 1,314,507
Net Operating Income	329,360	279,737	949,381	810,440
Depreciation and amortization	(136,879)	(134,611)	(404,761)	(397,938)
Property management expenses	(16,262)	(13,831)	(48,429)	(40,522)
General and administrative expenses	(12,188)	(12,670)	(44,091)	(38,763)
Interest expense	(38,637)	(39,234)	(116,663)	(117,773)
Loss (gain) on sale of depreciable real estate assets	(1)	(313)	131,963	134,515
Gain on sale of non-depreciable real estate assets	431	170	809	202
Other non-operating (expense) income	(1,718)	10,344	(19,248)	14,557
Income tax benefit (expense)	1,256	(2,803)	5,750	(5,847)
Gain (loss) from real estate joint ventures	341	258	1,129	915
Net loss attributable to noncontrolling interests	(3,392)	(2,568)	(12,025)	(11,636)
Preferred Stock Dividends, Income Statement Impact	(922)	(922)	(2,766)	(2,766)
Net income available for MAA common shareholders	121,389	83,557	441,049	345,384
Same Store [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	492,215	429,267	1,412,358	1,243,540
Other operating income expense net	3,162	2,939	9,656	9,215
Total operating revenues	495,377	432,206	1,422,014	1,252,755
Net Operating Income	315,616	268,882	910,496	777,147
Non-Same Store and Other [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	24,278	20,210	68,382	60,885
Other operating income expense net	1,128	159	1,505	867
Total operating revenues	25,406	20,369	69,887	61,752
Net Operating Income	$ 13,744	$ 10,855	$ 38,885	$ 33,293

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Segment Information - Assets for Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 11,338,227	$ 11,285,182
Same Store [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,767,996	9,907,740
Non-Same Store and Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,390,173	1,106,039
Corporate Assets [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 180,058	$ 271,403

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Real Estate Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) ApartmentUnit	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) ApartmentUnit	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Gain on sale of depreciable real estate assets		$ (1)	$ (313)	$ 131,963	$ 134,515
Tampa F L
Business Acquisition [Line Items]
Acquisition cost				$ 73,000
Tampa F L | Multifamily [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property | ApartmentUnit		196		196
Charlotte, NC
Business Acquisition [Line Items]
Acquisition cost				$ 140,000
Charlotte, NC | Multifamily [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property | ApartmentUnit		344		344
TEXAS
Business Acquisition [Line Items]
Gross proceeds from disposition				$ 167,000
Gain on sale of depreciable real estate assets				132,000
Maryland
Business Acquisition [Line Items]
Gross proceeds from disposition				$ 104,000
Maryland | Subsequent Event [Member]
Business Acquisition [Line Items]
Gain on sale of depreciable real estate assets	$ 37,000
Maryland | Multifamily [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property | ApartmentUnit		396		396

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Real Estate Acquisitions and Dispositions - Schedule of Real Estate Asset Acquisitions and Dispositions (Details)	9 Months Ended
	Sep. 30, 2022 a ApartmentUnit
Tampa F L | Multifamily [Member]
Acquisitionsand Disposals [Line Items]
Number of Units in Real Estate Property	196
Charlotte, NC | Multifamily [Member]
Acquisitionsand Disposals [Line Items]
Number of Units in Real Estate Property	344
MAA Hampton Preserve II [Member] | Tampa F L | Multifamily [Member]
Acquisitionsand Disposals [Line Items]
Acquisition Date	2022-07
Number of Units in Real Estate Property	196
Maa Loso [Member] | Charlotte, NC | Multifamily [Member]
Acquisitionsand Disposals [Line Items]
Acquisition Date	2022-09
Number of Units in Real Estate Property	344
MAA Florida Street Station [Member] | Denver CO [Member] | Land
Acquisitionsand Disposals [Line Items]
Area of land | a	4
Land acquisition date	2022-03
MAA Packing District [Member] | Orlando F L [Member] | Land
Acquisitionsand Disposals [Line Items]
Area of land | a	4
Land acquisition date	2022-05
Maa Panorama [Member] | Denver CO [Member] | Land
Acquisitionsand Disposals [Line Items]
Area of land | a	6
Land acquisition date	2022-07
MAA Deer Run [Member] | Fort Worth, TX [Member] | Multifamily [Member]
Acquisitionsand Disposals [Line Items]
Disposal Date	2022-06
Number of Units in Real Estate Property	304
MAA Oakbend [Member] | Fort Worth, TX [Member] | Multifamily [Member]
Acquisitionsand Disposals [Line Items]
Disposal Date	2022-06
Number of Units in Real Estate Property	426
Colonial Promenade [Member] | Huntsville Al Acres2 [Member] | Land
Acquisitionsand Disposals [Line Items]
Area of land | a	2
Disposal Date	2022-04
Colonial Promenade [Member] | Huntsville Al Acres3 [Member] | Land
Acquisitionsand Disposals [Line Items]
Area of land | a	3
Disposal Date	2022-08