Mid-America Apartments, L.P.

Number of Communities (1) · Number of Units (2) · Average Physical Occupancy (3) · Average Effective Rent per Unit (4)

Atlanta, GA · 29 · 11,434 · 95.3 · 1,791

Dallas, TX · 26 · 9,755 · 95.3 · 1,662

Austin, TX · 20 · 6,795 · 95.1 · 1,532

Charlotte, NC · 20 · 5,995 · 95.8 · 1,645

Orlando, FL · 14 · 5,907 · 95.8 · 1,983

Tampa, FL · 14 · 5,416 · 96.0 · 2,093

Raleigh/Durham, NC · 15 · 5,350 · 95.6 · 1,524

Houston, TX · 15 · 4,859 · 95.8 · 1,450

Nashville, TN · 12 · 4,375 · 95.6 · 1,669

Fort Worth, TX · 9 · 3,687 · 95.5 · 1,579

Jacksonville, FL · 10 · 3,496 · 95.6 · 1,478

Charleston, SC · 11 · 3,168 · 96.0 · 1,831

Phoenix, AZ · 9 · 2,968 · 95.8 · 1,702

Greenville, SC · 10 · 2,354 · 95.9 · 1,356

Northern Virginia · 4 · 1,888 · 96.2 · 2,550

Savannah, GA · 6 · 1,837 · 95.2 · 1,707

Memphis, TN · 3 · 1,193 · 94.9 · 1,426

Richmond, VA · 6 · 1,732 · 96.3 · 1,698

San Antonio, TX · 4 · 1,504 · 95.2 · 1,340

Birmingham, AL · 5 · 1,462 · 95.8 · 1,426

Fredericksburg, VA · 4 · 1,435 · 96.5 · 1,944

Huntsville, AL · 3 · 1,228 · 93.4 · 1,276

Denver, CO · 3 · 1,118 · 95.4 · 1,939

Kansas City, MO-KS · 3 · 1,110 · 95.6 · 1,670

Chattanooga, TN · 4 · 943 · 95.6 · 1,262

Lexington, KY · 4 · 924 · 96.2 · 1,329

Norfolk / Hampton / Virginia Beach, VA · 3 · 788 · 95.9 · 1,734

Las Vegas, NV · 2 · 721 · 95.6 · 1,598

Tallahassee, FL · 2 · 604 · 96.1 · 1,558

South Florida, FL · 1 · 480 · 95.4 · 2,452

Gainesville, FL · 2 · 468 · 95.6 · 1,710

Louisville, KY · 1 · 384 · 95.7 · 1,235

Rockville, MD · 1 · 361 · 96.4 · 2,353

Gulf Shores, AL · 1 · 324 · 95.2 · 1,406

Panama City, FL · 1 · 254 · 95.2 · 1,623

Charlottesville, VA · 1 · 251 · 96.1 · 2,126

Same Store · 278 · 96,568 · 95.6 · 1,690

Phoenix, AZ · 4 · (5) · 640 · 84.1 · 1,799

Charlotte, NC · 3 · 668 · 43.9 · 2,058

Dallas, TX · 2 · 748 · 77.1 · 1,642

Raleigh/Durham, NC · 2 · 712 · 50.2 · 1,693

Memphis, TN · 1 · 618 · 93.2 · 1,236

Salt Lake City, UT · 1 · 400 · 86.4 · 1,707

Austin, TX · 1 · 384 · 94.6 · 1,235

Denver, CO · 1 · 352 · 85.0 · 2,139

Tampa, FL · 1 · 344 · 27.5 · 3,058

Atlanta, GA · 1 · 340 · 82.1 · 2,009

Kansas City, MO-KS · 1 · 318 · 74.6 · 1,494

Houston, TX · 1 · 316 · 94.4 · 1,276

Orlando, FL · 1 · 310 · 93.2 · 1,966

Gulf Shores, AL · 1 · 96 · 95.8 · 2,299

Charleston, SC · 1 · (5) · — · — · —

Richmond, VA · 1 · (5) · — · — · —

Total (6) · 301 · 102,814 · 94.3 · 1,695

Number of communities includes eight communities under development as of December 31, 2025. One of these development communities is a phase II expansion of an existing apartment community.

Number of units excludes development units not yet delivered.

Average physical occupancy is calculated by dividing the average daily number of units occupied in 2025 by the total number of units at each apartment community.

Average 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.

Includes a new multifamily apartment community development that has not yet delivered any units.

Schedule excludes a 269-unit joint venture property in Washington, D.C.

Thirty-five of our apartment communities reflected in the above schedule also include retail components. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a discussion of our Same Store and Non-Same Store and Other segments.

Mortgage Financing

As of December 31, 2025, we had $363.3 million of indebtedness collateralized, secured and outstanding as set forth in Schedule III – Real Estate and Accumulated Depreciation included in this Annual Report on Form 10-K.

• Development and construction risks could impact our profitability.
• Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results.
• Short-term leases expose us to the effects of declining market rents, and we may be unable to renew leases or relet units as leases expire.
• We rely on information technology systems in our operations, and any breach or security failure of those systems could materially adversely affect our business, financial condition, results of operations and reputation.
• A failure to keep pace with developments in technology could impair our operations or competitive position.
• Compliance or failure to comply with laws and regulations could have an adverse effect on our operations and the values of our properties.
• Legal proceedings that we become involved in from time to time could adversely affect our business.
• Extreme weather or natural disasters may cause significant damage to our properties.
• We may incur losses that are not covered by our insurance.
• Our financial condition, results of operations and cash flows could be materially adversely affected by factors relating to disease outbreaks and other public health events.
• Acts of violence could decrease the value of our assets and could have an adverse effect on our business and results of operations.
• Risks Related to Our Indebtedness and Financing Activities
• Our substantial indebtedness could adversely affect our financial condition and results of operations.
• We may be unable to renew, repay or refinance our outstanding debt, which could negatively impact our financial condition and results of operations.
• Rising interest rates could adversely affect our results of operations and cash flows.
• We may incur additional debt in the future, which may adversely impact our financial condition.
• The restrictive terms of certain of our indebtedness may cause acceleration of debt payments.
• A downgrade in our credit ratings could have a material adverse effect on our business, financial condition and results of operations.
• Financing may not be available and could be dilutive.
• Risks Related to MAA’s Organization and Ownership of Its Stock
• MAA’s ownership limit restricts the transferability of its capital stock.
• Future offerings of debt or equity securities, which may rank senior to MAA’s stock, may adversely affect the market price of MAA’s stock.
• The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.
• Provisions of MAA’s charter and Tennessee law may limit the ability of a third party to acquire control of MAA.
• Ownership Limit
• Preferred Stock
• Tennessee Anti-Takeover Statutes
• Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks.
• Market interest rates may have an adverse effect on the market value of MAA’s common stock.
• Changes in market conditions or a failure to meet the market’s expectations with regard to our results of operations and cash distributions could adversely affect the market price of MAA’s common stock.
• Risks Related to the Operating Partnership’s Organization and Ownership of OP Units
• The Operating Partnership’s existing unitholders have limited approval rights, which may prevent the Operating Partnership’s sole general partner, MAA, from completing a change of control transaction that may be in the best interests of all unitholders of the Operating Partnership and all shareholders of MAA.
• In certain circumstances, certain of the Operating Partnership’s unitholders must approve the Operating Partnership’s sale of certain properties contributed by the unitholders.
• MAA, its officers and directors have substantial influence over the Operating Partnership’s affairs.
• Insufficient cash flow from operations or a decline in the market price of MAA’s common stock may reduce the amount of cash available to the Operating Partnership to meet its obligations.
• Risks Related to Tax Laws
• Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to shareholders.
• The Operating Partnership may fail to be treated as a partnership for federal income tax purposes.
• Certain dispositions of property by us may generate prohibited transaction income, resulting in a 100% penalty tax on any gain attributable to the disposition.
• Legislative or regulatory income tax changes related to REITs could materially and adversely affect us.