Mid-America Apartment Communities (MAA) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		114,486,784
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		Mar. 31, 2021	Dec. 31, 2020
Assets
Land		$ 1,955,627	$ 1,929,181
Buildings and improvements and other		12,176,205	12,065,244
Development and capital improvements in progress		295,933	283,477
Real Estate Investment Property, at Cost		14,427,765	14,277,902
Less: Accumulated depreciation		(3,544,517)	(3,415,105)
Real Estate Investment Property, Net		10,883,248	10,862,797
Undeveloped land		34,548	60,993
Investment in real estate joint venture		43,211	43,325
Real estate assets, net		10,961,007	10,967,115
Cash and cash equivalents		32,620	25,198
Restricted cash		10,755	10,417
Other assets		187,996	192,061
Total assets		11,192,378	11,194,791
Liabilities:
Unsecured notes payable		4,291,332	4,077,373
Secured notes payable		366,253	485,339
Accrued expenses and other liabilities		497,432	528,274
Total liabilities		5,155,017	5,090,986
Redeemable common stock		17,828	15,397
Shareholders’ equity:
Preferred Stock, Value, Outstanding		9	9
Common stock	[1]	1,142	1,141
Additional paid-in capital		7,182,771	7,176,793
Accumulated distributions in excess of net income		(1,367,347)	(1,294,182)
Accumulated other comprehensive loss		(11,859)	(12,128)
Total MAA shareholders’ equity		5,804,716	5,871,633
Noncontrolling interests - Operating Partnership units		204,336	206,927
Total Company’s shareholders’ equity		6,009,052	6,078,560
Noncontrolling interests - consolidated real estate entities		10,481	9,848
Total equity		6,019,533	6,088,408
Total liabilities and equity		11,192,378	11,194,791
Operating Partnership capital:
Accumulated other comprehensive loss		(11,859)	(12,128)
Noncontrolling interests - consolidated real estate entities		10,481	9,848
Total equity		6,019,533	6,088,408
Limited Partner [Member]
Assets
Land		1,955,627	1,929,181
Buildings and improvements and other		12,176,205	12,065,244
Development and capital improvements in progress		295,933	283,477
Real Estate Investment Property, at Cost		14,427,765	14,277,902
Less: Accumulated depreciation		(3,544,517)	(3,415,105)
Real Estate Investment Property, Net		10,883,248	10,862,797
Investment in real estate joint venture		43,211	43,325
Real estate assets, net		10,961,007	10,967,115
Cash and cash equivalents		32,620	25,198
Restricted cash		10,755	10,417
Other assets		187,996	192,061
Total assets		11,192,378	11,194,791
Undeveloped land		34,548	60,993
Liabilities:
Unsecured notes payable		4,291,332	4,077,373
Secured notes payable		366,253	485,339
Accrued expenses and other liabilities		497,432	528,274
Total liabilities		5,155,036	5,091,005
Due to general partner		19	19
Redeemable common stock		17,828	15,397
Shareholders’ equity:
Accumulated other comprehensive loss		(12,217)	(12,496)
Noncontrolling interests - consolidated real estate entities		10,481	9,848
Total equity		6,019,514	6,088,389
Total liabilities and equity		11,192,378	11,194,791
Operating Partnership capital:
Preferred Units, Preferred Partners' Capital Accounts		66,840	66,840
General Partners' Capital Account	[2]	5,750,074	5,817,270
Limited Partners' Capital Account	[2]	204,336	206,927
Accumulated other comprehensive loss		(12,217)	(12,496)
Total operating partners’ capital		6,009,033	6,078,541
Noncontrolling interests - consolidated real estate entities		10,481	9,848
Total equity		$ 6,019,514	$ 6,088,389
[1]	Number of shares issued and outstanding represent total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 are 123,496 and 121,534, respectively.
[2]	Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 are 123,496 and 121,534, respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2021		Dec. 31, 2020
Common stock, par value per share	$ 0.01		$ 0.01
Common stock, shares authorized	145,000,000		145,000,000
Common stock, shares issued	114,408,949		114,373,727
Common stock, shares outstanding	114,408,949		114,373,727
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	123,496		121,534
General Partners' Capital Account, Units Outstanding	114,408,949
Limited Partners' Capital Account, Units Outstanding	4,053,106
Limited Partner [Member]
Redeemable stock, shares issued and outstanding	123,496		121,534
General Partners' Capital Account, Units Outstanding	114,408,949		114,373,727
Limited Partners' Capital Account, Units Outstanding	4,053,106		4,057,657
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
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental and other property revenues	$ 425,005	$ 418,098
Expenses:
Operating expenses, excluding real estate taxes and insurance	95,961	91,368
Real estate taxes and insurance	66,507	61,804
Depreciation and amortization	131,503	126,388
Total property operating expenses	293,971	279,560
Property management expenses	12,939	14,643
General and administrative expenses	12,979	13,264
Interest expense	39,672	43,482
Loss on sale of depreciable real estate assets		29
Loss on sale of non-depreciable real estate assets		376
Other non-operating expense	15,913	28,532
Income before income tax expense	49,531	38,212
Income tax expense	(999)	(667)
Income from continuing operations before real estate joint venture activity	48,532	37,545
Income from real estate joint venture	332	407
Net income	48,864	37,952
Net income attributable to noncontrolling interests	1,671	1,304
Net income available for shareholders	47,193	36,648
Dividends to MAA Series I preferred shareholders	922	922
Net income available for MAA common shareholders	$ 46,271	$ 35,726
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 0.40	$ 0.31
Earnings per common share - diluted:
Net income available for MAA common shareholders	$ 0.40	$ 0.31
Net income available for MAA common shareholders	$ 46,271	$ 35,726
Limited Partner [Member]
Revenues:
Rental and other property revenues	425,005	418,098
Expenses:
Operating expenses, excluding real estate taxes and insurance	95,961	91,368
Real estate taxes and insurance	66,507	61,804
Depreciation and amortization	131,503	126,388
Total property operating expenses	293,971	279,560
Property management expenses	12,939	14,643
General and administrative expenses	12,979	13,264
Interest expense	39,672	43,482
Loss on sale of depreciable real estate assets		29
Loss on sale of non-depreciable real estate assets		376
Other non-operating expense	15,913	28,532
Income before income tax expense	49,531	38,212
Income tax expense	(999)	(667)
Income from continuing operations before real estate joint venture activity	48,532	37,545
Income from real estate joint venture	332	407
Net income	48,864	37,952
Dividends to preferred unitholders	922	922
Net income available for shareholders	$ 47,942	$ 37,030
Earnings per common share - basic:
Net income available for MAA common shareholders	$ 0.40	$ 0.31
Net income available for MAALP common unitholders	0.40	0.31
Earnings per common share - diluted:
Net income available for MAA common shareholders	0.40	0.31
Net income available for MAALP common unitholders	$ 0.40	$ 0.31

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 48,864	$ 37,952
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	279	253
Total comprehensive income	49,143	38,205
Less: Comprehensive income attributable to noncontrolling interests	(1,681)	(1,313)
Comprehensive income	47,462	36,892
Limited Partner [Member]
Net income	48,864	37,952
Other comprehensive income:
Adjustment for net losses reclassified to net income from derivative instruments	279	253
Comprehensive income	$ 49,143	$ 38,205

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 48,864	$ 37,952
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	131,820	126,657
Loss on sale of depreciable real estate assets		29
Loss on sale of non-depreciable real estate assets		376
Loss on embedded derivative in preferred shares	15,108	27,638
Stock compensation expense	5,369	5,288
Amortization of debt issuance costs, discounts and premiums	1,344	1,157
Net change in operating accounts and other operating activities	(54,394)	(38,495)
Net cash provided by operating activities	148,111	160,602
Cash flows from investing activities:
Purchases of real estate and other assets		(5,004)
Capital improvements, development and other	(113,511)	(84,610)
Distributions from real estate joint ventures	114
Contributions to affiliates		(900)
Proceeds from disposition of real estate assets	898	525
Net cash used in investing activities	(112,499)	(89,989)
Cash flows from financing activities:
Proceeds from revolving credit facility		130,000
Repayments of revolving credit facility		(30,000)
Net proceeds from (repayments of) commercial paper	213,000	(70,000)
Principal payments on notes payable	(119,154)	(1,740)
Distributions to noncontrolling interests	(4,159)	(4,067)
Distributions paid on common shares/units	(117,242)	(114,270)
Distributions paid on preferred shares/units	(922)	(922)
Net change in other financing activities	625	(1,108)
Net cash used in financing activities	(27,852)	(92,107)
Net increase (decrease) in cash, cash equivalents and restricted cash	7,760	(21,494)
Cash, cash equivalents and restricted cash, beginning of period	35,615	70,541
Cash, cash equivalents and restricted cash, end of period	43,375	49,047
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	32,620	34,508
Restricted cash	10,755	14,539
Cash, cash equivalents and restricted cash, end of period	43,375	49,047
Supplemental disclosure of cash flow information:
Interest paid	26,998	25,730
Income taxes paid	81	34
Supplemental disclosure of noncash investing and financing activities:
Conversion of OP Units to shares of common stock	232	450
Accrued construction in progress	32,781	25,878
Interest capitalized	2,550	1,391
Limited Partner [Member]
Cash flows from operating activities:
Net income	48,864	37,952
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	131,820	126,657
Loss on sale of depreciable real estate assets		29
Loss on sale of non-depreciable real estate assets		376
Loss on embedded derivative in preferred shares	15,108	27,638
Stock compensation expense	5,369	5,288
Amortization of debt issuance costs, discounts and premiums	1,344	1,157
Net change in operating accounts and other operating activities	(54,394)	(38,495)
Net cash provided by operating activities	148,111	160,602
Cash flows from investing activities:
Purchases of real estate and other assets		(5,004)
Capital improvements, development and other	(113,511)	(84,610)
Distributions from real estate joint ventures	114
Contributions to affiliates		(900)
Proceeds from disposition of real estate assets	898	525
Net cash used in investing activities	(112,499)	(89,989)
Cash flows from financing activities:
Proceeds from revolving credit facility		130,000
Repayments of revolving credit facility		(30,000)
Net proceeds from (repayments of) commercial paper	213,000	(70,000)
Principal payments on notes payable	(119,154)	(1,740)
Distributions paid on common shares/units	(121,401)	(118,337)
Distributions paid on preferred shares/units	(922)	(922)
Net change in other financing activities	625	(1,108)
Net cash used in financing activities	(27,852)	(92,107)
Net increase (decrease) in cash, cash equivalents and restricted cash	7,760	(21,494)
Cash, cash equivalents and restricted cash, beginning of period	35,615	70,541
Cash, cash equivalents and restricted cash, end of period	43,375	49,047
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	32,620	34,508
Restricted cash	10,755	14,539
Cash, cash equivalents and restricted cash, end of period	43,375	49,047
Supplemental disclosure of cash flow information:
Interest paid	26,998	25,730
Income taxes paid	81	34
Supplemental disclosure of noncash investing and financing activities:
Accrued construction in progress	32,781	25,878
Interest capitalized	$ 2,550	$ 1,391

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, MAA owned 114,408,949 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 interests, treasury shares, accumulated other comprehensive loss and redeemable common stock. The Operating Partnership’s capital may include common capital and preferred capital of the general partner (MAA), limited partners’ common capital and preferred capital, noncontrolling interests, accumulated other comprehensive loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA’s common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed. Organization of Mid-America Apartment Communities, Inc. The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of March 31, 2021, 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 March 31, 2021, the Company also had seven development communities under construction totaling 2,259 apartment units once complete. Total expected costs for the seven development projects are $528.0 million, of which $334.3 million had been incurred through March 31, 2021. The Company expects to complete four of these development s in 202 1 , two development s in 202 2 and one development in 202 3 . As of March 31, 2021 , 32 of the Company ’ s apartment communities include d retail components . The Company ’ s apartment communiti es were located across 16 states and the District of Columbia as of March 31, 2021 . 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). Noncontrolling Interests As of March 31, 2021, 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 three 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 March 31, 2021, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $148.2 million and $11.9 million, respectively. As of December 31, 2020, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $128.9 million and $8.1 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 each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $43.2 million and $43.3 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020 , the Company ’ s investment s in the technology-focused limited partnership s w ere $24.7 million and $23.0 million , respectively, and are included in “ Other assets ” in the accompanying Condensed Consolidated Balance Sheet s . As of March 31, 2021 , the Company was committed until February 2025 to make additional capital contributions totaling $19.2 million if and when called by the general partner s of the limited partnership s . 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 March 31, 2021 and December 31, 2020, right-of-use assets recorded within “Other assets” totaled $48.9 million and $49.4 million, respectively, and related lease obligations recorded within “Accrued expenses and other liabilities” totaled $31.4 million and $31.7 million, respectively, in the Condensed Consolidated Balance Sheets. As of March 31, 2021, the Company’s operating leases had a weighted average remaining lease term of approximately 32 years and a weighted average discount rate of approximately 4.4%. Lease expense recognized for the three months ended March 31, 2021 and 2020 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the three months ended March 31, 2021 and 2020 was also immaterial.

Earnings Per Common Share of MA

Earnings Per Common Share of MAA	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended March 31, 2021 2020 Calculation of Earnings per common share - basic Net income $ 48,864 $ 37,952 Net income attributable to noncontrolling interests (1,671 ) (1,304 ) Unvested restricted stock (allocation of earnings) (54 ) (50 ) Preferred dividends (922 ) (922 ) Net income available for MAA common shareholders, adjusted $ 46,217 $ 35,676 Weighted average common shares - basic 114,263 114,111 Earnings per common share - basic $ 0.40 $ 0.31 Calculation of Earnings per common share - diluted Net income $ 48,864 $ 37,952 Net income attributable to noncontrolling interests (1) (1,671 ) (1,304 ) Preferred dividends (922 ) (922 ) Net income available for MAA common shareholders, adjusted $ 46,271 $ 35,726 Weighted average common shares - basic 114,263 114,111 Effect of dilutive securities 312 383 Weighted average common shares - diluted 114,575 114,494 Earnings per common share - diluted $ 0.40 $ 0.31 (1) For the three months ended March 31, 2021 and 2020, 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	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per OP Unit of MAALP	3. Earnings per OP Unit of MAALP Basic earnings per common unit is computed by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods. For the three months ended March 31, 2021 and 2020, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended March 31, 2021 2020 Calculation of Earnings per common unit - basic Net income $ 48,864 $ 37,952 Unvested restricted stock (allocation of earnings) (54 ) (50 ) Preferred unit distributions (922 ) (922 ) Net income available for MAALP common unitholders, adjusted $ 47,888 $ 36,980 Weighted average common units - basic 118,318 118,176 Earnings per common unit - basic $ 0.40 $ 0.31 Calculation of Earnings per common unit - diluted Net income $ 48,864 $ 37,952 Preferred unit distributions (922 ) (922 ) Net income available for MAALP common unitholders, adjusted $ 47,942 $ 37,030 Weighted average common units - basic 118,318 118,176 Effect of dilutive securities 312 383 Weighted average common units - diluted 118,630 118,559 Earnings per common unit - diluted $ 0.40 $ 0.31

MAA Equity

MAA Equity	3 Months Ended
	Mar. 31, 2021
M A A Equity [Abstract]
MAA Equity	4. MAA Equity Changes in MAA’s total equity and its components for the three months ended March 31, 2021 and 2020 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, 2020 $ 9 $ 1,141 $ 7,176,793 $ (1,294,182 ) $ (12,128 ) $ 206,927 $ 9,848 $ 6,088,408 Net income — — — 47,193 — 1,671 — 48,864 Other comprehensive income - derivative instruments — — — — 269 10 — 279 Issuance and registration of common shares — 1 133 — — — — 134 Shares repurchased and retired — — (1,730 ) — — — — (1,730 ) Exercise of stock options — — 1,466 — — — — 1,466 Shares issued in exchange for common units — — 232 — — (232 ) — — Redeemable stock fair market value adjustment — — — (2,158 ) — — — (2,158 ) Adjustment for noncontrolling interests in Operating Partnership — — (116 ) — — 116 — — Amortization of unearned compensation — — 5,993 — — — — 5,993 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($1.0250 per share) — — — (117,278 ) — — — (117,278 ) Dividends on noncontrolling interests units ($1.0250 per unit) — — — — — (4,156 ) — (4,156 ) Contribution from noncontrolling interest — — — — — — 633 633 EQUITY BALANCE MARCH 31, 2021 $ 9 $ 1,142 $ 7,182,771 $ (1,367,347 ) $ (11,859 ) $ 204,336 $ 10,481 $ 6,019,533 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 — — — 36,648 — 1,304 — 37,952 Other comprehensive income - derivative instruments — — — — 244 9 — 253 Issuance and registration of common shares — — 39 — — — — 39 Shares repurchased and retired — — (1,727 ) — — — — (1,727 ) Exercise of stock options — — 71 — — — — 71 Shares issued in exchange for common units — — 450 — — (450 ) — — Redeemable stock fair market value adjustment — — — 3,111 — — — 3,111 Adjustment for noncontrolling interests in Operating Partnership — — (47 ) — — 47 — — Amortization of unearned compensation — — 5,289 — — — — 5,289 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($1.0000 per share) — — — (114,302 ) — — — (114,302 ) Dividends on noncontrolling interests units ($1.0000 per unit) — — — — — (4,059 ) — (4,059 ) Contribution from noncontrolling interest — — — — — — 401 401 EQUITY BALANCE MARCH 31, 2020 $ 9 $ 1,140 $ 7,170,148 $ (1,160,944 ) $ (12,934 ) $ 211,498 $ 6,648 $ 6,215,565

MAALP Capital

MAALP Capital	3 Months Ended
	Mar. 31, 2021
M A A L P Capital [Abstract]
MAALP Capital	5. MAALP Capital Changes in MAALP’s total capital and its components for the three months ended March 31, 2021 and 2020 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, 2020 $ 206,927 $ 5,817,270 $ 66,840 $ (12,496 ) $ 9,848 $ 6,088,389 Net income 1,671 46,271 922 — — 48,864 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units — 134 — — — 134 Units repurchased and retired — (1,730 ) — — — (1,730 ) Exercise of unit options — 1,466 — — — 1,466 General partnership units issued in exchange for limited partnership units (232 ) 232 — — — — Redeemable units fair market value adjustment — (2,158 ) — — — (2,158 ) Adjustment for limited partners’ capital at redemption value 126 (126 ) — — — — Amortization of unearned compensation — 5,993 — — — 5,993 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($1.0250 per unit) (4,156 ) (117,278 ) — — — (121,434 ) Contribution from noncontrolling interest — — — — 633 633 CAPITAL BALANCE MARCH 31, 2021 $ 204,336 $ 5,750,074 $ 66,840 $ (12,217 ) $ 10,481 $ 6,019,514 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 1,304 35,726 922 — — 37,952 Other comprehensive income - derivative instruments — — — 253 — 253 Issuance of units — 39 — — — 39 Units repurchased and retired — (1,727 ) — — — (1,727 ) Exercise of unit options — 71 — — — 71 General partnership units issued in exchange for limited partnership units (450 ) 450 — — — — Redeemable units fair market value adjustment — 3,111 — — — 3,111 Adjustment for limited partners’ capital at redemption value 56 (56 ) — — — — Amortization of unearned compensation — 5,289 — — — 5,289 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($1.0000 per unit) (4,059 ) (114,302 ) — — — (118,361 ) Contribution from noncontrolling interest — — — — 401 401 CAPITAL BALANCE MARCH 31, 2020 $ 211,498 $ 5,943,891 $ 66,840 $ (13,331 ) $ 6,648 $ 6,215,546

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2021
Notes To Financial Statements [Abstract]
Borrowings	6. Borrowings The following table summarizes the Company’s outstanding debt as of March 31, 2021 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Variable rate commercial paper program $ 385,000 0.2 % 4/6/2021 Fixed rate senior notes 3,922,000 3.6 % 1/27/2027 Debt issuance costs, discounts, premiums and fair market value adjustments (15,668 ) Total unsecured debt $ 4,291,332 3.3 % Secured debt Fixed rate property mortgages $ 369,556 4.4 % 9/1/2048 Debt issuance costs (3,303 ) Total secured debt $ 366,253 4.4 % Total outstanding debt $ 4,657,585 3.4 % 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 March 31, 2021, 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 March 31, 2021, MAALP had $385.0 million outstanding under the commercial paper program. For the three months ended March 31, 2021, the average daily borrowings outstanding under the commercial paper program were $298.1 million. Unsecured Senior Notes As of Secured Property Mortgages As of March 31, 2021, MAALP had $369.6 million In February 2021, MAALP retired a $118.6 million mortgage associated with eight apartment communities prior to its June 2021 maturity. Guarantees As of March 31, 2021, 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	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial Instruments and Derivatives	7. Financial Instruments and Derivatives Financial Instruments Not Carried at Fair Value Cash and cash equivalents, restricted cash and accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair value due to their short term nature. Fixed rate notes payable as of March 31, 2021 and December 31, 2020, totaled $4.3 billion and $4.4 billion, respectively, and had estimated fair values of $4.6 billion and $4.9 billion (excluding prepayment penalties) as of March 31, 2021 and December 31, 2020, respectively. The carrying values of variable rate debt as of March 31, 2021 and December 31, 2020, totaled $385.0 million and $172.0 million, respectively, and had estimated fair values of $385.0 million and $172.0 million (excluding prepayment penalties) as of March 31, 2021 and December 31, 2020, 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 at various maturities typically less than 30 days, and management concluded these rates reasonably estimate current market rates. Financial Instruments Measured at Fair Value on a Recurring Basis As of March 31, 2021, 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 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 three months ended March 31, 2021, the fair value of the embedded derivative asset decreased to $23.9 million as of March 31, 2021 as compared to $39.0 million as of December 31, 2020. 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 March 31, 2021 and December 31, 2020 were classified as Level 2 in the fair value hierarchy. Terminated Cash Flow Hedges of Interest Rate Risk As of March 31, 2021, the Company had $12.3 million recorded in “Accumulated other comprehensive loss” related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company’s debt and will continue to be reclassified to interest expense until the debt’s maturity. During the next twelve months, the Company estimates an additional $1.1 million will be reclassified to earnings as an increase to “Interest expense”. Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (dollars in thousands): Derivatives in Cash Flow Hedging Relationships Location of Loss Reclassified Net Loss Reclassified from Accumulated OCL into Interest Expense (1) Three months ended March 31, from Accumulated OCL into Income 2021 2020 Interest rate contracts Interest expense $ (279 ) $ (253 ) (1) See the Condensed Consolidated Statements of Comprehensive Income for changes in accumulated other comprehensive loss as these changes are presented net of the allocation to noncontrolling interests. Derivative Not Designated as Hedging Instrument Location of Loss Recognized Loss Recognized in Earnings on Derivative Three months ended March 31, in Income on Derivative 2021 2020 Preferred stock embedded derivative Other non-operating expense $ (15,108 ) $ (27,638 )

Shareholders' Equity of MAA

Shareholders' Equity of MAA	3 Months Ended
	Mar. 31, 2021
Shareholders Equity Of M A A [Abstract]
Shareholders' Equity of MAA	8. Shareholders As of March 31, 2021, 114,408,949 shares of common stock of MAA and 4,053,106 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,462,055 common shares and units. As of March 31, 2020, 114,279,662 shares of common stock of MAA and 4,058,657 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 118,338,319 common shares and units. Options to purchase 963 shares of MAA’s common stock were outstanding as of March 31, 2021, compared to 19,845 outstanding options as of March 31, 2020. During the three months ended March 31, 2021 and 2020, MAA issued 18,882 common shares and 918 common shares, respectively, related to the exercise of stock options. These exercises resulted in net proceeds of $1.5 million and $0.1 million, respectively. Preferred Stock As of March 31, 2021, 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 three months ended March 31, 2021 and 2020, MAA did not sell any shares of common stock under its ATM program. As of March 31, 2021, 3.9 million shares remained issuable under the ATM program.

Partners' Capital of MAALP

Partners' Capital of MAALP	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, there were 118,462,055 OP Units outstanding, 114,408,949, 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 4,053,106 OP Units were Class A OP Units owned by Class A limited partners. As of March 31, 2020, there were 118,338,319 OP Units outstanding, 114,279,662, or 96.6%, of which were owned by MAA and 4,058,657 of which were owned by the Class A limited partners. MAA, as the sole general partner of MAALP, has full, complete and exclusive discretion to manage and control the business of MAALP subject to the restrictions specifically contained within MAALP’s agreement of limited partnership, or the Partnership Agreement. Unless otherwise stated in the Partnership Agreement, this power includes, but is not limited to, acquiring, leasing or disposing of any real property; constructing buildings and making other improvements to properties owned; borrowing money, modifying or extinguishing current borrowings, issuing evidence of indebtedness and securing such indebtedness by mortgage, deed of trust, pledge or other lien on MAALP’s assets; and distribution of MAALP’s cash or other assets in accordance with the Partnership Agreement. MAA can generally, at its sole discretion, issue and redeem OP Units and determine the consideration to be received or the redemption price to be paid, as applicable. The general partner may delegate these and other powers granted to it if the general partner remains in supervision of the designee. Under the Partnership Agreement, MAALP may issue Class A OP Units and Class B OP Units. Class A OP Units are any OP Units other than Class B OP Units, while Class B OP Units are those issued to or held by MAALP’s general partner or any of its subsidiaries. In general, the limited partners do not have the power to participate in the management or control of MAALP’s business except in limited circumstances, including changes in the general partner and protective rights if the general partner acts outside of the provisions provided in the Partnership Agreement. The transferability of Class A OP Units is also limited by the Partnership Agreement. Net income of MAALP (after allocations to preferred ownership interests) is allocated to the general partner and limited partners based on their respective ownership percentages of MAALP. Issuance or redemption of additional Class A OP Units or Class B OP Units changes the relative ownership percentage of the partners. The issuance of Class B OP Units generally occurs when MAA issues common stock and the proceeds from that issuance are contributed to MAALP in exchange for the issuance to MAA of a number of OP Units equal to the number of shares of common stock issued. Likewise, if MAA repurchases or redeems outstanding shares of common stock, MAALP generally redeems an equal number of Class B OP Units with similar terms held by MAA for a redemption price equal to the purchase price of those shares of common stock. At each reporting period, the allocation between general partner capital and limited partner capital is adjusted to account for the change in the respective percentage ownership of the underlying capital of MAALP. Holders of the Class A OP Units may require MAA to redeem their Class A OP Units, in which case MAA may, at its option, pay the redemption price either in cash (in an amount per Class A OP Unit equal, in general, to the average closing price of MAA ’ s common stock on the NYSE over a specified period prior to the redemption date) or by delivering one share of MAA common stock (subject to adjustment under specified circumstances) for each Class A OP Unit so redeemed. As of March 31, 2021, a total of 4,053,106 Class A OP Units were outstanding and redeemable for 4,053,106 shares of MAA common stock, with an approximate value of $585.1 million, based on the closing price of MAA’s common stock on March 31, 2021 of $144.36 per share. As of March 31, 2020, a total of 4,058,657 Class A OP Units were outstanding and redeemable for 4,058,657 shares of MAA common stock, with an approximate value of $418.2 million, based on the closing price of MAA’s common stock on March 31, 2020 of $103.03 per share. MAALP pays the same per unit distributions in respect to the OP Units as the per share dividends MAA pays in respect to its common stock. As of March 31, 2021, MAALP had one outstanding series of cumulative redeemable preferred units, or the MAALP Series I preferred units. The MAALP Series I preferred units have the same characteristics as the MAA Series I preferred stock described in Note 8. As of March 31, 2021, 867,846 units of the MAALP Series I preferred units were outstanding. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 (in thousands): Operating Leases 2021 $ 2,156 2022 2,894 2023 2,885 2024 2,862 2025 2,872 Thereafter 62,913 Total minimum lease payments 76,582 Net present value adjustments (45,170 ) Operating lease obligations $ 31,412 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 March 31, 2021 and December 31, 2020, the Company’s accrual for loss contingencies relating to unresolved legal matters was $5.2 million and $5.3 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Condensed Consolidated Balance Sheets.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Notes To Financial Statements [Abstract]
Segment Information	11. Segment Information As of March 31, 2021, 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 includes 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. Communities previously in development or lease-up are added to the Same Store portfolio on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized after achieving 90% average physical 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 months ended March 31, 2021 and 2020 were as follows (in thousands): Three months ended March 31, 2021 2020 Revenues: Same Store Rental revenues $ 404,056 $ 398,676 Other property revenues 2,981 2,694 Total Same Store revenues 407,037 401,370 Non-Same Store and Other Rental revenues 17,725 16,730 Other property revenues 243 (2 ) Total Non-Same Store and Other revenues 17,968 16,728 Total rental and other property revenues $ 425,005 $ 418,098 Net Operating Income: Same Store NOI $ 252,730 $ 255,034 Non-Same Store and Other NOI 9,807 9,892 Total NOI 262,537 264,926 Depreciation and amortization (131,503 ) (126,388 ) Property management expenses (12,939 ) (14,643 ) General and administrative expenses (12,979 ) (13,264 ) Interest expense (39,672 ) (43,482 ) Loss on sale of depreciable real estate assets — (29 ) Loss on sale of non-depreciable real estate assets — (376 ) Other non-operating expense (15,913 ) (28,532 ) Income tax expense (999 ) (667 ) Income from real estate joint venture 332 407 Net income attributable to noncontrolling interests (1,671 ) (1,304 ) Dividends to MAA Series I preferred shareholders (922 ) (922 ) Net income available for MAA common shareholders $ 46,271 $ 35,726 Assets for each reportable segment as of March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Assets: Same Store $ 10,006,979 $ 10,076,511 Non-Same Store and Other 1,000,815 937,375 Corporate assets 184,584 180,905 Total assets $ 11,192,378 $ 11,194,791

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	12. In April 2021, MAA acquired an 11 acre land parcel located in the Atlanta, Georgia market and a 9 acre land parcel located in the Salt Lake City, Utah market through joint ventures for future development.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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).
Noncontrolling Interests	Noncontrolling Interests As of March 31, 2021, 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 three 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 March 31, 2021, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $148.2 million and $11.9 million, respectively. As of December 31, 2020, the consolidated assets and liabilities of the Company’s consolidated real estate entities with a noncontrolling interest were $128.9 million and $8.1 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 each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company’s investment in the real estate joint venture was $43.2 million and $43.3 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020 , the Company ’ s investment s in the technology-focused limited partnership s w ere $24.7 million and $23.0 million , respectively, and are included in “ Other assets ” in the accompanying Condensed Consolidated Balance Sheet s . As of March 31, 2021 , the Company was committed until February 2025 to make additional capital contributions totaling $19.2 million if and when called by the general partner s of the limited partnership s .
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 March 31, 2021 and December 31, 2020, right-of-use assets recorded within “Other assets” totaled $48.9 million and $49.4 million, respectively, and related lease obligations recorded within “Accrued expenses and other liabilities” totaled $31.4 million and $31.7 million, respectively, in the Condensed Consolidated Balance Sheets. As of March 31, 2021, the Company’s operating leases had a weighted average remaining lease term of approximately 32 years and a weighted average discount rate of approximately 4.4%. Lease expense recognized for the three months ended March 31, 2021 and 2020 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the three months ended March 31, 2021 and 2020 was also immaterial.

Earnings Per Common Share of _2

Earnings Per Common Share of MAA (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Common Share Of M A A [Abstract]
Schedule of Computation of Diluted Earnings per Share	For the three months ended March 31, 2021 and 2020, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts): Three months ended March 31, 2021 2020 Calculation of Earnings per common share - basic Net income $ 48,864 $ 37,952 Net income attributable to noncontrolling interests (1,671 ) (1,304 ) Unvested restricted stock (allocation of earnings) (54 ) (50 ) Preferred dividends (922 ) (922 ) Net income available for MAA common shareholders, adjusted $ 46,217 $ 35,676 Weighted average common shares - basic 114,263 114,111 Earnings per common share - basic $ 0.40 $ 0.31 Calculation of Earnings per common share - diluted Net income $ 48,864 $ 37,952 Net income attributable to noncontrolling interests (1) (1,671 ) (1,304 ) Preferred dividends (922 ) (922 ) Net income available for MAA common shareholders, adjusted $ 46,271 $ 35,726 Weighted average common shares - basic 114,263 114,111 Effect of dilutive securities 312 383 Weighted average common shares - diluted 114,575 114,494 Earnings per common share - diluted $ 0.40 $ 0.31 (1) For the three months ended March 31, 2021 and 2020, 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 (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Diluted Earnings per Common Unit	For the three months ended March 31, 2021 and 2020, MAALP’s diluted earnings per common unit was computed using the treasury stock method as presented below (dollars and units in thousands, except per unit amounts): Three months ended March 31, 2021 2020 Calculation of Earnings per common unit - basic Net income $ 48,864 $ 37,952 Unvested restricted stock (allocation of earnings) (54 ) (50 ) Preferred unit distributions (922 ) (922 ) Net income available for MAALP common unitholders, adjusted $ 47,888 $ 36,980 Weighted average common units - basic 118,318 118,176 Earnings per common unit - basic $ 0.40 $ 0.31 Calculation of Earnings per common unit - diluted Net income $ 48,864 $ 37,952 Preferred unit distributions (922 ) (922 ) Net income available for MAALP common unitholders, adjusted $ 47,942 $ 37,030 Weighted average common units - basic 118,318 118,176 Effect of dilutive securities 312 383 Weighted average common units - diluted 118,630 118,559 Earnings per common unit - diluted $ 0.40 $ 0.31

MAA Equity (Tables)

MAA Equity (Tables)	3 Months Ended
	Mar. 31, 2021
M A A Equity [Abstract]
Summary of Changes in Total Equity and its Components	Changes in MAA’s total equity and its components for the three months ended March 31, 2021 and 2020 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, 2020 $ 9 $ 1,141 $ 7,176,793 $ (1,294,182 ) $ (12,128 ) $ 206,927 $ 9,848 $ 6,088,408 Net income — — — 47,193 — 1,671 — 48,864 Other comprehensive income - derivative instruments — — — — 269 10 — 279 Issuance and registration of common shares — 1 133 — — — — 134 Shares repurchased and retired — — (1,730 ) — — — — (1,730 ) Exercise of stock options — — 1,466 — — — — 1,466 Shares issued in exchange for common units — — 232 — — (232 ) — — Redeemable stock fair market value adjustment — — — (2,158 ) — — — (2,158 ) Adjustment for noncontrolling interests in Operating Partnership — — (116 ) — — 116 — — Amortization of unearned compensation — — 5,993 — — — — 5,993 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($1.0250 per share) — — — (117,278 ) — — — (117,278 ) Dividends on noncontrolling interests units ($1.0250 per unit) — — — — — (4,156 ) — (4,156 ) Contribution from noncontrolling interest — — — — — — 633 633 EQUITY BALANCE MARCH 31, 2021 $ 9 $ 1,142 $ 7,182,771 $ (1,367,347 ) $ (11,859 ) $ 204,336 $ 10,481 $ 6,019,533 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 — — — 36,648 — 1,304 — 37,952 Other comprehensive income - derivative instruments — — — — 244 9 — 253 Issuance and registration of common shares — — 39 — — — — 39 Shares repurchased and retired — — (1,727 ) — — — — (1,727 ) Exercise of stock options — — 71 — — — — 71 Shares issued in exchange for common units — — 450 — — (450 ) — — Redeemable stock fair market value adjustment — — — 3,111 — — — 3,111 Adjustment for noncontrolling interests in Operating Partnership — — (47 ) — — 47 — — Amortization of unearned compensation — — 5,289 — — — — 5,289 Dividends on preferred stock — — — (922 ) — — — (922 ) Dividends on common stock ($1.0000 per share) — — — (114,302 ) — — — (114,302 ) Dividends on noncontrolling interests units ($1.0000 per unit) — — — — — (4,059 ) — (4,059 ) Contribution from noncontrolling interest — — — — — — 401 401 EQUITY BALANCE MARCH 31, 2020 $ 9 $ 1,140 $ 7,170,148 $ (1,160,944 ) $ (12,934 ) $ 211,498 $ 6,648 $ 6,215,565

MAALP Capital (Tables)

MAALP Capital (Tables)	3 Months Ended
	Mar. 31, 2021
M A A L P Capital [Abstract]
Summary of Changes in Total Capital and its Components	Changes in MAALP’s total capital and its components for the three months ended March 31, 2021 and 2020 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, 2020 $ 206,927 $ 5,817,270 $ 66,840 $ (12,496 ) $ 9,848 $ 6,088,389 Net income 1,671 46,271 922 — — 48,864 Other comprehensive income - derivative instruments — — — 279 — 279 Issuance of units — 134 — — — 134 Units repurchased and retired — (1,730 ) — — — (1,730 ) Exercise of unit options — 1,466 — — — 1,466 General partnership units issued in exchange for limited partnership units (232 ) 232 — — — — Redeemable units fair market value adjustment — (2,158 ) — — — (2,158 ) Adjustment for limited partners’ capital at redemption value 126 (126 ) — — — — Amortization of unearned compensation — 5,993 — — — 5,993 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($1.0250 per unit) (4,156 ) (117,278 ) — — — (121,434 ) Contribution from noncontrolling interest — — — — 633 633 CAPITAL BALANCE MARCH 31, 2021 $ 204,336 $ 5,750,074 $ 66,840 $ (12,217 ) $ 10,481 $ 6,019,514 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 1,304 35,726 922 — — 37,952 Other comprehensive income - derivative instruments — — — 253 — 253 Issuance of units — 39 — — — 39 Units repurchased and retired — (1,727 ) — — — (1,727 ) Exercise of unit options — 71 — — — 71 General partnership units issued in exchange for limited partnership units (450 ) 450 — — — — Redeemable units fair market value adjustment — 3,111 — — — 3,111 Adjustment for limited partners’ capital at redemption value 56 (56 ) — — — — Amortization of unearned compensation — 5,289 — — — 5,289 Distributions to preferred unitholders — — (922 ) — — (922 ) Distributions to common unitholders ($1.0000 per unit) (4,059 ) (114,302 ) — — — (118,361 ) Contribution from noncontrolling interest — — — — 401 401 CAPITAL BALANCE MARCH 31, 2020 $ 211,498 $ 5,943,891 $ 66,840 $ (13,331 ) $ 6,648 $ 6,215,546

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of March 31, 2021 (dollars in thousands): Balance Weighted Average Effective Rate Weighted Average Contract Maturity Unsecured debt Variable rate commercial paper program $ 385,000 0.2 % 4/6/2021 Fixed rate senior notes 3,922,000 3.6 % 1/27/2027 Debt issuance costs, discounts, premiums and fair market value adjustments (15,668 ) Total unsecured debt $ 4,291,332 3.3 % Secured debt Fixed rate property mortgages $ 369,556 4.4 % 9/1/2048 Debt issuance costs (3,303 ) Total secured debt $ 366,253 4.4 % Total outstanding debt $ 4,657,585 3.4 %

Financial Instruments and Der_2

Financial Instruments and Derivatives (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Effect of Derivative Instruments on Consolidated Statement of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (dollars in thousands): Derivatives in Cash Flow Hedging Relationships Location of Loss Reclassified Net Loss Reclassified from Accumulated OCL into Interest Expense (1) Three months ended March 31, from Accumulated OCL into Income 2021 2020 Interest rate contracts Interest expense $ (279 ) $ (253 ) (1) See the Condensed Consolidated Statements of Comprehensive Income for changes in accumulated other comprehensive loss as these changes are presented net of the allocation to noncontrolling interests. Derivative Not Designated as Hedging Instrument Location of Loss Recognized Loss Recognized in Earnings on Derivative Three months ended March 31, in Income on Derivative 2021 2020 Preferred stock embedded derivative Other non-operating expense $ (15,108 ) $ (27,638 )

Shareholders' Equity of MAA (Ta

Shareholders' Equity of MAA (Tables)	3 Months Ended
	Mar. 31, 2021
Shareholders Equity Of M A A [Abstract]
Schedule of Cumulative Redeemable Preferred Stock	As of March 31, 2021, 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)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 (in thousands): Operating Leases 2021 $ 2,156 2022 2,894 2023 2,885 2024 2,862 2025 2,872 Thereafter 62,913 Total minimum lease payments 76,582 Net present value adjustments (45,170 ) Operating lease obligations $ 31,412

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Notes To Financial Statements [Abstract]
Revenues and NOI for Reportable Segment	Revenues and NOI for each reportable segment for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three months ended March 31, 2021 2020 Revenues: Same Store Rental revenues $ 404,056 $ 398,676 Other property revenues 2,981 2,694 Total Same Store revenues 407,037 401,370 Non-Same Store and Other Rental revenues 17,725 16,730 Other property revenues 243 (2 ) Total Non-Same Store and Other revenues 17,968 16,728 Total rental and other property revenues $ 425,005 $ 418,098 Net Operating Income: Same Store NOI $ 252,730 $ 255,034 Non-Same Store and Other NOI 9,807 9,892 Total NOI 262,537 264,926 Depreciation and amortization (131,503 ) (126,388 ) Property management expenses (12,939 ) (14,643 ) General and administrative expenses (12,979 ) (13,264 ) Interest expense (39,672 ) (43,482 ) Loss on sale of depreciable real estate assets — (29 ) Loss on sale of non-depreciable real estate assets — (376 ) Other non-operating expense (15,913 ) (28,532 ) Income tax expense (999 ) (667 ) Income from real estate joint venture 332 407 Net income attributable to noncontrolling interests (1,671 ) (1,304 ) Dividends to MAA Series I preferred shareholders (922 ) (922 ) Net income available for MAA common shareholders $ 46,271 $ 35,726
Assets for Reportable Segment	Assets for each reportable segment as of March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Assets: Same Store $ 10,006,979 $ 10,076,511 Non-Same Store and Other 1,000,815 937,375 Corporate assets 184,584 180,905 Total assets $ 11,192,378 $ 11,194,791

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
	Mar. 31, 2021USD ($)PropertyCommunityStateshares	Mar. 31, 2020shares	Dec. 31, 2022Property	Dec. 31, 2021Property	Dec. 31, 2020USD ($)Propertyshares
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	114,408,949	114,279,662
Number of Real Estate Properties | Community	299
Development and capital improvements in progress	$ 295,933				$ 283,477
Number of States in which Entity Operates | State	16
Consolidated assets	$ 11,192,378				11,194,791
Consolidated liabilities	5,155,017				5,090,986
Real Estate Investments, Joint Ventures	$ 19,200
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	$ 48,900				49,400
Operating Lease, Liability	$ 31,412				31,700
Operating Lease, Weighted Average Remaining Lease Term	32 years
Operating Lease, Weighted Average Discount Rate, Percent	4.40%
Other Assets [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	$ 24,700				23,000
Real Estate [Member] | Post Massachusetts Avenue [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	43,200				43,300
Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
Real Estate Properties [Line Items]
Consolidated assets	148,200				128,900
Consolidated liabilities	$ 11,900				$ 8,100
Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80.00%
Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100.00%
Maximum [Member] | Accounting Standards Update 2016-02 [Member]
Real Estate Properties [Line Items]
Operating lease, term of contract	1 year
Limited Partner [Member]
Real Estate Properties [Line Items]
General Partners' Capital Account, Units Outstanding | shares	114,408,949				114,373,727
Number of Real Estate Properties | Property	1
Development and capital improvements in progress	$ 295,933				$ 283,477
Consolidated assets	11,192,378				11,194,791
Consolidated liabilities	$ 5,155,036				$ 5,091,005
Limited Partner [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	80.00%
Limited Partner [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Percentage of ownership interests of all consolidated subsidiaries (percent)	100.00%
Development Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	7				4
Number of units under development community | Property	2,259
Development Properties [Member] | Expected Costs
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 528,000
Development Properties [Member] | Costs Incurred To Date
Real Estate Properties [Line Items]
Development and capital improvements in progress	$ 334,300
Development Properties [Member] | Scenario Forecast [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			1	2
Retail
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	32
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
		Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share Disclosure [Line Items]
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 48,864	$ 37,952
Income from continuing operations attributable to noncontrolling interests		(1,671)	(1,304)
Income from continuing operations allocated to unvested restricted shares		(54)	(50)
Dividends, Preferred Stock, Cash		(922)	(922)
Income from continuing operations available for common shareholders, adjusted		$ 46,217	$ 35,676
Weighted average common shares - basic		114,263	114,111
Earnings per share - basic		$ 0.40	$ 0.31
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest		$ 48,864	$ 37,952
Income from continuing operations attributable to noncontrolling interests	[1]	(1,671)	(1,304)
Net income available for MAA common shareholders, adjusted		$ 46,271	$ 35,726
Effect of dilutive securities		312	383
Weighted average common shares - diluted		114,575	114,494
Earnings per common share - diluted		$ 0.40	$ 0.31
Limited Partnership Units [Member]
Earnings Per Share Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		4,100	4,100
[1]	For the three months ended March 31, 2021 and 2020, 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
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share Disclosure [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 48,864	$ 37,952
Dividends, Preferred Stock, Cash	(922)	(922)
Income from continuing operations available for common shareholders, adjusted	$ 46,217	$ 35,676
Earnings per share - basic	$ 0.40	$ 0.31
Net income available for MAA common shareholders, adjusted	$ 46,271	$ 35,726
Effect of dilutive securities	312,000	383,000
Weighted average common shares - diluted	114,575,000	114,494,000
Earnings per common share - diluted	$ 0.40	$ 0.31
Limited Partner [Member]
Earnings Per Share Disclosure [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 48,864	$ 37,952
Income from continuing operations allocated to unvested restricted shares	(54)	(50)
Dividends, Preferred Stock, Cash	(922)	(922)
Income from continuing operations available for common shareholders, adjusted	$ 47,888	$ 36,980
Weighted average common units - basic	118,318	118,176
Earnings per share - basic	$ 0.40	$ 0.31
Net income available for MAA common shareholders, adjusted	$ 47,942	$ 37,030
Effect of dilutive securities	312	383
Weighted average common shares - diluted	118,630	118,559
Earnings per common share - diluted	$ 0.40	$ 0.31

MAA Equity - Summary of Changes

MAA Equity - Summary of Changes in Total Equity and its Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Preferred Stock, Cash	$ (922)	$ (922)
Mid America Apartment Communities Inc Shareholders Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	6,088,408	6,289,459
Net Income Including Portion Attributable to Noncontrolling Interest	48,864	37,952
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	279	253
Issuance and registration of common shares	134	39
Shares repurchased and retired	(1,730)	(1,727)
Exercise of stock options	1,466	71
Redeemable stock fair market value adjustment	(2,158)	3,111
Amortization of unearned compensation	5,993	5,289
Dividends, Preferred Stock, Cash	(922)	(922)
Dividends on common stock	(117,278)	(114,302)
Dividends on noncontrolling interest units	(4,156)	(4,059)
Contribution from noncontrolling interest	633	401
Ending Balance	6,019,533	6,215,565
Mid America Apartment Communities Inc Shareholders Equity | Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9	9
Ending Balance	9	9
Mid America Apartment Communities Inc Shareholders Equity | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,141	1,140
Issuance and registration of common shares	1
Ending Balance	1,142	1,140
Mid America Apartment Communities Inc Shareholders Equity | Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,176,793	7,166,073
Issuance and registration of common shares	133	39
Shares repurchased and retired	(1,730)	(1,727)
Exercise of stock options	1,466	71
Shares issued in exchange for common units	232	450
Adjustment for noncontrolling interests in Operating Partnership	(116)	(47)
Amortization of unearned compensation	5,993	5,289
Ending Balance	7,182,771	7,170,148
Mid America Apartment Communities Inc Shareholders Equity | Accumulated Distributions in Excess of Net Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(1,294,182)	(1,085,479)
Net income attributable to MAA	47,193	36,648
Redeemable stock fair market value adjustment	(2,158)	3,111
Dividends, Preferred Stock, Cash	(922)	(922)
Dividends on common stock	(117,278)	(114,302)
Ending Balance	(1,367,347)	(1,160,944)
Mid America Apartment Communities Inc Shareholders Equity | Accumulated Other Comprehensive Income (Loss) [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(12,128)	(13,178)
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	269	244
Ending Balance	(11,859)	(12,934)
Mid America Apartment Communities Inc Shareholders Equity | Noncontrolling Interest Operating Partnership
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	206,927	214,647
Net Income Attributable to Noncontrolling Interest	1,671	1,304
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	10	9
Shares issued in exchange for common units	(232)	(450)
Adjustment for noncontrolling interests in Operating Partnership	116	47
Dividends on noncontrolling interest units	(4,156)	(4,059)
Ending Balance	204,336	211,498
Mid America Apartment Communities Inc Shareholders Equity | Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	9,848	6,247
Contribution from noncontrolling interest	633	401
Ending Balance	$ 10,481	$ 6,648

MAA Equity - Summary of Chang_2

MAA Equity - Summary of Changes in Total Equity and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Mid America Apartment Communities Inc Shareholders Equity
Equity [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 1.0250	$ 1

MAALP Capital - Summary of Chan

MAALP Capital - Summary of Changes in Total Capital and its Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Partners' Capital [Roll Forward]
Dividends, Preferred Stock, Cash	$ (922)	$ (922)
M A A L P
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	6,088,389	6,289,440
Net Income Available for Common Unitholders	48,864	37,952
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	279	253
Issuance of units	134	39
Units repurchased and retired	(1,730)	(1,727)
Exercise of unit options	1,466	71
Redeemable stock fair market value adjustment	(2,158)	3,111
Amortization of unearned compensation	5,993	5,289
Dividends, Preferred Stock, Cash	(922)	(922)
Distributions	(121,434)	(118,361)
Contribution from noncontrolling interest	633	401
Ending Balance	6,019,514	6,215,546
M A A L P | Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	206,927	214,647
Net income	1,671	1,304
General partnership units issued in exchange for limited partnership units	(232)	(450)
Adjustment for limited partners’ capital at redemption value	126	56
Distributions	(4,156)	(4,059)
Ending Balance	204,336	211,498
M A A L P | General Partners' Capital Account [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	5,817,270	6,015,290
Net Income Allocated to General Partners	46,271	35,726
Issuance of units	134	39
Units repurchased and retired	(1,730)	(1,727)
Exercise of unit options	1,466	71
General partnership units issued in exchange for limited partnership units	232	450
Redeemable stock fair market value adjustment	(2,158)	3,111
Adjustment for limited partners’ capital at redemption value	(126)	(56)
Amortization of unearned compensation	5,993	5,289
Distributions	(117,278)	(114,302)
Ending Balance	5,750,074	5,943,891
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
Net income	922	922
Dividends, Preferred Stock, Cash	(922)	(922)
Ending Balance	66,840	66,840
M A A L P | AOCI Attributable to Noncontrolling Interest [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	(12,496)	(13,584)
Other comprehensive income (loss) - derivatives instruments (cash flow hedges)	279	253
Ending Balance	(12,217)	(13,331)
M A A L P | Noncontrolling Interests-Consolidated Real Estate Entities [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance	9,848	6,247
Contribution from noncontrolling interest	633	401
Ending Balance	$ 10,481	$ 6,648

MAALP Capital - Summary of Ch_2

MAALP Capital - Summary of Changes in Total Capital and its Components (Parenthetical) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
M A A L P | Limited Partner [Member]
Capital Disclosure [Line Items]
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 1.0250	$ 1

Borrowings - Summary of Outstan

Borrowings - Summary of Outstanding Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,657,585
Debt Instrument, Interest Rate, Effective Percentage	3.40%
Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
Contract Maturity	Sep. 1, 2048
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	$ 4,291,332
Debt Instrument, Interest Rate, Effective Percentage	3.30%
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	$ 385,000
Debt Instrument, Interest Rate, Effective Percentage	0.20%
Contract Maturity	Apr. 6, 2021
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	$ (15,668)
Secured Debt [Member]
Debt Instrument [Line Items]
Total Outstanding Debt	366,253
Debt issuance costs	$ (3,303)
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Secured Debt [Member] | Fixed Rate Property Mortgages [Member]
Debt Instrument [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 369,556
Secured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 369,600
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Contract Maturity	Dec. 31, 2048

Borrowings - Additional Informa

Borrowings - Additional Information (Details)	1 Months Ended	3 Months Ended
	Feb. 28, 2021USD ($)ApartmentUnit	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		3.40%
Commercial Paper Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Payment Terms		397
Debt Instrument, Face Amount		$ 385,000,000
Debt Instrument, Unused Borrowing Capacity, Amount		298,100,000
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		3.30%
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		5 years 9 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
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		4.40%
Secured Debt [Member] | Fixed Rate Debt Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Dec. 31, 2048
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate		$ 369,600,000
Debt Instrument, Interest Rate, Effective Percentage		4.40%
Maturing July 2020, Three Property Mortgage [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 118,600,000
Number of Apartment Communities | ApartmentUnit	8

Financial Instruments and Der_3

Financial Instruments and Derivatives - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Preferred Stock, Redemption Price Per Share	[1]	$ 50
Preferred Stock, Redemption Date		Oct. 1, 2026
Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments		$ 12.3
Change in fair value of interest rate derivatives included in AOCI and expected to be reclassified in the next 12 months		1.1
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset		$ 23.9	$ 39
Conventional Variable Rate Debt [Member] | Maximum [Member]
Derivative [Line Items]
Debt Renewal Period		30 days
Fixed Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		$ 4,300	4,400
Notes Payable, Fair Value Disclosure		4,600	4,900
Floating Rate Debt [Member]
Derivative [Line Items]
Notes Payable Excluding Interest Rate Swaps and Cap Agreements		385	172
Notes Payable, Fair Value Disclosure		$ 385	$ 172
[1]	The redemption price is the price at which the preferred stock is redeemable, at MAA’s option, for cash.

Financial Instruments and Der_4

Financial Instruments and Derivatives - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (15,108)	$ (27,638)
Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(279)	(253)
Not Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (15,108)	$ (27,638)

Shareholders' Equity of MAA - A

Shareholders' Equity of MAA - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Equity [Line Items]
Common stock, shares outstanding	114,408,949	114,279,662	114,373,727
Total common shares and operating partnership units outstanding	118,462,055	118,338,319
Proceeds from Stock Options Exercised, Net	$ 1.5	$ 0.1
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	18,882	918
Noncontrolling Interest
Equity [Line Items]
Common Shares Issuable Upon Conversion Of Convertible Stock	4,053,106	4,058,657
Employee Stock Option
Equity [Line Items]
Common stock shares, outstanding option	963	19,845

Shareholders' Equity of MAA - S

Shareholders' Equity of MAA - Schedule of Cumulative Redeemable Preferred Stock (Details) - $ / shares		3 Months Ended		12 Months Ended
		Mar. 31, 2021		Dec. 31, 2020
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	Mar. 31, 2021USD ($)
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule Of Capital Structure [Line Items]
Operating partnership units outstanding	118,462,055	118,338,319
General Partners' Capital Account, Units Outstanding	114,408,949	114,279,662
Limited Partners' Capital Account, Units Outstanding	4,053,106	4,058,657
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	4,053,106	4,058,657
Limited Partners' Capital Account	$ 585.1	$ 418.2
Redeemable Capital Shares Par Or Stated Value Per Share	$ 144.36	$ 103.03
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	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 5.2	$ 5.3
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	Mar. 31, 2021	Dec. 31, 2020
Loss Contingency [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 2,156
Operating Leases, Future Minimum Payments, Due in Two Years	2,894
Operating Leases, Future Minimum Payments, Due in Three Years	2,885
Operating Leases, Future Minimum Payments, Due in Four Years	2,862
Operating Leases, Future Minimum Payments, Due in Five Years	2,872
Operating Leases, Future Minimum Payments, Due Thereafter	62,913
Operating Leases, Future Minimum Payments Due	76,582
Net present value adjustments	(45,170)
Operating Lease, Liability	$ 31,412	$ 31,700

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021CommunityStateSegment
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
	Mar. 31, 2021	Mar. 31, 2020
Segment Information
Total operating revenues	$ 425,005	$ 418,098
Net Operating Income	262,537	264,926
Depreciation and amortization	(131,503)	(126,388)
Other Cost and Expense, Operating	(12,939)	(14,643)
General and administrative expenses	(12,979)	(13,264)
Interest expense	(39,672)	(43,482)
Loss on sale of depreciable real estate assets		(29)
Loss on sale of non-depreciable real estate assets		(376)
Other non-operating expense	(15,913)	(28,532)
Income tax expense	(999)	(667)
Gain (loss) from real estate joint ventures	332	407
Net income attributable to noncontrolling interests	(1,671)	(1,304)
Preferred Stock Dividends, Income Statement Impact	(922)	(922)
Net income available for MAA common shareholders	46,271	35,726
Same Store [Member]
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	404,056	398,676
Other operating income expense net	2,981	2,694
Total operating revenues	407,037	401,370
Net Operating Income	252,730	255,034
Non-Same Store and Other
Segment Information
Revenue from Contract with Customer, Including Assessed Tax	17,725	16,730
Other operating income expense net	243	(2)
Total operating revenues	17,968	16,728
Net Operating Income	$ 9,807	$ 9,892

Segment Information - Assets fo

Segment Information - Assets for Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 11,192,378	$ 11,194,791
Same Store [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	10,006,979	10,076,511
Non-Same Store and Other
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,000,815	937,375
Corporate assets
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 184,584	$ 180,905

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Real Estate Company [Member] - Land [Member]	Apr. 30, 2021a
Atlanta, Georgia [Member]
Subsequent Event [Line Items]
Area Of Land	11
Salt Lake City, Utah [Member]
Subsequent Event [Line Items]
Area Of Land	9