Mid-America Apartment Communities (MAA) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 26, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		114,369,812
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Ave
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	MAA
Title of 12(b) Security	Common Stock
Cumulative Preferred Stock [Member]
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	MAA*I
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock
Limited Partner [Member]
Document Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity Central Index Key	0001581776
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity File Number	333-190028-01
Entity Tax Identification Number	62-1543816
Entity Address, Address Line One	6815 Poplar Ave
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Assets
Land		$ 1,909,343	$ 1,905,757
Buildings and improvements and other		12,037,042	11,841,978
Development and capital improvements in progress		220,685	116,424
Real Estate Investment Property, at Cost		14,167,070	13,864,159
Less: Accumulated depreciation		(3,316,710)	(2,955,253)
Real Estate Investment Property, Net		10,850,360	10,908,906
Undeveloped land		34,548	34,548
Investment in real estate joint venture		43,467	43,674
Real estate assets, net		10,928,375	10,987,128
Cash and cash equivalents		18,407	20,476
Restricted cash		9,182	50,065
Other assets		172,740	172,781
Total assets		11,128,704	11,230,450
Liabilities and equity
Unsecured notes payable		3,939,425	3,828,201
Secured notes payable		486,169	626,397
Accrued expenses and other liabilities		570,014	472,262
Total liabilities		4,995,608	4,926,860
Redeemable common stock		13,841	14,131
Shareholders’ equity:
Preferred Stock, Value, Outstanding		9	9
Common stock	[1]	1,140	1,140
Additional paid-in capital		7,173,391	7,166,073
Accumulated distributions in excess of net income		(1,258,072)	(1,085,479)
Accumulated other comprehensive loss		(12,396)	(13,178)
Total MAA shareholders’ equity		5,904,072	6,068,565
Noncontrolling interests - Operating Partnership units		208,072	214,647
Total Company’s shareholders’ equity		6,112,144	6,283,212
Noncontrolling interests - consolidated real estate entities		7,111	6,247
Total equity		6,119,255	6,289,459
Total liabilities and equity		11,128,704	11,230,450
Liabilities:
Redeemable common stock		13,841	14,131
Operating Partnership capital:
Accumulated other comprehensive loss		(12,396)	(13,178)
Noncontrolling interests - consolidated real estate entities		7,111	6,247
Limited Partner [Member]
Assets
Land		1,909,343	1,905,757
Buildings and improvements and other		12,037,042	11,841,978
Development and capital improvements in progress		220,685	116,424
Real Estate Investment Property, at Cost		14,167,070	13,864,159
Less: Accumulated depreciation		(3,316,710)	(2,955,253)
Real Estate Investment Property, Net		10,850,360	10,908,906
Investment in real estate joint venture		43,467	43,674
Real estate assets, net		10,928,375	10,987,128
Cash and cash equivalents		18,407	20,476
Restricted cash		9,182	50,065
Other assets		172,740	172,781
Total assets		11,128,704	11,230,450
Undeveloped land		34,548	34,548
Liabilities and equity
Unsecured notes payable		3,939,425	3,828,201
Secured notes payable		486,169	626,397
Accrued expenses and other liabilities		570,014	472,262
Total liabilities		4,995,627	4,926,879
Due to general partner		19	19
Redeemable common stock		13,841	14,131
Shareholders’ equity:
Accumulated other comprehensive loss		(12,774)	(13,584)
Noncontrolling interests - consolidated real estate entities		7,111	6,247
Liabilities:
Redeemable common stock		13,841	14,131
Operating Partnership capital:
Preferred Units, Preferred Partners' Capital Accounts		66,840	66,840
General Partners' Capital Account	[2]	5,849,987	6,015,290
Limited Partners' Capital Account	[2]	208,072	214,647
Accumulated other comprehensive loss		(12,774)	(13,584)
Total operating partners’ capital		6,112,125	6,283,193
Noncontrolling interests - consolidated real estate entities		7,111	6,247
Total equity		6,119,236	6,289,440
Total liabilities and equity		$ 11,128,704	$ 11,230,450
[1]
[2]	Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 are 119,374 and 107,162, respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2020		Dec. 31, 2019
Common stock, par value per share	$ 0.01		$ 0.01
Common stock, shares authorized	145,000,000		145,000,000
Common stock, shares issued	114,369,812		114,246,393
Common stock, shares outstanding	114,369,812		114,246,393
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	119,374		107,162
General Partners' Capital Account, Units Outstanding	114,369,812
Limited Partners' Capital Account, Units Outstanding	4,058,258
Limited Partner [Member]
Redeemable stock, shares issued and outstanding	119,374		107,162
General Partners' Capital Account, Units Outstanding	114,369,812		114,246,393
Limited Partners' Capital Account, Units Outstanding	4,058,258		4,067,174
Preferred Units, Issued	867,846		867,846
Preferred Units, Outstanding	867,846		867,846
[1]	The total liquidation preference for the outstanding preferred stock is $43.4 million.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental and other property revenues	$ 423,199	$ 415,632	$ 1,254,323	$ 1,224,200
Expenses:
Operating expenses, excluding real estate taxes and insurance	105,108	100,319	292,031	286,284
Real estate taxes and insurance	64,706	59,220	188,426	176,774
Depreciation and amortization	127,679	124,684	381,257	371,417
Total property operating expenses	297,493	284,223	861,714	834,475
Property management expenses	12,691	13,899	39,064	41,195
General and administrative expenses	11,360	10,225	35,181	32,960
Interest expense	41,010	44,513	126,610	136,149
(Gain) loss on sale of depreciable real estate assets	(20)	(1,000)	7	(987)
Gain on sale of non-depreciable real estate assets	(1,366)		(995)	(9,260)
Other non-operating (income) expense	(242)	(18,800)	13,647	(23,494)
Income before income tax expense	62,273	82,572	179,095	213,162
Income tax expense	(665)	(1,491)	(2,532)	(2,814)
Income from continuing operations before real estate joint venture activity	61,608	81,081	176,563	210,348
Income from real estate joint venture	428	378	1,153	1,210
Net income	62,036	81,459	177,716	211,558
Net income attributable to noncontrolling interests	2,126	2,814	6,096	7,336
Net income available for shareholders	59,910	78,645	171,620	204,222
Dividends to MAA Series I preferred shareholders	922	922	2,766	2,766
Net income available for MAA common shareholders	$ 58,988	$ 77,723	$ 168,854	$ 201,456
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 0.52	$ 0.68	$ 1.48	$ 1.77
Earnings per common share - diluted:
Net income available for MAA common shareholders	$ 0.52	$ 0.68	$ 1.47	$ 1.77
Net income available for MAA common shareholders	$ 58,988	$ 77,723	$ 168,854	$ 201,456
Limited Partner [Member]
Revenues:
Rental and other property revenues	423,199	415,632	1,254,323	1,224,200
Expenses:
Operating expenses, excluding real estate taxes and insurance	105,108	100,319	292,031	286,284
Real estate taxes and insurance	64,706	59,220	188,426	176,774
Depreciation and amortization	127,679	124,684	381,257	371,417
Total property operating expenses	297,493	284,223	861,714	834,475
Property management expenses	12,691	13,899	39,064	41,195
General and administrative expenses	11,360	10,225	35,181	32,960
Interest expense	41,010	44,513	126,610	136,149
(Gain) loss on sale of depreciable real estate assets	(20)	(1,000)	7	(987)
Gain on sale of non-depreciable real estate assets	(1,366)		(995)	(9,260)
Other non-operating (income) expense	(242)	(18,800)	13,647	(23,494)
Income before income tax expense	62,273	82,572	179,095	213,162
Income tax expense	(665)	(1,491)	(2,532)	(2,814)
Income from continuing operations before real estate joint venture activity	61,608	81,081	176,563	210,348
Income from real estate joint venture	428	378	1,153	1,210
Net income	62,036	81,459	177,716	211,558
Dividends to preferred unitholders	922	922	2,766	2,766
Net income available for shareholders	$ 61,114	$ 80,537	$ 174,950	$ 208,792
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 0.52	$ 0.68	$ 1.48	$ 1.77
Net income available for MAALP common unitholders	0.52	0.68	1.48	1.77
Earnings per common share - diluted:
Net income available for MAA common shareholders	0.52	0.68	1.48	1.77
Net income available for MAALP common unitholders	$ 0.52	$ 0.68	$ 1.48	$ 1.77

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income	$ 62,036	$ 81,459	$ 177,716	$ 211,558
Other comprehensive income (loss):
Unrealized loss from derivative instruments		(5,562)		(13,444)
Adjustment for net losses (gains) reclassified to net income from derivative instruments	279	(411)	810	(1,734)
Total comprehensive income	62,315	75,486	178,526	196,380
Less: Comprehensive income attributable to noncontrolling interests	(2,136)	(2,619)	(6,124)	(6,816)
Comprehensive income	60,179	72,867	172,402	189,564
Limited Partner [Member]
Net income	62,036	81,459	177,716	211,558
Other comprehensive income (loss):
Unrealized loss from derivative instruments		(5,562)		(13,444)
Adjustment for net losses (gains) reclassified to net income from derivative instruments	279	(411)	810	(1,734)
Comprehensive income	$ 62,315	$ 75,486	$ 178,526	$ 196,380

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 177,716	$ 211,558
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	381,938	372,210
Loss (gain) on sale of depreciable real estate assets	7	(987)
Gain on sale of non-depreciable real estate assets	(995)	(9,260)
Loss (gain) on embedded derivative in preferred shares	14,603	(19,592)
Stock compensation expense	12,532	11,550
Amortization of debt issuance costs, discounts and premiums	3,595	4,706
Net change in operating accounts and other operating activities	54,489	51,353
Net cash provided by operating activities	643,885	621,538
Cash flows from investing activities:
Purchases of real estate and other assets	(5,004)	(22,860)
Capital improvements, development and other	(288,183)	(219,670)
Distributions from real estate joint ventures	207	365
Contributions to affiliates	(3,450)	(4,500)
Proceeds from disposition of real estate assets	3,278	15,984
Net cash used in investing activities	(293,152)	(230,681)
Cash flows from financing activities:
Proceeds from revolving credit facility	245,000	565,000
Repayments of revolving credit facility	(245,000)	(1,105,000)
Net (repayments of) proceeds from commercial paper	(35,000)	200,000
Proceeds from notes payable	447,593	760,003
Principal payments on notes payable	(440,222)	(468,635)
Payment of deferred financing costs	(4,196)	(11,530)
Distributions to noncontrolling interests	(11,993)	(11,813)
Distributions paid on common shares/units	(342,983)	(328,239)
Distributions paid on preferred shares/units	(2,766)	(2,766)
Net change in other financing activities	(4,118)	3,132
Net cash used in financing activities	(393,685)	(399,848)
Net decrease in cash, cash equivalents and restricted cash	(42,952)	(8,991)
Cash, cash equivalents and restricted cash, beginning of period	70,541	51,673
Cash, cash equivalents and restricted cash, end of period	27,589	42,682
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	18,407	25,826
Restricted cash	9,182	16,856
Cash, cash equivalents and restricted cash, end of period	27,589	42,682
Supplemental disclosure of cash flow information:
Interest paid	109,527	108,249
Income taxes paid	2,534	2,509
Supplemental disclosure of noncash investing and financing activities:
Conversion of OP Units to shares of common stock	471	1,993
Accrued construction in progress	41,443	14,652
Interest capitalized	4,783	1,847
Limited Partner [Member]
Cash flows from operating activities:
Net income	177,716	211,558
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	381,938	372,210
Loss (gain) on sale of depreciable real estate assets	7	(987)
Gain on sale of non-depreciable real estate assets	(995)	(9,260)
Loss (gain) on embedded derivative in preferred shares	14,603	(19,592)
Stock compensation expense	12,532	11,550
Amortization of debt issuance costs, discounts and premiums	3,595	4,706
Net change in operating accounts and other operating activities	54,489	51,353
Net cash provided by operating activities	643,885	621,538
Cash flows from investing activities:
Purchases of real estate and other assets	(5,004)	(22,860)
Capital improvements, development and other	(288,183)	(219,670)
Distributions from real estate joint ventures	207	365
Contributions to affiliates	(3,450)	(4,500)
Proceeds from disposition of real estate assets	3,278	15,984
Net cash used in investing activities	(293,152)	(230,681)
Cash flows from financing activities:
Proceeds from revolving credit facility	245,000	565,000
Repayments of revolving credit facility	(245,000)	(1,105,000)
Net (repayments of) proceeds from commercial paper	(35,000)	200,000
Proceeds from notes payable	447,593	760,003
Principal payments on notes payable	(440,222)	(468,635)
Payment of deferred financing costs	(4,196)	(11,530)
Distributions paid on common shares/units	(354,976)	(340,052)
Distributions paid on preferred shares/units	(2,766)	(2,766)
Net change in other financing activities	(4,118)	3,132
Net cash used in financing activities	(393,685)	(399,848)
Net decrease in cash, cash equivalents and restricted cash	(42,952)	(8,991)
Cash, cash equivalents and restricted cash, beginning of period	70,541	51,673
Cash, cash equivalents and restricted cash, end of period	27,589	42,682
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	18,407	25,826
Restricted cash	9,182	16,856
Cash, cash equivalents and restricted cash, end of period	27,589	42,682
Supplemental disclosure of cash flow information:
Interest paid	109,527	108,249
Income taxes paid	2,534	2,509
Supplemental disclosure of noncash investing and financing activities:
Accrued construction in progress	41,443	14,652
Interest capitalized	$ 4,783	$ 1,847

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Consolidation And Basis Of Presentation And Significant Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation and Significant Accounting Policies	1. 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 and, unless the context otherwise requires, “shareholders” refers to the holders of shares of MAA’s common stock. The common units of limited partnership interests in the Operating Partnership are referred to as “OP Units,” and the holders of the OP Units are referred to as “common unitholders”. As of September 30, 2020, MAA owned 114,369,812 OP Units (or 96.6% 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. 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 interest, treasury shares, accumulated other comprehensive income 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 interest, accumulated other comprehensive income and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. Organization of Mid-America Apartment Communities, Inc. The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of September 30, 2020, the Company owned and operated 299 apartment communities through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of September 30, 2020, the Company had six development communities under construction totaling 1,940 apartment units once complete. Total expected costs for the six development projects are $459.5 million, of which $264.0 million had been incurred through September 30, 2020. MAA expects to complete one of these developments in 2020, four development s in 2021 and one development in 202 2. As of September 30, 2020 , thirty-two of the Company ’ s apartment communities include d retail components with approximately 630,000 square feet of gross leasable space. In addition, as of September 30, 2020 , t he Company ha d four commercial properties with approximately 260,000 square feet of combined gross leasable area. The Company ’ s apartment communiti es and commercial properties were located across 16 states and the District of Columbia as of September 30, 2020 . Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared by the Company’s management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80% to 100% of all consolidated subsidiaries, including the Operating Partnership. The condensed consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 80% to 100% of all consolidated subsidiaries. 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 which may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP is classified as a VIE, because the limited partners lack substantive kick-out rights and substantive participating rights. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE’s economic performance and which party controls such activities. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below). Reclassifications In order to present comparative financial statements, certain reclassifications have been made to the Condensed Consolidated Statements of Operations. Prior year amounts have been changed to conform to the Company’s current year presentation. As a result of these reclassifications, $1.3 million and $2.3 million of the “Other non-operating (income) expense” line Noncontrolling Interests As of September 30, 2020, 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 two consolidated real estate entities are owned by private real estate companies that are generally responsible for the development and construction of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2020, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $96.0 million and $10.2 million, respectively. As of December 31, 2019, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $46.0 million and $3.2 million, respectively. Investments in Unconsolidated Affiliates The Company uses the equity method to account for its investments in a real estate joint venture and two technology-focused limited partnerships that 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 investment in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $43.5 million and $43.7 million as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, the Company’s investments in the technology-focused limited partnerships were $21.3 million and $13.1 million, respectively, and are included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets. As of September 30, 2020, the Company was committed until February 2025 to make additional capital contributions totaling $21.3 million if and when called by the general partners of the limited partnerships. Fair Value Measurements The Company applies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures 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. Revenue Recognition The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with ASC Topic 842, Leases 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. Revenue from Contracts with Customers Leases The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than twelve months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2020 and December 31, 2019, right-of-use assets recorded within “Other assets” totaled $50.1 million and $53.8 million, respectively, and related lease obligations recorded within “Accrued expenses and other liabilities” totaled $32.2 million and $33.1 million, respectively, in the Condensed Consolidated Balance Sheets. As of September 30, 2020, the Company’s operating leases had a weighted average remaining lease term of approximately 31 years and a weighted average discount rate of approximately 4.4%. Lease expense recognized for the three and nine months ended September 30, 2020 and 2019 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2020 and 2019 was also immaterial. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments

Earnings Per Common Share of MA

Earnings Per Common Share of MAA	9 Months Ended
	Sep. 30, 2020
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 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 shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when the units are dilutive to earnings per share. For the three and nine months ended September 30, 2020 and 2019, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Calculation of Earnings per common share - basic Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Net income attributable to noncontrolling interests (2,126 ) (2,814 ) (6,096 ) (7,336 ) Unvested restricted stock (allocation of earnings) (78 ) (118 ) (229 ) (302 ) Preferred dividends (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAA common shareholders, adjusted $ 58,910 $ 77,605 $ 168,625 $ 201,154 Weighted average common shares - basic 114,216 113,877 114,177 113,814 Earnings per common share - basic $ 0.52 $ 0.68 $ 1.48 $ 1.77 Calculation of Earnings per common share - diluted Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Net income attributable to noncontrolling interests (1) (2,126 ) (2,814 ) (6,096 ) (7,336 ) Preferred dividends (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAA common shareholders, adjusted $ 58,988 $ 77,723 $ 168,854 $ 201,456 Weighted average common shares - basic 114,216 113,877 114,177 113,814 Effect of dilutive securities 252 260 310 238 Weighted average common shares - diluted 114,468 114,137 114,487 114,052 Earnings per common share - diluted $ 0.52 $ 0.68 $ 1.47 $ 1.77 (1)

Earnings Per OP Unit of MAALP

Earnings Per OP Unit of MAALP	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per OP Unit of MAALP	3. Earnings per OP Unit of MAALP Basic earnings per common unit is computed by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods. For the three and nine months ended September 30, 2020 and 2019, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Calculation of Earnings per common unit - basic Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Unvested restricted stock (allocation of earnings) (78 ) (118 ) (229 ) (302 ) Preferred unit distributions (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAALP common unitholders, adjusted $ 61,036 $ 80,419 $ 174,721 $ 208,490 Weighted average common units - basic 118,274 117,958 118,238 117,910 Earnings per common unit - basic $ 0.52 $ 0.68 $ 1.48 $ 1.77 Calculation of Earnings per common unit - diluted Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Preferred unit distributions (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAALP common unitholders, adjusted $ 61,114 $ 80,537 $ 174,950 $ 208,792 Weighted average common units - basic 118,274 117,958 118,238 117,910 Effect of dilutive securities 252 260 310 238 Weighted average common units - diluted 118,526 118,218 118,548 118,148 Earnings per common unit - diluted $ 0.52 $ 0.68 $ 1.48 $ 1.77

MAA Equity

MAA Equity	9 Months Ended
	Sep. 30, 2020
M A A Equity [Abstract]
MAA Equity	4. MAA Equity Changes in MAA’s total equity and its components for the three months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE JUNE 30, 2020 $ 9 $ 1,140 $ 7,168,886 $ (1,202,536 ) $ (12,665 ) $ 209,894 $ 6,849 $ 6,171,577 Net income — — — 59,910 — 2,126 — 62,036 Other comprehensive income - derivative instruments — — — — 269 10 — 279 Issuance and registration of common shares — — 33 — — — — 33 Shares issued in exchange for common units — — 21 — — (21 ) — — Redeemable stock fair market value adjustment — — — (155 ) — — — (155 ) Adjustment for noncontrolling interests in Operating Partnership — — 71 — — (71 ) — — Amortization of unearned compensation — — 4,380 — — — — 4,380 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($1.00 per share) — — — (114,369 ) — — — (114,369 ) Dividends on noncontrolling interests units ($1.00 per unit) — — — — — (3,866 ) — (3,866 ) Contribution from noncontrolling interest — — — — — — 262 262 EQUITY BALANCE SEPTEMBER 30, 2020 $ 9 $ 1,140 $ 7,173,391 $ (1,258,072 ) $ (12,396 ) $ 208,072 $ 7,111 $ 6,119,255 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE JUNE 30, 2019 $ 9 $ 1,138 $ 7,146,076 $ (1,086,665 ) $ (9,092 ) $ 215,404 $ 5,656 $ 6,272,526 Net income — — — 78,645 — 2,814 — 81,459 Other comprehensive loss - derivative instruments — — — — (5,778 ) (195 ) — (5,973 ) Issuance and registration of common shares — — 140 — — — — 140 Exercise of stock options — — (204 ) — — — — (204 ) Shares issued in exchange for common units — — 836 — — (836 ) — — Redeemable stock fair market value adjustment — — — (1,269 ) — — — (1,269 ) Adjustment for noncontrolling interests in Operating Partnership — — (272 ) — — 272 — — Amortization of unearned compensation — — 3,313 — — — — 3,313 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($0.96 per share) — — — (109,503 ) — — — (109,503 ) Dividends on noncontrolling interests units ($0.96 per unit) — — — — — (3,912 ) — (3,912 ) Contribution from noncontrolling interest — — — — — — 955 955 EQUITY BALANCE SEPTEMBER 30, 2019 $ 9 $ 1,138 $ 7,149,889 $ (1,119,714 ) $ (14,870 ) $ 213,547 $ 6,611 $ 6,236,610 Changes in MAA’s total equity and its components for the nine months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE DECEMBER 31, 2019 $ 9 $ 1,140 $ 7,166,073 $ (1,085,479 ) $ (13,178 ) $ 214,647 $ 6,247 $ 6,289,459 Net income — — — 171,620 — 6,096 — 177,716 Other comprehensive income - derivative instruments — — — — 782 28 — 810 Issuance and registration of common shares — — (344 ) — — — — (344 ) Shares repurchased and retired — — (5,657 ) — — — — (5,657 ) Exercise of stock options — — 71 — — — — 71 Shares issued in exchange for common units — — 471 — — (471 ) — — Redeemable stock fair market value adjustment — — — 1,659 — — — 1,659 Adjustment for noncontrolling interests in Operating Partnership — — 244 — — (244 ) — — Amortization of unearned compensation — — 12,533 — — — — 12,533 Dividends on preferred stock — — — (2,766 ) — — — (2,766 ) Dividends on common stock ($3.00 per share) — — — (343,106 ) — — — (343,106 ) Dividends on noncontrolling interests units ($3.00 per unit) — — — — — (11,984 ) — (11,984 ) Contribution from noncontrolling interest — — — — — — 864 864 EQUITY BALANCE SEPTEMBER 30, 2020 $ 9 $ 1,140 $ 7,173,391 $ (1,258,072 ) $ (12,396 ) $ 208,072 $ 7,111 $ 6,119,255 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE DECEMBER 31, 2018 $ 9 $ 1,136 $ 7,138,170 $ (989,263 ) $ (212 ) $ 220,043 $ 2,306 $ 6,372,189 Net income — — — 204,222 — 7,336 — 211,558 Other comprehensive loss - derivative instruments — — — — (14,658 ) (520 ) — (15,178 ) Issuance and registration of common shares — 2 748 — — — — 750 Shares repurchased and retired — — (3,724 ) — — — — (3,724 ) Exercise of stock options — — 1,036 — — — — 1,036 Shares issued in exchange for common units — — 1,993 — — (1,993 ) — — Shares issued in exchange for redeemable stock — — 575 — — — — 575 Redeemable stock fair market value adjustment — — — (3,455 ) — — — (3,455 ) Adjustment for noncontrolling interests in Operating Partnership — — (459 ) — — 459 — — Amortization of unearned compensation — — 11,550 — — — — 11,550 Dividends on preferred stock — — — (2,766 ) — — — (2,766 ) Dividends on common stock ($2.88 per share) — — — (328,452 ) — — — (328,452 ) Dividends on noncontrolling interests units ($2.88 per unit) — — — — — (11,778 ) — (11,778 ) Contribution from noncontrolling interest — — — — — — 4,305 4,305 EQUITY BALANCE SEPTEMBER 30, 2019 $ 9 $ 1,138 $ 7,149,889 $ (1,119,714 ) $ (14,870 ) $ 213,547 $ 6,611 $ 6,236,610

MAALP Capital

MAALP Capital	9 Months Ended
	Sep. 30, 2020
M A A L P Capital [Abstract]
MAALP Capital	5. MAALP Capital Changes in MAALP’s total capital and its components for the three months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests- Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE JUNE 30, 2020 $ 209,894 $ 5,901,028 $ 66,840 $ (13,053 ) $ 6,849 $ 6,171,558 Net income 2,126 58,988 922 — — 62,036 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units — 33 — — — 33 General partnership units issued in exchange for limited partnership units (21 ) 21 — — — — Redeemable units fair market value adjustment — (155 ) — — — (155 ) Adjustment for limited partners’ capital at redemption value (61 ) 61 — — — — Amortization of unearned compensation — 4,380 — — — 4,380 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($1.00 per unit) (3,866 ) (114,369 ) — — — (118,235 ) Contribution from noncontrolling interest — — — — 262 262 CAPITAL BALANCE SEPTEMBER 30, 2020 $ 208,072 $ 5,849,987 $ 66,840 $ (12,774 ) $ 7,111 $ 6,119,236 Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests - Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE JUNE 30, 2019 $ 215,404 $ 5,993,973 $ 66,840 $ (9,366 ) $ 5,656 $ 6,272,507 Net income 2,814 77,723 922 — — 81,459 Other comprehensive loss - derivative instruments — — — (5,973 ) — (5,973 ) Issuance of units — 140 — — — 140 Exercise of unit options — (204 ) — — — (204 ) General partnership units issued in exchange for limited partnership units (836 ) 836 — — — — Redeemable units fair market value adjustment — (1,269 ) — — — (1,269 ) Adjustment for limited partners’ capital at redemption value 77 (77 ) — — — — Amortization of unearned compensation — 3,313 — — — 3,313 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($0.96 per unit) (3,912 ) (109,503 ) — — — (113,415 ) Contribution from noncontrolling interest — — — — 955 955 CAPITAL BALANCE SEPTEMBER 30, 2019 $ 213,547 $ 5,964,932 $ 66,840 $ (15,339 ) $ 6,611 $ 6,236,591 Changes in MAALP’s total capital and its components for the nine months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests- Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2019 $ 214,647 $ 6,015,290 $ 66,840 $ (13,584 ) $ 6,247 $ 6,289,440 Net income 6,096 168,854 2,766 — — 177,716 Other comprehensive income - derivative instruments — — — 810 — 810 Issuance of units — (344 ) — — — (344 ) Units repurchased and retired — (5,657 ) — — — (5,657 ) Exercise of unit options — 71 — — — 71 General partnership units issued in exchange for limited partnership units (471 ) 471 — — — — Redeemable units fair market value adjustment — 1,659 — — — 1,659 Adjustment for limited partners’ capital at redemption value (216 ) 216 — — — — Amortization of unearned compensation — 12,533 — — — 12,533 Distributions to preferred unitholders — — (2,766 ) — — (2,766 ) Distributions to common unitholders ($3.00 per unit) (11,984 ) (343,106 ) — — — (355,090 ) Contribution from noncontrolling interest — — — — 864 864 CAPITAL BALANCE SEPTEMBER 30, 2020 $ 208,072 $ 5,849,987 $ 66,840 $ (12,774 ) $ 7,111 $ 6,119,236 Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests - Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2018 $ 220,043 $ 6,083,142 $ 66,840 $ (161 ) $ 2,306 $ 6,372,170 Net income 7,336 201,456 2,766 — — 211,558 Other comprehensive loss - derivative instruments — — — (15,178 ) — (15,178 ) Issuance of units — 750 — — — 750 Units repurchased and retired — (3,724 ) — — — (3,724 ) Exercise of unit options — 1,036 — — — 1,036 General partnership units issued in exchange for limited partnership units (1,993 ) 1,993 — — — — Units issued in exchange for redeemable units — 575 — — — 575 Redeemable units fair market value adjustment — (3,455 ) — — — (3,455 ) Adjustment for limited partners’ capital at redemption value (61 ) 61 — — — — Amortization of unearned compensation — 11,550 — — — 11,550 Distributions to preferred unitholders — — (2,766 ) — — (2,766 ) Distributions to common unitholders ($2.88 per unit) (11,778 ) (328,452 ) — — — (340,230 ) Contribution from noncontrolling interest — — — — 4,305 4,305 CAPITAL BALANCE SEPTEMBER 30, 2019 $ 213,547 $ 5,964,932 $ 66,840 $ (15,339 ) $ 6,611 $ 6,236,591

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2020
Notes To Financial Statements [Abstract]
Borrowings	6. Borrowings The following table summarizes the Company’s outstanding debt as of September 30, 2020 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Variable rate revolving credit facility $ — — — Variable rate commercial paper program 35,000 0.2 % 10/2/2020 Fixed rate senior notes 3,922,000 3.6 % 1/27/2027 Debt issuance costs, discounts, premiums and fair market value adjustments (17,575 ) Total unsecured debt $ 3,939,425 3.6 % Secured debt Fixed rate property mortgages $ 489,595 4.6 % 12/31/2041 Debt issuance costs and fair market value adjustments (3,426 ) Total secured debt $ 486,169 4.6 % Total outstanding debt $ 4,425,594 3.7 % Unsecured Revolving Credit Facility In May 2019, MAALP entered into a $1.0 billion unsecured revolving credit facility with a syndicate of banks led by Wells Fargo Bank, National Association, or Wells Fargo, and fourteen other banks, which is referred to as the Credit Facility. The Credit Facility replaced MAALP’s previous unsecured revolving credit facility, and it includes an expansion option up to $1.5 billion. The Credit Facility bears an interest rate of the London Interbank Offered Rate, or LIBOR, plus a spread of 0.75% to 1.45% based on an investment grade pricing grid. The Credit Facility matures in May 2023 with an option to extend for two additional six-month periods. As of September 30, 2020, there was no outstanding balance under the Credit Facility, while $3.4 million of capacity was used to support outstanding letters of credit. Unsecured Commercial Paper In May 2019, MAALP 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 $500.0 million. As of September 30, 2020, MAALP had $35.0 million outstanding under the commercial paper program. For the three months ended September 30, 2020, the average daily borrowings outstanding under the commercial paper program were $118.0 million. Unsecured Senior Notes As of In August 2020, MAALP publicly issued $450.0 million in aggregate principal amount of unsecured senior notes, maturing February 2031 with a coupon rate of 1.700% per annum, or the 2031 Notes. The purchase price paid by the purchasers was 99.465% of the principal amount. The 2031 Notes are general unsecured senior obligations of MAALP and rank equally in right of payment with all other senior unsecured indebtedness of MAALP. Interest on the 2031 Notes is payable on February 15 and August 15 of each year, beginning on February 15, 2021. The net proceeds of the offering, after deducting the original issue discount, underwriting commissions and expenses of approximately $5.3 million in the aggregate, were $444.7 million. The 2031 Notes have an effective interest rate of 1.76% and have been reflected net of discount and debt issuance costs in the Condensed Consolidated Balance Sheets as of September 30, 2020 . Unsecured Term Loan In August 2020, MAALP retired a $300.0 million term loan with a syndicate of banks led by Wells Fargo due in March 2022. Secured Property Mortgages As of September 30, 2020, MAALP had $489.6 million In July 2020, MAALP retired $63.6 million of mortgages associated with three apartment communities at maturity and $72.2 million of mortgages associated with four apartment communities prior to their October 2020 maturities. Guarantees As of September 30, 2020, MAA fully and unconditionally guaranteed $222.0 million of the privately placed unsecured senior notes issued by MAALP.

Financial Instruments and Deriv

Financial Instruments and Derivatives	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Financial Instruments and Derivatives	7. Financial Instruments and Derivatives Financial Instruments Not Carried at Fair Value Cash and cash equivalents, restricted cash and accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair value due to their short term nature. Fixed rate notes payable as of September 30, 2020 and December 31, 2019, totaled $4.4 billion and $4.1 billion, respectively, and had estimated fair values of $4.9 billion and $4.5 billion (excluding prepayment penalties) as of September 30, 2020 and December 31, 2019, respectively. The carrying values of variable rate debt (excluding the effect of interest rate swap agreements) as of September 30, 2020 and December 31, 2019, totaled $35.0 million and $370.0 million, respectively, and had estimated fair values of $35.0 million and $370.8 million (excluding prepayment penalties) as of September 30, 2020 and December 31, 2019, 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 fair values of variable rate debt are determined using the stated variable rate plus the current market credit spread. The variable rates reset every 30 to 90 days , and management concluded these rates reasonably estimate current market rates. Financial Instruments Measured at Fair Value on a Recurring Basis As of September 30, 2020, 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 and at the redemption price of $50.00 per share. The Company uses various inputs in the analysis, including trading data available on the preferred shares, coupon yields on preferred stock issuances from REITs with similar credit ratings as MAA and treasury rates to determine the fair value of the bifurcated call option. The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in “Other assets” in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to “Other non-operating (income) expense” in the accompanying Condensed Consolidated Statements of Operations. As a result of adjustments of non-cash expense recorded to reflect the change in fair value of the derivative asset during the nine months ended September 30, 2020, the fair value of the embedded derivative asset decreased to $21.9 million as of September 30, 2020 as compared to $36.5 million as of December 31, 2019. Periodically, the Company uses interest rate swaps to add stability to interest expense and to manage, or hedge, its exposure to interest rate movements associated with anticipated future debt transactions and variable rate debt. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Management incorporates credit valuation adjustments to appropriately reflect both its nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the derivative contracts for the effect of nonperformance risk, the Company considers the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Based on guidance issued by the FASB, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. As of September 30, 2020, the Company did not have any outstanding interest rate derivatives designated as cash flow hedges of interest rate risk. The fair value of interest rate derivative contracts designated as hedging instruments recorded in “Other assets” in the accompanying Condensed Consolidated Balance Sheets as of December 31, 2019 was $0.1 million. The Company’s interest rate derivative contracts designated as hedging instruments and their related gains and losses are reported in “Net change in operating accounts and other operating activities” in the accompanying Condensed Consolidated Statements of Cash Flows. 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 valuation of its debt and embedded derivative held as of September 30, 2020 and December 31, 2019 were classified as Level 2 in the fair value hierarchy. Cash Flow Hedges of Interest Rate Risk The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in “Accumulated other comprehensive loss” and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which hedged transactions impact earnings, regardless of whether or not economic mismatches exist in the hedging relationship. Amounts reported in “Accumulated other comprehensive loss” related to derivatives designated as qualifying cash flow hedges are reclassified to interest expense as interest payments are made on the Company’s variable rate or fixed rate debt. During the next twelve months, the Company estimates that an additional $1.1 million will be reclassified to earnings as an increase to “Interest expense”, which primarily represents the difference between the fixed interest rate swap payments and the projected variable interest rate swap receipts. Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands): Derivatives in Cash Flow Hedging Relationships Loss Recognized in OCI on Derivative Location of (Loss) Gain Reclassified from Accumulated Net (Loss) Gain Reclassified from Accumulated OCL into Interest Expense (1) Three months ended September 30, 2020 2019 OCL into Income 2020 2019 Interest rate contracts $ — $ (5,562 ) Interest expense $ (279 ) $ 411 Nine months ended September 30, Interest rate contracts $ — $ (13,444 ) Interest expense $ (810 ) $ 1,734 (1) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Gain (Loss) Recognized in Earnings on Derivative Three months ended September 30, Income on Derivative 2020 2019 Preferred stock embedded derivative Other non-operating (income) expense $ 1,342 $ 15,522 Nine months ended September 30, Preferred stock embedded derivative Other non-operating (income) expense $ (14,603 ) $ 19,592

Shareholders' Equity of MAA

Shareholders' Equity of MAA	9 Months Ended
	Sep. 30, 2020
Shareholders Equity Of M A A [Abstract]
Shareholders' Equity of MAA	8. Shareholders As of September 30, 2020, 114,369,812 shares of common stock of MAA and 4,058,258 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,428,070 common shares and units. As of September 30, 2019, 114,065,859 shares of common stock of MAA and 4,074,277 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,140,136 common shares and units. Options to purchase 19,845 shares of MAA’s common stock were outstanding as of September 30, 2020, compared to 45,390 outstanding options as of September 30, 2019. During the nine months ended September 30, 2020 and 2019, MAA issued 918 common shares and 24,256 common shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds of $0.1 million and $1.0 million, respectively. Preferred Stock As of September 30, 2020, 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 Series I 867,846 $ 50.00 10/1/2026 $ 50.00 8.50 % $ 4.25 (1) (2) 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. At-the-Market Share Offering Program The Company has entered into separate distribution agreements with each of J.P. Morgan Securities LLC, BMO Capital Markets Corp. and KeyBanc Capital Markets Inc. to establish an at-the-market share offering program, or ATM program, allowing MAA to sell shares of its common stock from time to time into the existing market at current market prices or through negotiated transactions. Under the ATM program, MAA has the authority to issue up to an aggregate of 4.0 million shares of its common stock, at such times to be determined by MAA. The ATM program currently has a maturity of September 2021. MAA has no obligation to issue shares through the ATM program. During the nine months ended September 30, 2020 and 2019, MAA did not sell any shares of common stock under its ATM program. As of September 30, 2020, 3.9 million shares remained issuable under the ATM program.

Partners' Capital of MAALP

Partners' Capital of MAALP	9 Months Ended
	Sep. 30, 2020
Partners Capital Notes [Abstract]
Partners' Capital of MAALP	9. Partners Common units of limited partnership interests in MAALP are represented by OP Units. As of September 30, 2020, there were 118,428,070 OP Units outstanding, 114,369,812, or 96.6%, 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 4,058,258 OP Units were Class A OP Units owned by Class A limited partners. As of September 30, 2019, there were 118,140,136 OP Units outstanding, 114,065,859, or 96.6%, of which were owned by MAA and 4,074,277 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 if the general partner remains in supervision of the designee. Under the Partnership Agreement, MAALP may issue Class A OP Units and Class B OP Units. Class A OP Units are any OP Units other than Class B OP Units, while Class B OP Units are those issued to or held by MAALP’s general partner or any of its subsidiaries. In general, the limited partners do not have the power to participate in the management or control of MAALP’s business except in limited circumstances, including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement. Net income of MAALP (after allocations to preferred ownership interests) is allocated to the general partner and limited partners based on their respective ownership percentages of MAALP. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to MAALP in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, MAALP generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of MAALP. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA’s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed. As of September 30, 2020, a total of 4,058,258 Class A OP Units were outstanding and redeemable for 4,058,258 shares of MAA common stock, with an approximate value of $470.6 million, based on the closing price of MAA’s common stock on September 30, 2020 of $115.95 per share. As of September 30, 2019, a total of 4,074,277 Class A OP Units were outstanding and redeemable for 4,074,277 shares of MAA common stock, with an approximate value of $529.7 million, based on the closing price of MAA’s common stock on September 30, 2019 of $130.01 per share. MAALP pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock. As of September 30, 2020, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of September 30, 2020, 867,846 units of the MAALP Series I preferred units were outstanding.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Loss Contingency [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Leases The Company’s leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that generally compensate for the impact of inflation. The Company also has other commitments related to immaterial office and equipment operating leases. The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease obligations recorded on the Condensed Consolidated Balance Sheets as of September 30, 2020 (in thousands): Operating Leases 2020 $ 707 2021 2,854 2022 2,885 2023 2,875 2024 2,853 Thereafter 65,863 Total minimum lease payments 78,037 Net present value adjustments (45,856 ) Operating lease obligations $ 32,181 Legal Proceedings In June 2016, plaintiffs Cathi Cleven and Tara Cleven, on behalf of a purported class of plaintiffs, filed a complaint against MAA and the Operating Partnership in the United States District Court for the Western District of Texas, Austin Division. In January 2017, Areli Arellano and Joe L. Martinez joined the lawsuit as additional plaintiffs. The lawsuit alleges that the Company (but not Post Properties (see the description of the Brown class action lawsuit below)) charged late fees at its Texas properties that violate Section 92.019 of the Texas Property Code, or Section 92.019, which provides that a landlord may not charge a tenant a late fee for failing to pay rent unless, among other things, the fee is a reasonable estimate of uncertain damages to the landlord that are incapable of precise calculation and result from the late payment of rent. The plaintiffs are seeking monetary damages and attorneys’ fees and costs. In September 2018, the District Court certified a class proposed by the plaintiffs. Additionally, in September 2018, the District Court denied the Company’s motion for summary judgment and granted the plaintiffs’ motion for partial summary judgment. Because the District Court certified a class prior to granting the plaintiffs’ motion for partial summary judgment, the District Court’s ruling applies to the entire class. In October 2018, the Fifth Circuit Court of Appeals accepted the Company’s petition to review the District Court’s order granting class certification. In September 2019, the Fifth Circuit Court of Appeals heard the Company’s oral arguments. The Company also intends to appeal the District Court’s order granting plaintiff’s motion for summary judgment to the Fifth Circuit Court of Appeals if permission to appeal is granted. The Company will continue to vigorously defend the action and pursue such appeals. Management estimates that the Company’s maximum exposure in the lawsuit, given the class certification and summary judgment ruling, is $54.6 million, which includes both potential damages and attorneys’ fees but excludes any prejudgment interest that may be awarded. In April 2017, plaintiff Nathaniel Brown, on behalf of a purported class of plaintiffs, filed a complaint against the Operating Partnership, as the successor by merger to Post Properties’ primary operating partnership, and MAA in the United States District Court for the Western District of Texas, Austin Division. The lawsuit alleges that Post Properties (and, following the Post Properties merger in December 2016, the Operating Partnership) charged late fees at its Texas properties that violate Section 92.019. The plaintiffs are seeking monetary damages and attorney’s fees and costs. In September 2018, the District Court certified a class proposed by the plaintiff. Additionally, in September 2018, the District Court denied the Company’s motion for summary judgment and granted the plaintiff’s motion for partial summary judgment. Because the District Court certified a class prior to granting the plaintiff’s motion for partial summary judgment, the District Court’s ruling applies to the entire class. In October 2018, the Fifth Circuit Court of Appeals accepted the Company’s petition to review the District Court’s order granting class certification. In September 2019, the Fifth Circuit Court of Appeals heard the Company’s oral arguments. The Company also intends to appeal the District Court’s order granting plaintiff’s motion for summary judgment to the Fifth Circuit Court of Appeals if permission to appeal is granted. The Company will continue to vigorously defend the action and pursue such appeals. Management estimates that the Company’s maximum exposure in the lawsuit, given the class certification and summary judgment ruling, is $8.4 million, which includes both potential damages and attorneys’ fees but excludes any prejudgment interest that may be awarded. The Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. Matters which arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance. While the resolution of these other matters cannot be predicted with certainty, management does not currently believe that such 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. Loss Contingencies The outcomes of claims, disputes and legal proceedings are subject to significant uncertainty. The Company records an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. The Company also accrues an estimate of defense costs expected to be incurred in connection with legal matters. Management reviews these accruals quarterly and makes revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, management does not accrue the loss. However, if the loss (or an additional loss in excess of the accrual) is at least a reasonable possibility and material, then management discloses a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible loss, or range of loss, then a statement to that effect is disclosed. The assessment of whether a loss is probable or a reasonable possibility, and whether the loss or range of loss is reasonably estimable, often involves a series of complex judgments about future events. Among the factors considered in this assessment, are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if reasonably estimable), the progress of the matter, existing law and precedent, the opinions or views of legal counsel and other advisers, management’s experience in similar matters, the facts available to management at the time of assessment, and how the Company intends to respond, or has responded, to the proceeding or claim. Management’s assessment of these factors may change over time as individual proceedings or claims progress. For matters where management is not currently able to reasonably estimate a range of reasonably possible loss, the factors that have contributed to this determination include the following: (i) the damages sought are indeterminate; (ii) the proceedings are in the early stages; (iii) the matters involve novel or unsettled legal theories or a large or uncertain number of actual or potential cases or parties; and/or (iv) discussions with the parties in matters that are ultimately expected to be resolved through negotiation and settlement have not reached the point where management believes a reasonable estimate of loss, or range of loss, can be made. The Company believes that there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss or business impact, if any. As of September 30, 2020 and December 31, 2019, the Company’s accrual for loss contingencies relating to unresolved legal matters was $7.4 million and $8.6 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Notes To Financial Statements [Abstract]
Segment Information	11. Segment Information As of September 30, 2020, the Company owned and operated 299 multifamily apartment communities in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. This is consistent with the aggregation criteria under GAAP as each of the apartment communities generally has similar economic characteristics, facilities, services, and tenants. The following reflects the two reportable segments for the Company: • Same Store communities are communities that the Company has owned and have been stabilized for at least a full 12 months. • Non-Same Store and Other includes recently acquired communities, communities in development or lease-up, communities that have been identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities. 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. Properties in development or lease-up are added to the Same Store portfolio on the first day of the calendar year after a community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% occupancy for 90 days. Communities that have been identified for disposition are excluded from the Same Store portfolio. The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of its operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance. Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Revenues: Same Store Rental revenues $ 394,556 $ 386,356 $ 1,170,844 $ 1,137,967 Other property revenues 3,044 3,244 9,012 9,926 Total Same Store revenues 397,600 389,600 1,179,856 1,147,893 Non-Same Store and Other Rental revenues 25,465 25,917 74,204 75,825 Other property revenues 134 115 263 482 Total Non-Same Store and Other revenues 25,599 26,032 74,467 76,307 Total rental and other property revenues $ 423,199 $ 415,632 $ 1,254,323 $ 1,224,200 Net Operating Income: Same Store NOI $ 238,702 $ 241,362 $ 730,702 $ 717,216 Non-Same Store and Other NOI 14,683 14,731 43,164 43,926 Total NOI 253,385 256,093 773,866 761,142 Depreciation and amortization (127,679 ) (124,684 ) (381,257 ) (371,417 ) Property management expenses (12,691 ) (13,899 ) (39,064 ) (41,195 ) General and administrative expenses (11,360 ) (10,225 ) (35,181 ) (32,960 ) Interest expense (41,010 ) (44,513 ) (126,610 ) (136,149 ) Gain (loss) on sale of depreciable real estate assets 20 1,000 (7 ) 987 Gain on sale of non-depreciable real estate assets 1,366 — 995 9,260 Other non-operating income (expense) 242 18,800 (13,647 ) 23,494 Income tax expense (665 ) (1,491 ) (2,532 ) (2,814 ) Income from real estate joint venture 428 378 1,153 1,210 Net income attributable to noncontrolling interests (2,126 ) (2,814 ) (6,096 ) (7,336 ) Dividends to MAA Series I preferred shareholders (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAA common shareholders $ 58,988 $ 77,723 $ 168,854 $ 201,456 Assets for each reportable segment as of September 30, 2020 and December 31, 2019 were as follows (in thousands): September 30, 2020 December 31, 2019 Assets: Same Store $ 9,740,808 $ 9,975,880 Non-Same Store and Other 1,198,693 1,049,029 Corporate assets 189,203 205,541 Total assets $ 11,128,704 $ 11,230,450

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate Acquisitions and Dispositions	12. Real Estate Acquisitions and Dispositions The following table reflects the Company’s acquisition activity for the nine months ended September 30, 2020: Land Acquisition Market Acres Date Acquired Georgetown Austin, TX 22 January 2020 The following table reflects the Company’s disposition activity for the nine months ended September 30, 2020: Land Disposition Market Acres Date Sold Colonial Promenade Huntsville, AL 27 September 2020

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared by the Company’s management in accordance with United States generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80% to 100% of all consolidated subsidiaries, including the Operating Partnership. The condensed consolidated financial statements of MAALP presented herein include the accounts of MAALP and all other subsidiaries in which MAALP has a controlling financial interest. MAALP owns, directly or indirectly, 80% to 100% of all consolidated subsidiaries. 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 which may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. MAALP is classified as a VIE, because the limited partners lack substantive kick-out rights and substantive participating rights. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE’s economic performance and which party controls such activities. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence, but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise control include ownership of voting interests and participatory rights of investors (see “Investments in Unconsolidated Affiliates” below).
Reclassifications	Reclassifications In order to present comparative financial statements, certain reclassifications have been made to the Condensed Consolidated Statements of Operations. Prior year amounts have been changed to conform to the Company’s current year presentation. As a result of these reclassifications, $1.3 million and $2.3 million of the “Other non-operating (income) expense” line
Noncontrolling Interests	Noncontrolling Interests As of September 30, 2020, 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 two consolidated real estate entities are owned by private real estate companies that are generally responsible for the development and construction of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIE’s with the Company designated as the primary beneficiary. As a result, the accounts of the entities are consolidated by the Company. As of September 30, 2020, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $96.0 million and $10.2 million, respectively. As of December 31, 2019, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $46.0 million and $3.2 million, respectively.
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 two technology-focused limited partnerships that 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 investment in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $43.5 million and $43.7 million as of September 30, 2020 and December 31, 2019, respectively.
Fair value Measurements	Fair Value Measurements The Company applies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures 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.
Revenue Recognition	Revenue Recognition The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with ASC Topic 842, Leases 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. Revenue from Contracts with Customers
Leases	Leases The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than twelve months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of September 30, 2020 and December 31, 2019, right-of-use assets recorded within “Other assets” totaled $50.1 million and $53.8 million, respectively, and related lease obligations recorded within “Accrued expenses and other liabilities” totaled $32.2 million and $33.1 million, respectively, in the Condensed Consolidated Balance Sheets. As of September 30, 2020, the Company’s operating leases had a weighted average remaining lease term of approximately 31 years and a weighted average discount rate of approximately 4.4%. Lease expense recognized for the three and nine months ended September 30, 2020 and 2019 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the nine months ended September 30, 2020 and 2019 was also immaterial.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments

Earnings Per Common Share of _2

Earnings Per Common Share of MAA (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Common Share Of M A A [Abstract]
Schedule of Computation of Diluted Earnings per Share	For the three and nine months ended September 30, 2020 and 2019, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Calculation of Earnings per common share - basic Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Net income attributable to noncontrolling interests (2,126 ) (2,814 ) (6,096 ) (7,336 ) Unvested restricted stock (allocation of earnings) (78 ) (118 ) (229 ) (302 ) Preferred dividends (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAA common shareholders, adjusted $ 58,910 $ 77,605 $ 168,625 $ 201,154 Weighted average common shares - basic 114,216 113,877 114,177 113,814 Earnings per common share - basic $ 0.52 $ 0.68 $ 1.48 $ 1.77 Calculation of Earnings per common share - diluted Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Net income attributable to noncontrolling interests (1) (2,126 ) (2,814 ) (6,096 ) (7,336 ) Preferred dividends (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAA common shareholders, adjusted $ 58,988 $ 77,723 $ 168,854 $ 201,456 Weighted average common shares - basic 114,216 113,877 114,177 113,814 Effect of dilutive securities 252 260 310 238 Weighted average common shares - diluted 114,468 114,137 114,487 114,052 Earnings per common share - diluted $ 0.52 $ 0.68 $ 1.47 $ 1.77 (1)

Earnings Per OP Unit of MAALP (

Earnings Per OP Unit of MAALP (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Diluted Earnings per Common Unit	For the three and nine months ended September 30, 2020 and 2019, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Calculation of Earnings per common unit - basic Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Unvested restricted stock (allocation of earnings) (78 ) (118 ) (229 ) (302 ) Preferred unit distributions (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAALP common unitholders, adjusted $ 61,036 $ 80,419 $ 174,721 $ 208,490 Weighted average common units - basic 118,274 117,958 118,238 117,910 Earnings per common unit - basic $ 0.52 $ 0.68 $ 1.48 $ 1.77 Calculation of Earnings per common unit - diluted Net income $ 62,036 $ 81,459 $ 177,716 $ 211,558 Preferred unit distributions (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAALP common unitholders, adjusted $ 61,114 $ 80,537 $ 174,950 $ 208,792 Weighted average common units - basic 118,274 117,958 118,238 117,910 Effect of dilutive securities 252 260 310 238 Weighted average common units - diluted 118,526 118,218 118,548 118,148 Earnings per common unit - diluted $ 0.52 $ 0.68 $ 1.48 $ 1.77

MAA Equity (Tables)

MAA Equity (Tables)	9 Months Ended
	Sep. 30, 2020
M A A Equity [Abstract]
Summary of Changes in Total Equity and its Components	Changes in MAA’s total equity and its components for the three months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE JUNE 30, 2020 $ 9 $ 1,140 $ 7,168,886 $ (1,202,536 ) $ (12,665 ) $ 209,894 $ 6,849 $ 6,171,577 Net income — — — 59,910 — 2,126 — 62,036 Other comprehensive income - derivative instruments — — — — 269 10 — 279 Issuance and registration of common shares — — 33 — — — — 33 Shares issued in exchange for common units — — 21 — — (21 ) — — Redeemable stock fair market value adjustment — — — (155 ) — — — (155 ) Adjustment for noncontrolling interests in Operating Partnership — — 71 — — (71 ) — — Amortization of unearned compensation — — 4,380 — — — — 4,380 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($1.00 per share) — — — (114,369 ) — — — (114,369 ) Dividends on noncontrolling interests units ($1.00 per unit) — — — — — (3,866 ) — (3,866 ) Contribution from noncontrolling interest — — — — — — 262 262 EQUITY BALANCE SEPTEMBER 30, 2020 $ 9 $ 1,140 $ 7,173,391 $ (1,258,072 ) $ (12,396 ) $ 208,072 $ 7,111 $ 6,119,255 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE JUNE 30, 2019 $ 9 $ 1,138 $ 7,146,076 $ (1,086,665 ) $ (9,092 ) $ 215,404 $ 5,656 $ 6,272,526 Net income — — — 78,645 — 2,814 — 81,459 Other comprehensive loss - derivative instruments — — — — (5,778 ) (195 ) — (5,973 ) Issuance and registration of common shares — — 140 — — — — 140 Exercise of stock options — — (204 ) — — — — (204 ) Shares issued in exchange for common units — — 836 — — (836 ) — — Redeemable stock fair market value adjustment — — — (1,269 ) — — — (1,269 ) Adjustment for noncontrolling interests in Operating Partnership — — (272 ) — — 272 — — Amortization of unearned compensation — — 3,313 — — — — 3,313 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($0.96 per share) — — — (109,503 ) — — — (109,503 ) Dividends on noncontrolling interests units ($0.96 per unit) — — — — — (3,912 ) — (3,912 ) Contribution from noncontrolling interest — — — — — — 955 955 EQUITY BALANCE SEPTEMBER 30, 2019 $ 9 $ 1,138 $ 7,149,889 $ (1,119,714 ) $ (14,870 ) $ 213,547 $ 6,611 $ 6,236,610 Changes in MAA’s total equity and its components for the nine months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE DECEMBER 31, 2019 $ 9 $ 1,140 $ 7,166,073 $ (1,085,479 ) $ (13,178 ) $ 214,647 $ 6,247 $ 6,289,459 Net income — — — 171,620 — 6,096 — 177,716 Other comprehensive income - derivative instruments — — — — 782 28 — 810 Issuance and registration of common shares — — (344 ) — — — — (344 ) Shares repurchased and retired — — (5,657 ) — — — — (5,657 ) Exercise of stock options — — 71 — — — — 71 Shares issued in exchange for common units — — 471 — — (471 ) — — Redeemable stock fair market value adjustment — — — 1,659 — — — 1,659 Adjustment for noncontrolling interests in Operating Partnership — — 244 — — (244 ) — — Amortization of unearned compensation — — 12,533 — — — — 12,533 Dividends on preferred stock — — — (2,766 ) — — — (2,766 ) Dividends on common stock ($3.00 per share) — — — (343,106 ) — — — (343,106 ) Dividends on noncontrolling interests units ($3.00 per unit) — — — — — (11,984 ) — (11,984 ) Contribution from noncontrolling interest — — — — — — 864 864 EQUITY BALANCE SEPTEMBER 30, 2020 $ 9 $ 1,140 $ 7,173,391 $ (1,258,072 ) $ (12,396 ) $ 208,072 $ 7,111 $ 6,119,255 Mid-America Apartment Communities, Inc. Shareholders’ Equity Preferred Stock Common Stock Additional Paid-In Capital Accumulated Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Noncontrolling Interests - Operating Partnership Noncontrolling Interests - Consolidated Real Estate Entities Total Equity EQUITY BALANCE DECEMBER 31, 2018 $ 9 $ 1,136 $ 7,138,170 $ (989,263 ) $ (212 ) $ 220,043 $ 2,306 $ 6,372,189 Net income — — — 204,222 — 7,336 — 211,558 Other comprehensive loss - derivative instruments — — — — (14,658 ) (520 ) — (15,178 ) Issuance and registration of common shares — 2 748 — — — — 750 Shares repurchased and retired — — (3,724 ) — — — — (3,724 ) Exercise of stock options — — 1,036 — — — — 1,036 Shares issued in exchange for common units — — 1,993 — — (1,993 ) — — Shares issued in exchange for redeemable stock — — 575 — — — — 575 Redeemable stock fair market value adjustment — — — (3,455 ) — — — (3,455 ) Adjustment for noncontrolling interests in Operating Partnership — — (459 ) — — 459 — — Amortization of unearned compensation — — 11,550 — — — — 11,550 Dividends on preferred stock — — — (2,766 ) — — — (2,766 ) Dividends on common stock ($2.88 per share) — — — (328,452 ) — — — (328,452 ) Dividends on noncontrolling interests units ($2.88 per unit) — — — — — (11,778 ) — (11,778 ) Contribution from noncontrolling interest — — — — — — 4,305 4,305 EQUITY BALANCE SEPTEMBER 30, 2019 $ 9 $ 1,138 $ 7,149,889 $ (1,119,714 ) $ (14,870 ) $ 213,547 $ 6,611 $ 6,236,610

MAALP Capital (Tables)

MAALP Capital (Tables)	9 Months Ended
	Sep. 30, 2020
M A A L P Capital [Abstract]
Summary of Changes in Total Capital and its Components	Changes in MAALP’s total capital and its components for the three months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests- Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE JUNE 30, 2020 $ 209,894 $ 5,901,028 $ 66,840 $ (13,053 ) $ 6,849 $ 6,171,558 Net income 2,126 58,988 922 — — 62,036 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units — 33 — — — 33 General partnership units issued in exchange for limited partnership units (21 ) 21 — — — — Redeemable units fair market value adjustment — (155 ) — — — (155 ) Adjustment for limited partners’ capital at redemption value (61 ) 61 — — — — Amortization of unearned compensation — 4,380 — — — 4,380 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($1.00 per unit) (3,866 ) (114,369 ) — — — (118,235 ) Contribution from noncontrolling interest — — — — 262 262 CAPITAL BALANCE SEPTEMBER 30, 2020 $ 208,072 $ 5,849,987 $ 66,840 $ (12,774 ) $ 7,111 $ 6,119,236 Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests - Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE JUNE 30, 2019 $ 215,404 $ 5,993,973 $ 66,840 $ (9,366 ) $ 5,656 $ 6,272,507 Net income 2,814 77,723 922 — — 81,459 Other comprehensive loss - derivative instruments — — — (5,973 ) — (5,973 ) Issuance of units — 140 — — — 140 Exercise of unit options — (204 ) — — — (204 ) General partnership units issued in exchange for limited partnership units (836 ) 836 — — — — Redeemable units fair market value adjustment — (1,269 ) — — — (1,269 ) Adjustment for limited partners’ capital at redemption value 77 (77 ) — — — — Amortization of unearned compensation — 3,313 — — — 3,313 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($0.96 per unit) (3,912 ) (109,503 ) — — — (113,415 ) Contribution from noncontrolling interest — — — — 955 955 CAPITAL BALANCE SEPTEMBER 30, 2019 $ 213,547 $ 5,964,932 $ 66,840 $ (15,339 ) $ 6,611 $ 6,236,591 Changes in MAALP’s total capital and its components for the nine months ended September 30, 2020 and 2019 were as follows (dollars in thousands): Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests- Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2019 $ 214,647 $ 6,015,290 $ 66,840 $ (13,584 ) $ 6,247 $ 6,289,440 Net income 6,096 168,854 2,766 — — 177,716 Other comprehensive income - derivative instruments — — — 810 — 810 Issuance of units — (344 ) — — — (344 ) Units repurchased and retired — (5,657 ) — — — (5,657 ) Exercise of unit options — 71 — — — 71 General partnership units issued in exchange for limited partnership units (471 ) 471 — — — — Redeemable units fair market value adjustment — 1,659 — — — 1,659 Adjustment for limited partners’ capital at redemption value (216 ) 216 — — — — Amortization of unearned compensation — 12,533 — — — 12,533 Distributions to preferred unitholders — — (2,766 ) — — (2,766 ) Distributions to common unitholders ($3.00 per unit) (11,984 ) (343,106 ) — — — (355,090 ) Contribution from noncontrolling interest — — — — 864 864 CAPITAL BALANCE SEPTEMBER 30, 2020 $ 208,072 $ 5,849,987 $ 66,840 $ (12,774 ) $ 7,111 $ 6,119,236 Mid-America Apartments, L.P. Unitholders’ Capital Limited Partners General Partner Preferred Units Accumulated Other Comprehensive Loss Noncontrolling Interests - Consolidated Real Estate Entities Total Partnership Capital CAPITAL BALANCE DECEMBER 31, 2018 $ 220,043 $ 6,083,142 $ 66,840 $ (161 ) $ 2,306 $ 6,372,170 Net income 7,336 201,456 2,766 — — 211,558 Other comprehensive loss - derivative instruments — — — (15,178 ) — (15,178 ) Issuance of units — 750 — — — 750 Units repurchased and retired — (3,724 ) — — — (3,724 ) Exercise of unit options — 1,036 — — — 1,036 General partnership units issued in exchange for limited partnership units (1,993 ) 1,993 — — — — Units issued in exchange for redeemable units — 575 — — — 575 Redeemable units fair market value adjustment — (3,455 ) — — — (3,455 ) Adjustment for limited partners’ capital at redemption value (61 ) 61 — — — — Amortization of unearned compensation — 11,550 — — — 11,550 Distributions to preferred unitholders — — (2,766 ) — — (2,766 ) Distributions to common unitholders ($2.88 per unit) (11,778 ) (328,452 ) — — — (340,230 ) Contribution from noncontrolling interest — — — — 4,305 4,305 CAPITAL BALANCE SEPTEMBER 30, 2019 $ 213,547 $ 5,964,932 $ 66,840 $ (15,339 ) $ 6,611 $ 6,236,591

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of September 30, 2020 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Variable rate revolving credit facility $ — — — Variable rate commercial paper program 35,000 0.2 % 10/2/2020 Fixed rate senior notes 3,922,000 3.6 % 1/27/2027 Debt issuance costs, discounts, premiums and fair market value adjustments (17,575 ) Total unsecured debt $ 3,939,425 3.6 % Secured debt Fixed rate property mortgages $ 489,595 4.6 % 12/31/2041 Debt issuance costs and fair market value adjustments (3,426 ) Total secured debt $ 486,169 4.6 % Total outstanding debt $ 4,425,594 3.7 %

Financial Instruments and Der_2

Financial Instruments and Derivatives (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Effect of Derivative Instruments on Consolidated Statement of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands): Derivatives in Cash Flow Hedging Relationships Loss Recognized in OCI on Derivative Location of (Loss) Gain Reclassified from Accumulated Net (Loss) Gain Reclassified from Accumulated OCL into Interest Expense (1) Three months ended September 30, 2020 2019 OCL into Income 2020 2019 Interest rate contracts $ — $ (5,562 ) Interest expense $ (279 ) $ 411 Nine months ended September 30, Interest rate contracts $ — $ (13,444 ) Interest expense $ (810 ) $ 1,734 (1) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Gain (Loss) Recognized in Earnings on Derivative Three months ended September 30, Income on Derivative 2020 2019 Preferred stock embedded derivative Other non-operating (income) expense $ 1,342 $ 15,522 Nine months ended September 30, Preferred stock embedded derivative Other non-operating (income) expense $ (14,603 ) $ 19,592

Shareholders' Equity of MAA (Ta

Shareholders' Equity of MAA (Tables)	9 Months Ended
	Sep. 30, 2020
Shareholders Equity Of M A A [Abstract]
Schedule of Cumulative Redeemable Preferred Stock	As of September 30, 2020, 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 Series I 867,846 $ 50.00 10/1/2026 $ 50.00 8.50 % $ 4.25 (1) (2) 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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Loss Contingency [Abstract]
Schedule of Operating Lease Obligations	The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease obligations recorded on the Condensed Consolidated Balance Sheets as of September 30, 2020 (in thousands): Operating Leases 2020 $ 707 2021 2,854 2022 2,885 2023 2,875 2024 2,853 Thereafter 65,863 Total minimum lease payments 78,037 Net present value adjustments (45,856 ) Operating lease obligations $ 32,181

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Notes To Financial Statements [Abstract]
Revenues and NOI for Reportable Segment	Revenues and NOI for each reportable segment for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Revenues: Same Store Rental revenues $ 394,556 $ 386,356 $ 1,170,844 $ 1,137,967 Other property revenues 3,044 3,244 9,012 9,926 Total Same Store revenues 397,600 389,600 1,179,856 1,147,893 Non-Same Store and Other Rental revenues 25,465 25,917 74,204 75,825 Other property revenues 134 115 263 482 Total Non-Same Store and Other revenues 25,599 26,032 74,467 76,307 Total rental and other property revenues $ 423,199 $ 415,632 $ 1,254,323 $ 1,224,200 Net Operating Income: Same Store NOI $ 238,702 $ 241,362 $ 730,702 $ 717,216 Non-Same Store and Other NOI 14,683 14,731 43,164 43,926 Total NOI 253,385 256,093 773,866 761,142 Depreciation and amortization (127,679 ) (124,684 ) (381,257 ) (371,417 ) Property management expenses (12,691 ) (13,899 ) (39,064 ) (41,195 ) General and administrative expenses (11,360 ) (10,225 ) (35,181 ) (32,960 ) Interest expense (41,010 ) (44,513 ) (126,610 ) (136,149 ) Gain (loss) on sale of depreciable real estate assets 20 1,000 (7 ) 987 Gain on sale of non-depreciable real estate assets 1,366 — 995 9,260 Other non-operating income (expense) 242 18,800 (13,647 ) 23,494 Income tax expense (665 ) (1,491 ) (2,532 ) (2,814 ) Income from real estate joint venture 428 378 1,153 1,210 Net income attributable to noncontrolling interests (2,126 ) (2,814 ) (6,096 ) (7,336 ) Dividends to MAA Series I preferred shareholders (922 ) (922 ) (2,766 ) (2,766 ) Net income available for MAA common shareholders $ 58,988 $ 77,723 $ 168,854 $ 201,456
Assets for Reportable Segment	Assets for each reportable segment as of September 30, 2020 and December 31, 2019 were as follows (in thousands): September 30, 2020 December 31, 2019 Assets: Same Store $ 9,740,808 $ 9,975,880 Non-Same Store and Other 1,198,693 1,049,029 Corporate assets 189,203 205,541 Total assets $ 11,128,704 $ 11,230,450

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Asset Acquisitions and Dispositions	The following table reflects the Company’s acquisition activity for the nine months ended September 30, 2020: Land Acquisition Market Acres Date Acquired Georgetown Austin, TX 22 January 2020 The following table reflects the Company’s disposition activity for the nine months ended September 30, 2020: Land Disposition Market Acres Date Sold Colonial Promenade Huntsville, AL 27 September 2020

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation and Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)ft²PropertyCommunityStateshares	Sep. 30, 2019USD ($)shares	Sep. 30, 2020USD ($)ft²PropertyCommunityStateshares	Sep. 30, 2019USD ($)shares	Dec. 31, 2022Property	Dec. 31, 2021Property	Dec. 31, 2020Property	Dec. 31, 2019USD ($)shares
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	114,369,812	114,065,859	114,369,812	114,065,859
Number of Real Estate Properties | Community	299		299
Development and capital improvements in progress	$ 220,685		$ 220,685					$ 116,424
Number of States in which Entity Operates | State	16		16
Other non-operating expense (income)	$ 242	$ 18,800	$ (13,647)	$ 23,494
Consolidated assets	11,128,704		11,128,704					11,230,450
Consolidated liabilities	4,995,608		4,995,608					4,926,860
Real Estate Investments, Joint Ventures	21,300		$ 21,300
Percentage Of Rental Revenue From Leasing Of Apartment Homes			93.00%
Percentage Of Reimbursable Revenue From Leasing Of Apartment Homes			6.00%
Percentage of Rental Revenue and Other Income From Non-leasing Activities			1.00%
Operating Lease, Right-of-Use Asset	50,100		$ 50,100					53,800
Operating Lease, Liability	$ 32,181		$ 32,181					33,100
Operating Lease, Weighted Average Remaining Lease Term	31 years		31 years
Operating Lease, Weighted Average Discount Rate, Percent	4.40%		4.40%
Other Assets [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	$ 21,300		$ 21,300					13,100
Real Estate | Post Massachusetts Avenue [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	43,500		43,500					43,700
Real Estate | Variable Interest Entity Primary Beneficiary [Member]
Real Estate Properties [Line Items]
Consolidated assets	96,000		96,000					46,000
Consolidated liabilities	$ 10,200		$ 10,200					$ 3,200
Previously Reported [Member] | General and Administrative Expenses [Member]
Real Estate Properties [Line Items]
Other non-operating expense (income)		1,300		2,300
Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80.00%		80.00%
Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100.00%		100.00%
Maximum [Member] | Accounting Standards Update 2016-02 [Member]
Real Estate Properties [Line Items]
Operating lease, term of contract	1 year		1 year
Limited Partner [Member]
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	114,369,812		114,369,812					114,246,393
Number of Real Estate Properties | Property	1		1
Development and capital improvements in progress	$ 220,685		$ 220,685					$ 116,424
Other non-operating expense (income)	242	$ 18,800	(13,647)	$ 23,494
Consolidated assets	11,128,704		11,128,704					11,230,450
Consolidated liabilities	$ 4,995,627		$ 4,995,627					$ 4,926,879
Limited Partner [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80.00%		80.00%
Limited Partner [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100.00%		100.00%
Development Properties
Real Estate Properties [Line Items]
Number of Real Estate Properties | Community	6		6
Number of units under development community | Property	1,940		1,940
Development Properties | Expected Costs
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 459,500		$ 459,500
Development Properties | Costs Incurred To Date
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 264,000		$ 264,000
Development Properties | Scenario Forecast [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property					1	4	1
Retail
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	32		32
Square Footage of Real Estate Property | ft²	630,000		630,000
Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	4		4
Square Footage of Real Estate Property | ft²	260,000		260,000
M A A L P
Real Estate Properties [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			96.60%	96.60%

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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share Disclosure [Line Items]
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 62,036	$ 81,459	$ 177,716	$ 211,558
Income from continuing operations attributable to noncontrolling interests		(2,126)	(2,814)	(6,096)	(7,336)
Income from continuing operations allocated to unvested restricted shares		(78)	(118)	(229)	(302)
Dividends, Preferred Stock, Cash		(922)	(922)	(2,766)	(2,766)
Income from continuing operations available for common shareholders, adjusted		$ 58,910	$ 77,605	$ 168,625	$ 201,154
Weighted average common shares - basic		114,216	113,877	114,177	113,814
Earnings per share - basic		$ 0.52	$ 0.68	$ 1.48	$ 1.77
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 62,036	$ 81,459	$ 177,716	$ 211,558
Income from continuing operations attributable to noncontrolling interests	[1]	(2,126)	(2,814)	(6,096)	(7,336)
Net income available for MAA common shareholders, adjusted		$ 58,988	$ 77,723	$ 168,854	$ 201,456
Effect of dilutive securities		252	260	310	238
Weighted average common shares - diluted		114,468	114,137	114,487	114,052
Earnings per share - diluted		$ 0.52	$ 0.68	$ 1.47	$ 1.77
Limited Partnership Units [Member]
Earnings Per Share Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		4,100	4,100	4,100	4,100
[1]	For the three and nine months ended September 30, 2020 and 2019, 4.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

Earnings Per OP Unit of MAALP -

Earnings Per OP Unit of MAALP - Schedule of Diluted Earnings per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share Disclosure [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 62,036	$ 81,459	$ 177,716	$ 211,558
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Income from continuing operations available for common shareholders, adjusted	$ 58,910	$ 77,605	$ 168,625	$ 201,154
Earnings per share - basic	$ 0.52	$ 0.68	$ 1.48	$ 1.77
Net income available for MAA common shareholders, adjusted	$ 58,988	$ 77,723	$ 168,854	$ 201,456
Effect of dilutive securities	252,000	260,000	310,000	238,000
Weighted average common shares - diluted	114,468,000	114,137,000	114,487,000	114,052,000
Earnings per common unit - diluted	$ 0.52	$ 0.68	$ 1.47	$ 1.77
Limited Partner [Member]
Earnings Per Share Disclosure [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 62,036	$ 81,459	$ 177,716	$ 211,558
Income from continuing operations allocated to unvested restricted shares	(78)	(118)	(229)	(302)
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Income from continuing operations available for common shareholders, adjusted	$ 61,036	$ 80,419	$ 174,721	$ 208,490
Weighted average common units - basic	118,274	117,958	118,238	117,910
Earnings per share - basic	$ 0.52	$ 0.68	$ 1.48	$ 1.77
Net income available for MAA common shareholders, adjusted	$ 61,114	$ 80,537	$ 174,950	$ 208,792
Effect of dilutive securities	252	260	310	238
Weighted average common shares - diluted	118,526	118,218	118,548	118,148
Earnings per common unit - diluted	$ 0.52	$ 0.68	$ 1.48	$ 1.77

MAA Equity - Summary of Changes

MAA Equity - Summary of Changes in Total Equity and its Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Preferred Stock, Cash	$ (922)	$ (922)	$ (2,766)	$ (2,766)
Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	6,171,577	6,272,526	6,289,459	6,372,189
Net Income Including Portion Attributable to Noncontrolling Interest	62,036	81,459	177,716	211,558
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	279	(5,973)	810	(15,178)
Issuance and registration of common shares	33	140	(344)	750
Shares repurchased and retired			(5,657)	(3,724)
Exercise of stock options		(204)	71	1,036
Shares issued in exchange for redeemable stock				575
Redeemable stock fair market value adjustment	(155)	(1,269)	1,659	(3,455)
Amortization of unearned compensation	4,380	3,313	12,533	11,550
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Dividends on common stock	(114,369)	(109,503)	(343,106)	(328,452)
Dividends on noncontrolling interest units	(3,866)	(3,912)	(11,984)	(11,778)
Contribution from noncontrolling interest	262	955	864	4,305
Ending Balance	6,119,255	6,236,610	6,119,255	6,236,610
Preferred Stock [Member] | Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9	9	9	9
Ending Balance	9	9	9	9
Common Stock [Member] | Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,140	1,138	1,140	1,136
Issuance and registration of common shares				2
Ending Balance	1,140	1,138	1,140	1,138
Additional Paid-in Capital [Member] | Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,168,886	7,146,076	7,166,073	7,138,170
Issuance and registration of common shares	33	140	(344)	748
Shares repurchased and retired			(5,657)	(3,724)
Exercise of stock options		(204)	71	1,036
Shares issued in exchange for common units	21	836	471	1,993
Shares issued in exchange for redeemable stock				575
Adjustment for noncontrolling interests in Operating Partnership	71	(272)	244	(459)
Amortization of unearned compensation	4,380	3,313	12,533	11,550
Ending Balance	7,173,391	7,149,889	7,173,391	7,149,889
Accumulated Distributions in Excess of Net Income [Member] | Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(1,202,536)	(1,086,665)	(1,085,479)	(989,263)
Net income attributable to MAA	59,910	78,645	171,620	204,222
Redeemable stock fair market value adjustment	(155)	(1,269)	1,659	(3,455)
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Dividends on common stock	(114,369)	(109,503)	(343,106)	(328,452)
Ending Balance	(1,258,072)	(1,119,714)	(1,258,072)	(1,119,714)
Accumulated Other Comprehensive Income (Loss) [Member] | Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(12,665)	(9,092)	(13,178)	(212)
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	269	(5,778)	782	(14,658)
Ending Balance	(12,396)	(14,870)	(12,396)	(14,870)
Noncontrolling Interest Operating Partnership | Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	209,894	215,404	214,647	220,043
Net Income Attributable to Noncontrolling Interest	2,126	2,814	6,096	7,336
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	10	(195)	28	(520)
Shares issued in exchange for common units	(21)	(836)	(471)	(1,993)
Adjustment for noncontrolling interests in Operating Partnership	(71)	272	(244)	459
Dividends on noncontrolling interest units	(3,866)	(3,912)	(11,984)	(11,778)
Ending Balance	208,072	213,547	208,072	213,547
Noncontrolling Interest | Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	6,849	5,656	6,247	2,306
Contribution from noncontrolling interest	262	955	864	4,305
Ending Balance	$ 7,111	$ 6,611	$ 7,111	$ 6,611

MAA Equity - Summary of Chang_2

MAA Equity - Summary of Changes in Total Equity and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Mid America Apartment Communities Inc Shareholders Equity
Equity [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 1	$ 0.96	$ 3	$ 2.88

MAALP Capital - Summary of Chan

MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Partners' Capital [Roll Forward]
Dividends, Preferred Stock, Cash	$ (922)	$ (922)	$ (2,766)	$ (2,766)
M A A L P
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	6,171,558	6,272,507	6,289,440	6,372,170
Net Income Available for Common Unitholders	62,036	81,459	177,716	211,558
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	279	(5,973)	810	(15,178)
Issuance of units	33	140	(344)	750
Units repurchased and retired			(5,657)	(3,724)
Exercise of unit options		(204)	71	1,036
Units issued in exchange for redeemable units				575
Redeemable stock fair market value adjustment	(155)	(1,269)	1,659	(3,455)
Amortization of unearned compensation	4,380	3,313	12,533	11,550
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Distributions	(118,235)	(113,415)	(355,090)	(340,230)
Contribution from noncontrolling interest	262	955	864	4,305
Ending Balance	6,119,236	6,236,591	6,119,236	6,236,591
M A A L P | Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	209,894	215,404	214,647	220,043
Net income	2,126	2,814	6,096	7,336
General partnership units issued in exchange for limited partnership units	(21)	(836)	(471)	(1,993)
Adjustment for limited partners’ capital at redemption value	(61)	77	(216)	(61)
Distributions	(3,866)	(3,912)	(11,984)	(11,778)
Ending Balance	208,072	213,547	208,072	213,547
M A A L P | General Partners' Capital Account [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	5,901,028	5,993,973	6,015,290	6,083,142
Net Income Allocated to General Partners	58,988	77,723	168,854	201,456
Issuance of units	33	140	(344)	750
Units repurchased and retired			(5,657)	(3,724)
Exercise of unit options		(204)	71	1,036
General partnership units issued in exchange for limited partnership units	21	836	471	1,993
Units issued in exchange for redeemable units				575
Redeemable stock fair market value adjustment	(155)	(1,269)	1,659	(3,455)
Adjustment for limited partners’ capital at redemption value	61	(77)	216	61
Amortization of unearned compensation	4,380	3,313	12,533	11,550
Distributions	(114,369)	(109,503)	(343,106)	(328,452)
Ending Balance	5,849,987	5,964,932	5,849,987	5,964,932
M A A L P | Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	66,840	66,840	66,840	66,840
Net income	922	922	2,766	2,766
Dividends, Preferred Stock, Cash	(922)	(922)	(2,766)	(2,766)
Ending Balance	66,840	66,840	66,840	66,840
M A A L P | AOCI Attributable to Noncontrolling Interest [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	(13,053)	(9,366)	(13,584)	(161)
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	279	(5,973)	810	(15,178)
Ending Balance	(12,774)	(15,339)	(12,774)	(15,339)
M A A L P | Noncontrolling Interests-Consolidated Real Estate Entities [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	6,849	5,656	6,247	2,306
Contribution from noncontrolling interest	262	955	864	4,305
Ending Balance	$ 7,111	$ 6,611	$ 7,111	$ 6,611

MAALP Capital - Summary of Ch_2

MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
M A A L P | Limited Partner [Member]
Capital Disclosure [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 1	$ 0.96	$ 3	$ 2.88

Borrowings - Summary of Outstan

Borrowings - Summary of Outstanding Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,425,594
Debt Instrument, Interest Rate, Effective Percentage	3.70%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 3,939,425
Debt Instrument, Interest Rate, Effective Percentage	3.60%
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 3,922,000
Debt Instrument, Interest Rate, Effective Percentage	3.60%
Contract Maturity	Jan. 27, 2027
Unsecured Debt [Member] | Commercial Paper Notes [Member] | Variable Rate Commercial Paper Program [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 35,000
Debt Instrument, Interest Rate, Effective Percentage	0.20%
Contract Maturity	Oct. 2, 2020
Unsecured Debt [Member] | $1 billion unsecured revolving credit facility [Member] | Fair Market Value Adjustment and Debt Issuance Cost [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ (17,575)
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 486,169
Debt Instrument, Interest Rate, Effective Percentage	4.60%
Secured Debt [Member] | Fair Market Value Adjustment and Debt Issuance Cost [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	$ (3,426)
Secured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 489,595
Debt Instrument, Interest Rate, Effective Percentage	4.60%
Contract Maturity	Dec. 31, 2041

Borrowings - Additional Informa

Borrowings - Additional Information (Details)	1 Months Ended		9 Months Ended
	Aug. 31, 2020USD ($)	Jul. 31, 2020USD ($)ApartmentUnit	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage			3.70%
Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Payment Terms			397
Debt Instrument, Face Amount			$ 35,000,000
Debt Instrument, Unused Borrowing Capacity, Amount			118,000,000
Maximum [Member] | Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 500,000,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage			3.60%
Unsecured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Jan. 27, 2027
Debt Instrument, Face Amount			$ 3,922,000,000
Debt Instrument, Interest Rate, Effective Percentage			3.60%
Unsecured Debt [Member] | Years to Maturity [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Term			6 years 3 months 18 days
Unsecured Debt [Member] | Minimum [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Term			10 years
Unsecured Debt [Member] | Maximum [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Term			12 years
Unsecured Debt [Member] | $1 Billion Unsecured Revolving Credit Faciltiy [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity			$ 1,000,000,000
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,500,000,000
Debt Instrument, Maturity Date			May 31, 2023
Line of Credit Facility, Amount Outstanding			$ 0
Letters of Credit Outstanding, Amount			$ 3,400,000
Unsecured Debt [Member] | $1 Billion Unsecured Revolving Credit Faciltiy [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.75%
Unsecured Debt [Member] | $1 Billion Unsecured Revolving Credit Faciltiy [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.45%
Unsecured Debt [Member] | Public Income Notes [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 3,700,000,000
Unsecured Debt [Member] | Private Placement [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			222,000,000
Unsecured Debt [Member] | Private Placement [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 222,000,000
Unsecured Debt [Member] | 1.700% Notes Due 2031 [Member] | M A A L P
Debt Instrument [Line Items]
Debt Instrument, Payment Terms	Interest on the 2031 Notes is payable on February 15 and August 15 of each year, beginning on February 15, 2021.
Debt Instrument, Face Amount	$ 450,000,000
Debt Instrument, Interest Rate, Stated Percentage	1.70%
Debt Instrument, Redemption Price, Percentage	99.465%
Debt Issuance Costs, Gross	$ 5,300,000
Proceeds from Debt, Net of Issuance Costs	$ 444,700,000
Debt Instrument, Interest Rate, Effective Percentage	1.76%
Unsecured Debt [Member] | Wells Fargo Term Loan [Member]
Debt Instrument [Line Items]
Repayments of Unsecured Debt	$ 300,000,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage			4.60%
Secured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Dec. 31, 2041
Debt Instrument, Interest Rate, Effective Percentage			4.60%
Debt Instrument, Face Amount			$ 489,595,000
Maturing July 2020, Three Property Mortgage [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 63,600,000
Number of apartment communities | ApartmentUnit		3
Maturing July 2020, Four Property Mortgage [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 72,200,000
Number of apartment communities | ApartmentUnit		4

Financial Instruments and Der_3

Financial Instruments and Derivatives - Additional Information (Details) $ / shares in Units, $ in Millions		9 Months Ended
		Sep. 30, 2020USD ($)Contract$ / shares	Dec. 31, 2019USD ($)
Derivative [Line Items]
Preferred Stock, Redemption Price Per Share | $ / shares	[1]	$ 50
Preferred Stock, Redemption Date		Oct. 1, 2026
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		$ 1.1
Designated as Hedging Instrument | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held | Contract		0
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset		$ 21.9	$ 36.5
Fair Value, Measurements, Recurring [Member] | Other Assets [Member]
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value			0.1
Conventional Variable Rate Debt [Member] | Minimum [Member]
Derivative [Line Items]
Debt Renewal Period		30 days
Conventional Variable Rate Debt [Member] | Maximum [Member]
Derivative [Line Items]
Debt Renewal Period		90 days
Fixed Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		$ 4,400	4,100
Notes Payable, Fair Value Disclosure		4,900	4,500
Floating Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		35	370
Notes Payable, Fair Value Disclosure		$ 35	$ 370.8
[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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Unrealized (loss) from the effective portion of derivative instruments		$ (5,562)		$ (13,444)
Derivative Instruments, Gain (Loss) Recognized in Income, Net			$ (14,603)	19,592
Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (279)	411	(810)	1,734
Designated as Hedging Instrument | Interest Rate Contract
Derivative [Line Items]
Unrealized (loss) from the effective portion of derivative instruments		(5,562)		(13,444)
Not Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 1,342	$ 15,522	$ (14,603)	$ 19,592

Shareholders' Equity of MAA - A

Shareholders' Equity of MAA - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Equity [Line Items]
Common stock, shares outstanding	114,369,812	114,065,859	114,246,393
Total common shares and operating partnership units outstanding	118,428,070	118,140,136
Proceeds from Stock Options Exercised, Net	$ 0.1	$ 1
At The Market Offering
Equity [Line Items]
Common stock shares sold	0	0
Remaining common stock to be issued	3,900,000
Maximum [Member] | At The Market Offering
Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	4,000,000
Equity Option
Equity [Line Items]
Stock Issued During Period, Shares, New Issues	918	24,256
Noncontrolling Interest
Equity [Line Items]
Common Shares Issuable Upon Conversion Of Convertible Stock	4,058,258	4,074,277
Employee Stock Option
Equity [Line Items]
Common stock shares, outstanding option	19,845	45,390

Shareholders' Equity of MAA - S

Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares		9 Months Ended		12 Months Ended
		Sep. 30, 2020		Dec. 31, 2019
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. 1, 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.
[2]	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	Sep. 30, 2020USD ($)
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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule Of Capital Structure [Line Items]
Operating partnership units outstanding	118,428,070	118,140,136
General Partners' Capital Account, Units Outstanding	114,369,812	114,065,859
Limited Partners' Capital Account, Units Outstanding	4,058,258	4,074,277
Preferred Stock, Shares Outstanding	867,846		867,846
Redeemable Preferred Stock [Member]
Schedule Of Capital Structure [Line Items]
Preferred Stock, Shares Outstanding	867,846
Noncontrolling Interest
Schedule Of Capital Structure [Line Items]
Common Shares Issuable Upon Conversion Of Convertible Stock	4,058,258	4,074,277
Limited Partners' Capital Account	$ 470.6	$ 529.7
Redeemable Capital Shares Par Or Stated Value Per Share	$ 115.95	$ 130.01
M A A L P
Schedule Of Capital Structure [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	96.60%	96.60%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 7.4	$ 8.6
Cleven Litigation Case [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	54.6
Brown Litigation Case [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 8.4
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 Operating Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Loss Contingency [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 707
Operating Leases, Future Minimum Payments, Due in Two Years	2,854
Operating Leases, Future Minimum Payments, Due in Three Years	2,885
Operating Leases, Future Minimum Payments, Due in Four Years	2,875
Operating Leases, Future Minimum Payments, Due in Five Years	2,853
Operating Leases, Future Minimum Payments, Due Thereafter	65,863
Operating Leases, Future Minimum Payments Due	78,037
Net present value adjustments	(45,856)
Operating Lease, Liability	$ 32,181	$ 33,100

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020CommunityStateSegment
Segment Reporting Information [Line Items]
Number of owned or owned interests of apartment communities | Community	299
Number of States in which Entity Operates | State	16
Number of reportable segments | Segment	2
Period properties owned and stabilized	12 months
Occupancy Level for Stabilized Communities	90.00%
Period Properties Stabilized	90 days
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Information
Total operating revenues	$ 423,199	$ 415,632	$ 1,254,323	$ 1,224,200
Net Operating Income	253,385	256,093	773,866	761,142
Depreciation and amortization	(127,679)	(124,684)	(381,257)	(371,417)
Other Cost and Expense, Operating	(12,691)	(13,899)	(39,064)	(41,195)
General and administrative expenses	(11,360)	(10,225)	(35,181)	(32,960)
Interest expense	(41,010)	(44,513)	(126,610)	(136,149)
Gain (loss) on sale of depreciable real estate assets	20	1,000	(7)	987
Gain on sale of non-depreciable real estate assets	1,366		995	9,260
Other non-operating income (expense)	242	18,800	(13,647)	23,494
Income tax expense	(665)	(1,491)	(2,532)	(2,814)
Gain (loss) from real estate joint ventures	428	378	1,153	1,210
Net income attributable to noncontrolling interests	(2,126)	(2,814)	(6,096)	(7,336)
Preferred Stock Dividends, Income Statement Impact	(922)	(922)	(2,766)	(2,766)
Net income available for MAA common shareholders	58,988	77,723	168,854	201,456
Same Store [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	394,556	386,356	1,170,844	1,137,967
Other Operating Income	3,044	3,244	9,012	9,926
Total operating revenues	397,600	389,600	1,179,856	1,147,893
Net Operating Income	238,702	241,362	730,702	717,216
Non-Same Store and Other
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	25,465	25,917	74,204	75,825
Other Operating Income	134	115	263	482
Total operating revenues	25,599	26,032	74,467	76,307
Net Operating Income	$ 14,683	$ 14,731	$ 43,164	$ 43,926

Segment Information - Assets fo

Segment Information - Assets for Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 11,128,704	$ 11,230,450
Same Store [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	9,740,808	9,975,880
Non-Same Store and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,198,693	1,049,029
Corporate assets
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 189,203	$ 205,541

Real Estate Acquisitions and _3

Real Estate Acquisitions and Dispositions - Schedule of Real Estate Asset Acquisitions and Dispositions (Details) - Land [Member]	9 Months Ended
	Sep. 30, 2020a
Georgetown [Member] | Austin, TX [Member]
Business Acquisitions and Dispositions [Line Items]
Area of Land	22
Acquisition Date	2020-01
Colonial Promenade [Member] | Huntsville, AL
Business Acquisitions and Dispositions [Line Items]
Area of Land	27
Disposal Date	2020-09