Mid-America Apartments 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		116,876,199
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	MAAI
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		Jun. 30, 2024	Dec. 31, 2023
Assets
Land		$ 2,050,760	$ 2,031,403
Buildings and improvements and other		13,846,434	13,515,949
Development and capital improvements in progress		391,366	385,405
Real Estate Investment Property, at Cost		16,288,560	15,932,757
Less: Accumulated depreciation		(5,149,781)	(4,864,690)
Real Estate Investment Property, Net		11,138,779	11,068,067
Undeveloped land		73,861	73,861
Investment in real estate joint venture		41,753	41,977
Real estate assets, net		11,254,393	11,183,905
Cash and cash equivalents		62,831	41,314
Restricted cash		13,669	13,777
Other assets		231,974	245,507
Total assets		11,562,867	11,484,503
Liabilities:
Unsecured notes payable		4,340,660	4,180,084
Secured notes payable		360,204	360,141
Accrued expenses and other liabilities		655,984	645,156
Total liabilities		5,356,848	5,185,381
Redeemable common stock		19,787	19,167
Shareholders' equity:
Preferred stock, value, outstanding		9	9
Common stock, value, outstanding	[1]	1,166	1,168
Additional paid-in capital		7,409,258	7,399,921
Accumulated distributions in excess of net income		(1,398,993)	(1,298,263)
Accumulated other comprehensive loss		(7,775)	(8,764)
Total MAA shareholders' equity		6,003,665	6,094,071
Noncontrolling interests - Operating Partnership units		157,905	163,128
Total Company’s shareholders’ equity		6,161,570	6,257,199
Noncontrolling interests - consolidated real estate entities		24,662	22,756
Operating Partnership capital:
Accumulated other comprehensive loss		(7,775)	(8,764)
Noncontrolling interests - consolidated real estate entities		24,662	22,756
Total equity		6,186,232	6,279,955
Total liabilities and equity		11,562,867	11,484,503
Limited Partnership [Member]
Assets
Land		2,050,760	2,031,403
Buildings and improvements and other		13,846,434	13,515,949
Development and capital improvements in progress		391,366	385,405
Real Estate Investment Property, at Cost		16,288,560	15,932,757
Less: Accumulated depreciation		(5,149,781)	(4,864,690)
Real Estate Investment Property, Net		11,138,779	11,068,067
Undeveloped land		73,861	73,861
Investment in real estate joint venture		41,753	41,977
Real estate assets, net		11,254,393	11,183,905
Cash and cash equivalents		62,831	41,314
Restricted cash		13,669	13,777
Other assets		231,974	245,507
Total assets		11,562,867	11,484,503
Liabilities:
Unsecured notes payable		4,340,660	4,180,084
Secured notes payable		360,204	360,141
Accrued expenses and other liabilities		655,984	645,156
Total liabilities		5,356,867	5,185,400
Redeemable common stock		19,787	19,167
Shareholders' equity:
Accumulated other comprehensive loss		(7,922)	(8,942)
Total Company’s shareholders’ equity		6,161,551	6,257,180
Noncontrolling interests - consolidated real estate entities		24,662	22,756
Operating Partnership capital:
Preferred Units, Preferred Partners' Capital Accounts		66,840	66,840
General Partners' Capital Account	[2]	5,944,728	6,036,154
Limited Partners' Capital Account	[2]	157,905	163,128
Accumulated other comprehensive loss		(7,922)	(8,942)
Noncontrolling interests - consolidated real estate entities		24,662	22,756
Total equity		6,186,213	6,279,936
Total liabilities and equity		11,562,867	11,484,503
Limited Partnership [Member] | Related Party [Member]
Liabilities:
Due to general partner		$ 19	$ 19
[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 June 30, 2024 and December 31, 2023 are 138,746 and 142,546 , 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 June 30, 2024 and December 31, 2023 are 138,746 and 142,546 , respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024		Dec. 31, 2023
Common stock, par value per share	$ 0.01		$ 0.01
Common stock, shares authorized	145,000,000		145,000,000
Common stock, shares issued	116,858,044		116,694,124
Common stock, shares outstanding	116,858,044		116,694,124
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	138,746		142,546
General Partners' Capital Account, Units Outstanding	116,858,044
Limited Partners' Capital Account, Units Outstanding	3,093,707
Limited Partnership [Member]
Preferred Stock, Dividend Rate, Percentage	8.50%		8.50%
Preferred Units, Outstanding	867,846		867,846
Redeemable stock, shares issued and outstanding	138,746		142,546
General Partners' Capital Account, Units Outstanding	116,858,044		116,694,124
Limited Partners' Capital Account, Units Outstanding	3,093,707		3,143,972
[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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental and other property revenues	$ 546,435	$ 535,146	$ 1,090,057	$ 1,064,179
Expenses:
Operating expenses, excluding real estate taxes and insurance	126,213	116,604	244,412	225,208
Real estate taxes and insurance	79,583	77,729	159,186	151,928
Depreciation and amortization	145,022	138,972	288,042	277,473
Total property operating expenses	350,818	333,305	691,640	654,609
Property management expenses	17,201	16,091	37,196	34,019
General and administrative expenses	12,671	13,882	29,716	29,805
Interest expense	41,265	36,723	81,626	74,004
Loss (gain) on sale of depreciable real estate assets	23	1	25	(14)
Gain on sale of non-depreciable real estate assets	0	0	0	(54)
Other non-operating expense (income)	19,244	(16,992)	(4,282)	(20,459)
Income before income tax expense	105,213	152,136	254,136	292,269
Income tax expense	(1,020)	(2,861)	(2,815)	(3,805)
Income from continuing operations before real estate joint venture activity	104,193	149,275	251,321	288,464
Income from real estate joint venture	469	382	951	767
Net income	104,662	149,657	252,272	289,231
Net income attributable to noncontrolling interests	2,709	3,969	6,570	7,633
Net income	101,953	145,688	245,702	281,598
Dividends to MAA Series I preferred shareholders	922	922	1,844	1,844
Net income available for MAA common shareholders	$ 101,031	$ 144,766	$ 243,858	$ 279,754
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 0.86	$ 1.24	$ 2.09	$ 2.4
Earnings per common share - diluted:
Net income available for MAA common shareholders	$ 0.86	$ 1.24	$ 2.09	$ 2.4
Limited Partnership [Member]
Revenues:
Rental and other property revenues	$ 546,435	$ 535,146	$ 1,090,057	$ 1,064,179
Expenses:
Operating expenses, excluding real estate taxes and insurance	126,213	116,604	244,412	225,208
Real estate taxes and insurance	79,583	77,729	159,186	151,928
Depreciation and amortization	145,022	138,972	288,042	277,473
Total property operating expenses	350,818	333,305	691,640	654,609
Property management expenses	17,201	16,091	37,196	34,019
General and administrative expenses	12,671	13,882	29,716	29,805
Interest expense	41,265	36,723	81,626	74,004
Loss (gain) on sale of depreciable real estate assets	23	1	25	(14)
Gain on sale of non-depreciable real estate assets	0	0	0	(54)
Other non-operating expense (income)	19,244	(16,992)	(4,282)	(20,459)
Income before income tax expense	105,213	152,136	254,136	292,269
Income tax expense	(1,020)	(2,861)	(2,815)	(3,805)
Income from continuing operations before real estate joint venture activity	104,193	149,275	251,321	288,464
Income from real estate joint venture	469	382	951	767
Net income	104,662	149,657	252,272	289,231
Net income	104,662	149,657	252,272	289,231
Dividends to MAA Series I preferred shareholders	922	922	1,844	1,844
Net income available for MAA common shareholders	$ 103,740	$ 148,735	$ 250,428	$ 287,387
Earnings per common share - basic:
Net income available for MAALP common unitholders	$ 0.86	$ 1.24	$ 2.09	$ 2.4
Earnings per common share - diluted:
Net income available for MAALP common unitholders	$ 0.86	$ 1.24	$ 2.09	$ 2.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 104,662	$ 149,657	$ 252,272	$ 289,231
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	503	278	1,020	556
Total comprehensive income	105,165	149,935	253,292	289,787
Comprehensive income attributable to noncontrolling interests	(2,724)	(3,970)	(6,601)	(7,651)
Comprehensive income attributable to MAA	102,441	145,965	246,691	282,136
Limited Partnership [Member]
Net income	104,662	149,657	252,272	289,231
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	503	278	1,020	556
Comprehensive income attributable to MAA	$ 105,165	$ 149,935	$ 253,292	$ 289,787

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 252,272	$ 289,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	288,435	277,934
Loss (gain) on sale of depreciable real estate assets	25	(14)
Gain on sale of non-depreciable real estate assets	0	(54)
Gain on embedded derivative in preferred shares	(3,806)	(9,387)
Stock compensation expense	9,273	8,753
Amortization of debt issuance costs, discounts and premiums	3,055	3,036
Gain on investments	(4,314)	(7,292)
Net change in operating accounts and other operating activities	4,687	(8,124)
Net cash provided by operating activities	549,627	554,083
Cash flows from investing activities:
Purchases of real estate and other assets	(91,846)	(12,450)
Capital improvements and other	(141,775)	(174,343)
Development costs	(111,108)	(104,118)
Distributions from real estate joint venture	224	0
Contributions to affiliates	(1,124)	(5,630)
Proceeds from sale of marketable equity securities	6,729	0
Proceeds from real estate asset dispositions	0	3,024
Net proceeds from insurance recoveries	9,072	696
Net cash used in investing activities	(329,828)	(292,821)
Cash flows from financing activities:
Net payments of commercial paper	(179,000)	(20,000)
Proceeds from notes payable	744,551	0
Principal payments on notes payable	(400,000)	(730)
Payment of deferred financing costs	(7,150)	0
Distributions to noncontrolling interests	(9,191)	(8,848)
Dividends paid on common shares	(343,304)	(325,006)
Dividends paid on preferred shares	(1,844)	(1,844)
Proceeds from issuances of common shares	616	204,391
Net change in other financing activities	(3,068)	(6,571)
Net cash used in financing activities	(198,390)	(158,608)
Net increase in cash, cash equivalents and restricted cash	21,409	102,654
Cash, cash equivalents and restricted cash, beginning of period	55,091	61,071
Cash, cash equivalents and restricted cash, end of period	76,500	163,725
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	62,831	150,155
Restricted cash	13,669	13,570
Total cash, cash equivalents and restricted cash	76,500	163,725
Supplemental disclosure of cash flow information:
Interest paid	74,766	76,302
Income taxes paid	3,181	3,321
Supplemental disclosure of noncash investing and financing activities:
Distribution on common units declared and accrued	176,329	167,764
Accrued construction in progress	35,993	39,144
Interest capitalized	7,140	5,883
Conversion of OP Units to shares of common stock	2,603	531
Limited Partnership [Member]
Cash flows from operating activities:
Net income	252,272	289,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	288,435	277,934
Loss (gain) on sale of depreciable real estate assets	25	(14)
Gain on sale of non-depreciable real estate assets	0	(54)
Gain on embedded derivative in preferred shares	(3,806)	(9,387)
Stock compensation expense	9,273	8,753
Amortization of debt issuance costs, discounts and premiums	3,055	3,036
Gain on investments	(4,314)	(7,292)
Net change in operating accounts and other operating activities	4,687	(8,124)
Net cash provided by operating activities	549,627	554,083
Cash flows from investing activities:
Purchases of real estate and other assets	(91,846)	(12,450)
Capital improvements and other	(141,775)	(174,343)
Development costs	(111,108)	(104,118)
Distributions from real estate joint venture	224	0
Contributions to affiliates	(1,124)	(5,630)
Proceeds from sale of marketable equity securities	6,729	0
Proceeds from real estate asset dispositions	0	3,024
Net proceeds from insurance recoveries	9,072	696
Net cash used in investing activities	(329,828)	(292,821)
Cash flows from financing activities:
Net payments of commercial paper	(179,000)	(20,000)
Proceeds from notes payable	744,551	0
Principal payments on notes payable	(400,000)	(730)
Payment of deferred financing costs	(7,150)	0
Dividends paid on common shares	(352,495)	(333,854)
Dividends paid on preferred shares	(1,844)	(1,844)
Proceeds from issuances of common shares	616	204,391
Net change in other financing activities	(3,068)	(6,571)
Net cash used in financing activities	(198,390)	(158,608)
Net increase in cash, cash equivalents and restricted cash	21,409	102,654
Cash, cash equivalents and restricted cash, beginning of period	55,091	61,071
Cash, cash equivalents and restricted cash, end of period	76,500	163,725
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	62,831	150,155
Restricted cash	13,669	13,570
Total cash, cash equivalents and restricted cash	76,500	163,725
Supplemental disclosure of cash flow information:
Interest paid	74,766	76,302
Income taxes paid	3,181	3,321
Supplemental disclosure of noncash investing and financing activities:
Distribution on common units declared and accrued	176,329	167,764
Accrued construction in progress	35,993	39,144
Interest capitalized	$ 7,140	$ 5,883

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 101,953	$ 145,688	$ 245,702	$ 281,598

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, MAA owned 116,858,044 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 June 30, 2024, the Company owned and operated 291 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 June 30, 2024, the Company also had seven development communities under construction, totaling 2,617 apartment units once complete, and development costs of $ 537.9 million had been incurred through June 30, 2024 with respect to those development communities. The Company expects to complete three developments in 2024, two developments in 2025 and two developments in 2026. As of June 30, 2024, 35 of the Company’s apartment communities included retail components. The Company’s apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of June 30, 2024. 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. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE’s economic performance and which party controls such activities. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights, and the Company has concluded it is the primary beneficiary of MAALP. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to 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 June 30, 2024, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details. The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of June 30, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 332.7 million , and consolidated liabilities were $ 13.9 million , net of eliminations. As of December 31, 2023, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 265.1 million , and consolidated liabilities were $ 12.9 million , net of eliminations. Investments in Unconsolidated Affiliates The Company uses the equity method to account for its investments in a real estate joint venture and six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $ 41.8 million and $ 42.0 million as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, the Company’s investments in the limited partnerships were $ 55.8 million and $ 46.5 million , respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended June 30, 2024 and 2023, the Company recognized $ 0.3 million and $ 0.8 million of income, respectively, from its investments in the limited partnerships. During the six months ended June 30, 2024 and 2023, the Company recognized $ 8.5 million and $ 0.7 million of income, respectively, from its investments in the limited partnerships. As of June 30, 2024, the Company was committed to make additional capital contributions totaling $ 32.4 million if and when called by the general partners of the limited partnerships. Marketable Equity Securities Two of the technology-focused limited partnerships that are accounted for as investments in unconsolidated affiliates have distributed publicly traded marketable equity securities to the Company and the other limited partners. During the six months ended June 30, 2024 , the Company did no t receive any marketable equity securities. During the six months ended June 30, 2023 , the Company received marketable equity securities totaling $ 7.7 million. 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 realized and unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, the Company’s investment in the marketable equity securities was $ 7.7 million and $ 18.6 million, respectively . During the three months ended June 30, 2024 , the Company sold a portion of the marketable securities for net proceeds of $ 6.7 million and a net realized gain on sale of $ 5.6 million. In addition, during the three months ended June 30, 2024 and 2023 , the Company recognized $ 1.2 million of expense and $ 7.5 million of income, respectively, from its investment in marketable equity securities. During the six months ended June 30, 2024 and 2023 , the Company recognized $ 4.2 million of expense and $ 6.6 million of income, 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 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of June 30, 2024 and December 31, 2023 , right-of-use assets recorded within “Other assets” totaled $ 41.3 million and $ 42.5 million , respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $ 26.5 million and $ 27.3 million , respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended June 30, 2024 and 2023 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the six months ended June 30, 2024 and 2023 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 acquired real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 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	6 Months Ended
	Jun. 30, 2024
Earnings Per Common Share Of M A A [Abstract]
Earnings per Common Share of MAA	2. Earnings per Common Share of MAA Basic earnings per share is computed using the two-class method by dividing net income available to MAA common shareholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when the units are dilutive to earnings per share. For the three and six months ended June 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, and for the three and six months ended June 30, 2023, 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Calculation of Earnings per common share - basic Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Net income attributable to noncontrolling interests ( 2,709 ) ( 3,969 ) ( 6,570 ) ( 7,633 ) Unvested restricted shares (allocation of earnings) ( 47 ) ( 58 ) ( 111 ) ( 118 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAA common shareholders, adjusted $ 100,984 $ 144,708 $ 243,747 $ 279,636 Weighted average common shares - basic 116,783 116,621 116,727 116,401 Earnings per common share - basic $ 0.86 $ 1.24 $ 2.09 $ 2.40 Calculation of Earnings per common share - diluted Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Net income attributable to noncontrolling interests (1) ( 2,709 ) ( 3,969 ) ( 6,570 ) ( 7,633 ) Unvested restricted shares (allocation of earnings) ( 47 ) — ( 111 ) — Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAA common shareholders, adjusted $ 100,984 $ 144,766 $ 243,747 $ 279,754 Weighted average common shares - basic 116,783 116,621 116,727 116,401 Effect of dilutive securities — 104 — 157 Weighted average common shares - diluted 116,783 116,725 116,727 116,558 Earnings per common share - diluted $ 0.86 $ 1.24 $ 2.09 $ 2.40 (1) For the three and six months ended June 30, 2024 and 2023 , 3.1 million OP Units and 3.2 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

Earnings Per OP Unit of MAALP

Earnings Per OP Unit of MAALP	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per OP Unit of MAALP	3. Earnings per OP Unit of MAALP Basic earnings per common unit is computed using the two-class method by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods. For the three and six months ended June 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the three and six months ended June 30, 2023, 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Calculation of Earnings per common unit - basic Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Unvested restricted units (allocation of earnings) ( 47 ) ( 58 ) ( 111 ) ( 118 ) Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAALP common unitholders, adjusted $ 103,693 $ 148,677 $ 250,317 $ 287,269 Weighted average common units - basic 119,888 119,776 119,848 119,558 Earnings per common unit - basic $ 0.86 $ 1.24 $ 2.09 $ 2.40 Calculation of Earnings per common unit - diluted Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Unvested restricted units (allocation of earnings) ( 47 ) — ( 111 ) — Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAALP common unitholders, adjusted $ 103,693 $ 148,735 $ 250,317 $ 287,387 Weighted average common units - basic 119,888 119,776 119,848 119,558 Effect of dilutive securities — 104 — 157 Weighted average common units - diluted 119,888 119,880 119,848 119,715 Earnings per common unit - diluted $ 0.86 $ 1.24 $ 2.09 $ 2.40

MAA Equity

MAA Equity	6 Months Ended
	Jun. 30, 2024
M A A Equity [Abstract]
MAA Equity	4. MAA Equity Changes in MAA’s total equity and its components for the three months ended June 30, 2024 and 2023 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE MARCH 31, 2024 $ 9 $ 1,168 $ 7,406,189 $ ( 1,326,654 ) $ ( 8,263 ) $ 161,909 $ 23,032 $ 6,257,390 Net income — — — 101,953 — 2,709 — 104,662 Other comprehensive income - derivative — — — — 488 15 — 503 Issuance and registration of common shares — 2 ( 892 ) — — — — ( 890 ) Shares repurchased and retired — ( 1 ) ( 4,131 ) — — — — ( 4,132 ) Shares issued in exchange for common units — 1 2,008 — — ( 2,009 ) — — Shares issued in exchange for redeemable stock — ( 4 ) 2,073 — — — — 2,069 Redeemable stock fair market value — — — ( 1,445 ) — — — ( 1,445 ) Adjustment for noncontrolling interests in — — 206 — — ( 206 ) — — Amortization of unearned compensation — — 3,805 — — — — 3,805 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.4700 per — — — ( 171,925 ) — — — ( 171,925 ) Distributions on noncontrolling interests units 1.4700 per unit) — — — — — ( 4,513 ) — ( 4,513 ) Contribution from noncontrolling interest — — — — — — 1,630 1,630 EQUITY BALANCE JUNE 30, 2024 $ 9 $ 1,166 $ 7,409,258 $ ( 1,398,993 ) $ ( 7,775 ) $ 157,905 $ 24,662 $ 6,186,232 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE MARCH 31, 2023 $ 9 $ 1,167 $ 7,408,307 $ ( 1,216,325 ) $ ( 9,791 ) $ 166,309 $ 21,320 $ 6,370,996 Net income — — — 145,688 — 3,969 — 149,657 Other comprehensive income - derivative — — — — 277 1 — 278 Issuance and registration of common shares — 1 ( 842 ) — — — — ( 841 ) Shares repurchased and retired — — ( 5,920 ) — — — — ( 5,920 ) Shares issued in exchange for common units — — 52 — — ( 52 ) — — Redeemable stock fair market value — — — ( 129 ) — — — ( 129 ) Adjustment for noncontrolling interests in — — 183 — — ( 183 ) — — Amortization of unearned compensation — — 3,792 — — — — 3,792 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.4000 per — — — ( 163,430 ) — — — ( 163,430 ) Distributions on noncontrolling interests units 1.4000 per unit) — — — — — ( 4,418 ) — ( 4,418 ) Contribution from noncontrolling interest — — — — — — 1,009 1,009 EQUITY BALANCE JUNE 30, 2023 $ 9 $ 1,168 $ 7,405,572 $ ( 1,235,118 ) $ ( 9,514 ) $ 165,626 $ 22,329 $ 6,350,072 Changes in MAA’s total equity and its components for the six months ended June 30, 2024 and 2023 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, 2023 $ 9 $ 1,168 $ 7,399,921 $ ( 1,298,263 ) $ ( 8,764 ) $ 163,128 $ 22,756 $ 6,279,955 Net income — — — 245,702 — 6,570 — 252,272 Other comprehensive income - derivative — — — — 989 31 — 1,020 Issuance and registration of common shares — 2 ( 799 ) — — — — ( 797 ) Shares repurchased and retired — ( 1 ) ( 4,973 ) — — — — ( 4,974 ) Shares issued in exchange for common units — 1 2,602 — — ( 2,603 ) — — Shares issued in exchange for redeemable stock — ( 4 ) 2,073 — — — — 2,069 Redeemable stock fair market value — — — ( 1,043 ) — — — ( 1,043 ) Adjustment for noncontrolling interests in — — 104 — — ( 104 ) — — Amortization of unearned compensation — — 10,330 — — — — 10,330 Dividends on preferred stock — — — ( 1,844 ) — — — ( 1,844 ) Dividends on common stock ($ 2.9400 per — — — ( 343,545 ) — — — ( 343,545 ) Distributions on noncontrolling interests units 2.9400 per unit) — — — — — ( 9,117 ) — ( 9,117 ) Contribution from noncontrolling interest — — — — — — 1,906 1,906 EQUITY BALANCE JUNE 30, 2024 $ 9 $ 1,166 $ 7,409,258 $ ( 1,398,993 ) $ ( 7,775 ) $ 157,905 $ 24,662 $ 6,186,232 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 — — — 281,598 — 7,633 — 289,231 Other comprehensive income - derivative — — — — 538 18 — 556 Issuance and registration of common shares — 12 203,044 — — — — 203,056 Shares repurchased and retired — — ( 7,840 ) — — — — ( 7,840 ) Shares issued in exchange for common units — — 531 — — ( 531 ) — — Shares issued in exchange for redeemable stock — 4 577 — — — — 581 Redeemable stock fair market value adjustment — — — 664 — — — 664 Adjustment for noncontrolling interests in — — ( 3,745 ) — — 3,745 — — Amortization of unearned compensation — — 10,171 — — — — 10,171 Dividends on preferred stock — — — ( 1,844 ) — — — ( 1,844 ) Dividends on common stock ($ 2.8000 per — — — ( 326,682 ) — — — ( 326,682 ) Distributions on noncontrolling interests units 2.8000 per unit) — — — — — ( 8,834 ) — ( 8,834 ) Contribution from noncontrolling interest — — — — — — 1,265 1,265 EQUITY BALANCE JUNE 30, 2023 $ 9 $ 1,168 $ 7,405,572 $ ( 1,235,118 ) $ ( 9,514 ) $ 165,626 $ 22,329 $ 6,350,072

MAALP Capital

MAALP Capital	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and 2023 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE MARCH 31, 2024 $ 6,014,015 $ 161,909 $ 66,840 $ ( 8,425 ) $ 23,032 $ 6,257,371 Net income 101,031 2,709 922 — — 104,662 Other comprehensive income - derivative instruments — — — 503 — 503 Issuance of units ( 890 ) — — — — ( 890 ) Units repurchased and retired ( 4,132 ) — — — — ( 4,132 ) General partner units issued in exchange for limited 2,009 ( 2,009 ) — — — — Units issued in exchange for redeemable stock 2,069 — — — — 2,069 Redeemable units fair market value adjustment ( 1,445 ) — — — — ( 1,445 ) Adjustment for limited partners’ capital at redemption value 191 ( 191 ) — — — — Amortization of unearned compensation 3,805 — — — — 3,805 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.4700 per unit) ( 171,925 ) ( 4,513 ) — — — ( 176,438 ) Contribution from noncontrolling interest — — — — 1,630 1,630 CAPITAL BALANCE JUNE 30, 2024 $ 5,944,728 $ 157,905 $ 66,840 $ ( 7,922 ) $ 24,662 $ 6,186,213 Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE MARCH 31, 2023 $ 6,126,498 $ 166,309 $ 66,840 $ ( 9,990 ) $ 21,320 $ 6,370,977 Net income 144,766 3,969 922 — — 149,657 Other comprehensive income - derivative instruments — — — 278 — 278 Issuance of units ( 841 ) — — — — ( 841 ) Units repurchased and retired ( 5,920 ) — — — — ( 5,920 ) General partner units issued in exchange for limited 52 ( 52 ) — — — — Redeemable units fair market value adjustment ( 129 ) — — — — ( 129 ) Adjustment for limited partners’ capital at redemption value 182 ( 182 ) — — — — Amortization of unearned compensation 3,792 — — — — 3,792 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.4000 per unit) ( 163,430 ) ( 4,418 ) — — — ( 167,848 ) Contribution from noncontrolling interest — — — — 1,009 1,009 CAPITAL BALANCE JUNE 30, 2023 $ 6,104,970 $ 165,626 $ 66,840 $ ( 9,712 ) $ 22,329 $ 6,350,053 Changes in MAALP’s total capital and its components for the six months ended June 30, 2024 and 2023 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2023 $ 6,036,154 $ 163,128 $ 66,840 $ ( 8,942 ) $ 22,756 $ 6,279,936 Net income 243,858 6,570 1,844 — — 252,272 Other comprehensive income - derivative instruments — — — 1,020 — 1,020 Issuance of units ( 797 ) — — — — ( 797 ) Units repurchased and retired ( 4,974 ) — — — — ( 4,974 ) General partner units issued in exchange for limited 2,603 ( 2,603 ) — — — — Units issued in exchange for redeemable stock 2,069 — — — — 2,069 Redeemable units fair market value adjustment ( 1,043 ) — — — — ( 1,043 ) Adjustment for limited partners’ capital at redemption value 73 ( 73 ) — — — — Amortization of unearned compensation 10,330 — — — — 10,330 Distributions to preferred unitholders — — ( 1,844 ) — — ( 1,844 ) Distributions to common unitholders ($ 2.9400 per unit) ( 343,545 ) ( 9,117 ) — — — ( 352,662 ) Contribution from noncontrolling interest — — — — 1,906 1,906 CAPITAL BALANCE JUNE 30, 2024 $ 5,944,728 $ 157,905 $ 66,840 $ ( 7,922 ) $ 24,662 $ 6,186,213 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 279,754 7,633 1,844 — — 289,231 Other comprehensive income - derivative instruments — — — 556 — 556 Issuance of units 203,056 — — — — 203,056 Units repurchased and retired ( 7,840 ) — — — — ( 7,840 ) General partner units issued in exchange for limited 531 ( 531 ) — — — — Units issued in exchange for redeemable stock 581 — — — — 581 Redeemable units fair market value adjustment 664 — — — — 664 Adjustment for limited partners’ capital at redemption value ( 3,763 ) 3,763 — — — — Amortization of unearned compensation 10,171 — — — — 10,171 Distributions to preferred unitholders — — ( 1,844 ) — — ( 1,844 ) Distributions to common unitholders ($ 2.8000 per unit) ( 326,682 ) ( 8,834 ) — — — ( 335,516 ) Contribution from noncontrolling interest — — — — 1,265 1,265 CAPITAL BALANCE JUNE 30, 2023 $ 6,104,970 $ 165,626 $ 66,840 $ ( 9,712 ) $ 22,329 $ 6,350,053

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2024
Notes To Financial Statements [Abstract]
Borrowings	6. Borrowings The following table summarizes the Company’s outstanding debt as of June 30, 2024 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Fixed rate senior notes $ 4,050,000 3.6 % 1/9/2031 Variable rate commercial paper program 316,000 5.5 % 7/5/2024 Debt issuance costs, discounts and premiums ( 25,340 ) Total unsecured debt $ 4,340,660 3.7 % Secured debt Fixed rate property mortgages $ 363,293 4.4 % 1/26/2049 Debt issuance costs ( 3,089 ) Total secured debt $ 360,204 4.4 % Total outstanding debt $ 4,700,864 3.8 % Unsecured Revolving Credit Facility MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $ 1.25 billion and an option to expand to $ 2.0 billion . The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70 % to 1.40 % based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of June 30, 2024 , there was no outstanding balance under the revolving credit facility, while $ 4.5 million of capacity was used to support outstanding letters of credit. Unsecured Commercial Paper MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $ 625.0 million . As of June 30, 2024, MAALP had $ 316.0 million of borrowings outstanding under the commercial paper program. For the three months ended June 30, 2024 , the average daily borrowings outstanding under the commercial paper program were $ 195.5 million. Unsecured Senior Notes As of June 30, 2024, 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 2031. In January 2024, MAALP publicly issued $ 350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000 % per annum and at an issue price of 99.019 %. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.123 %. In May 2024, MAALP publicly issued $ 400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300 % per annum and at an issue price of 99.496 %. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.382 %. In June 2024, MAALP retired $ 400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program. Secured Property Mortgages As of June 30, 2024, MAALP had $ 363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049 . Upcoming Debt Obligations As of June 30, 2024, MAALP’s debt obligations over the next 12 months consist of $ 316.0 million of commercial paper borrowings due July 2024.

Financial Instruments and Deriv

Financial Instruments and Derivatives	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 totaled $ 4.4 billion and $ 4.0 billion , respectively, and had estimated fair values of $ 4.1 billion and $ 3.7 billion (excluding prepayment penalties) as of June 30, 2024 and December 31, 2023, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of June 30, 2024 and December 31, 2023 totaled $ 316.0 million and $ 495.0 million, respectively, and the variable rate debt had estimated fair values of $ 316.0 million and $ 495.0 million as of June 30, 2024 and December 31, 2023, respectively. The fair values of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days , and management concluded these rates reasonably estimate current market rates. Financial Instruments Measured at Fair Value on a Recurring Basis As of June 30, 2024 , the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Series I preferred stock (see Note 8). The Company has recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. The derivative asset is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at the Company’s option beginning on October 1, 2026 at the redemption price of $ 50.00 per share. The Company 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 expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, the fair value of the embedded derivative was $ 35.7 million and $ 31.9 million , respectively. The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of June 30, 2024 and December 31, 2023 were classified as Level 2 in the fair value hierarchy. The fair value of the Company’s marketable equity securities discussed in Note 1 is based on quoted market prices and are classified as Level 1 in the fair value hierarchy. Terminated Cash Flow Hedges of Interest As of June 30, 2024, the Company had $ 7.9 million recorded in “Accumulated other comprehensive loss,” or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next 12 months, the Company estimates an additional $ 1.7 million will be reclassified to earnings as an increase to “Interest expense.” Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Net Loss Reclassified from AOCL into Interest Expense Location of Loss Reclassified Three months ended June 30, Derivatives in Cash Flow Hedging Relationships from AOCL into Income 2024 2023 Terminated interest rate swaps Interest expense $ ( 503 ) $ ( 278 ) Six months ended June 30, 2024 2023 Terminated interest rate swaps Interest expense $ ( 1,020 ) $ ( 556 ) (Loss) Gain Recognized in Earnings on Derivative Location of (Loss) Gain Recognized Three months ended June 30, Derivative Not Designated as Hedging Instrument in Earnings on Derivative 2024 2023 Preferred stock embedded derivative Other non-operating expense (income) $ ( 9,286 ) $ 4,952 Six months ended June 30, 2024 2023 Preferred stock embedded derivative Other non-operating expense (income) $ 3,806 $ 9,387

Shareholders' Equity of MAA

Shareholders' Equity of MAA	6 Months Ended
	Jun. 30, 2024
Shareholders Equity Of M A A [Abstract]
Shareholders' Equity of MAA	8. Shareholders’ Equity of MAA As of June 30, 2024, 116,858,044 shares of common stock of MAA and 3,093,707 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,951,751 common shares and units. As of June 30, 2023 , 116,676,966 shares of common stock of MAA and 3,154,684 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,831,650 common shares and units. Preferred Stock As of June 30, 2024, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics: Description Outstanding Shares Liquidation Preference (1) Optional Redemption Date Redemption Price (2) Stated Dividend Yield Approximate Dividend Rate MAA Series I 867,846 $ 50.00 10/1/2026 $ 50.00 8.50 % $ 4.25 (1) The total liquidation preference for the outstanding preferred stock is $ 43.4 million . (2) The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash. See Note 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. 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.

Partners' Capital of MAALP

Partners' Capital of MAALP	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, there were 119,951,751 OP Units outstanding, 116,858,044 , 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 3,093,707 OP Units were Class A OP Units owned by Class A limited partners. As of June 30, 2023, there were 119,831,650 OP Units outstanding, 116,676,966 , or 97.4 % , of which were owned by MAA and 3,154,684 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 June 30, 2024, a total of 3,093,707 Class A OP Units were outstanding and redeemable for 3,093,707 shares of MAA common stock, with an approximate value of $ 441.2 million , based on the closing price of MAA’s common stock on June 30, 2024 of $ 142.61 per share. As of June 30, 2023, a total of 3,154,684 Class A OP Units were outstanding and redeemable for 3,154,684 shares of MAA common stock, with an approximate value of $ 479.1 million , based on the closing price of MAA’s common stock on June 30, 2023 of $ 151.86 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 June 30, 2024, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of June 30, 2024, 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	6 Months Ended
	Jun. 30, 2024
Loss Contingency [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Leases The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of June 30, 2024, the Company’s operating leases had a weighted average remaining lease term of approximately 34 years and a weighted average discount rate of approximately 4.5 % . 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 June 30, 2024 (in thousands): Operating Leases 2024 $ 1,463 2025 2,919 2026 2,968 2027 3,003 2028 1,583 Thereafter 55,605 Total minimum lease payments 67,541 Net present value adjustments ( 41,029 ) Right-of-use lease liabilities $ 26,512 Legal Proceedings In late 2022 and early 2023, numerous putative class action lawsuits were filed against RealPage, Inc., a seller of revenue management software products, along with over 50 of the largest owners and operators of apartment communities in the country that have utilized these products, including the Company. The plaintiffs allege that RealPage and these multifamily housing owners and operators conspired to artificially inflate the prices of multifamily rents above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. On April 10, 2023, the Joint Panel on Multidistrict Litigation issued an order centralizing the cases in the U.S. District Court for the Middle District of Tennessee for coordinated or consolidated pretrial proceedings. Another lawsuit alleging violations of the District of Columbia’s antitrust laws and seeking similar relief was filed in the Superior Court of the District of Columbia in November 2023 by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company. The Company believes there are defenses, both factual and legal, to the allegations in these various proceedings and the Company plans to vigorously defend itself. As these proceedings are in the early stages, it is not possible for the Company to predict any outcome or estimate the amount of loss, if any, which could be associated with any adverse decision. While the Company does not believe that any of these proceedings will have a material adverse effect on its financial condition, the Company cannot give assurance that the proceedings will not have a material effect on its results of operations. The Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows in the event of a negative outcome. Matters that arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance. As of June 30, 2024 and December 31, 2023, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $ 14.4 million and $ 7.6 million in the aggregate, respectively. The accrual for loss contingencies is presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets and in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Notes To Financial Statements [Abstract]
Segment Information	11. Segment Information As of June 30, 2024, the Company owned and operated 291 multifamily apartment communities (which does not include development communities under construction) in 15 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents. The following reflects the two reportable segments for the Company: • Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year. • Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and storm related expenses related to severe weather events, including hurricanes and winter storms. On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 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 and six months ended June 30, 2024 and 2023 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Revenues: Same Store Rental revenues $ 518,235 $ 514,364 $ 1,035,180 $ 1,023,964 Other property revenues 3,305 3,622 5,989 6,453 Total Same Store revenues 521,540 517,986 1,041,169 1,030,417 Non-Same Store and Other Rental revenues 24,555 17,037 47,427 33,529 Other property revenues 340 123 1,461 233 Total Non-Same Store and Other revenues 24,895 17,160 48,888 33,762 Total rental and other property revenues $ 546,435 $ 535,146 $ 1,090,057 $ 1,064,179 Net Operating Income: Same Store NOI $ 328,280 $ 331,611 $ 662,863 $ 668,540 Non-Same Store and Other NOI 12,359 9,202 23,596 18,503 Total NOI 340,639 340,813 686,459 687,043 Depreciation and amortization ( 145,022 ) ( 138,972 ) ( 288,042 ) ( 277,473 ) Property management expenses ( 17,201 ) ( 16,091 ) ( 37,196 ) ( 34,019 ) General and administrative expenses ( 12,671 ) ( 13,882 ) ( 29,716 ) ( 29,805 ) Interest expense ( 41,265 ) ( 36,723 ) ( 81,626 ) ( 74,004 ) (Loss) gain on sale of depreciable real estate assets ( 23 ) ( 1 ) ( 25 ) 14 Gain on sale of non-depreciable real estate assets — — — 54 Other non-operating (expense) income ( 19,244 ) 16,992 4,282 20,459 Income tax expense ( 1,020 ) ( 2,861 ) ( 2,815 ) ( 3,805 ) Income from real estate joint venture 469 382 951 767 Net income attributable to noncontrolling interests ( 2,709 ) ( 3,969 ) ( 6,570 ) ( 7,633 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAA common shareholders $ 101,031 $ 144,766 $ 243,858 $ 279,754 Assets for each reportable segment as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 Assets: Same Store $ 9,766,749 $ 9,893,858 Non-Same Store and Other 1,588,360 1,391,777 Corporate 207,758 198,868 Total assets $ 11,562,867 $ 11,484,503

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Real Estate Acquisitions and Dispositions	12. Real Estate Acquisitions and Dispositions In May 2024, the Company closed on the acquisition of a 306 -unit multifamily apartment community located in Raleigh, North Carolina for approximately $ 81 million. In April 2024, the Company also acquired a 13 -acre land parcel in Phoenix, Arizona for approximately $ 11 million. During the six months ended June 30, 2024, the Company did not dispose of any multifamily apartment communities or land parcels. In February 2023, the Company acquired a six -acre land parcel in Orlando, Florida for approximately $ 12 million. In March 2023, the Company closed on the disposition of 21 acres of land in Gulf Shores, Alabama for gross proceeds of approximately $ 3 million, resulting in the recognition of a negligible gain on the sale of non-depreciable real estate assets.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	13. Subsequent Event In July 2024, the Company agreed to finance a third party’s development of a 239 -unit multifamily apartment community currently under construction located in Charlotte, North Carolina. This development is expected to deliver first units in the second quarter of 2025, to be completed in the first quarter of 2026 and to reach stabilization in the fourth quarter of 2026 at a total cost of approximately $ 112 million. The Company has the option to purchase the development once it is stabilized.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE’s economic performance and which party controls such activities. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights, and the Company has concluded it is the primary beneficiary of MAALP. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to 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 June 30, 2024, the Company had two types of noncontrolling interests with respect to its consolidated subsidiaries: (1) noncontrolling interests related to the common unitholders of its Operating Partnership; and (2) noncontrolling interests related to its consolidated real estate entities. The noncontrolling interests relating to the limited partnership interests in the Operating Partnership are owned by the holders of the Class A OP Units. MAA is the sole general partner of the Operating Partnership and holds all of the outstanding Class B OP Units. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA’s common stock issued. At each reporting period, the allocation between total MAA shareholders’ equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA’s Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details. The noncontrolling interests relating to the Company’s consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of June 30, 2024, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 332.7 million , and consolidated liabilities were $ 13.9 million , net of eliminations. As of December 31, 2023, the consolidated assets of the Company’s consolidated real estate entities with a noncontrolling interest were $ 265.1 million , and consolidated liabilities were $ 12.9 million , net of eliminations.
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 six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $ 41.8 million and $ 42.0 million as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, the Company’s investments in the limited partnerships were $ 55.8 million and $ 46.5 million , respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended June 30, 2024 and 2023, the Company recognized $ 0.3 million and $ 0.8 million of income, respectively, from its investments in the limited partnerships. During the six months ended June 30, 2024 and 2023, the Company recognized $ 8.5 million and $ 0.7 million of income, respectively, from its investments in the limited partnerships. As of June 30, 2024, the Company was committed to make additional capital contributions totaling $ 32.4 million if and when called by the general partners of the limited partnerships.
Marketable Equity Securities	Marketable Equity Securities Two of the technology-focused limited partnerships that are accounted for as investments in unconsolidated affiliates have distributed publicly traded marketable equity securities to the Company and the other limited partners. During the six months ended June 30, 2024 , the Company did no t receive any marketable equity securities. During the six months ended June 30, 2023 , the Company received marketable equity securities totaling $ 7.7 million. 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 realized and unrealized gains and losses, recognized in “Other non-operating expense (income)” in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, the Company’s investment in the marketable equity securities was $ 7.7 million and $ 18.6 million, respectively . During the three months ended June 30, 2024 , the Company sold a portion of the marketable securities for net proceeds of $ 6.7 million and a net realized gain on sale of $ 5.6 million. In addition, during the three months ended June 30, 2024 and 2023 , the Company recognized $ 1.2 million of expense and $ 7.5 million of income, respectively, from its investment in marketable equity securities. During the six months ended June 30, 2024 and 2023 , the Company recognized $ 4.2 million of expense and $ 6.6 million of income, 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 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of June 30, 2024 and December 31, 2023 , right-of-use assets recorded within “Other assets” totaled $ 41.3 million and $ 42.5 million , respectively, and related lease liabilities recorded within “Accrued expenses and other liabilities” totaled $ 26.5 million and $ 27.3 million , respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended June 30, 2024 and 2023 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the six months ended June 30, 2024 and 2023 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 acquired real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 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)	6 Months Ended
	Jun. 30, 2024
Earnings Per Common Share Of M A A [Abstract]
Schedule of Computation of Earnings Per Share	For the three and six months ended June 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, and for the three and six months ended June 30, 2023, 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Calculation of Earnings per common share - basic Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Net income attributable to noncontrolling interests ( 2,709 ) ( 3,969 ) ( 6,570 ) ( 7,633 ) Unvested restricted shares (allocation of earnings) ( 47 ) ( 58 ) ( 111 ) ( 118 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAA common shareholders, adjusted $ 100,984 $ 144,708 $ 243,747 $ 279,636 Weighted average common shares - basic 116,783 116,621 116,727 116,401 Earnings per common share - basic $ 0.86 $ 1.24 $ 2.09 $ 2.40 Calculation of Earnings per common share - diluted Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Net income attributable to noncontrolling interests (1) ( 2,709 ) ( 3,969 ) ( 6,570 ) ( 7,633 ) Unvested restricted shares (allocation of earnings) ( 47 ) — ( 111 ) — Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAA common shareholders, adjusted $ 100,984 $ 144,766 $ 243,747 $ 279,754 Weighted average common shares - basic 116,783 116,621 116,727 116,401 Effect of dilutive securities — 104 — 157 Weighted average common shares - diluted 116,783 116,725 116,727 116,558 Earnings per common share - diluted $ 0.86 $ 1.24 $ 2.09 $ 2.40 (1) For the three and six months ended June 30, 2024 and 2023 , 3.1 million OP Units and 3.2 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

Earnings Per OP Unit of MAALP (

Earnings Per OP Unit of MAALP (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Diluted Earnings per Common Unit	For the three and six months ended June 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, and for the three and six months ended June 30, 2023, 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 June 30, Six months ended June 30, 2024 2023 2024 2023 Calculation of Earnings per common unit - basic Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Unvested restricted units (allocation of earnings) ( 47 ) ( 58 ) ( 111 ) ( 118 ) Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAALP common unitholders, adjusted $ 103,693 $ 148,677 $ 250,317 $ 287,269 Weighted average common units - basic 119,888 119,776 119,848 119,558 Earnings per common unit - basic $ 0.86 $ 1.24 $ 2.09 $ 2.40 Calculation of Earnings per common unit - diluted Net income $ 104,662 $ 149,657 $ 252,272 $ 289,231 Unvested restricted units (allocation of earnings) ( 47 ) — ( 111 ) — Distributions to MAALP Series I preferred unitholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAALP common unitholders, adjusted $ 103,693 $ 148,735 $ 250,317 $ 287,387 Weighted average common units - basic 119,888 119,776 119,848 119,558 Effect of dilutive securities — 104 — 157 Weighted average common units - diluted 119,888 119,880 119,848 119,715 Earnings per common unit - diluted $ 0.86 $ 1.24 $ 2.09 $ 2.40

MAA Equity (Tables)

MAA Equity (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and 2023 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE MARCH 31, 2024 $ 9 $ 1,168 $ 7,406,189 $ ( 1,326,654 ) $ ( 8,263 ) $ 161,909 $ 23,032 $ 6,257,390 Net income — — — 101,953 — 2,709 — 104,662 Other comprehensive income - derivative — — — — 488 15 — 503 Issuance and registration of common shares — 2 ( 892 ) — — — — ( 890 ) Shares repurchased and retired — ( 1 ) ( 4,131 ) — — — — ( 4,132 ) Shares issued in exchange for common units — 1 2,008 — — ( 2,009 ) — — Shares issued in exchange for redeemable stock — ( 4 ) 2,073 — — — — 2,069 Redeemable stock fair market value — — — ( 1,445 ) — — — ( 1,445 ) Adjustment for noncontrolling interests in — — 206 — — ( 206 ) — — Amortization of unearned compensation — — 3,805 — — — — 3,805 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.4700 per — — — ( 171,925 ) — — — ( 171,925 ) Distributions on noncontrolling interests units 1.4700 per unit) — — — — — ( 4,513 ) — ( 4,513 ) Contribution from noncontrolling interest — — — — — — 1,630 1,630 EQUITY BALANCE JUNE 30, 2024 $ 9 $ 1,166 $ 7,409,258 $ ( 1,398,993 ) $ ( 7,775 ) $ 157,905 $ 24,662 $ 6,186,232 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Common Additional Accumulated Accumulated Noncontrolling Noncontrolling Total EQUITY BALANCE MARCH 31, 2023 $ 9 $ 1,167 $ 7,408,307 $ ( 1,216,325 ) $ ( 9,791 ) $ 166,309 $ 21,320 $ 6,370,996 Net income — — — 145,688 — 3,969 — 149,657 Other comprehensive income - derivative — — — — 277 1 — 278 Issuance and registration of common shares — 1 ( 842 ) — — — — ( 841 ) Shares repurchased and retired — — ( 5,920 ) — — — — ( 5,920 ) Shares issued in exchange for common units — — 52 — — ( 52 ) — — Redeemable stock fair market value — — — ( 129 ) — — — ( 129 ) Adjustment for noncontrolling interests in — — 183 — — ( 183 ) — — Amortization of unearned compensation — — 3,792 — — — — 3,792 Dividends on preferred stock — — — ( 922 ) — — — ( 922 ) Dividends on common stock ($ 1.4000 per — — — ( 163,430 ) — — — ( 163,430 ) Distributions on noncontrolling interests units 1.4000 per unit) — — — — — ( 4,418 ) — ( 4,418 ) Contribution from noncontrolling interest — — — — — — 1,009 1,009 EQUITY BALANCE JUNE 30, 2023 $ 9 $ 1,168 $ 7,405,572 $ ( 1,235,118 ) $ ( 9,514 ) $ 165,626 $ 22,329 $ 6,350,072 Changes in MAA’s total equity and its components for the six months ended June 30, 2024 and 2023 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, 2023 $ 9 $ 1,168 $ 7,399,921 $ ( 1,298,263 ) $ ( 8,764 ) $ 163,128 $ 22,756 $ 6,279,955 Net income — — — 245,702 — 6,570 — 252,272 Other comprehensive income - derivative — — — — 989 31 — 1,020 Issuance and registration of common shares — 2 ( 799 ) — — — — ( 797 ) Shares repurchased and retired — ( 1 ) ( 4,973 ) — — — — ( 4,974 ) Shares issued in exchange for common units — 1 2,602 — — ( 2,603 ) — — Shares issued in exchange for redeemable stock — ( 4 ) 2,073 — — — — 2,069 Redeemable stock fair market value — — — ( 1,043 ) — — — ( 1,043 ) Adjustment for noncontrolling interests in — — 104 — — ( 104 ) — — Amortization of unearned compensation — — 10,330 — — — — 10,330 Dividends on preferred stock — — — ( 1,844 ) — — — ( 1,844 ) Dividends on common stock ($ 2.9400 per — — — ( 343,545 ) — — — ( 343,545 ) Distributions on noncontrolling interests units 2.9400 per unit) — — — — — ( 9,117 ) — ( 9,117 ) Contribution from noncontrolling interest — — — — — — 1,906 1,906 EQUITY BALANCE JUNE 30, 2024 $ 9 $ 1,166 $ 7,409,258 $ ( 1,398,993 ) $ ( 7,775 ) $ 157,905 $ 24,662 $ 6,186,232 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 — — — 281,598 — 7,633 — 289,231 Other comprehensive income - derivative — — — — 538 18 — 556 Issuance and registration of common shares — 12 203,044 — — — — 203,056 Shares repurchased and retired — — ( 7,840 ) — — — — ( 7,840 ) Shares issued in exchange for common units — — 531 — — ( 531 ) — — Shares issued in exchange for redeemable stock — 4 577 — — — — 581 Redeemable stock fair market value adjustment — — — 664 — — — 664 Adjustment for noncontrolling interests in — — ( 3,745 ) — — 3,745 — — Amortization of unearned compensation — — 10,171 — — — — 10,171 Dividends on preferred stock — — — ( 1,844 ) — — — ( 1,844 ) Dividends on common stock ($ 2.8000 per — — — ( 326,682 ) — — — ( 326,682 ) Distributions on noncontrolling interests units 2.8000 per unit) — — — — — ( 8,834 ) — ( 8,834 ) Contribution from noncontrolling interest — — — — — — 1,265 1,265 EQUITY BALANCE JUNE 30, 2023 $ 9 $ 1,168 $ 7,405,572 $ ( 1,235,118 ) $ ( 9,514 ) $ 165,626 $ 22,329 $ 6,350,072

MAALP Capital (Tables)

MAALP Capital (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and 2023 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE MARCH 31, 2024 $ 6,014,015 $ 161,909 $ 66,840 $ ( 8,425 ) $ 23,032 $ 6,257,371 Net income 101,031 2,709 922 — — 104,662 Other comprehensive income - derivative instruments — — — 503 — 503 Issuance of units ( 890 ) — — — — ( 890 ) Units repurchased and retired ( 4,132 ) — — — — ( 4,132 ) General partner units issued in exchange for limited 2,009 ( 2,009 ) — — — — Units issued in exchange for redeemable stock 2,069 — — — — 2,069 Redeemable units fair market value adjustment ( 1,445 ) — — — — ( 1,445 ) Adjustment for limited partners’ capital at redemption value 191 ( 191 ) — — — — Amortization of unearned compensation 3,805 — — — — 3,805 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.4700 per unit) ( 171,925 ) ( 4,513 ) — — — ( 176,438 ) Contribution from noncontrolling interest — — — — 1,630 1,630 CAPITAL BALANCE JUNE 30, 2024 $ 5,944,728 $ 157,905 $ 66,840 $ ( 7,922 ) $ 24,662 $ 6,186,213 Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE MARCH 31, 2023 $ 6,126,498 $ 166,309 $ 66,840 $ ( 9,990 ) $ 21,320 $ 6,370,977 Net income 144,766 3,969 922 — — 149,657 Other comprehensive income - derivative instruments — — — 278 — 278 Issuance of units ( 841 ) — — — — ( 841 ) Units repurchased and retired ( 5,920 ) — — — — ( 5,920 ) General partner units issued in exchange for limited 52 ( 52 ) — — — — Redeemable units fair market value adjustment ( 129 ) — — — — ( 129 ) Adjustment for limited partners’ capital at redemption value 182 ( 182 ) — — — — Amortization of unearned compensation 3,792 — — — — 3,792 Distributions to preferred unitholders — — ( 922 ) — — ( 922 ) Distributions to common unitholders ($ 1.4000 per unit) ( 163,430 ) ( 4,418 ) — — — ( 167,848 ) Contribution from noncontrolling interest — — — — 1,009 1,009 CAPITAL BALANCE JUNE 30, 2023 $ 6,104,970 $ 165,626 $ 66,840 $ ( 9,712 ) $ 22,329 $ 6,350,053 Changes in MAALP’s total capital and its components for the six months ended June 30, 2024 and 2023 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital General Limited Preferred Accumulated Noncontrolling Total CAPITAL BALANCE DECEMBER 31, 2023 $ 6,036,154 $ 163,128 $ 66,840 $ ( 8,942 ) $ 22,756 $ 6,279,936 Net income 243,858 6,570 1,844 — — 252,272 Other comprehensive income - derivative instruments — — — 1,020 — 1,020 Issuance of units ( 797 ) — — — — ( 797 ) Units repurchased and retired ( 4,974 ) — — — — ( 4,974 ) General partner units issued in exchange for limited 2,603 ( 2,603 ) — — — — Units issued in exchange for redeemable stock 2,069 — — — — 2,069 Redeemable units fair market value adjustment ( 1,043 ) — — — — ( 1,043 ) Adjustment for limited partners’ capital at redemption value 73 ( 73 ) — — — — Amortization of unearned compensation 10,330 — — — — 10,330 Distributions to preferred unitholders — — ( 1,844 ) — — ( 1,844 ) Distributions to common unitholders ($ 2.9400 per unit) ( 343,545 ) ( 9,117 ) — — — ( 352,662 ) Contribution from noncontrolling interest — — — — 1,906 1,906 CAPITAL BALANCE JUNE 30, 2024 $ 5,944,728 $ 157,905 $ 66,840 $ ( 7,922 ) $ 24,662 $ 6,186,213 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 279,754 7,633 1,844 — — 289,231 Other comprehensive income - derivative instruments — — — 556 — 556 Issuance of units 203,056 — — — — 203,056 Units repurchased and retired ( 7,840 ) — — — — ( 7,840 ) General partner units issued in exchange for limited 531 ( 531 ) — — — — Units issued in exchange for redeemable stock 581 — — — — 581 Redeemable units fair market value adjustment 664 — — — — 664 Adjustment for limited partners’ capital at redemption value ( 3,763 ) 3,763 — — — — Amortization of unearned compensation 10,171 — — — — 10,171 Distributions to preferred unitholders — — ( 1,844 ) — — ( 1,844 ) Distributions to common unitholders ($ 2.8000 per unit) ( 326,682 ) ( 8,834 ) — — — ( 335,516 ) Contribution from noncontrolling interest — — — — 1,265 1,265 CAPITAL BALANCE JUNE 30, 2023 $ 6,104,970 $ 165,626 $ 66,840 $ ( 9,712 ) $ 22,329 $ 6,350,053

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of June 30, 2024 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Fixed rate senior notes $ 4,050,000 3.6 % 1/9/2031 Variable rate commercial paper program 316,000 5.5 % 7/5/2024 Debt issuance costs, discounts and premiums ( 25,340 ) Total unsecured debt $ 4,340,660 3.7 % Secured debt Fixed rate property mortgages $ 363,293 4.4 % 1/26/2049 Debt issuance costs ( 3,089 ) Total secured debt $ 360,204 4.4 % Total outstanding debt $ 4,700,864 3.8 %

Financial Instruments and Der_2

Financial Instruments and Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Effect of Derivative Instruments on Consolidated Statement of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Net Loss Reclassified from AOCL into Interest Expense Location of Loss Reclassified Three months ended June 30, Derivatives in Cash Flow Hedging Relationships from AOCL into Income 2024 2023 Terminated interest rate swaps Interest expense $ ( 503 ) $ ( 278 ) Six months ended June 30, 2024 2023 Terminated interest rate swaps Interest expense $ ( 1,020 ) $ ( 556 ) (Loss) Gain Recognized in Earnings on Derivative Location of (Loss) Gain Recognized Three months ended June 30, Derivative Not Designated as Hedging Instrument in Earnings on Derivative 2024 2023 Preferred stock embedded derivative Other non-operating expense (income) $ ( 9,286 ) $ 4,952 Six months ended June 30, 2024 2023 Preferred stock embedded derivative Other non-operating expense (income) $ 3,806 $ 9,387

Shareholders' Equity of MAA (Ta

Shareholders' Equity of MAA (Tables)	6 Months Ended
	Jun. 30, 2024
Shareholders Equity Of M A A [Abstract]
Schedule of Cumulative Redeemable Preferred Stock	As of June 30, 2024, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics: Description Outstanding Shares Liquidation Preference (1) Optional Redemption Date Redemption Price (2) Stated Dividend Yield Approximate Dividend Rate MAA Series I 867,846 $ 50.00 10/1/2026 $ 50.00 8.50 % $ 4.25 (1) The total liquidation preference for the outstanding preferred stock is $ 43.4 million . (2) The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 (in thousands): Operating Leases 2024 $ 1,463 2025 2,919 2026 2,968 2027 3,003 2028 1,583 Thereafter 55,605 Total minimum lease payments 67,541 Net present value adjustments ( 41,029 ) Right-of-use lease liabilities $ 26,512

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Notes To Financial Statements [Abstract]
Revenues and NOI for Reportable Segment	Revenues and NOI for each reportable segment for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Revenues: Same Store Rental revenues $ 518,235 $ 514,364 $ 1,035,180 $ 1,023,964 Other property revenues 3,305 3,622 5,989 6,453 Total Same Store revenues 521,540 517,986 1,041,169 1,030,417 Non-Same Store and Other Rental revenues 24,555 17,037 47,427 33,529 Other property revenues 340 123 1,461 233 Total Non-Same Store and Other revenues 24,895 17,160 48,888 33,762 Total rental and other property revenues $ 546,435 $ 535,146 $ 1,090,057 $ 1,064,179 Net Operating Income: Same Store NOI $ 328,280 $ 331,611 $ 662,863 $ 668,540 Non-Same Store and Other NOI 12,359 9,202 23,596 18,503 Total NOI 340,639 340,813 686,459 687,043 Depreciation and amortization ( 145,022 ) ( 138,972 ) ( 288,042 ) ( 277,473 ) Property management expenses ( 17,201 ) ( 16,091 ) ( 37,196 ) ( 34,019 ) General and administrative expenses ( 12,671 ) ( 13,882 ) ( 29,716 ) ( 29,805 ) Interest expense ( 41,265 ) ( 36,723 ) ( 81,626 ) ( 74,004 ) (Loss) gain on sale of depreciable real estate assets ( 23 ) ( 1 ) ( 25 ) 14 Gain on sale of non-depreciable real estate assets — — — 54 Other non-operating (expense) income ( 19,244 ) 16,992 4,282 20,459 Income tax expense ( 1,020 ) ( 2,861 ) ( 2,815 ) ( 3,805 ) Income from real estate joint venture 469 382 951 767 Net income attributable to noncontrolling interests ( 2,709 ) ( 3,969 ) ( 6,570 ) ( 7,633 ) Dividends to MAA Series I preferred shareholders ( 922 ) ( 922 ) ( 1,844 ) ( 1,844 ) Net income available for MAA common shareholders $ 101,031 $ 144,766 $ 243,858 $ 279,754
Assets for Reportable Segment	Assets for each reportable segment as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 Assets: Same Store $ 9,766,749 $ 9,893,858 Non-Same Store and Other 1,588,360 1,391,777 Corporate 207,758 198,868 Total assets $ 11,562,867 $ 11,484,503

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Properties Community Property State shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) Properties Community Property State shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2026 Property	Dec. 31, 2025 Property	Dec. 31, 2024 Property	Dec. 31, 2023 USD ($) shares
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	116,858,044	116,676,966	116,858,044	116,676,966
Number of Real Estate Properties | Community	291		291
Number of units under development community | Properties	2,617		2,617
Development and capital improvements in progress	$ 391,366		$ 391,366					$ 385,405
Number of States in which Entity Operates | State	16		16
Consolidated assets	$ 11,562,867		$ 11,562,867					11,484,503
Consolidated liabilities	5,356,848		5,356,848					5,185,381
Real Estate Investments, Joint Ventures	$ 32,400		$ 32,400
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		Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities		Accrued expenses and other liabilities
Operating Lease, Right-of-Use Asset	$ 41,300		$ 41,300					42,500
Right-of-use Lease, Liability	26,512		26,512					27,300
Marketable equity securities received	0	$ 7,700	0	$ 7,700
Net proceeds from sale of marketable equity securities	6,700		6,729	0
Net realized / unrealized gain on sale	5,600
Marketable equity securities	7,700		7,700					18,600
Marketable Equity Securities [Member]
Real Estate Properties [Line Items]
Investment Income		7,500		6,600
Investment Expense	1,200		4,200
Limited Partnership [Member]
Real Estate Properties [Line Items]
Investment Income	300	$ 800	8,500	$ 700
Other Assets [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	55,800		55,800					46,500
Real Estate [Member] | Post Massachusetts Avenue [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	$ 41,800		$ 41,800					$ 42,000
Maximum [Member] | Accounting Standards Update 2016-02 [Member]
Real Estate Properties [Line Items]
Operating lease, term of contract	1 year		1 year
Development Properties [Member] | Scenario Forecast [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property					2	2	3
Retail [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	35		35
M A A L P [Member]
Real Estate Properties [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			97.40%	97.40%
Limited Partnership [Member]
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	116,858,044		116,858,044					116,694,124
Number of Real Estate Properties | Property	1		1
Development and capital improvements in progress	$ 391,366		$ 391,366					$ 385,405
Consolidated assets	11,562,867		11,562,867					11,484,503
Consolidated liabilities	5,356,867		5,356,867					5,185,400
Net proceeds from sale of marketable equity securities			6,729	$ 0
Limited Partnership [Member] | Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
Real Estate Properties [Line Items]
Consolidated assets	332,700		332,700					265,100
Consolidated liabilities	$ 13,900		$ 13,900					$ 12,900
Limited Partnership [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80%		80%
Limited Partnership [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100%		100%
Limited Partnership [Member] | Development Properties [Member] | Costs Incurred To Date [Member]
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 537,900		$ 537,900

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		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Disclosure [Line Items]
Net income		$ 104,662	$ 149,657	$ 252,272	$ 289,231
Net income attributable to noncontrolling interests		(2,709)	(3,969)	(6,570)	(7,633)
Unvested restricted shares (allocation of earnings)		(47)	(58)	(111)	(118)
Dividends to MAA Series I preferred shareholders		(922)	(922)	(1,844)	(1,844)
Income from continuing operations available for common shareholders, adjusted		$ 100,984	$ 144,708	$ 243,747	$ 279,636
Weighted average common shares - basic		116,783	116,621	116,727	116,401
Earnings per common share - basic		$ 0.86	$ 1.24	$ 2.09	$ 2.4
Net income attributable to noncontrolling interests	[1]	$ (2,709)	$ (3,969)	$ (6,570)	$ (7,633)
Unvested restricted shares (allocation of earnings)		(47)		(111)
Net income available for MAA common shareholders, adjusted		100,984	144,766	243,747	279,754
Dividends to MAA Series I preferred shareholders		$ (922)	$ (922)	$ (1,844)	$ (1,844)
Weighted average common shares - diluted		116,783	116,725	116,727	116,558
Effect of dilutive securities		0	104	0	157
Earnings per common share - diluted		$ 0.86	$ 1.24	$ 2.09	$ 2.4
Limited Partnership Units [Member]
Earnings Per Share Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		3,100	3,200	3,100	3,200
[1] For the three and six months ended June 30, 2024 and 2023 , 3.1 million OP Units and 3.2 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Disclosure [Line Items]
Net income	$ 104,662	$ 149,657	$ 252,272	$ 289,231
Distributions to MAALP Series I preferred unitholders	$ (922)	$ (922)	$ (1,844)	$ (1,844)
Effect of dilutive securities	0	104	0	157
Weighted average common shares - diluted	116,783	116,725	116,727	116,558
Limited Partnership [Member]
Earnings Per Share Disclosure [Line Items]
Net income	$ 104,662	$ 149,657	$ 252,272	$ 289,231
Unvested restricted units (allocation of earnings)	(47)	(58)	(111)	(118)
Distributions to MAALP Series I preferred unitholders	(922)	(922)	(1,844)	(1,844)
Net income available for MAALP common unitholders, adjusted	$ 103,693	$ 148,677	$ 250,317	$ 287,269
Weighted average common units - basic	119,888	119,776	119,848	119,558
Earnings per common unit - basic	$ 0.86	$ 1.24	$ 2.09	$ 2.4
Net income available for MAALP common unitholders, adjusted	$ 103,693	$ 148,735	$ 250,317	$ 287,387
Weighted average common units - basic	119,888	119,776	119,848	119,558
Effect of dilutive securities		104		157
Weighted average common shares - diluted	119,888	119,880	119,848	119,715
Earnings per common unit - diluted	$ 0.86	$ 1.24	$ 2.09	$ 2.4

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 6,257,390	$ 6,370,996	$ 6,279,955	$ 6,189,748
Net Income Including Portion Attributable to Noncontrolling Interest	104,662	149,657	252,272	289,231
Other comprehensive income - derivative instruments	503	278	1,020	556
Issuance and registration of common shares	(890)	(841)	(797)	203,056
Shares repurchased and retired	(4,132)	(5,920)	(4,974)	(7,840)
Shares issued in exchange for redeemable stock	2,069		2,069	581
Redeemable stock fair market value adjustment	(1,445)	(129)	(1,043)	664
Amortization of unearned compensation	3,805	3,792	10,330	10,171
Dividends, Preferred Stock, Cash	(922)	(922)	(1,844)	(1,844)
Dividends on common stock	(171,925)	(163,430)	(343,545)	(326,682)
Distributions on noncontrolling interests units	(4,513)	(4,418)	(9,117)	(8,834)
Contribution from noncontrolling interest	1,630	1,009	1,906	1,265
Ending Balance	6,186,232	6,350,072	6,186,232	6,350,072
Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9	9	9	9
Ending Balance	9	9	9	9
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,168	1,167	1,168	1,152
Issuance and registration of common shares	2	1	2	12
Shares repurchased and retired	(1)		(1)
Shares issued in exchange for common units	1		1
Shares issued in exchange for redeemable stock	(4)		(4)	4
Ending Balance	1,166	1,168	1,166	1,168
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,406,189	7,408,307	7,399,921	7,202,834
Issuance and registration of common shares	(892)	(842)	(799)	203,044
Shares repurchased and retired	(4,131)	(5,920)	(4,973)	(7,840)
Shares issued in exchange for common units	2,008	52	2,602	531
Shares issued in exchange for redeemable stock	2,073		2,073	577
Adjustment for noncontrolling interests in Operating Partnership	206	183	104	(3,745)
Amortization of unearned compensation	3,805	3,792	10,330	10,171
Ending Balance	7,409,258	7,405,572	7,409,258	7,405,572
Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(1,326,654)	(1,216,325)	(1,298,263)	(1,188,854)
Net income attributable to MAA	101,953	145,688	245,702	281,598
Redeemable stock fair market value adjustment	(1,445)	(129)	(1,043)	664
Dividends, Preferred Stock, Cash	(922)	(922)	(1,844)	(1,844)
Dividends on common stock	(171,925)	(163,430)	(343,545)	(326,682)
Ending Balance	(1,398,993)	(1,235,118)	(1,398,993)	(1,235,118)
Accumulated Other Comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(8,263)	(9,791)	(8,764)	(10,052)
Other comprehensive income - derivative instruments	488	277	989	538
Ending Balance	(7,775)	(9,514)	(7,775)	(9,514)
Noncontrolling Interests - Operating Partnership [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	161,909	166,309	163,128	163,595
Net Income Attributable to Noncontrolling Interest	2,709	3,969	6,570	7,633
Other comprehensive income - derivative instruments	15	1	31	18
Shares issued in exchange for common units	(2,009)	(52)	(2,603)	(531)
Adjustment for noncontrolling interests in Operating Partnership	(206)	(183)	(104)	3,745
Distributions on noncontrolling interests units	(4,513)	(4,418)	(9,117)	(8,834)
Ending Balance	157,905	165,626	157,905	165,626
Noncontrolling Interests - Consolidated Real Estate Entities [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	23,032	21,320	22,756	21,064
Contribution from noncontrolling interest	1,630	1,009	1,906	1,265
Ending Balance	$ 24,662	$ 22,329	$ 24,662	$ 22,329

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Line Items]
Dividends on common stock, per share	$ 1.47	$ 1.4	$ 2.94	$ 2.8
Distributions on noncontrolling interests per units	$ 1.47	$ 1.4	$ 2.94	$ 2.8

MAALP Capital - Summary of Chan

MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - M A A L P [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	$ 6,257,371	$ 6,370,977	$ 6,279,936	$ 6,189,729
Net Income Available for Common Unitholders	104,662	149,657	252,272	289,231
Other comprehensive income - derivative instruments	503	278	1,020	556
Issuance of units	(890)	(841)	(797)	203,056
Units repurchased and retired	(4,132)	(5,920)	(4,974)	(7,840)
Units issued in exchange for redeemable stock	2,069		2,069	581
Redeemable stock fair market value adjustment	(1,445)	(129)	(1,043)	664
Amortization of unearned compensation	3,805	3,792	10,330	10,171
Dividends, Preferred Stock, Cash	(922)	(922)	(1,844)	(1,844)
Distributions	(176,438)	(167,848)	(352,662)	(335,516)
Contribution from noncontrolling interest	1,630	1,009	1,906	1,265
Ending Balance	6,186,213	6,350,053	6,186,213	6,350,053
Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	161,909	166,309	163,128	163,595
Net income (loss)	2,709	3,969	6,570	7,633
General partner units issued in exchange for limited partner units	(2,009)	(52)	(2,603)	(531)
Adjustment for limited partners’ capital at redemption value	(191)	(182)	(73)	3,763
Distributions	(4,513)	(4,418)	(9,117)	(8,834)
Ending Balance	157,905	165,626	157,905	165,626
General Partners' Capital Account [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	6,014,015	6,126,498	6,036,154	5,948,498
Net Income Allocated to General Partners	101,031	144,766	243,858	279,754
Issuance of units	(890)	(841)	(797)	203,056
Units repurchased and retired	(4,132)	(5,920)	(4,974)	(7,840)
General partner units issued in exchange for limited partner units	2,009	52	2,603	531
Units issued in exchange for redeemable stock	2,069		2,069	581
Redeemable stock fair market value adjustment	(1,445)	(129)	(1,043)	664
Adjustment for limited partners’ capital at redemption value	191	182	73	(3,763)
Amortization of unearned compensation	3,805	3,792	10,330	10,171
Distributions	(171,925)	(163,430)	(343,545)	(326,682)
Ending Balance	5,944,728	6,104,970	5,944,728	6,104,970
Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	66,840	66,840	66,840	66,840
Net income (loss)	922	922	1,844	1,844
Dividends, Preferred Stock, Cash	(922)	(922)	(1,844)	(1,844)
Ending Balance	66,840	66,840	66,840	66,840
AOCI Attributable to Noncontrolling Interest [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	(8,425)	(9,990)	(8,942)	(10,268)
Other comprehensive income - derivative instruments	503	278	1,020	556
Ending Balance	(7,922)	(9,712)	(7,922)	(9,712)
Noncontrolling Interests-Consolidated Real Estate Entities [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	23,032	21,320	22,756	21,064
Contribution from noncontrolling interest	1,630	1,009	1,906	1,265
Ending Balance	$ 24,662	$ 22,329	$ 24,662	$ 22,329

MAALP Capital - Summary of Ch_2

MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
M A A L P [Member] | Limited Partner [Member]
Capital Disclosure [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 1.47	$ 1.4	$ 2.94	$ 2.8

Borrowings - Summary of Outstan

Borrowings - Summary of Outstanding Debt (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,700,864
Debt Instrument, Interest Rate, Effective Percentage	3.80%
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Contract Maturity	Jan. 26, 2049
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,340,660
Debt Instrument, Interest Rate, Effective Percentage	3.70%
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	3.60%
Contract Maturity	Jan. 09, 2031
Unsecured Debt [Member] | Variable Rate Commercial Paper Program [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 316,000
Debt Instrument, Interest Rate, Effective Percentage	5.50%
Contract Maturity	Jul. 05, 2024
Unsecured Debt [Member] | $1 billion unsecured revolving credit facility [Member]
Debt Instrument [Line Items]
Debt issuance costs, discounts and premiums	$ (25,340)
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	360,204
Debt issuance costs	$ (3,089)
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	$ 363,293
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Contract Maturity	Dec. 31, 2049

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	May 31, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.80%	3.80%
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date		Jan. 26, 2049
Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Payment Terms		397
Debt Instrument, Face Amount	$ 316,000,000	$ 316,000,000
Average daily borrowings outstanding under commercial paper program	195,500,000	195,500,000
Long-Term Debt, Maturity, Year One	316,000,000	316,000,000
Maximum [Member] | Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 625,000,000	$ 625,000,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.70%	3.70%
Retirement of Senior Unsecured Notes	$ 400,000,000
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date		Jan. 09, 2031
Debt Instrument, Face Amount	$ 4,050,000,000	$ 4,050,000,000
Debt Instrument, Interest Rate, Effective Percentage	3.60%	3.60%
Unsecured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current Borrowing capacity	$ 1,250,000,000	$ 1,250,000,000
Line of credit facility, maximum Borrowing capacity	2,000,000,000	$ 2,000,000,000
Debt instrument, Maturity date		Oct. 01, 2026
Line of Credit Facility, Amount Outstanding	0	$ 0
Letters of Credit Outstanding, Amount	4,500,000	$ 4,500,000
Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, Basis spread on variable rate		0.70%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
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]
Debt Instrument [Line Items]
Debt instrument, Basis spread on variable rate		1.40%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
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	$ 4,100,000,000
Unsecured Debt [Member] | Maturing in March 2034 [member]
Debt Instrument [Line Items]
Unsecured Senior Notes issue price, Percentage				99.019%
Debt Instrument, Interest Rate, Stated Percentage				5%
Unsecured Debt [Member] | Maturing in March 2034 [member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 350,000,000
Debt Instrument, Interest Rate, Effective Percentage				5.123%
Unsecured Debt [Member] | Maturing in February 2032 [member]
Debt Instrument [Line Items]
Unsecured Senior Notes issue price, Percentage			99.496%
Debt Instrument, Interest Rate, Stated Percentage			5.30%
Unsecured Debt [Member] | Maturing in February 2032 [member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 400,000,000
Debt Instrument, Interest Rate, Effective Percentage			5.382%
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	4.40%	4.40%
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument, Maturity date		Dec. 31, 2049
Debt Instrument, Interest Rate, Effective Percentage	4.40%	4.40%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 363,293,000	$ 363,293,000

Financial Instruments and Der_3

Financial Instruments and Derivatives - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
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]
Debt instruments Carrying Value		$ 316	$ 495
Variable Rate Commercial Paper Program		$ 316	495
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		$ 7.9
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		1.7
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset		35.7	31.9
Fixed Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		4,400	4,000
Notes Payable, Fair Value Disclosure		$ 4,100	$ 3,700
[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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Derivative Instruments, Gain Recognized in Income, Net			$ 3,806	$ 9,387
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, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (503)	$ (278)	$ (1,020)	$ (556)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Derivative Instruments, Gain Recognized in Income, Net	$ (9,286)	$ 4,952	$ 3,806	$ 9,387

Shareholders' Equity of MAA - A

Shareholders' Equity of MAA - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2023	Aug. 31, 2021	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Equity [Line Items]
Common stock, shares outstanding			116,858,044	116,694,124	116,676,966
Total common shares and operating partnership units outstanding			119,951,751		119,831,650
Settled share amount	1,100,000
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
Noncontrolling Interest [Member]
Equity [Line Items]
Common Shares Issuable Upon Conversion Of Convertible Stock			3,093,707		3,154,684

Shareholders' Equity of MAA - S

Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares		6 Months Ended		12 Months Ended
		Jun. 30, 2024		Dec. 31, 2023
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	Jun. 30, 2024 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	6 Months Ended
	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule Of Capital Structure [Line Items]
Operating partnership units outstanding		119,951,751	119,831,650
General Partners' Capital Account, Units Outstanding		116,858,044	116,676,966
Limited Partners' Capital Account, Units Outstanding		3,093,707	3,154,684
Preferred Stock, Shares Outstanding		867,846		867,846
Settled share amount	1,100,000
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		3,093,707	3,154,684
Limited Partners' Capital Account		$ 441.2	$ 479.1
Redeemable Capital Shares Par Or Stated Value Per Share		$ 142.61	$ 151.86
M A A L P [Member]
Schedule Of Capital Structure [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		97.40%	97.40%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Operating lease weighted average remaining lease term	34 years
Operating lease weighted average discount rate	4.50%
Loss contingency accrual	$ 14.4	$ 7.6
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	Jun. 30, 2024	Dec. 31, 2023
Loss Contingency [Abstract]
2024	$ 1,463
2025	2,919
2026	2,968
2027	3,003
2028	1,583
Thereafter	55,605
Total minimum lease payments	67,541
Net present value adjustments	(41,029)
Right-of-use Lease, Liability	$ 26,512	$ 27,300
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Community Segment State
Segment Reporting Information [Line Items]
Number of owned or owned interests of apartment communities | Community	291
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Information
Total operating revenues	$ 546,435	$ 535,146	$ 1,090,057	$ 1,064,179
Net Operating Income	340,639	340,813	686,459	687,043
Depreciation and amortization	(145,022)	(138,972)	(288,042)	(277,473)
Property management expenses	(17,201)	(16,091)	(37,196)	(34,019)
General and administrative expenses	(12,671)	(13,882)	(29,716)	(29,805)
Interest expense	(41,265)	(36,723)	(81,626)	(74,004)
(Loss) gain on sale of depreciable real estate assets	(23)	(1)	(25)	14
Gain on sale of non-depreciable real estate assets	0	0	0	54
Other non-operating (expense) income	(19,244)	16,992	4,282	20,459
Income tax expense	(1,020)	(2,861)	(2,815)	(3,805)
Income from real estate joint venture	469	382	951	767
Net income (loss) attributable to noncontrolling interests	(2,709)	(3,969)	(6,570)	(7,633)
Dividends to MAA Series I preferred shareholders	(922)	(922)	(1,844)	(1,844)
Net income available for MAA common shareholders	101,031	144,766	243,858	279,754
Same Store [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	518,235	514,364	1,035,180	1,023,964
Other operating income expense net	3,305	3,622	5,989	6,453
Total operating revenues	521,540	517,986	1,041,169	1,030,417
Net Operating Income	328,280	331,611	662,863	668,540
Non-Same Store and Other [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	24,555	17,037	47,427	33,529
Other operating income expense net	340	123	1,461	233
Total operating revenues	24,895	17,160	48,888	33,762
Net Operating Income	$ 12,359	$ 9,202	$ 23,596	$ 18,503

Segment Information - Assets fo

Segment Information - Assets for Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 11,562,867	$ 11,484,503
Same Store [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,766,749	9,893,858
Non-Same Store and Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,588,360	1,391,777
Corporate Assets [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 207,758	$ 198,868

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions - Additional Information (Details) $ in Millions	1 Months Ended			3 Months Ended
	May 31, 2024 USD ($) ApartmentUnit	Apr. 30, 2024 USD ($) a	Feb. 28, 2023 USD ($) a	Mar. 31, 2023 USD ($) a
Orlando
Business Acquisition [Line Items]
Acquisition cost			$ 12
Orlando | Land
Business Acquisition [Line Items]
Area of land | a			6
Phoenix
Business Acquisition [Line Items]
Acquisition cost		$ 11
Phoenix | Land
Business Acquisition [Line Items]
Area of land | a		13
Raleigh Nc | Multifamily [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ApartmentUnit	306
Proceeds used to purchase apartment communities	$ 81
Gulf Shores
Business Acquisition [Line Items]
Gross proceeds from disposition				$ 3
Gulf Shores | Land
Business Acquisition [Line Items]
Area of land | a				21

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Jul. 31, 2024 USD ($) ApartmentUnits	Jun. 30, 2024 Properties
Subsequent Event [Line Items]
Number of units under third party's development community | Properties		2,617
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of units under third party's development community | ApartmentUnits	239
Development costs | $	$ 112