Mid-America Apartments 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		116,659,693
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 Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543816
Entity Address, Address Line One	6815 Poplar Ave
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets
Land		$ 2,008,523	$ 2,008,364
Buildings and improvements and other		12,924,101	12,841,947
Development and capital improvements in progress		391,439	332,035
Real Estate Investment Property, at Cost		15,324,063	15,182,346
Less: Accumulated depreciation		(4,440,520)	(4,302,747)
Real Estate Investment Property, Net		10,883,543	10,879,599
Undeveloped land		73,861	64,312
Investment in real estate joint venture		42,333	42,290
Real estate assets, net		10,999,737	10,986,201
Cash and cash equivalents		142,411	38,659
Restricted cash		13,606	22,412
Other assets		196,557	193,893
Total assets		11,352,311	11,241,165
Liabilities:
Unsecured notes payable		4,032,000	4,050,910
Secured notes payable		363,650	363,993
Accrued expenses and other liabilities		566,075	615,843
Total liabilities		4,961,725	5,030,746
Redeemable common stock		19,590	20,671
Shareholders' equity:
Preferred Stock, Value, Outstanding		9	9
Common Stock, Value, Outstanding	[1]	1,167	1,152
Additional Paid in Capital		7,408,307	7,202,834
Accumulated distributions in excess of net income		(1,216,325)	(1,188,854)
Accumulated other comprehensive loss		(9,791)	(10,052)
Total MAA shareholders' equity		6,183,367	6,005,089
Noncontrolling interests - Operating Partnership units		166,309	163,595
Total Company’s shareholders’ equity		6,349,676	6,168,684
Noncontrolling interests - consolidated real estate entities		21,320	21,064
Operating Partnership capital:
Accumulated other comprehensive loss		(9,791)	(10,052)
Noncontrolling interests - consolidated real estate entities		21,320	21,064
Total equity		6,370,996	6,189,748
Total liabilities and equity		11,352,311	11,241,165
Limited Partnership [Member]
Assets
Land		2,008,523	2,008,364
Buildings and improvements and other		12,924,101	12,841,947
Development and capital improvements in progress		391,439	332,035
Real Estate Investment Property, at Cost		15,324,063	15,182,346
Less: Accumulated depreciation		(4,440,520)	(4,302,747)
Real Estate Investment Property, Net		10,883,543	10,879,599
Undeveloped land		73,861	64,312
Investment in real estate joint venture		42,333	42,290
Real estate assets, net		10,999,737	10,986,201
Cash and cash equivalents		142,411	38,659
Restricted cash		13,606	22,412
Other assets		196,557	193,893
Total assets		11,352,311	11,241,165
Liabilities:
Unsecured notes payable		4,032,000	4,050,910
Secured notes payable		363,650	363,993
Accrued expenses and other liabilities		566,075	615,843
Due to general partner		19	19
Total liabilities		4,961,744	5,030,765
Redeemable common stock		19,590	20,671
Shareholders' equity:
Accumulated other comprehensive loss		(9,990)	(10,268)
Total Company’s shareholders’ equity		6,349,657	6,168,665
Noncontrolling interests - consolidated real estate entities		21,320	21,064
Operating Partnership capital:
Preferred Units, Preferred Partners' Capital Accounts		66,840	66,840
General Partners' Capital Account	[2]	6,126,498	5,948,498
Limited Partners' Capital Account	[2]	166,309	163,595
Accumulated other comprehensive loss		(9,990)	(10,268)
Noncontrolling interests - consolidated real estate entities		21,320	21,064
Total equity		6,370,977	6,189,729
Total liabilities and equity		$ 11,352,311	$ 11,241,165
[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 March 31, 2023 and December 31, 2022 are 129,704 and 136,429 , respectively. 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 March 31, 2023 and December 31, 2022 are 129,704 and 136,429 , respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023		Dec. 31, 2022
Common stock, par value per share	$ 0.01		$ 0.01
Common stock, shares authorized	145,000,000		145,000,000
Common stock, shares issued	116,600,756		115,480,336
Common stock, shares outstanding	116,600,756		115,480,336
Preferred Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	20,000,000		20,000,000
Preferred Stock, Dividend Rate, Percentage	8.50%		8.50%
Preferred Stock, Shares Issued	867,846		867,846
Preferred Stock, Shares Outstanding	867,846		867,846
Preferred Stock, Liquidation Preference Per Share	$ 50	[1]	$ 50
Redeemable stock, shares issued and outstanding	129,704		136,429
General Partners' Capital Account, Units Outstanding	116,600,756
Limited Partners' Capital Account, Units Outstanding	3,155,699
Limited Partnership [Member]
Preferred Stock, Dividend Rate, Percentage	8.50%		8.50%
Redeemable stock, shares issued and outstanding	129,704		136,429
General Partners' Capital Account, Units Outstanding	116,600,756		115,480,336
Limited Partners' Capital Account, Units Outstanding	3,155,699		3,164,933
Preferred Units, Outstanding	867,846		867,846
[1] The total liquidation preference for the outstanding preferred stock is $ 43.4 million .

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental and other property revenues	$ 529,033	$ 476,078
Expenses:
Operating expenses, excluding real estate taxes and insurance	108,604	101,117
Real estate taxes and insurance	74,199	68,303
Depreciation and amortization	138,501	133,738
Total property operating expenses	321,304	303,158
Property management expenses	17,928	16,537
General and administrative expenses	15,923	16,323
Interest expense	37,281	39,121
(Gain) loss on sale of depreciable real estate assets	(15)	1
Gain on sale of non-depreciable real estate assets	(54)	(23)
Other non-operating income	(3,467)	(10,795)
Income before income tax (expense) benefit	140,133	111,756
Income tax (expense) benefit	(944)	1,442
Income from continuing operations before real estate joint venture activity	139,189	113,198
Income from real estate joint venture	385	379
Net income	139,574	113,577
Net income (loss) attributable to noncontrolling interests	3,664	2,775
Net income available for shareholders	135,910	110,802
Dividends to MAA Series I preferred shareholders	922	922
Net income available for MAA common shareholders	$ 134,988	$ 109,880
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 1.16	$ 0.95
Earnings per common share - diluted:
Net income available for MAA common shareholders	$ 1.16	$ 0.95
Limited Partnership [Member]
Revenues:
Rental and other property revenues	$ 529,033	$ 476,078
Expenses:
Operating expenses, excluding real estate taxes and insurance	108,604	101,117
Real estate taxes and insurance	74,199	68,303
Depreciation and amortization	138,501	133,738
Total property operating expenses	321,304	303,158
Property management expenses	17,928	16,537
General and administrative expenses	15,923	16,323
Interest expense	37,281	39,121
(Gain) loss on sale of depreciable real estate assets	(15)	1
Gain on sale of non-depreciable real estate assets	(54)	(23)
Other non-operating income	(3,467)	(10,795)
Income before income tax (expense) benefit	140,133	111,756
Income tax (expense) benefit	(944)	1,442
Income from continuing operations before real estate joint venture activity	139,189	113,198
Income from real estate joint venture	385	379
Net income	139,574	113,577
Net income (loss) attributable to noncontrolling interests	0	(293)
Net income available for shareholders	139,574	113,870
Dividends to MAA Series I preferred shareholders	922	922
Net income available for MAA common shareholders	$ 138,652	$ 112,948
Earnings per common share - basic:
Net income available for MAALP common unitholders	$ 1.16	$ 0.95
Earnings per common share - diluted:
Net income available for MAALP common unitholders	$ 1.16	$ 0.95

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 139,574	$ 113,577
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	278	279
Total comprehensive income	139,852	113,856
Less/Add: Comprehensive loss attributable to noncontrolling interests	(3,681)	(2,782)
Comprehensive income attributable to MAA	136,171	111,074
Limited Partnership [Member]
Net income	139,574	113,577
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	278	279
Total comprehensive income	139,852	113,856
Less/Add: Comprehensive loss attributable to noncontrolling interests	0	293
Comprehensive income attributable to MAA	$ 139,852	$ 114,149

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 139,574	$ 113,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	138,758	133,986
(Gain) loss on sale of depreciable real estate assets	(15)	1
Gain on sale of non-depreciable real estate assets	(54)	(23)
Gain on embedded derivative in preferred shares	(4,435)	(11,896)
Stock compensation expense	5,578	6,640
Amortization of debt issuance costs, discounts and premiums	1,517	1,510
Loss on investments	1,024	10,233
Net change in operating accounts and other operating activities	(63,637)	(74,405)
Net cash provided by operating activities	218,310	179,623
Cash flows from investing activities:
Purchases of real estate and other assets	(12,450)	(5,232)
Capital improvements and other	(75,622)	(38,212)
Development costs	(52,851)	(42,780)
Distributions from real estate joint venture	0	95
Contributions to affiliates	(1,250)	(7,500)
Proceeds from real estate asset dispositions	3,024	24
Net proceeds from insurance recoveries	764	10,073
Net cash used in investing activities	(138,385)	(83,532)
Cash flows from financing activities:
Net (payments of) proceeds from commercial paper	(20,000)	20,000
Principal payments on notes payable	(362)	(343)
Distributions to noncontrolling interests	(4,429)	(3,484)
Distributions paid on common shares	(161,683)	(125,432)
Distributions paid on preferred shares	(922)	(922)
Proceeds from issuances of common units	204,077	164
Acquisition of noncontrolling interests	0	(43,070)
Net change in other financing activities	(1,660)	(978)
Net cash provided by (used in) financing activities	15,021	(154,065)
Net increase (decrease) in cash, cash equivalents and restricted cash	94,946	(57,974)
Cash, cash equivalents and restricted cash, beginning of period	61,071	130,598
Cash, cash equivalents and restricted cash, end of period	156,017	72,624
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	142,411	60,371
Restricted cash	13,606	12,253
Total cash, cash equivalents and restricted cash	156,017	72,624
Supplemental disclosure of cash flow information:
Interest paid	29,516	30,427
Income taxes paid	25	0
Supplemental disclosure of noncash investing and financing activities:
Conversion of OP Units to shares of common stock	479	193
Accrued construction in progress	31,492	38,191
Interest capitalized	2,746	1,836
Limited Partnership [Member]
Cash flows from operating activities:
Net income	139,574	113,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	138,758	133,986
(Gain) loss on sale of depreciable real estate assets	(15)	1
Gain on sale of non-depreciable real estate assets	(54)	(23)
Gain on embedded derivative in preferred shares	(4,435)	(11,896)
Stock compensation expense	5,578	6,640
Amortization of debt issuance costs, discounts and premiums	1,517	1,510
Loss on investments	1,024	(10,233)
Net change in operating accounts and other operating activities	(63,637)	(74,405)
Net cash provided by operating activities	218,310	179,623
Cash flows from investing activities:
Purchases of real estate and other assets	(12,450)	(5,232)
Capital improvements and other	(75,622)	(38,212)
Development costs	(52,851)	(42,780)
Distributions from real estate joint venture	0	95
Contributions to affiliates	(1,250)	(7,500)
Proceeds from real estate asset dispositions	3,024	24
Net proceeds from insurance recoveries	764	10,073
Net cash used in investing activities	(138,385)	(83,532)
Cash flows from financing activities:
Net (payments of) proceeds from commercial paper	(20,000)	20,000
Principal payments on notes payable	(362)	(343)
Distributions paid on common shares	(166,112)	(128,916)
Distributions paid on preferred shares	(922)	(922)
Proceeds from issuances of common units	204,077	164
Acquisition of noncontrolling interests	0	(43,070)
Net change in other financing activities	(1,660)	(978)
Net cash provided by (used in) financing activities	15,021	(154,065)
Net increase (decrease) in cash, cash equivalents and restricted cash	94,946	(57,974)
Cash, cash equivalents and restricted cash, beginning of period	61,071	130,598
Cash, cash equivalents and restricted cash, end of period	156,017	72,624
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	142,411	60,371
Restricted cash	13,606	12,253
Total cash, cash equivalents and restricted cash	156,017	72,624
Supplemental disclosure of cash flow information:
Interest paid	29,516	30,427
Supplemental disclosure of noncash investing and financing activities:
Accrued construction in progress	31,492	38,191
Interest capitalized	$ 2,746	$ 1,836

Organization and Summary of Sig

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 March 31, 2023, MAA owned 116,600,756 OP Units (or 97.4 % of the total number of OP Units). MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership’s sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership. Management believes combining the notes to the 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 U.S. As of March 31, 2023, the Company owned and operated 290 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 March 31, 2023, the Company also had six development communities under construction totaling 2,310 apartment units once complete. Total expected costs for the six development projects are $ 731.5 million , of which $ 342.6 million had been incurred through March 31, 2023. The Company expects to complete two developments in 2023, two developments in 2024 and two developments in 2025. As of March 31, 2023, 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 March 31, 2023. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared by the Company’s management in accordance with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80 % to 100 % of all consolidated subsidiaries, including the Operating Partnership. In management’s opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. 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 e xercise significant influence or control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below). Noncontrolling Interests As of March 31, 2023, 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 five 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 March 31, 2023, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 300.1 million , and consolidated liabilities were $ 22.3 million . As of December 31, 2022, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 279.6 million , and consolidated liabilities were $ 14.5 million . During the three months ended March 31, 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 five 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 $ 42.3 million as of March 31, 2023 and December 31, 2022, respectively, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets. The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of March 31, 2023 and December 31, 2022, the Company’s investments in the limited partnerships were $ 30.1 million and $ 36.7 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 income” in the accompanying Condensed Consolidated Statements of Operations. The decrease in the Company’s investments in the limited partnerships was primarily driven by the distribution of publicly traded marketable securities. During the three months ended March 31, 2023 and 2022 , the Company recognized $ 0.1 million and $ 8.7 million of expense, respectively, from its investments in the limited partnerships. As of March 31, 2023, the Company was committed to make additional capital contributions totaling $ 44.0 million if and when called by the general partners of the limited partnerships. Marketable Equity Securities During the three months ended March 31, 2023, two of the technology-focused limited partnerships that are accounted for as investments in 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 and is 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 income” in the accompanying Condensed Consolidated Statements of Operations. As of March 31, 2023 and December 31, 2022, the Company’s investment in the marketable equity securities was $ 14.9 million and $ 8.0 million, respectively . During the three months ended March 31, 2023 and 2022 , the Company recognized $ 0.9 million and $ 1.5 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 Accounting Standards Codification (“ASC”) Topic 842, Leases , using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94 % of the Company’s total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5 % of the Company’s total revenues represent 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 March 31, 2023 and December 31, 2022 , right-of-use assets recorded within “Other assets” totaled $ 44.0 million and $ 44.6 million , respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $ 28.3 million and $ 28.7 million , respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the three months ended March 31, 2023 and 2022 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the three months ended March 31, 2023 and 2022 was also immaterial. See Note 10 for additional disclosures regarding leases. Fair Value Measurements The Company applies the guidance in ASC Topic 820, Fair Value Measurements and Disclosures , to the valuation of 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.

Earnings Per Common Share of MA

Earnings Per Common Share of MAA	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended March 31, 2023 2022 Calculation of Earnings per common share - basic Net income $ 139,574 $ 113,577 Net income attributable to noncontrolling interests ( 3,664 ) ( 2,775 ) Unvested restricted shares (allocation of earnings) ( 60 ) ( 79 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) Net income available for MAA common shareholders, adjusted $ 134,928 $ 109,801 Weighted average common shares - basic 116,182 115,259 Earnings per common share - basic $ 1.16 $ 0.95 Calculation of Earnings per common share - diluted Net income $ 139,574 $ 113,577 Net income attributable to noncontrolling interests (1) ( 3,664 ) ( 2,775 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) Net income available for MAA common shareholders, adjusted $ 134,988 $ 109,880 Weighted average common shares - basic 116,182 115,259 Effect of dilutive securities 220 459 Weighted average common shares - diluted 116,402 115,718 Earnings per common share - diluted $ 1.16 $ 0.95 (1) For the three months ended March 31, 2023 and 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.

Earnings Per OP Unit of MAALP

Earnings Per OP Unit of MAALP	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended March 31, 2023 2022 Calculation of Earnings per common unit - basic Net income $ 139,574 $ 113,577 Net loss attributable to noncontrolling interests — 293 Unvested restricted units (allocation of earnings) ( 60 ) ( 79 ) Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) Net income available for MAALP common unitholders, adjusted $ 138,592 $ 112,869 Weighted average common units - basic 119,340 118,462 Earnings per common unit - basic $ 1.16 $ 0.95 Calculation of Earnings per common unit - diluted Net income $ 139,574 $ 113,577 Net loss attributable to noncontrolling interests — 293 Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) Net income available for MAALP common unitholders, adjusted $ 138,652 $ 112,948 Weighted average common units - basic 119,340 118,462 Effect of dilutive securities 220 459 Weighted average common units - diluted 119,560 118,921 Earnings per common unit - diluted $ 1.16 $ 0.95

MAA Equity

MAA Equity	3 Months Ended
	Mar. 31, 2023
M A A Equity [Abstract]
MAA Equity	4. MAA Equity Changes in MAA’s total equity and its components for the three months ended March 31, 2023 and 2022 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE DECEMBER 31, 2022 $ 9 $ 1,152 $ 7,202,834 $ ( 1,188,854 ) $ ( 10,052 ) $ 163,595 $ 21,064 $ 6,189,748 Net income — — — 135,910 — 3,664 — 139,574 Other comprehensive income - derivative — — — — 261 17 — 278 Issuance and registration of common shares — 11 203,886 — — — — 203,897 Shares repurchased and retired — — ( 1,920 ) — — — — ( 1,920 ) Shares issued in exchange for common units — — 479 — — ( 479 ) — — Shares issued in exchange for redeemable stock — 4 577 — — — — 581 Redeemable stock fair market value — — — 793 — — — 793 Adjustment for noncontrolling interests in — — ( 3,928 ) — — 3,928 — — Amortization of unearned compensation — — 6,379 — — — — 6,379 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.4000 per — — — ( 163,252 ) — — — ( 163,252 ) Dividends on noncontrolling interests units 1.4000 per share) — — — — — ( 4,416 ) — ( 4,416 ) Distribution from noncontrolling interest — — — — — — 256 256 EQUITY BALANCE MARCH 31, 2023 $ 9 $ 1,167 $ 7,408,307 $ ( 1,216,325 ) $ ( 9,791 ) $ 166,309 $ 21,320 $ 6,370,996 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total 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) — — — 110,802 — 3,068 ( 293 ) 113,577 Other comprehensive income - derivative — — — — 272 7 — 279 Issuance and registration of common shares — — 21 — — — — 21 Shares repurchased and retired — — ( 3,162 ) — — — — ( 3,162 ) Exercise of stock options — — 28 — — — — 28 Shares issued in exchange for common units — — 193 — — ( 193 ) — — Redeemable stock fair market value — — — 2,533 — — — 2,533 Adjustment for noncontrolling interests in — — 953 — — ( 953 ) — — Amortization of unearned compensation — — 6,928 — — — — 6,928 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.0875 per — — — ( 125,433 ) — — — ( 125,433 ) Dividends on noncontrolling interests units 1.0875 per share) — — — — — ( 3,479 ) — ( 3,479 ) Acquisition of noncontrolling interest — — ( 37,443 ) — — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — — — 2,155 2,155 EQUITY BALANCE MARCH 31, 2022 $ 9 $ 1,151 $ 7,198,474 $ ( 1,268,827 ) $ ( 10,860 ) $ 163,566 $ 19,849 $ 6,103,362

MAALP Capital

MAALP Capital	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and 2022 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2022 $ 5,948,498 $ 163,595 $ 66,840 $ ( 10,268 ) $ 21,064 $ 6,189,729 Net income 134,988 3,664 922 — — 139,574 Other comprehensive income - derivative instruments — — — 278 — 278 Issuance of units 203,897 — — — — 203,897 Units repurchased and retired ( 1,920 ) — — — — ( 1,920 ) General partnership units issued in exchange for limited 479 ( 479 ) — — — — Units issued in exchange for redeemable stock 581 — — — — 581 Redeemable units fair market value adjustment 793 — — — — 793 Adjustment for limited partners’ capital at redemption value ( 3,945 ) 3,945 — — — — Amortization of unearned compensation 6,379 — — — — 6,379 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.4000 per unit) ( 163,252 ) ( 4,416 ) — — — ( 167,668 ) Distribution from noncontrolling interest — — — — 256 256 CAPITAL BALANCE MARCH 31, 2023 $ 6,126,498 $ 166,309 $ 66,840 $ ( 9,990 ) $ 21,320 $ 6,370,977 Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2021 $ 5,909,700 $ 165,116 $ 66,840 $ ( 11,382 ) $ 23,614 $ 6,153,888 Net income (loss) 109,880 3,068 922 — ( 293 ) 113,577 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units 21 — — — — 21 Units repurchased and retired ( 3,162 ) — — — — ( 3,162 ) Exercise of unit options 28 — — — — 28 General partnership units issued in exchange for limited 193 ( 193 ) — — — — Redeemable units fair market value adjustment 2,533 — — — — 2,533 Adjustment for limited partners’ capital at redemption value 946 ( 946 ) — — — — Amortization of unearned compensation 6,928 — — — — 6,928 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.0875 per unit) ( 125,433 ) ( 3,479 ) — — — ( 128,912 ) Acquisition of noncontrolling interest ( 37,443 ) — — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — 2,155 2,155 CAPITAL BALANCE MARCH 31, 2022 $ 5,864,191 $ 163,566 $ 66,840 $ ( 11,103 ) $ 19,849 $ 6,103,343

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2023
Notes To Financial Statements [Abstract]
Borrowings	6. Borrowings The following table summarizes the Company’s outstanding debt as of March 31, 2023 (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 Debt issuance costs, discounts, premiums and fair market value adjustments ( 18,000 ) Total unsecured debt $ 4,032,000 3.4 % Secured debt Fixed rate property mortgages $ 366,792 4.4 % 11/4/2048 Debt issuance costs ( 3,142 ) Total secured debt $ 363,650 4.4 % Total outstanding debt $ 4,395,650 3.4 % Unsecured Revolving Credit Facility MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $ 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 March 31, 2023 , 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 up to a maximum aggregate principal amount outstanding of $ 625.0 million . As of March 31, 2023, there was no outstanding balance under the commercial paper program. For the three months ended March 31, 2023 , the average daily borrowings outstanding under the commercial paper program were $ 8.2 million. Unsecured Senior Notes As of March 31, 2023, 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. Secured Property Mortgages As of March 31, 2023, MAALP had $ 366.8 million of fixed rate conventional property mortgages with a weighted average maturity in 2048 . As of March 31, 2023 , MAALP’s debt obligations over the next 12 months consist of approximately $ 352 million of principal obligations, including $ 350.0 million of unsecured senior notes due October 2023.

Financial Instruments and Deriv

Financial Instruments and Derivatives	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 totaled $ 4.4 billion and $ 4.4 billion , respectively, and had estimated fair values of $ 4.0 billion and $ 3.9 billion (excluding prepayment penalties) as of March 31, 2023 and December 31, 2022, 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. As of March 31, 2023 , the Company had no variable rate debt outstanding. The carrying value of variable rate debt as of December 31, 2022 totaled $ 20.0 million and had an estimated fair value of $ 20.0 million. The fair value of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days , and management concluded these rates reasonably estimate current market rates. Financial Instruments Measured at Fair Value on a Recurring Basis As of March 31, 2023 , 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, estimated coupon yields on preferred stock instruments 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 income” in the accompanying Condensed Consolidated Statements of Operations. As of March 31, 2023 and December 31, 2022, the fair value of the embedded derivative was $ 17.8 million and $ 13.4 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 March 31, 2023 and December 31, 2022 were classified as Level 2 in the fair value hierarchy. The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and are classified as Level 1 in the fair value hierarchy. Terminated Cash Flow Hedges of Interest As of March 31, 2023, the Company had $ 10.0 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 $ 1.6 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 months ended March 31, 2023 and 2022 (dollars in thousands): Net Loss Reclassified from AOCL into Interest Expense Location of Loss Reclassified Three months ended March 31, Derivatives in Cash Flow Hedging Relationships from AOCL into Income 2023 2022 Terminated interest rate swaps Interest expense $ ( 278 ) $ ( 279 ) Gain Recognized in Earnings on Derivative Location of Gain Recognized Three months ended March 31, Derivative Not Designated as Hedging Instrument in Earnings on Derivative 2023 2022 Preferred stock embedded derivative Other non-operating income $ 4,435 $ 11,896

Shareholders' Equity of MAA

Shareholders' Equity of MAA	3 Months Ended
	Mar. 31, 2023
Shareholders Equity Of M A A [Abstract]
Shareholders' Equity of MAA	8. Shareholders’ Equity of MAA As of March 31, 2023, 116,600,756 shares of common stock of MAA and 3,155,699 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,756,455 common shares and units. As of March 31, 2022 , 115,337,466 shares of common stock of MAA and 3,202,377 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,539,843 common shares and units. Preferred Stock As of March 31, 2023, 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 is net of issuance costs. Under the forward sale agreements, the forward sale price was subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread and was decreased based on amounts related to dividends on MAA’s common stock during the term of the forward sale agreements. No shares had been settled under the forward sale agreements as of December 31, 2022. In January 2023, MAA settled its two forward sale agreements with respect to a total of 1.1 million shares at a forward price per share of $ 185.23 , which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of MAA common stock and commissions paid to sales agents, for net proceeds of $ 203.7 million. The impact of the outstanding forward sales agreements was not dilutive to the Company’s diluted earnings per share for the three months ended March 31, 2022. At-the-Market Share Offering Program The Company has entered into an equity distribution agreement to establish an at-the-market, or ATM, share offering program, which allows 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 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 months ended March 31, 2023 and 2022 , MAA did no t sell any shares of common stock under its ATM program. As of March 31, 2023 , 4.0 million shares remained issuable under the ATM program.

Partners' Capital of MAALP

Partners' Capital of MAALP	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, there were 119,756,455 OP Units outstanding, 116,600,756 , or 97.4 % , of which represent Class B OP Units (common units issued to or held by MAALP’s general partner or any of its subsidiaries), which were owned by MAA, MAALP’s general partner. The remaining 3,155,699 OP Units were Class A OP Units owned by Class A limited partners. As of March 31, 2022 , there were 118,539,843 OP Units outstanding, 115,337,466 , or 97.3 % , of which were owned by MAA and 3,202,377 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. In January 2023, MAA settled its two forward sale agreements with respect to a total of 1.1 million shares for net proceeds of $ 203.7 million. MAA contributed the proceeds to MAALP in exchange for the issuance of 1.1 million Class B OP Units. As of March 31, 2023, a total of 3,155,699 Class A OP Units were outstanding and redeemable for 3,155,699 shares of MAA common stock, with an approximate value of $ 476.6 million , based on the closing price of MAA’s common stock on March 31, 2023 of $ 151.04 per share. As of March 31, 2022, a total of 3,202,377 Class A OP Units were outstanding and redeemable for 3,202,377 shares of MAA common stock, with an approximate value of $ 670.7 million , based on the closing price of MAA’s common stock on March 31, 2022 of $ 209.45 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 March 31, 2023, 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 March 31, 2023, 867,846 units of the MAALP Series I preferred units were outstanding and owned by MAA. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 generally compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of March 31, 2023, the Company’s operating leases had a weighted average remaining lease term of approximately 33 years and a weighted average discount rate of approximately 4.5 % . 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 March 31, 2023 (in thousands): Operating Leases 2023 $ 2,162 2024 2,862 2025 2,872 2026 2,920 2027 2,969 Thereafter 57,024 Total minimum lease payments 70,809 Net present value adjustments ( 42,519 ) Right-of-use lease liabilities $ 28,290 Loss Contingencies In late 2022 and early 2023, 28 putative class action lawsuits were filed against RealPage, Inc., along with over 50 of the largest owners and operators of apartment communities in the country, including the Company (the “RealPage Litigation”) alleging that RealPage and lessors of multifamily residential real estate conspired to artificially inflate the prices of multifamily residential real estate above competitive levels through the use of RealPage’s revenue management software. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. The Company believes the RealPage Litigation is without merit as it pertains to the Company and plans to vigorously defend the RealPage Litigation. On April 10, 2023, the Joint Panel on Multidistrict Litigation issued an order centralizing the cases in the Middle District of Tennessee for coordinated or consolidated pretrial proceedings. The Company is unable to predict the outcome of the RealPage Litigation given its early stage. While the Company does not believe that the RealPage Litigation will have a material adverse effect on its financial condition, the Company cannot give assurance that the RealPage Litigation will not have a material effect on its results of operations. The Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows in the event of a negative outcome. Matters that arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance. As of March 31, 2023 and December 31, 2022, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $ 9.8 million and $ 10.0 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Notes To Financial Statements [Abstract]
Segment Information	11. Segment Information As of March 31, 2023, the Company owned and operated 290 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 which 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 hurricanes. 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 month s. Communities are considered stabilized when achieving 90 % average physical occupancy for 90 days . The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance. Revenues and NOI for each reportable segment for the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three months ended March 31, 2023 2022 Revenues: Same Store Rental revenues $ 497,250 $ 447,599 Other property revenues 2,760 2,724 Total Same Store revenues 500,010 450,323 Non-Same Store and Other Rental revenues 28,843 25,516 Other property revenues 180 239 Total Non-Same Store and Other revenues 29,023 25,755 Total rental and other property revenues $ 529,033 $ 476,078 Net Operating Income: Same Store NOI $ 328,940 $ 292,436 Non-Same Store and Other NOI 17,290 14,222 Total NOI 346,230 306,658 Depreciation and amortization ( 138,501 ) ( 133,738 ) Property management expenses ( 17,928 ) ( 16,537 ) General and administrative expenses ( 15,923 ) ( 16,323 ) Interest expense ( 37,281 ) ( 39,121 ) Gain (loss) on sale of depreciable real estate assets 15 ( 1 ) Gain on sale of non-depreciable real estate assets 54 23 Other non-operating income 3,467 10,795 Income tax (expense) benefit ( 944 ) 1,442 Income from real estate joint venture 385 379 Net income attributable to noncontrolling interests ( 3,664 ) ( 2,775 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) Net income available for MAA common shareholders $ 134,988 $ 109,880 Assets for each reportable segment as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, 2023 December 31, 2022 Assets: Same Store $ 9,650,594 $ 9,697,889 Non-Same Store and Other 1,422,046 1,370,721 Corporate 279,671 172,555 Total assets $ 11,352,311 $ 11,241,165

Real Estate Acquisition and Dis

Real Estate Acquisition and Disposition	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Acquisitions and Dispositions	12. Real Estate Acquisition and Disposition During the three months ended March 31, 2023 , the Company acquired a six -acre land parcel in the Orlando, Florida market for approximately $ 12 million. During the three months ended March 31, 2023 , the Company closed on the disposition of 21 acres of land in the Gulf Shores, Alabama market for gross proceeds of approximately $ 3 million, resulting in the recognition of a negligible gain on the sale of non-depreciable real estate assets.

Organization and Summary of S_2

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 U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80 % to 100 % of all consolidated subsidiaries, including the Operating Partnership. In management’s opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. 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 e xercise 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 March 31, 2023, 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 five 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 March 31, 2023, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 300.1 million , and consolidated liabilities were $ 22.3 million . As of December 31, 2022, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 279.6 million , and consolidated liabilities were $ 14.5 million . During the three months ended March 31, 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 five 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 $ 42.3 million as of March 31, 2023 and December 31, 2022, respectively, and is included in “Investment in real estate joint venture” in the accompanying Condensed Consolidated Balance Sheets. The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships’ financial information is made available to the Company. As of March 31, 2023 and December 31, 2022, the Company’s investments in the limited partnerships were $ 30.1 million and $ 36.7 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 income” in the accompanying Condensed Consolidated Statements of Operations. The decrease in the Company’s investments in the limited partnerships was primarily driven by the distribution of publicly traded marketable securities. During the three months ended March 31, 2023 and 2022 , the Company recognized $ 0.1 million and $ 8.7 million of expense, respectively, from its investments in the limited partnerships. As of March 31, 2023, the Company was committed to make additional capital contributions totaling $ 44.0 million if and when called by the general partners of the limited partnerships.
Marketable Equity Securities	Marketable Equity Securities During the three months ended March 31, 2023, two of the technology-focused limited partnerships that are accounted for as investments in 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 and is 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 income” in the accompanying Condensed Consolidated Statements of Operations. As of March 31, 2023 and December 31, 2022, the Company’s investment in the marketable equity securities was $ 14.9 million and $ 8.0 million, respectively . During the three months ended March 31, 2023 and 2022 , the Company recognized $ 0.9 million and $ 1.5 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 Accounting Standards Codification (“ASC”) Topic 842, Leases , using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94 % of the Company’s total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5 % of the Company’s total revenues represent 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 March 31, 2023 and December 31, 2022 , right-of-use assets recorded within “Other assets” totaled $ 44.0 million and $ 44.6 million , respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $ 28.3 million and $ 28.7 million , respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the three months ended March 31, 2023 and 2022 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the three months ended March 31, 2023 and 2022 was also immaterial. See Note 10 for additional disclosures regarding leases.
Fair value Measurements	Fair Value Measurements The Company applies the guidance in ASC Topic 820, Fair Value Measurements and Disclosures , to the valuation of 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.

Earnings Per Common Share of _2

Earnings Per Common Share of MAA (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Common Share Of M A A [Abstract]
Schedule of Computation of Earnings Per Share	For the three months ended March 31, 2023 and 2022, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended March 31, 2023 2022 Calculation of Earnings per common share - basic Net income $ 139,574 $ 113,577 Net income attributable to noncontrolling interests ( 3,664 ) ( 2,775 ) Unvested restricted shares (allocation of earnings) ( 60 ) ( 79 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) Net income available for MAA common shareholders, adjusted $ 134,928 $ 109,801 Weighted average common shares - basic 116,182 115,259 Earnings per common share - basic $ 1.16 $ 0.95 Calculation of Earnings per common share - diluted Net income $ 139,574 $ 113,577 Net income attributable to noncontrolling interests (1) ( 3,664 ) ( 2,775 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) Net income available for MAA common shareholders, adjusted $ 134,988 $ 109,880 Weighted average common shares - basic 116,182 115,259 Effect of dilutive securities 220 459 Weighted average common shares - diluted 116,402 115,718 Earnings per common share - diluted $ 1.16 $ 0.95 (1) For the three months ended March 31, 2023 and 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.

Earnings Per OP Unit of MAALP (

Earnings Per OP Unit of MAALP (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Unit	For the three months ended March 31, 2023 and 2022, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended March 31, 2023 2022 Calculation of Earnings per common unit - basic Net income $ 139,574 $ 113,577 Net loss attributable to noncontrolling interests — 293 Unvested restricted units (allocation of earnings) ( 60 ) ( 79 ) Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) Net income available for MAALP common unitholders, adjusted $ 138,592 $ 112,869 Weighted average common units - basic 119,340 118,462 Earnings per common unit - basic $ 1.16 $ 0.95 Calculation of Earnings per common unit - diluted Net income $ 139,574 $ 113,577 Net loss attributable to noncontrolling interests — 293 Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) Net income available for MAALP common unitholders, adjusted $ 138,652 $ 112,948 Weighted average common units - basic 119,340 118,462 Effect of dilutive securities 220 459 Weighted average common units - diluted 119,560 118,921 Earnings per common unit - diluted $ 1.16 $ 0.95

MAA Equity (Tables)

MAA Equity (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and 2022 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE DECEMBER 31, 2022 $ 9 $ 1,152 $ 7,202,834 $ ( 1,188,854 ) $ ( 10,052 ) $ 163,595 $ 21,064 $ 6,189,748 Net income — — — 135,910 — 3,664 — 139,574 Other comprehensive income - derivative — — — — 261 17 — 278 Issuance and registration of common shares — 11 203,886 — — — — 203,897 Shares repurchased and retired — — ( 1,920 ) — — — — ( 1,920 ) Shares issued in exchange for common units — — 479 — — ( 479 ) — — Shares issued in exchange for redeemable stock — 4 577 — — — — 581 Redeemable stock fair market value — — — 793 — — — 793 Adjustment for noncontrolling interests in — — ( 3,928 ) — — 3,928 — — Amortization of unearned compensation — — 6,379 — — — — 6,379 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.4000 per — — — ( 163,252 ) — — — ( 163,252 ) Dividends on noncontrolling interests units 1.4000 per share) — — — — — ( 4,416 ) — ( 4,416 ) Distribution from noncontrolling interest — — — — — — 256 256 EQUITY BALANCE MARCH 31, 2023 $ 9 $ 1,167 $ 7,408,307 $ ( 1,216,325 ) $ ( 9,791 ) $ 166,309 $ 21,320 $ 6,370,996 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total 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) — — — 110,802 — 3,068 ( 293 ) 113,577 Other comprehensive income - derivative — — — — 272 7 — 279 Issuance and registration of common shares — — 21 — — — — 21 Shares repurchased and retired — — ( 3,162 ) — — — — ( 3,162 ) Exercise of stock options — — 28 — — — — 28 Shares issued in exchange for common units — — 193 — — ( 193 ) — — Redeemable stock fair market value — — — 2,533 — — — 2,533 Adjustment for noncontrolling interests in — — 953 — — ( 953 ) — — Amortization of unearned compensation — — 6,928 — — — — 6,928 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.0875 per — — — ( 125,433 ) — — — ( 125,433 ) Dividends on noncontrolling interests units 1.0875 per share) — — — — — ( 3,479 ) — ( 3,479 ) Acquisition of noncontrolling interest — — ( 37,443 ) — — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — — — 2,155 2,155 EQUITY BALANCE MARCH 31, 2022 $ 9 $ 1,151 $ 7,198,474 $ ( 1,268,827 ) $ ( 10,860 ) $ 163,566 $ 19,849 $ 6,103,362

MAALP Capital (Tables)

MAALP Capital (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and 2022 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2022 $ 5,948,498 $ 163,595 $ 66,840 $ ( 10,268 ) $ 21,064 $ 6,189,729 Net income 134,988 3,664 922 — — 139,574 Other comprehensive income - derivative instruments — — — 278 — 278 Issuance of units 203,897 — — — — 203,897 Units repurchased and retired ( 1,920 ) — — — — ( 1,920 ) General partnership units issued in exchange for limited 479 ( 479 ) — — — — Units issued in exchange for redeemable stock 581 — — — — 581 Redeemable units fair market value adjustment 793 — — — — 793 Adjustment for limited partners’ capital at redemption value ( 3,945 ) 3,945 — — — — Amortization of unearned compensation 6,379 — — — — 6,379 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.4000 per unit) ( 163,252 ) ( 4,416 ) — — — ( 167,668 ) Distribution from noncontrolling interest — — — — 256 256 CAPITAL BALANCE MARCH 31, 2023 $ 6,126,498 $ 166,309 $ 66,840 $ ( 9,990 ) $ 21,320 $ 6,370,977 Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2021 $ 5,909,700 $ 165,116 $ 66,840 $ ( 11,382 ) $ 23,614 $ 6,153,888 Net income (loss) 109,880 3,068 922 — ( 293 ) 113,577 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units 21 — — — — 21 Units repurchased and retired ( 3,162 ) — — — — ( 3,162 ) Exercise of unit options 28 — — — — 28 General partnership units issued in exchange for limited 193 ( 193 ) — — — — Redeemable units fair market value adjustment 2,533 — — — — 2,533 Adjustment for limited partners’ capital at redemption value 946 ( 946 ) — — — — Amortization of unearned compensation 6,928 — — — — 6,928 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.0875 per unit) ( 125,433 ) ( 3,479 ) — — — ( 128,912 ) Acquisition of noncontrolling interest ( 37,443 ) — — — ( 5,627 ) ( 43,070 ) Contribution from noncontrolling interest — — — — 2,155 2,155 CAPITAL BALANCE MARCH 31, 2022 $ 5,864,191 $ 163,566 $ 66,840 $ ( 11,103 ) $ 19,849 $ 6,103,343

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of March 31, 2023 (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 Debt issuance costs, discounts, premiums and fair market value adjustments ( 18,000 ) Total unsecured debt $ 4,032,000 3.4 % Secured debt Fixed rate property mortgages $ 366,792 4.4 % 11/4/2048 Debt issuance costs ( 3,142 ) Total secured debt $ 363,650 4.4 % Total outstanding debt $ 4,395,650 3.4 %

Financial Instruments and Der_2

Financial Instruments and Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 (dollars in thousands): Net Loss Reclassified from AOCL into Interest Expense Location of Loss Reclassified Three months ended March 31, Derivatives in Cash Flow Hedging Relationships from AOCL into Income 2023 2022 Terminated interest rate swaps Interest expense $ ( 278 ) $ ( 279 ) Gain Recognized in Earnings on Derivative Location of Gain Recognized Three months ended March 31, Derivative Not Designated as Hedging Instrument in Earnings on Derivative 2023 2022 Preferred stock embedded derivative Other non-operating income $ 4,435 $ 11,896

Shareholders' Equity of MAA (Ta

Shareholders' Equity of MAA (Tables)	3 Months Ended
	Mar. 31, 2023
Shareholders Equity Of M A A [Abstract]
Schedule of Cumulative Redeemable Preferred Stock	As of March 31, 2023, 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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 (in thousands): Operating Leases 2023 $ 2,162 2024 2,862 2025 2,872 2026 2,920 2027 2,969 Thereafter 57,024 Total minimum lease payments 70,809 Net present value adjustments ( 42,519 ) Right-of-use lease liabilities $ 28,290

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Notes To Financial Statements [Abstract]
Revenues and NOI for Reportable Segment	Revenues and NOI for each reportable segment for the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three months ended March 31, 2023 2022 Revenues: Same Store Rental revenues $ 497,250 $ 447,599 Other property revenues 2,760 2,724 Total Same Store revenues 500,010 450,323 Non-Same Store and Other Rental revenues 28,843 25,516 Other property revenues 180 239 Total Non-Same Store and Other revenues 29,023 25,755 Total rental and other property revenues $ 529,033 $ 476,078 Net Operating Income: Same Store NOI $ 328,940 $ 292,436 Non-Same Store and Other NOI 17,290 14,222 Total NOI 346,230 306,658 Depreciation and amortization ( 138,501 ) ( 133,738 ) Property management expenses ( 17,928 ) ( 16,537 ) General and administrative expenses ( 15,923 ) ( 16,323 ) Interest expense ( 37,281 ) ( 39,121 ) Gain (loss) on sale of depreciable real estate assets 15 ( 1 ) Gain on sale of non-depreciable real estate assets 54 23 Other non-operating income 3,467 10,795 Income tax (expense) benefit ( 944 ) 1,442 Income from real estate joint venture 385 379 Net income attributable to noncontrolling interests ( 3,664 ) ( 2,775 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) Net income available for MAA common shareholders $ 134,988 $ 109,880
Assets for Reportable Segment	Assets for each reportable segment as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, 2023 December 31, 2022 Assets: Same Store $ 9,650,594 $ 9,697,889 Non-Same Store and Other 1,422,046 1,370,721 Corporate 279,671 172,555 Total assets $ 11,352,311 $ 11,241,165

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Properties State Property Community shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2025 Property	Dec. 31, 2024 Property	Dec. 31, 2023 Property	Dec. 31, 2022 USD ($) shares
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	116,600,756	115,337,466
Number of Real Estate Properties | Community	290
Development and capital improvements in progress	$ 391,439					$ 332,035
Number of States in which Entity Operates | State	16
Consolidated assets	$ 11,352,311					11,241,165
Consolidated liabilities	4,961,725					5,030,746
Real Estate Investments, Joint Ventures	$ 44,000
Percentage Of Rental Revenue From Leasing Of Apartment Homes	94%
Percentage Of Reimbursable Revenue From Leasing Of Apartment Homes	5%
Percentage of Rental Revenue and Other Income From Non-leasing Activities	1%
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities
Operating Lease, Right-of-Use Asset	$ 44,000					44,600
Right-of-use Lease, Liability	28,290					28,700
Marketable equity securities	14,900					8,000
Investment Income, Investment Expense	$ 900	$ 1,500
Operating lease weighted average remaining lease term	33 years
Operating lease weighted average discount rate	4.50%
Limited Partnership [Member]
Real Estate Properties [Line Items]
Investment Income, Investment Expense	$ 100	8,700
Other Assets [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	30,100					$ 36,700
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	$ 42,300
Maximum [Member] | Accounting Standards Update 2016-02 [Member]
Real Estate Properties [Line Items]
Operating lease, term of contract	1 year
Development Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Community	6
Number of units under development community | Properties	2,310
Development Properties [Member] | Expected Costs
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 731,500
Development Properties [Member] | Scenario Forecast [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			2	2	2
Retail
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	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	97.40%	97.30%
Limited Partnership [Member]
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	116,600,756					115,480,336
Number of Real Estate Properties | Property	1
Development and capital improvements in progress	$ 391,439					$ 332,035
Consolidated assets	11,352,311					11,241,165
Consolidated liabilities	4,961,744					5,030,765
Limited Partnership [Member] | Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
Real Estate Properties [Line Items]
Consolidated assets	300,100					279,600
Consolidated liabilities	$ 22,300					$ 14,500
Limited Partnership [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80%
Limited Partnership [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100%
Limited Partnership [Member] | Development Properties [Member] | Costs Incurred To Date
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 342,600

Earnings Per Common Share of _3

Earnings Per Common Share of MAA - Schedule of Computation of Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Disclosure [Line Items]
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 139,574	$ 113,577
Income from continuing operations attributable to noncontrolling interests		(3,664)	(2,775)
Income from continuing operations allocated to unvested restricted shares		(60)	(79)
Dividends to MAA Series I preferred shareholders		(922)	(922)
Income from continuing operations available for common shareholders, adjusted		$ 134,928	$ 109,801
Weighted average common shares - basic		116,182	115,259
Earnings per common share - basic		$ 1.16	$ 0.95
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 139,574	$ 113,577
Income from continuing operations attributable to noncontrolling interests	[1]	(3,664)	(2,775)
Net income available for MAA common shareholders, adjusted		$ 134,988	$ 109,880
Effect of dilutive securities		220	459
Weighted average common shares - diluted		116,402	115,718
Earnings per common share - diluted		$ 1.16	$ 0.95
Limited Partnership Units [Member]
Earnings Per Share Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		3,200	3,200
[1] For the three months ended March 31, 2023 and 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.

Earnings Per OP Unit of MAALP -

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
	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Earnings Per Share Disclosure [Line Items]
Net income	$ 139,574		$ 113,577
Net loss attributable to noncontrolling interests	(3,664)		(2,775)
Distributions to MAALP Series I preferred unitholders	(922)		(922)
Income from continuing operations available for common shareholders, adjusted	134,928		109,801
Net income available for MAA common shareholders, adjusted	$ 134,988		$ 109,880
Effect of dilutive securities	220		459
Weighted average common shares - diluted	116,402		115,718
Limited Partnership [Member]
Earnings Per Share Disclosure [Line Items]
Net income	$ 139,574		$ 113,577
Net loss attributable to noncontrolling interests	0	$ 0	293
Income from continuing operations allocated to unvested restricted shares	(60)		(79)
Distributions to MAALP Series I preferred unitholders	(922)		(922)
Net income available for MAALP common unitholders, adjusted	$ 138,592		$ 112,869
Weighted average common units - basic	119,340		118,462
Earnings per common unit - basic	$ 1.16		$ 0.95
Net income available for MAALP common unitholders, adjusted	$ 138,652		$ 112,948
Effect of dilutive securities	220		459
Weighted average common shares - diluted	119,560		118,921
Earnings per common unit - diluted	$ 1.16		$ 0.95

MAA Equity - Summary of Changes

MAA Equity - Summary of Changes in Total Equity and its Components (Details) - Mid America Apartment Communities Inc. Shareholders Equity [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 6,189,748	$ 6,153,907
Net Income Including Portion Attributable to Noncontrolling Interest	139,574	113,577
Other comprehensive income - derivative instruments	278	279
Issuance and registration of common shares	203,897	21
Shares repurchased and retired	(1,920)	(3,162)
Exercise of stock options		28
Shares issued in exchange for redeemable stock	581
Redeemable stock fair market value adjustment	793	2,533
Amortization of unearned compensation	6,379	6,928
Dividends, Preferred Stock, Cash	(922)	(922)
Dividends on common stock	(163,252)	(125,433)
Dividends on noncontrolling interest units	(4,416)	(3,479)
Acquisition of noncontrolling interest		(43,070)
Distribution to noncontrolling interest	256
Contribution from noncontrolling interest		2,155
Ending Balance	6,370,996	6,103,362
Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9	9
Ending Balance	9	9
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,152	1,151
Issuance and registration of common shares	11
Shares issued in exchange for redeemable stock	4
Ending Balance	1,167	1,151
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,202,834	7,230,956
Issuance and registration of common shares	203,886	21
Shares repurchased and retired	(1,920)	(3,162)
Exercise of stock options		28
Shares issued in exchange for common units	479	193
Shares issued in exchange for redeemable stock	577
Adjustment for noncontrolling interests in Operating Partnership	(3,928)	953
Amortization of unearned compensation	6,379	6,928
Acquisition of noncontrolling interest		(37,443)
Ending Balance	7,408,307	7,198,474
Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(1,188,854)	(1,255,807)
Net income attributable to MAA	135,910	110,802
Redeemable stock fair market value adjustment	793	2,533
Dividends, Preferred Stock, Cash	(922)	(922)
Dividends on common stock	(163,252)	(125,433)
Ending Balance	(1,216,325)	(1,268,827)
Accumulated Other Comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(10,052)	(11,132)
Other comprehensive income - derivative instruments	261	272
Ending Balance	(9,791)	(10,860)
Noncontrolling Interests - Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	163,595	165,116
Net Income Attributable to Noncontrolling Interest	3,664	3,068
Other comprehensive income - derivative instruments	17	7
Shares issued in exchange for common units	(479)	(193)
Adjustment for noncontrolling interests in Operating Partnership	3,928	(953)
Dividends on noncontrolling interest units	(4,416)	(3,479)
Ending Balance	166,309	163,566
Noncontrolling Interests - Consolidated Real Estate Entities [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	21,064	23,614
Net Income Attributable to Noncontrolling Interest		(293)
Acquisition of noncontrolling interest		(5,627)
Distribution to noncontrolling interest	256
Contribution from noncontrolling interest		2,155
Ending Balance	$ 21,320	$ 19,849

MAA Equity - Summary of Chang_2

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
	Mar. 31, 2023	Mar. 31, 2022
Equity [Line Items]
Dividends on common stock, per share	$ 1.4000	$ 1.0875
Dividends on noncontrolling interests, per unit	$ 1.4000	$ 1.0875

MAALP Capital - Summary of Chan

MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - M A A L P - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	$ 6,189,729	$ 6,153,888
Net Income Available for Common Unitholders	139,574	113,577
Other comprehensive income - derivative instruments	278	279
Issuance of units	203,897	21
Units repurchased and retired	(1,920)	(3,162)
Exercise of stock options		28
Units issued in exchange for redeemable stock	581
Redeemable stock fair market value adjustment	793	2,533
Amortization of unearned compensation	6,379	6,928
Dividends, Preferred Stock, Cash	(922)	(922)
Distributions	(167,668)	(128,912)
Distribution from noncontrolling interest	256
Acquisition of noncontrolling interest		(43,070)
Contribution from noncontrolling interest		2,155
Ending Balance	6,370,977	6,103,343
Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	163,595	165,116
Net income (loss)		3,068
Net Income Allocated to General Partners	3,664
General partnership units issued in exchange for limited partnership units	(479)	(193)
Adjustment for limited partners’ capital at redemption value	3,945	(946)
Distributions	(4,416)	(3,479)
Ending Balance	166,309	163,566
General Partners' Capital Account [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	5,948,498	5,909,700
Net income (loss)	134,988
Net Income Allocated to General Partners		109,880
Issuance of units	203,897	21
Units repurchased and retired	(1,920)	(3,162)
Exercise of stock options		28
General partnership units issued in exchange for limited partnership units	479	193
Units issued in exchange for redeemable stock	581
Redeemable stock fair market value adjustment	793	2,533
Adjustment for limited partners’ capital at redemption value	(3,945)	946
Amortization of unearned compensation	6,379	6,928
Distributions	(163,252)	(125,433)
Acquisition of noncontrolling interest		(37,443)
Ending Balance	6,126,498	5,864,191
Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	66,840	66,840
Net income (loss)	922	922
Dividends, Preferred Stock, Cash	(922)	(922)
Ending Balance	66,840	66,840
AOCI Attributable to Noncontrolling Interest [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	(10,268)	(11,382)
Other comprehensive income - derivative instruments	278	279
Ending Balance	(9,990)	(11,103)
Noncontrolling Interests-Consolidated Real Estate Entities [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	21,064	23,614
Net income (loss)		(293)
Distribution from noncontrolling interest	256
Acquisition of noncontrolling interest		(5,627)
Contribution from noncontrolling interest		2,155
Ending Balance	$ 21,320	$ 19,849

MAALP Capital - Summary of Ch_2

MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
M A A L P | Limited Partner [Member]
Capital Disclosure [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 1.4000	$ 1.0875

Borrowings - Summary of Outstan

Borrowings - Summary of Outstanding Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,395,650
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Contract Maturity	Nov. 04, 2048
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,032,000
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 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	$ (18,000)
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	363,650
Debt issuance costs	$ (3,142)
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	$ 366,792
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Contract Maturity	Dec. 31, 2048

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Unsecured debt	$ 4,032,000,000	$ 4,050,910,000
Long-Term Debt, Maturity, Year One	$ 352,000,000
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date	Nov. 04, 2048
Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Payment Terms	397
Debt Instrument, Unused Borrowing Capacity, Amount	$ 8,200,000
Maximum [Member] | Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 625,000,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date	May 14, 2029
Debt Instrument, Face Amount	$ 4,050,000,000
Debt Instrument, Interest Rate, Effective Percentage	3.40%
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
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
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	$ 366,792,000
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Secured Debt [Member] | Unsecured Senior Notes Due October 2023 [Member]
Debt Instrument [Line Items]
Unsecured debt	$ 350,000,000
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%

Financial Instruments and Der_3

Financial Instruments and Derivatives - Additional Information (Details) - USD ($)		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Preferred Stock, Redemption Price Per Share	[1]	$ 50
Preferred Stock, Redemption Date		Oct. 01, 2026
Variable Rate Commercial Paper Program [Member]
Derivative [Line Items]
DebtinstrumentsCarryingValueDisclosure			$ 20,000,000
Variable Rate Commercial Paper Program			20,000,000
Variable Rate Commercial Paper Program [Member] | Maximum [Member]
Derivative [Line Items]
Debt Renewal Period		30 days
Designated as Hedging Instrument
Derivative [Line Items]
Realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments		$ 10,000,000
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		1,600,000
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset		17,800,000	13,400,000
Fixed Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		4,400,000,000	4,400,000,000
Notes Payable, Fair Value Disclosure		4,000,000,000	$ 3,900,000,000
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.

Financial Instruments and Der_4

Financial Instruments and Derivatives - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 4,435	$ 11,896
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
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (278)	$ (279)
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)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 4,435	$ 11,896

Shareholders' Equity of MAA - A

Shareholders' Equity of MAA - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2023	Aug. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity [Line Items]
Common stock, shares outstanding			116,600,756	115,337,466	115,480,336
Total common shares and operating partnership units outstanding			119,756,455	118,539,843
Settled share amount	$ 1.1
Forward price per share	$ 185.23
Net proceeds	$ 203.7
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
At The Market Offering [Member]
Equity [Line Items]
Common stock shares sold			0	0
Remaining common stock to be issued			4,000,000
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
Noncontrolling Interest [Member]
Equity [Line Items]
Common Shares Issuable Upon Conversion Of Convertible Stock			3,155,699	3,202,377

Shareholders' Equity of MAA - S

Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares		3 Months Ended		12 Months Ended
		Mar. 31, 2023		Dec. 31, 2022
Equity [Line Items]
Preferred Stock, Shares Outstanding		867,846		867,846
Preferred Stock, Liquidation Preference Per Share		$ 50	[1]	$ 50
Preferred Stock, Redemption Date		Oct. 01, 2026
Preferred Stock, Redemption Price Per Share	[2]	$ 50
Preferred Stock, Dividend Rate, Percentage		8.50%		8.50%
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 4.25
Redeemable Preferred Stock [Member]
Equity [Line Items]
Preferred Stock, Shares Outstanding		867,846
[1] The total liquidation preference for the outstanding preferred stock is $ 43.4 million . The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

Shareholders' Equity of MAA -_2

Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Parenthetical) (Details) $ in Millions	Mar. 31, 2023 USD ($)
M A A Equity [Abstract]
Preferred Stock, Liquidation Preference, Value	$ 43.4

Partners' Capital of MAALP - Ad

Partners' Capital of MAALP - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule Of Capital Structure [Line Items]
Operating partnership units outstanding		119,756,455	118,539,843
General Partners' Capital Account, Units Outstanding		116,600,756	115,337,466
Limited Partners' Capital Account, Units Outstanding		3,155,699	3,202,377
Preferred Stock, Shares Outstanding		867,846		867,846
Settled share amount	$ 1.1
Net proceeds	$ 203.7
General partners capital account units issued	1,100,000
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		3,155,699	3,202,377
Limited Partners' Capital Account		$ 476.6	$ 670.7
Redeemable Capital Shares Par Or Stated Value Per Share		$ 151.04	$ 209.45
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		97.40%	97.30%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Operating lease weighted average remaining lease term	33 years
Operating lease weighted average discount rate	4.50%
Loss contingency accrual	$ 9.8	$ 10
Apartment Communities [Member]
Loss Contingencies [Line Items]
Lease expiration year	2074
Office Lease [Member]
Loss Contingencies [Line Items]
Lease expiration year	2028

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Right of Use Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loss Contingency [Abstract]
Right-of-use Leases, Future Minimum Payments Due, Next Twelve Months	$ 2,162
Right-of-use Leases, Future Minimum Payments, Due in Two Years	2,862
Right-of-use Leases, Future Minimum Payments, Due in Three Years	2,872
Right-of-use Leases, Future Minimum Payments, Due in Four Years	2,920
Right-of-use Leases, Future Minimum Payments, Due in Five Years	2,969
Right-of-use Leases, Future Minimum Payments, Due Thereafter	57,024
Right-of-use Leases, Future Minimum Payments Due	70,809
Net present value adjustments	(42,519)
Right-of-use Lease, Liability	$ 28,290	$ 28,700
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 State Community Segment
Segment Reporting Information [Line Items]
Number of owned or owned interests of apartment communities | Community	290
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%
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

Segment Information - Revenues

Segment Information - Revenues and NOI for Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Information
Total operating revenues	$ 529,033	$ 476,078
Net Operating Income	346,230	306,658
Depreciation and amortization	(138,501)	(133,738)
Property management expenses	(17,928)	(16,537)
General and administrative expenses	(15,923)	(16,323)
Interest expense	(37,281)	(39,121)
Gain (loss) on sale of depreciable real estate assets	15	(1)
Gain on sale of non-depreciable real estate assets	54	23
Other non-operating (expense) income	3,467	10,795
Income tax (expense) benefit	(944)	1,442
Gain (loss) from real estate joint ventures	385	379
Net loss attributable to noncontrolling interests	(3,664)	(2,775)
Distributions to MAALP Series I preferred unitholders	(922)	(922)
Net income available for MAA common shareholders	134,988	109,880
Same Store [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	497,250	447,599
Other operating income expense net	2,760	2,724
Total operating revenues	500,010	450,323
Net Operating Income	328,940	292,436
Non-Same Store and Other [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	28,843	25,516
Other operating income expense net	180	239
Total operating revenues	29,023	25,755
Net Operating Income	$ 17,290	$ 14,222

Segment Information - Assets fo

Segment Information - Assets for Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 11,352,311	$ 11,241,165
Same Store [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,650,594	9,697,889
Non-Same Store and Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,422,046	1,370,721
Corporate Assets [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 279,671	$ 172,555

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) a
Orlando
Business Acquisition [Line Items]
Acquisition cost | $	$ 12
Orlando | Land
Business Acquisition [Line Items]
Area of land | a	6
Gulf Shores
Business Acquisition [Line Items]
Gross proceeds from disposition | $	$ 3
Gulf Shores | Land
Business Acquisition [Line Items]
Area of land | a	21

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions - Schedule of Real Estate Asset Acquisitions and Dispositions (Details)	Mar. 31, 2023 a
Orlando F L [Member] | Land
Acquisitionsand Disposals [Line Items]
Area of land	6