# EDGAR Filing Document

**Accession Number:** 0001581776
**File Stem:** 0001193125-25-262597
**Filing Date:** 2025-11
**Character Count:** 5428
**Document Hash:** 03812e94eeefb7606a65a4e515e8c410
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-262597.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001193125-25-262597

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mid-America Apartments, L.P.
- **CENTRAL INDEX KEY:** 0001581776
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621543816
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-279076-01
- **FILM NUMBER:** 251444372

**BUSINESS ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138
- **BUSINESS PHONE:** (901) 248-4126

**MAIL ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mid-America Apartments, L.P.
- **CENTRAL INDEX KEY:** 0001581776
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621543816
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138
- **BUSINESS PHONE:** (901) 248-4126

**MAIL ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138

**Filed Pursuant to Rule 433** 

**Registration Statement No. 333-279076-01** 

**Relating to Preliminary Prospectus Supplement dated November 3, 2025** 

**to Prospectus dated May 2, 2024** 

**November 3, 2025** 

**Mid-America Apartments, L.P.** 

**$400,000,000 4.650% Senior Notes due 2033** 

**Pricing Term Sheet** 

This pricing term sheet relates only to the securities described below and should be read together with Mid-America Apartments, L.P.'s preliminary prospectus supplement dated November 3, 2025 (the "preliminary prospectus supplement") and the accompanying prospectus dated May 2, 2024 and the documents incorporated and deemed to be incorporated by reference therein.

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| | |
|:---|:---|
| Issuer: | Mid-America Apartments, L.P. |
| Security Title: | 4.650% Senior Notes due 2033 |
| Principal Amount: | $400000000 |
| Trade Date: | November 3, 2025 |
| Settlement Date: | November 10, 2025 (T+5) |
| Maturity Date: | January 15, 2033 |
| Interest Payment Dates: | Payable semi-annually on January 15 and July 15, commencing July 15, 2026 |
| Coupon Rate: | 4.650% per year, accruing from November 10, 2025 |
| Price to Public: | 99.354% of the principal amount, plus accrued interest, if any, from November 10, 2025 |
| Benchmark Treasury: | 3.750% due October 31, 2032 |
| Benchmark Treasury Price / Yield: | 99-02 / 3.905% |
| Spread to Benchmark Treasury: | +85 basis points |
| Yield to Maturity: | 4.755% |
| Optional Redemption: | Prior to November 15, 2032, make-whole redemption at the Treasury Rate (as defined) plus 15 basis points (except as otherwise provided in the preliminary prospectus supplement) plus accrued and unpaid interest. On and after November 15, 2032, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. See the preliminary prospectus supplement for the definition of "Treasury Rate" and for further terms and provisions applicable to optional redemption. |
| CUSIP / ISIN: | 59523U AY3 / US59523UAY38 |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC<br> Citigroup Global Markets Inc.<br> PNC Capital Markets LLC<br> TD Securities (USA) LLC<br> Wells Fargo Securities, LLC<br> KeyBanc Capital Markets Inc. |

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| | |
|:---|:---|
| Senior Co-Managers: | Regions Securities LLC<br> Scotia Capital (USA) Inc.<br> SMBC Nikko Securities America, Inc.<br> Fifth Third Securities, Inc.<br> Huntington Securities, Inc. |
| Co-Managers: | Mizuho Securities USA LLC<br> Truist Securities, Inc.<br> U.S. Bancorp Investments, Inc. |

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**The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, PNC Capital Markets LLC toll-free at 1-855-881-0697, TD Securities (USA) LLC toll-free at 1-855-495-9846 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.** 

**Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.**