# EDGAR Filing Document

**Accession Number:** 0001581776
**File Stem:** 0001193125-26-197331
**Filing Date:** 2026-4
**Character Count:** 295055
**Document Hash:** e45549038e3214667b60e2705652d1c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-197331.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-197331

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MID AMERICA APARTMENT COMMUNITIES INC.
- **CENTRAL INDEX KEY:** 0000912595
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621543819
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12762
- **FILM NUMBER:** 26925597

**BUSINESS ADDRESS:**
- **STREET 1:** 6815 POPLAR AVENUE
- **STREET 2:** SUITE 500
- **CITY:** GERMANTOWN
- **STATE:** TN
- **ZIP:** 38138
- **BUSINESS PHONE:** 9016826600

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MID AMERICA APARTMENT COMMUNITIES INC
- **DATE OF NAME CHANGE:** 19930927
**FILER**: 

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-190028-01
- **FILM NUMBER:** 26925598

**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

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-Q

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the quarterly period ended March 31, 2026

or

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from ______ to ______

**Commission File Number:** 001-12762 **(Mid-America Apartment Communities, Inc.)**

**Commission File Number:** 333-190028-01 **(Mid-America Apartments, L.P.)**

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| Tennessee **(Mid-America Apartment Communities, Inc.)** | 62-1543819 |
| Tennessee **(Mid-America Apartments, L.P.)** | 62-1543816 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

6815 Poplar Ave**.,** Suite 500**,** Germantown**,** TN 38138

(Address of principal executive offices) (Zip Code)

**(**901**)** 682-6600

(Registrant's telephone number, including area code)

**N/A**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.) | MAA | New York Stock Exchange |
| 8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.) | MAA\*I | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Mid-America Apartment Communities, Inc. Yes ☒ No ☐ <br> Mid-America Apartments, L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Mid-America Apartment Communities, Inc. Yes ☒ No ☐ <br> Mid-America Apartments, L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Mid-America Apartment Communities, Inc. <br> Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

Mid-America Apartments, L.P. <br> Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Mid-America Apartment Communities, Inc. ☐ <br> Mid-America Apartments, L.P. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Mid-America Apartment Communities, Inc. Yes ☐ No ☒ <br> Mid-America Apartments, L.P. Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

---

| | |
|:---|:---|
| **Mid-America Apartment Communities, Inc.** | **Number of Shares Outstanding at** |
| **<u>Class</u>** | **<u>April 27, 2026</u>** |
| Common Stock, $0.01 par value | 116384802 |

---

------

**MID-AMERICA APARTMENT COMMUNITIES, INC.**

**MID-AMERICA APARTMENTS, L.P.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| **PART I – FINANCIAL INFORMATION** | **PART I – FINANCIAL INFORMATION** | **PART I – FINANCIAL INFORMATION** |
| Item 1. | [<u>Financial Statements.</u>](#item_1_financial_statements) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. |  |
|  | [<u>Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.</u>](#condensed_consolidated_balance_sheets) | 5 |
|  | [<u>Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025.</u>](#condensed_consolidated_statements_operat) | 6 |
|  | [<u>Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025.</u>](#condensedconsolidatedstatementscompre) | 7 |
|  | [<u>Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025.</u>](#condensed_consolidated_statements_cash_f) | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartments, L.P. |  |
|  | [<u>Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.</u>](#condensed_consolidated_balance_sheets_t2) | 9 |
|  | [<u>Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025.</u>](#condensed_consolidated_statements_op_t2) | 10 |
|  | [<u>Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025.</u>](#condensedconsolidatedstatementscompre_2) | 11 |
|  | [<u>Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025.</u>](#condensed_consolidated_statements_cas_t2) | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Condensed Consolidated Financial Statements.</u>](#notes_to_condensed_consolidated_financia) | 13 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations.</u>](#item_2__managements_discussion_analysis_) | 27 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk.</u>](#item_3_quantitative_qualitative_disclosu) | 37 |
| Item 4. | [<u>Controls and Procedures.</u>](#item_4_controls_procedures) | 37 |
| **PART II – OTHER INFORMATION** | **PART II – OTHER INFORMATION** | **PART II – OTHER INFORMATION** |
| Item 1. | [<u>Legal Proceedings.</u>](#item_1_legal_proceedings) | 38 |
| Item 1A. | [<u>Risk Factors.</u>](#item_1a_risk_factors) | 38 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds.</u>](#item_2_unregistered_sales_equity_securit) | 39 |
| Item 3. | [<u>Defaults Upon Senior Securities.</u>](#item_3_defaults_upon_senior_securities) | 39 |
| Item 4. | [<u>Mine Safety Disclosures.</u>](#item_4_mine_safety_disclosures) | 39 |
| Item 5. | [<u>Other Information.</u>](#item_5_other_information) | 39 |
| Item 6. | [<u>Exhibits.</u>](#item_6_exhibits) | 40 |
|  | [<u>Signatures.</u>](#signatures) | 41 |

---

------

**Explanatory Note**

This quarterly report combines the Quarterly Reports on Form 10-Q for the quarter ended March 31, 2026 of Mid-America Apartment Communities, Inc., a Tennessee corporation, and Mid-America Apartments, L.P., a Tennessee limited partnership, of which Mid-America Apartment Communities, Inc. is the sole general partner. Mid-America Apartment Communities, Inc. and its 97.5% owned subsidiary, Mid-America Apartments, L.P., are both required to file quarterly reports under the Securities Exchange Act of 1934, as amended.

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to "MAA" refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, all references in this quarterly report to "we," "us," "our," or 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 in this quarterly report to the "Operating Partnership" or "MAALP" refer to Mid-America Apartments, L.P. together with its consolidated subsidiaries. "Common stock" refers to the common stock of MAA, "preferred stock" refers to the preferred stock of MAA, and "shareholders" refers to the holders of shares of MAA's common stock or preferred stock, as applicable. The common units of limited partnership interest 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, 2026, MAA owned 116,353,152 OP Units (97.5% 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.

We believe combining the periodic quarterly reports of MAA and the Operating Partnership, including the notes to the condensed consolidated financial statements, into this report results in the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enhances investors' understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this quarterly report applies to both MAA and the Operating Partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•creates time and cost efficiencies through the preparation of one combined quarterly report instead of two separate quarterly reports.

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. We believe it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an umbrella partnership REIT, or UPREIT. MAA's interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA's percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA's only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA's primary function is acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership from time to time. The Operating Partnership holds, directly or indirectly, all of the Company's real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for limited partnership interests, the Operating Partnership generates the capital required by the Company's business through the Operating Partnership's operations, direct or indirect incurrence of indebtedness and issuance of OP Units.

The presentation of MAA's shareholders' equity and the Operating Partnership's capital are the principal areas of difference between the condensed consolidated financial statements of MAA and those of the Operating Partnership. MAA's shareholders' equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership's capital may include common capital and preferred capital of the general partner (MAA), limited partners' common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA's common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

------

In order to highlight the material differences between MAA and the Operating Partnership, this Quarterly Report on Form 10-Q includes sections that separately present and discuss areas that are materially different between MAA and the Operating Partnership, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the condensed consolidated financial statements in Part 1, Item 1 of this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain accompanying notes to the condensed consolidated financial statements, including Note 2 - Earnings per Common Share of MAA and Note 3 - Earnings per OP Unit of MAALP; Note 4 - MAA Equity and Note 5 - MAALP Capital; and Note 8 - Shareholders' Equity of MAA and Note 9 - Partners' Capital of MAALP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the controls and procedures in Part 1, Item 4 of this quarterly report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the certifications included as Exhibits 31 and 32 to this quarterly report.

In the sections that combine disclosures for MAA and the Operating Partnership, this Quarterly Report on Form 10-Q refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership (directly or indirectly through one of its subsidiaries) is generally the entity that enters into contracts, holds assets and issues debt, management believes this presentation is appropriate for the reasons set forth above and because we operate the business through the Operating Partnership. MAA, the Operating Partnership and its subsidiaries operate as one consolidated business, but MAA, the Operating Partnership and each of its subsidiaries are separate, distinct legal entities.

------

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Mid-America Apartment Communities, Inc.**

**Condensed Consolidated Balance Sheets**

(Unaudited)

(Dollars in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $2157019 | $2129401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements and other | 15052435 | 14852509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Development and capital improvements in progress | 369883 | 426759 |
|  | 17579337 | 17408669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated depreciation | (6074082) | (5914017) |
|  | 11505255 | 11494652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undeveloped land | 73359 | 73359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate joint venture | 41578 | 41313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate assets, net | 11620192 | 11609324 |
| Cash and cash equivalents | 71529 | 60258 |
| Restricted cash | 13336 | 13717 |
| Other assets | 262382 | 245683 |
| Assets held for sale | 27063 | 46401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $11994502 | $11975383 |
| **Liabilities and equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes payable, net | $5296096 | $5044979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured notes payable, net | 360424 | 360393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 629486 | 730366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6286006 | 6135738 |
| Redeemable common stock <sup>(1)</sup> | 18186 | 20402 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share, 20,000,000 shares authorized;<br> 8.50% Series I Cumulative Redeemable Shares, liquidation preference $50.00<br> per share, 867,846 shares issued and outstanding as of March 31, 2026<br> and December 31, 2025, respectively | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value per share, 145,000,000 shares authorized;<br> 116,353,152 and 116,878,077 shares issued and outstanding as of<br> March 31, 2026 and December 31, 2025, respectively <sup>(1)</sup> | 1161 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 7331507 | 7401962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated distributions in excess of net income | (1787111) | (1734986) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4928) | (5300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total MAA shareholders' equity | 5540638 | 5662851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests - OP Units | 138537 | 141503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company's shareholders' equity | 5679175 | 5804354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests - consolidated real estate entities | 11135 | 14889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 5690310 | 5819243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $11994502 | $11975383 |

---

<sup>(1)</sup> Number of shares issued and outstanding represents total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 are 148,923 and 146,875, respectively.

*See accompanying notes to condensed consolidated financial statements.*

------

**Mid-America Apartment Communities, Inc.**

**Condensed Consolidated Statements of Operations**

(Unaudited)

(Dollars in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental and other property revenues | $553725 | $549295 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses, excluding real estate taxes and insurance | 127613 | 124955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 77959 | 76398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 161870 | 152350 |
| Total property operating expenses | 367442 | 353703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management expenses | 22461 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 16716 | 15619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 51409 | 45161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (20164) | (71911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income | (16005) | (834) |
| Income before income tax expense | 131866 | 186979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (5521) | (1038) |
| Income from continuing operations before real estate joint venture activity | 126345 | 185941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from real estate joint venture | 266 | 465 |
| Net income | 126611 | 186406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 2252 | 4733 |
| Net income available for shareholders | 124359 | 181673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to MAA Series I preferred shareholders | 922 | 922 |
| Net income available for MAA common shareholders | $123437 | $180751 |
| Earnings per common share - basic: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available for MAA common shareholders | $1.06 | $1.55 |
| Earnings per common share - diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available for MAA common shareholders | $1.06 | $1.54 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Mid-America Apartment Communities, Inc.**

**Condensed Consolidated Statements of Comprehensive Income**

(Unaudited)

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Net income | $126611 | $186406 |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for net losses reclassified to net income from<br> derivative instruments | 381 | 429 |
| Total comprehensive income | 126992 | 186835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Comprehensive income attributable to <br> noncontrolling interests | (2261) | (4744) |
| Comprehensive income attributable to MAA | $124731 | $182091 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Mid-America Apartment Communities, Inc.**

**Condensed Consolidated Statements of Cash Flows**

(Unaudited)

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
| **Cash flows from operating activities:** | **2026** | **2025** |
| Net income | $126611 | $186406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 162040 | 152520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (20164) | (71911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on embedded derivative in preferred shares | 1574 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 5822 | 5261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs, discounts and premiums | 1758 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on investments | (21894) | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in accrued expenses and other liabilities | (100880) | (71852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in other operating accounts and operating activities | (5223) | (5022) |
| **Net cash provided by operating activities** | 149644 | 196618 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of real estate and other assets | (28984) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital improvements and other | (58369) | (72636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Development costs | (75256) | (66222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions to affiliates | (750) | (3675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from real estate asset dispositions | 40801 | 81128 |
| **Net cash used in investing activities** | (122558) | (61405) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from commercial paper | 51300 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable | 200474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (1882) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (72780) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (4506) | (4660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on common shares | (178854) | (177107) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on preferred shares | (922) | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuances of common shares | 378 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of noncontrolling interest | (11034) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in other financing activities | 1630 | (206) |
| **Net cash used in financing activities** | (16196) | (122520) |
| **Net increase in cash, cash equivalents and restricted cash** | 10890 | 12693 |
| Cash, cash equivalents and restricted cash, beginning of period | 73975 | 56761 |
| Cash, cash equivalents and restricted cash, end of period | $84865 | $69454 |

---

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| **Reconciliation of cash, cash equivalents and restricted cash at period end:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $71529 | $55776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 13336 | 13678 |
| **Total cash, cash equivalents and restricted cash** | $84865 | $69454 |
| **Supplemental information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $61641 | $52393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on common shares/units declared and accrued | $182507 | $181765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued construction in progress | 38911 | 34599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest capitalized | 3872 | 5105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of OP Units to shares of common stock | 457 | 759 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

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

**Condensed Consolidated Balance Sheets**

(Unaudited)

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $2157019 | $2129401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements and other | 15052435 | 14852509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Development and capital improvements in progress | 369883 | 426759 |
|  | 17579337 | 17408669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated depreciation | (6074082) | (5914017) |
|  | 11505255 | 11494652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undeveloped land | 73359 | 73359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate joint venture | 41578 | 41313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate assets, net | 11620192 | 11609324 |
| Cash and cash equivalents | 71529 | 60258 |
| Restricted cash | 13336 | 13717 |
| Other assets | 262382 | 245683 |
| Assets held for sale | 27063 | 46401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $11994502 | $11975383 |
| **Liabilities and capital** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes payable, net | $5296096 | $5044979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured notes payable, net | 360424 | 360393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 629486 | 730366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to general partner | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6286025 | 6135757 |
| Redeemable common units <sup>(1)</sup> | 18186 | 20402 |
| Operating Partnership capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred units, 8.50% Series I Cumulative Redeemable Units, 867,846 preferred units <br> outstanding as of March 31, 2026 and December 31, 2025, respectively | 66840 | 66840 |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner, 116,353,152 and 116,878,077 OP Units outstanding as of March 31, 2026<br>&nbsp;&nbsp;&nbsp;&nbsp;and December 31, 2025, respectively <sup>(1)</sup> | 5478773 | 5601367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners, 2,932,336 and 2,941,839 OP Units outstanding as of March 31, 2026<br> and December 31, 2025, respectively <sup>(1)</sup> | 138537 | 141503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4994) | (5375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating partners' capital | 5679156 | 5804335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests - consolidated real estate entities | 11135 | 14889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 5690291 | 5819224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $11994502 | $11975383 |

---

<sup>(1)</sup> 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, 2026 and December 31, 2025 are 148,923 and 146,875, respectively.

*See accompanying notes to condensed consolidated financial statements.*

------

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

**Condensed Consolidated Statements of Operations**

(Unaudited)

(Dollars in thousands, except per unit data)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental and other property revenues | $553725 | $549295 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses, excluding real estate taxes and insurance | 127613 | 124955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 77959 | 76398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 161870 | 152350 |
| Total property operating expenses | 367442 | 353703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management expenses | 22461 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 16716 | 15619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 51409 | 45161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (20164) | (71911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating income | (16005) | (834) |
| Income before income tax expense | 131866 | 186979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (5521) | (1038) |
| Income from continuing operations before real estate joint venture activity | 126345 | 185941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from real estate joint venture | 266 | 465 |
| Net income | 126611 | 186406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (869) |  |
| Net income available for MAALP unitholders | 127480 | 186406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to MAALP Series I preferred unitholders | 922 | 922 |
| Net income available for MAALP common unitholders | $126558 | $185484 |
| Earnings per common unit - basic: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available for MAALP common unitholders | $1.06 | $1.55 |
| Earnings per common unit - diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available for MAALP common unitholders | $1.06 | $1.54 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

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

**Condensed Consolidated Statements of Comprehensive Income**

(Unaudited)

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Net income | $126611 | $186406 |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for net losses reclassified to net income from<br> derivative instruments | 381 | 429 |
| Total comprehensive income | 126992 | 186835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss attributable to noncontrolling interests | 869 |  |
| Comprehensive income attributable to MAALP | $127861 | $186835 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

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

**Condensed Consolidated Statements of Cash Flows**

(Unaudited)

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
| **Cash flows from operating activities:** | **2026** | **2025** |
| Net income | $126611 | $186406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 162040 | 152520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (20164) | (71911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on embedded derivative in preferred shares | 1574 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 5822 | 5261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs, discounts and premiums | 1758 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on investments | (21894) | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in accrued expenses and other liabilities | (100880) | (71852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in other operating accounts and operating activities | (5223) | (5022) |
| **Net cash provided by operating activities** | 149644 | 196618 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of real estate and other assets | (28984) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital improvements and other | (58369) | (72636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Development costs | (75256) | (66222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions to affiliates | (750) | (3675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from real estate asset dispositions | 40801 | 81128 |
| **Net cash used in investing activities** | (122558) | (61405) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from commercial paper | 51300 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable | 200474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (1882) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common units | (72780) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid on common units | (183360) | (181767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid on preferred units | (922) | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuances of common units | 378 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of noncontrolling interest | (11034) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in other financing activities | 1630 | (206) |
| **Net cash used in financing activities** | (16196) | (122520) |
| **Net increase in cash, cash equivalents and restricted cash** | 10890 | 12693 |
| Cash, cash equivalents and restricted cash, beginning of period | 73975 | 56761 |
| Cash, cash equivalents and restricted cash, end of period | $84865 | $69454 |

---

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| **Reconciliation of cash, cash equivalents and restricted cash at period end:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $71529 | $55776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 13336 | 13678 |
| **Total cash, cash equivalents and restricted cash** | $84865 | $69454 |
| **Supplemental information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $61641 | $52393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions on common units declared and accrued | $182507 | $181765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued construction in progress | 38911 | 34599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest capitalized | 3872 | 5105 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**1. Organization and Summary of Significant Accounting Policies**

Unless the context otherwise requires, all references to the "Company" refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references to "MAA" refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, the references to the "Operating Partnership" or "MAALP" refer to Mid-America Apartments, L.P., together with its consolidated subsidiaries. "Common stock" refers to the common stock of MAA, "preferred stock" refers to the preferred stock of MAA, and "shareholders" refers to the holders of shares of MAA's common stock or preferred stock, as applicable. The common units of limited partnership interests in the Operating Partnership are referred to as "OP Units," and the holders of the OP Units are referred to as "common unitholders."

As of March 31, 2026, MAA owned 116,353,152 OP Units (or 97.5% 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enhances investors' understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in these accompanying notes applies to both MAA and the Operating Partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•creates time and cost efficiencies through the preparation of one combined set of notes instead of two separate sets.

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. Management operates MAA and the Operating Partnership as one business. The management of the Company is comprised of individuals who are officers of MAA and employees of the Operating Partnership. Management believes it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an umbrella partnership REIT, or UPREIT. MAA's interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA's percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA's only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA's primary function is acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership from time to time. The Operating Partnership holds, directly or indirectly, all of the Company's real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for limited partnership interests, the Operating Partnership generates the capital required by the Company's business through the Operating Partnership's operations, direct or indirect incurrence of indebtedness and issuance of OP Units.

The presentations of MAA's shareholders' equity and the Operating Partnership's capital are the principal areas of difference between the condensed consolidated financial statements of MAA and those of the Operating Partnership. MAA's shareholders' equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income or loss and redeemable common stock. The Operating Partnership's capital may include common capital and preferred capital of the general partner (MAA), limited partners' common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income or loss and redeemable common units. Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA's common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA's common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

------

**Organization of Mid-America Apartment Communities, Inc.**

The Company owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of March 31, 2026, the Company owned and operated 294 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. As of March 31, 2026, the Company also had six development communities under construction, totaling 1,788 apartment units once complete, and development costs of $388.3 million had been incurred through March 31, 2026 with respect to those development communities. The Company expects to complete three of these developments in 2026, one in 2027 and two in 2028. As of March 31, 2026, 37 of the Company's apartment communities included retail components. The Company's apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of March 31, 2026.

**Basis of Presentation and Principles of Consolidation**

The accompanying condensed consolidated financial statements have been prepared by the Company's management in accordance with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements of MAA presented herein include the accounts of MAA, the Operating Partnership and all other subsidiaries in which MAA has a controlling financial interest. MAA owns, directly or indirectly, approximately 80% to 100% of all consolidated subsidiaries, including the Operating Partnership. Management believes all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included, and all such adjustments were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company invests in entities that may qualify as variable interest entities, or VIEs, and MAALP is considered a VIE. A VIE is a legal entity in which the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the power to direct the activities of a legal entity as well as the obligation to absorb its expected losses or the right to receive its expected residual returns. The Company consolidates all VIEs for which it is the primary beneficiary and uses the equity method to account for investments that qualify as VIEs but for which it is not the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, management considers both qualitative and quantitative factors, including, but not limited to, those activities that most significantly impact the VIE's economic performance and which party controls such activities. MAALP is classified as a VIE because the limited partners lack substantive kick-out rights and substantive participating rights, and the Company has concluded it is the primary beneficiary of MAALP. The Company uses the equity method of accounting for its investments in entities for which the Company exercises significant influence but does not have the ability to exercise control. The factors considered in determining whether the Company has the ability to exercise significant influence or control include ownership of voting interests and participatory rights of investors (see "Investments in Unconsolidated Affiliates" below).

Prior period amounts for changes in accrued expenses and other liabilities have been reclassified on the Condensed Consolidated Statements of Cash Flows as separate line items to conform to the current year presentation.

Certain prior period repair and maintenance expense amounts have been reclassified from "Office operations" to "Building repair and maintenance" in Note 11 to conform to the current year presentation.

**Noncontrolling Interests**

As of March 31, 2026, 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 of the

Operating Partnership. Net income (after allocations to preferred ownership interests) is allocated to MAA and the noncontrolling interests based on their respective ownership percentages of the Operating Partnership. Issuance of additional Class A OP Units or Class B OP Units changes the ownership percentage of both the noncontrolling interests and MAA. The issuance of Class B OP Units generally occurs when MAA issues common stock and the issuance proceeds are contributed to the Operating Partnership in exchange for Class B OP Units equal to the number of shares of MAA's common stock issued. At each reporting period, the allocation between total MAA shareholders' equity and noncontrolling interests is adjusted to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. MAA's Board of Directors established economic rights in respect to each Class A OP Unit that were equivalent to the economic rights in respect to each share of MAA common stock. See Note 9 for additional details.

------

The noncontrolling interests relating to the Company's consolidated real estate entities are owned by private real estate companies that are generally responsible for the development, construction and lease-up of the apartment communities that are owned through the consolidated real estate entities with a noncontrolling interest. The entities were determined to be VIEs 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, 2026, the consolidated assets of the Company's consolidated real estate entities with a noncontrolling interest were $379.2 million, and consolidated liabilities were $15.1 million, after intercompany eliminations. As of December 31, 2025, the consolidated assets of the Company's consolidated real estate entities with a noncontrolling interest were $386.4 million, and consolidated liabilities were $16.7 million, after intercompany eliminations. During the three months ended March 31, 2026, the Company paid $11.0 million to acquire the noncontrolling interest of a consolidated real estate entity.

**Investments in Unconsolidated Affiliates**

The Company uses the equity method to account for its investments in a real estate joint venture, as well as six technology-focused limited partnerships that each qualify as a VIE. Management determined the Company is not the primary beneficiary in any of these investments but does have the ability to exert significant influence over the operations and financial policies of the real estate joint venture and considers its investments in the limited partnerships to be more than minor. The Company's investment in the real estate joint venture was $41.6 million and $41.3 million as of March 31, 2026 and December 31, 2025, respectively, and is included in "Investment in real estate joint venture" in the accompanying Condensed Consolidated Balance Sheets.

The Company accounts for its investments in the technology-focused limited partnerships on a three month lag due to the timing the limited partnerships' financial information is made available to the Company. As of March 31, 2026 and December 31, 2025, the Company's investments in the limited partnerships were $101.8 million and $78.2 million, respectively, and are included in "Other assets" in the accompanying Condensed Consolidated Balance Sheets with any related earnings, including unrealized gains and losses on the underlying investments of the limited partnerships which are recorded at the estimated fair value, recognized in "Other non-operating income" in the accompanying Condensed Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, the Company recognized $22.9 million and $1.7 million of income, respectively, from its investments in the limited partnerships. As of March 31, 2026, the Company was committed to make additional capital contributions totaling $20.0 million if and when called by the general partners of the limited partnerships.

**Marketable Equity Securities**

The Company's investment in marketable equity securities is measured at fair value based on the quoted share price of the securities and is included in "Other assets" in the accompanying Condensed Consolidated Balance Sheets, with any related gains and losses, including realized and unrealized gains and losses, recognized in "Other non-operating income" in the accompanying Condensed Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the Company's investment in the marketable equity securities was $2.9 million and $3.9 million, respectively. During the three months ended March 31, 2026 and 2025, the Company recognized $1.0 million of unrealized losses for each time period from its investment in marketable equity securities.

**Revenue Recognition**

The Company primarily leases multifamily residential apartments to residents under operating leases generally due on a monthly basis with terms of approximately one year or less. Rental revenues are recognized in accordance with Accounting Standards Codification ("ASC") Topic 842, *Leases*, using a method that represents a straight-line basis over the term of the lease. In addition, in circumstances where a lease incentive is provided to residents, the incentive is recognized as a reduction of rental revenues on a straight-line basis over the reasonably assured lease term. Rental revenues represent approximately 94% of the Company's total revenues and include gross rents charged less adjustments for concessions and bad debt. Approximately 5% of the Company's total revenues represent reimbursable property revenues from its residents for utility reimbursements, which are generally recognized and due on a monthly basis as residents obtain control of the service over the term of the lease. The remaining 1% of the Company's total revenues represents other non-lease property revenues primarily driven by nonrefundable fees and commissions, which are recognized when earned.

In accordance with ASC Topic 842, rental revenues and reimbursable property revenues meet the criteria to be aggregated into a single lease component and are reported on a combined basis in the line item "Rental revenues," as presented in the disaggregation of the Company's revenues in Note 11. Other non-lease property revenues are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers, which requires revenue recognized outside of the scope of ASC Topic 842 to be recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. Other non-lease property revenues are reported in the line item "Other property revenues," as presented in the disaggregation of the Company's revenues in Note 11.

------

**Leases**

The Company is the lessee under certain ground, office, equipment and other operational leases, all of which are accounted for as operating leases in accordance with ASC Topic 842. The Company recognizes a right-of-use asset for the right to use the underlying asset for all leases where the Company is the lessee with terms of more than 12 months, and a related lease liability for the obligation to make lease payments. Expenses related to leases determined to be operating leases are recognized on a straight-line basis. As of March 31, 2026 and December 31, 2025, right-of-use assets recorded within "Other assets" totaled $37.3 million and $38.0 million, respectively, and related lease liabilities recorded within "Accrued expenses and other liabilities" totaled $23.8 million and $24.3 million, respectively, in the Condensed Consolidated Balance Sheets. Lease expense recognized for the periods ended March 31, 2026 and 2025 was immaterial to the Company. Cash paid for amounts included in the measurement of operating lease liabilities during the three months ended March 31, 2026 and 2025 was also immaterial. See Note 10 for additional disclosures regarding leases.

**Fair Value Measurements**

The Company applies the guidance in ASC Topic 820, *Fair Value Measurements and Disclosures*, to the valuation of acquired real estate assets recorded at fair value, to its impairment valuation analysis of real estate assets, if applicable, and to its valuation and disclosure of the fair value of financial instruments, which primarily consists of marketable equity securities, indebtedness and derivative instruments. Fair value disclosures required under ASC Topic 820 for the Company's financial instruments as well as the Company's derivative accounting policies are summarized in Note 7 utilizing the following hierarchy:

Level 1 - Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the assets or liability.

Certain long-lived assets are recorded at fair value when they are acquired or initially consolidated. The inputs associated with the valuation of long-lived assets are generally included in Level 2 and Level 3 of the fair value hierarchy.

------

**2. Earnings per Common Share of MAA**

Basic earnings per share is computed using the two-class method by dividing net income available to MAA common shareholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when the units are dilutive to earnings per share.

During the three months ended March 31, 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 per share for total consideration of $72.8 million under its share repurchase program.

For the three months ended March 31, 2026 and 2025, 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,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Calculation of Earnings per common share - basic** |  |  |
| Net income | $126611 | $186406 |
| Net income attributable to noncontrolling interests | (2252) | (4733) |
| Unvested restricted shares (allocation of earnings) | (71) | (96) |
| Dividends to MAA Series I preferred shareholders | (922) | (922) |
| Net income available for MAA common shareholders, adjusted | $123366 | $180655 |
| Weighted average common shares - basic | 116622 | 116840 |
| &nbsp;&nbsp;**Earnings per common share - basic** | $**1.06** | $**1.55** |
| **Calculation of Earnings per common share - diluted** |  |  |
| Net income | $126611 | $186406 |
| Net income attributable to noncontrolling interests <sup>(1)</sup> | (2252) | (4733) |
| Dividends to MAA Series I preferred shareholders | (922) | (922) |
| Net income available for MAA common shareholders, adjusted | $123437 | $180751 |
| Weighted average common shares - basic | 116622 | 116840 |
| Effect of dilutive securities | 118 | 252 |
| Weighted average common shares - diluted | 116740 | 117092 |
| &nbsp;&nbsp;**Earnings per common share - diluted** | $**1.06** | $**1.54** |

---

<sup>(1)</sup> For the three months ended March 31, 2026 and 2025, 2.9 million OP Units and 3.1 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

------

**3. Earnings per OP Unit of MAALP**

Basic earnings per common unit is computed using the two-class method by dividing net income available for common unitholders by the weighted average number of OP Units outstanding during the period. All outstanding unvested restricted unit awards contain rights to non-forfeitable distributions and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per common unit. Diluted earnings per common unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units. Both the unvested restricted unit awards and other potentially dilutive common units, and the related impact to earnings, are considered when calculating earnings per common unit on a diluted basis with diluted earnings per common unit being the more dilutive of the treasury stock or two-class methods.

During the three months ended March 31, 2026, MAALP repurchased 0.6 million of its OP Units from MAA at a weighted average unit price of $130.46 per unit for total consideration of $72.8 million under its share repurchase program.

For the three months ended March 31, 2026 and 2025, 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,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Calculation of Earnings per common unit - basic** |  |  |
| Net income | $126611 | $186406 |
| Net loss attributable to noncontrolling interests | 869 |  |
| Unvested restricted units (allocation of earnings) | (71) | (96) |
| Distributions to MAALP Series I preferred unitholders | (922) | (922) |
| Net income available for MAALP common unitholders, adjusted | $126487 | $185388 |
| Weighted average common units - basic | 119562 | 119913 |
| &nbsp;&nbsp;**Earnings per common unit - basic** | $**1.06** | $**1.55** |
| **Calculation of Earnings per common unit - diluted** |  |  |
| Net income | $126611 | $186406 |
| Net loss attributable to noncontrolling interests | 869 |  |
| Distributions to MAALP Series I preferred unitholders | (922) | (922) |
| Net income available for MAALP common unitholders, adjusted | $126558 | $185484 |
| Weighted average common units - basic | 119562 | 119913 |
| Effect of dilutive securities | 118 | 252 |
| Weighted average common units - diluted | 119680 | 120165 |
| &nbsp;&nbsp;**Earnings per common unit - diluted** | $**1.06** | $**1.54** |

---

------

**4. MAA Equity**

Changes in MAA's total equity and its components for the three months ended March 31, 2026 and 2025 were as follows (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** |  |  |  |
|  | **Preferred<br>Stock** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Distributions<br>in Excess of<br>Net Income** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Noncontrolling<br>Interests -<br>Operating<br>Partnership** | **Noncontrolling<br>Interests -<br>Consolidated<br>Real Estate<br>Entities** | **Total<br>Equity** |
| **EQUITY BALANCE DECEMBER 31, 2025** | $9 | $1166 | $7401962 | $(1734986) | $(5300) | $141503 | $14889 | $5819243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 124359 |  | 3121 | (869) | 126611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income - derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;instruments |  |  |  |  | 372 | 9 |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance and registration of common shares |  | 1 | 153 |  |  |  |  | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and retired |  | (6) | (73633) |  |  |  |  | (73639) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in exchange for common units |  |  | 457 |  |  | (457) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable stock fair market value <br>&nbsp;&nbsp;&nbsp;&nbsp;adjustment |  |  |  | 2488 |  |  |  | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for noncontrolling interests in <br> Operating Partnership |  |  | 1148 |  |  | (1148) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of unearned compensation |  |  | 6259 |  |  |  |  | 6259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on preferred stock |  |  |  | (922) |  |  |  | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on common stock ($1.530 per <br>&nbsp;&nbsp;&nbsp;&nbsp;share) |  |  |  | (178050) |  |  |  | (178050) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on noncontrolling interests units <br> ($1.530 per unit) |  |  |  |  |  | (4491) |  | (4491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of noncontrolling interest |  |  | (4839) |  |  |  | (5374) | (10213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from noncontrolling interest |  |  |  |  |  |  | 2489 | 2489 |
| **EQUITY BALANCE MARCH 31, 2026** | $9 | $1161 | $7331507 | $(1787111) | $(4928) | $138537 | $11135 | $5690310 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** | **Mid-America Apartment Communities, Inc. Shareholders' Equity** |  |  |  |
|  | **Preferred<br>Stock** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Distributions<br>in Excess of<br>Net Income** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Noncontrolling<br>Interests -<br>Operating<br>Partnership** | **Noncontrolling<br>Interests -<br>Consolidated<br>Real Estate<br>Entities** | **Total<br>Equity** |
| **EQUITY BALANCE DECEMBER 31, 2024** | $9 | $1166 | $7417453 | $(1469557) | $(6940) | $155409 | $27894 | $6125434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 181673 |  | 4733 |  | 186406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income - derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;instruments |  |  |  |  | 418 | 11 |  | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance and registration of common shares |  |  | 157 |  |  |  |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and retired |  |  | (1302) |  |  |  |  | (1302) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  |  | 38 |  |  |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in exchange for common units |  |  | 759 |  |  | (759) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable stock fair market value <br>&nbsp;&nbsp;&nbsp;&nbsp;adjustment |  |  |  | (1895) |  |  |  | (1895) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for noncontrolling interests in <br> Operating Partnership |  |  | (53) |  |  | 53 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of unearned compensation |  |  | 5861 |  |  |  |  | 5861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on preferred stock |  |  |  | (922) |  |  |  | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on common stock ($1.515 per <br>&nbsp;&nbsp;&nbsp;&nbsp;share) |  |  |  | (177157) |  |  |  | (177157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on noncontrolling interests units <br> ($1.515 per unit) |  |  |  |  |  | (4637) |  | (4637) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from noncontrolling interest |  |  |  |  |  |  | 1058 | 1058 |
| **EQUITY BALANCE MARCH 31, 2025** | $9 | $1166 | $7422913 | $(1467858) | $(6522) | $154810 | $28952 | $6133470 |

---

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**5. MAALP Capital**

Changes in MAALP's total capital and its components for the three months ended March 31, 2026 and 2025 were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid-America Apartments, L.P. Unitholders' Capital** | **Mid-America Apartments, L.P. Unitholders' Capital** | **Mid-America Apartments, L.P. Unitholders' Capital** | **Mid-America Apartments, L.P. Unitholders' Capital** |  |  |
|  | **General<br>Partner** | **Limited<br>Partners** | **Preferred<br>Units** | **Accumulated<br>Other <br>Comprehensive <br>Loss** | **Noncontrolling<br>Interests -<br>Consolidated<br>Real Estate<br>Entities** | **Total<br>Partnership<br>Capital** |
| **CAPITAL BALANCE DECEMBER 31, 2025** | $5601367 | $141503 | $66840 | $(5375) | $14889 | $5819224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 123437 | 3121 | 922 |  | (869) | 126611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income - derivative instruments |  |  |  | 381 |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of units | 154 |  |  |  |  | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units repurchased and retired | (73639) |  |  |  |  | (73639) |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner units issued in exchange for limited <br>&nbsp;&nbsp;&nbsp;&nbsp;partner units | 457 | (457) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable units fair market value adjustment | 2488 |  |  |  |  | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for limited partners' capital at redemption value | 1139 | (1139) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of unearned compensation | 6259 |  |  |  |  | 6259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to preferred unitholders |  |  | (922) |  |  | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to common unitholders ($1.530 per unit) | (178050) | (4491) |  |  |  | (182541) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of noncontrolling interest | (4839) |  |  |  | (5374) | (10213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from noncontrolling interest |  |  |  |  | 2489 | 2489 |
| **CAPITAL BALANCE MARCH 31, 2026** | $5478773 | $138537 | $66840 | $(4994) | $11135 | $5690291 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid-America Apartments, L.P. Unitholders' Capital** | **Mid-America Apartments, L.P. Unitholders' Capital** | **Mid-America Apartments, L.P. Unitholders' Capital** | **Mid-America Apartments, L.P. Unitholders' Capital** |  |  |
|  | **General<br>Partner** | **Limited<br>Partners** | **Preferred<br>Units** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Noncontrolling<br>Interests -<br>Consolidated<br>Real Estate<br>Entities** | **Total<br>Partnership<br>Capital** |
| **CAPITAL BALANCE DECEMBER 31, 2024** | $5882336 | $155409 | $66840 | $(7064) | $27894 | $6125415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 180751 | 4733 | 922 |  |  | 186406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income - derivative instruments |  |  |  | 429 |  | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of units | 157 |  |  |  |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units repurchased and retired | (1302) |  |  |  |  | (1302) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of unit options | 38 |  |  |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner units issued in exchange for limited <br>&nbsp;&nbsp;&nbsp;&nbsp;partner units | 759 | (759) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable units fair market value adjustment | (1895) |  |  |  |  | (1895) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for limited partners' capital at redemption value | (64) | 64 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of unearned compensation | 5861 |  |  |  |  | 5861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to preferred unitholders |  |  | (922) |  |  | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to common unitholders ($1.515 per unit) | (177157) | (4637) |  |  |  | (181794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from noncontrolling interest |  |  |  |  | 1058 | 1058 |
| **CAPITAL BALANCE MARCH 31, 2025** | $5889484 | $154810 | $66840 | $(6635) | $28952 | $6133451 |

---

**6. Borrowings**

The following table summarizes the Company's outstanding debt as of March 31, 2026 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Balance** | **Weighted Average Effective Rate** | **Weighted Average Contract Maturity** |
| **Unsecured debt** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate senior notes | $4600000 | 3.8% | 1/19/2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable rate commercial paper program | 727300 | 4.1% | 4/7/2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs, discounts and premiums | (31204) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unsecured debt | $5296096 | 3.8% |  |
| **Secured debt** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate property mortgages | $363293 | 4.4% | 1/26/2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (2869) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured debt | $360424 | 4.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total outstanding debt** | $**5656520** | **3.9%** |  |

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**Unsecured Revolving Credit Facility**

MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $1.5 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at a variable rate, at MAALP's election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP's credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP's credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of March 31, 2026, there was no outstanding balance under the revolving credit facility, while $5.0 million of capacity was used to support outstanding letters of credit.

**Unsecured Commercial Paper**

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $750.0 million. As of March 31, 2026, MAALP had $727.3 million of borrowings outstanding under the commercial paper program. For the three months ended March 31, 2026, the average daily borrowings outstanding under the commercial paper program were $682.1 million.

**Unsecured Senior Notes**

As of March 31, 2026, MAALP had $4.6 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2032.

In February 2026, MAALP publicly issued $200.0 million in aggregate principal amount of unsecured senior notes, maturing January 2033 with a coupon rate of 4.650% per annum, or the Additional 2033 Notes. The Additional 2033 Notes have an effective interest rate of 4.606% over the life of the notes. The Additional 2033 Notes were issued as additional notes under the indenture and the supplemental indenture pursuant to which MAALP previously issued $400.0 million in aggregate principal amount of unsecured senior notes in November 2025, or the Initial 2033 Notes. The Additional 2033 Notes will be treated as a single series of securities with the Initial 2033 Notes and will have the same CUSIP number as, and be fungible with, the Initial 2033 Notes. The purchase price paid by the purchasers of the Additional 2033 Notes was 100.237% of the principal amount. The net proceeds of the offering, after considering the original issue premium, cash received for interest due but not accrued, and underwriting commissions and expenses totaling a net amount of approximately $2.0 million, were $202.0 million. The Additional 2033 Notes have been reflected net of premium and debt issuance costs in the Condensed Consolidated Balance Sheets as of March 31, 2026.

**Secured Property Mortgages**

As of March 31, 2026, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

**Upcoming Debt Obligations**

As of March 31, 2026, MAALP's debt obligations over the next 12 months consist of approximately $1.0 billion of principal obligations, including $727.3 million of commercial paper borrowings due April 2026 and $300.0 million of unsecured senior notes due September 2026.

**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, 2026 and December 31, 2025 totaled $4.9 billion and $4.7 billion, respectively, and had estimated fair values of $4.7 billion and $4.5 billion (excluding prepayment penalties) as of March 31, 2026 and December 31, 2025, respectively. The fair values of fixed rate debt are determined by using the present value of future cash outflows discounted with the applicable current market rate plus a credit spread. The carrying values of variable rate debt as of March 31, 2026 and December 31, 2025 totaled $727.3 million and $676.0 million, respectively, and the variable rate debt had estimated fair values of $727.3 million and $676.0 million as of March 31, 2026 and December 31, 2025, respectively. The fair values of variable rate debt is determined using the stated variable rate plus the current market credit spread. The variable rates reset at various maturities typically less than 30 days, and management concluded these rates reasonably estimate current market rates.

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**Financial Instruments Measured at Fair Value on a Recurring Basis**

As of March 31, 2026, the Company had one outstanding series of cumulative redeemable preferred stock, which is referred to as the MAA Series I preferred stock (see Note 8). The Company has recognized a derivative asset related to the redemption feature embedded in the MAA Series I preferred stock. The derivative asset is valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares is compared to the value of the preferred shares assuming the call option is exercised, with the value of the bifurcated call option as the difference between the two values. The analysis reflects the contractual terms of the redeemable preferred shares, which are redeemable at the Company's option beginning on October 1, 2026 at the redemption price of $50.00 per share. The Company may use various inputs in the analysis, including risk adjusted yields of relevant MAALP bond issuances and yields and spreads of relevant indices, estimated yields on preferred stock instruments from REITs with similar credit ratings as MAA, treasury rates and trading data available of prices of the preferred shares, to determine the fair value of the bifurcated call option.

The redemption feature embedded in the MAA Series I preferred stock is reported as a derivative asset in "Other assets" in the accompanying Condensed Consolidated Balance Sheets and is adjusted to its fair value at each reporting date, with a corresponding non-cash adjustment to "Other non-operating income" in the accompanying Condensed Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the fair value of the embedded derivative was $12.7 million and $14.3 million, respectively.

The Company has determined the majority of the inputs used to value its outstanding debt and its embedded derivative fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt and embedded derivative held as of March 31, 2026 and December 31, 2025 were classified as Level 2 in the fair value hierarchy.

The fair value of the Company's marketable equity securities discussed in Note 1 is based on quoted market prices and are classified as Level 1 in the fair value hierarchy.

**Terminated Cash Flow Hedges of Interest** 

As of March 31, 2026, the Company had $5.0 million recorded in "Accumulated other comprehensive loss," or AOCL, related to realized losses associated with terminated interest rate swaps that were designated as cash flow hedging instruments prior to their termination. The realized losses associated with the terminated interest rate swaps are reclassified to interest expense as interest payments are made on the Company's debt and will continue to be reclassified to interest expense until the debt's maturity. During the next 12 months, the Company estimates an additional $1.5 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, 2026 and 2025 (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  |  | **Net Loss Reclassified from AOCL into Interest Expense** | **Net Loss Reclassified from AOCL into Interest Expense** |
|  | **Location of Loss Reclassified** | **Three months ended March 31,** | **Three months ended March 31,** |
| **Derivatives in Cash Flow Hedging Relationships** | **from AOCL into Income** | **2026** | **2025** |
| Terminated interest rate swaps | Interest expense | $(381) | $(429) |

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---

| | | | |
|:---|:---|:---|:---|
|  |  | **Loss Recognized in Earnings on Derivative** | **Loss Recognized in Earnings on Derivative** |
|  | **Location of Loss Recognized** | **Three months ended March 31,** | **Three months ended March 31,** |
| **Derivative Not Designated as Hedging Instrument** | **in Earnings on Derivative** | **2026** | **2025** |
| Preferred stock embedded derivative | Other non-operating income | $(1574) | $(410) |

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**8. Shareholders' Equity of MAA**

As of March 31, 2026, 116,353,152 shares of common stock of MAA and 2,932,336 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,285,488 common shares and units. As of March 31, 2025, 116,916,381 shares of common stock of MAA and 3,060,552 OP Units (excluding the OP Units held by MAA) were issued and outstanding, representing a total of 119,976,933 common shares and units.

**Preferred Stock**

As of March 31, 2026, MAA had one outstanding series of cumulative redeemable preferred stock, which has the following characteristics:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Outstanding Shares** | **Liquidation Preference**<sup>(1)</sup> | **Optional Redemption Date** | **Redemption Price**<sup>(2)</sup> | **Stated Dividend Yield** | **Approximate Dividend Rate** |
| MAA Series I | 867846 | $50.00 | 10/1/2026 | $50.00 | 8.50% | $4.25 |

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<sup>(1)</sup> The total liquidation preference for the outstanding preferred stock is $43.4 million.

<sup>(2)</sup> The redemption price is the price at which the preferred stock is redeemable, at MAA's option, for cash.

See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAA Series I preferred stock.

**At-the-Market Share Offering Program**

MAA has entered into an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock, at such times as determined by MAA. MAA has no obligation to issue shares through the ATM program. During the three months ended March 31, 2026 and 2025, MAA did not sell any shares of common stock under its ATM program. As of March 31, 2026, 4.0 million shares of MAA's common stock remained issuable under the ATM program.

**9. Partners' Capital of MAALP**

Common units of limited partnership interests in MAALP are represented by OP Units. As of March 31, 2026, there were 119,285,488 OP Units outstanding, 116,353,152, or 97.5%, 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 2,932,336 OP Units were Class A OP Units owned by Class A limited partners. As of March 31, 2025, there were 119,976,933 OP Units outstanding, 116,916,381, or 97.4%, of which were owned by MAA and 3,060,552 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.

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As of March 31, 2026, a total of 2,932,336 Class A OP Units were outstanding and redeemable for 2,932,336 shares of MAA common stock, with an approximate value of $358.1 million, based on the closing price of MAA's common stock on March 31, 2026 of $122.12 per share. As of March 31, 2025, a total of 3,060,552 Class A OP Units were outstanding and redeemable for 3,060,552 shares of MAA common stock, with an approximate value of $512.9 million, based on the closing price of MAA's common stock on March 31, 2025 of $167.58 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, 2026, 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, 2026, 867,846 units of the MAALP Series I preferred units were outstanding and owned by MAA. See Note 7 for details of the valuation of the derivative asset related to the redemption feature embedded in the MAALP Series I preferred units.

**10. Commitments and Contingencies**

**Leases**

The Company's operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that are generally intended to compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of March 31, 2026, the Company's operating leases had a weighted average remaining lease term of approximately 37 years and a weighted average discount rate of approximately 4.6%.

The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Condensed Consolidated Balance Sheets as of March 31, 2026 (in thousands):

---

| | |
|:---|:---|
|  | **Operating Leases** |
| 2026 | $2335 |
| 2027 | 3136 |
| 2028 | 1714 |
| 2029 | 820 |
| 2030 | 771 |
| Thereafter | 54187 |
| Total minimum lease payments | 62963 |
| Net present value adjustments | (39132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use lease liabilities | $**23831** |

---

**Legal Proceedings** 

In late 2022 and early 2023, multiple putative class action lawsuits were filed against RealPage, Inc. and approximately 50 of the largest owners and operators of apartment communities in the country, including the Company, alleging that RealPage and such owners and operators conspired to artificially inflate multifamily residential rental prices through the use of RealPage's revenue management software. In April 2023, those cases were centralized in the U.S. District Court for the Middle District of Tennessee in a case captioned In Re: RealPage, Inc., Rental Software Antitrust Litigation (No. II) (the "Class Action Litigation"). On January 26, 2026, the Company entered into a settlement agreement with the named plaintiffs in the Class Action Litigation, individually and on behalf of the class members, which was subsequently amended on April 28, 2026. The settlement agreement remains subject to preliminary and final approval by the court. Under the terms of the settlement agreement, the Company will pay an aggregate of $53.0 million into a settlement fund to settle all claims asserted, or that could have been asserted, against the Company relating to the alleged conduct at issue in the Class Action Litigation. The settlement payment will be made in two equal installments of $26.5 million. The first payment was made in March 2026 and the second payment is required on the later to occur of May 16, 2026 or four business days after the plaintiffs file a motion for preliminary approval of the settlement agreement. The settlement amount is inclusive of the recovery amount for class members, fees for the plaintiffs' counsel, and the costs of administering the settlement. In addition, the settlement agreement includes certain prospective commitments regarding the Company's business practices, including provisions relating to the disclosure and use of nonpublic data and the Company's use of revenue management software, all of which the Company believes are consistent with its existing practices and will not require material changes to current operations. Under the settlement agreement, if the number of eligible class members opting out of the settlement exceeds a specified level, the Company may request that the settlement terms be revised, and if the parties then cannot agree on revised settlement terms within 60 days (as may be extended by the parties), the settlement agreement will terminate. There can be no assurance as to the ultimate outcome of the Class Action Litigation with respect to the Company, including no assurance that the settlement agreement will be approved by the court or that any revised settlement terms, if applicable, will be finalized by the parties and approved by the court. If the settlement agreement is not approved by the court or the parties otherwise cannot finalize a settlement, the Company plans to vigorously defend itself in the Class Action Litigation and the Company believes there are defenses, both factual and legal, to the allegations against it.

------

Other lawsuits making allegations similar to those asserted in the Class Action Litigation and seeking monetary damages and penalties, injunctive relief, and attorneys' fees and costs have also been filed. In November 2023, a lawsuit alleging violations of the District of Columbia's antitrust laws was filed in the Superior Court of the District of Columbia by the District of Columbia against RealPage, Inc. and a number of large apartment community owners and operators, including the Company. Similarly, in July 2025, the Commonwealth of Kentucky, through its Attorney General, filed a lawsuit in the U.S. District Court for the Eastern District of Kentucky against RealPage, Inc. and several of the state's largest landlords, including the Company, alleging violations of federal antitrust laws and state consumer protection laws, among other things. The Company believes there are defenses, both factual and legal, to the allegations in these proceedings and the Company plans to vigorously defend itself. As these proceedings are ongoing, it is not possible for the Company to predict any outcome or estimate the amount of loss, if any, which could be associated with any adverse decision. The Company does not believe these proceedings will have a material adverse effect on its financial condition or its results of operations; however, there can be no assurance as to the ultimate outcome of these proceedings.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on the Company's financial condition, results of operations or cash flows in the event of a negative outcome. Matters that arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance.

As of March 31, 2026 and December 31, 2025, the Company's accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $33.6 million and $62.5 million in the aggregate, respectively. The accrual for loss contingencies is presented in "Accrued expenses and other liabilities" in the accompanying Condensed Consolidated Balance Sheets and in "Other non-operating income" in the accompanying Condensed Consolidated Statements of Operations.

**11. Segment Information**

As of March 31, 2026, the Company owned and operated 294 multifamily apartment communities (which does not include development communities under construction or the Company's investment in an unconsolidated real estate joint venture) 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. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms.

On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.

------

Property revenues and NOI for each reportable segment for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Revenues:** |  |  |
| Same Store |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $513759 | $515417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property revenues | 3221 | 3410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Same Store revenues | 516980 | 518827 |
| Non-Same Store and Other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | 36367 | 30215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property revenues | 378 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Same Store and Other revenues | 36745 | 30468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total rental and other property revenues** | $**553725** | $**549295** |
| **Expenses:** |  |  |
| Same Store |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | $64935 | $63188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 41858 | 41561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 34985 | 33853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building repair and maintenance | 24196 | 23871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office operations | 7675 | 8185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 7754 | 8442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing | 6881 | 6811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Same Store expenses | 188284 | 185911 |
| Non-Same Store and Other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Same Store and Other expenses | 17288 | 15442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total property operating expenses, excluding depreciation and amortization** | $**205572** | $**201353** |
| **Net Operating Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store NOI | $328696 | $332916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store and Other NOI | 19457 | 15026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NOI | 348153 | 347942 |
| Depreciation and amortization | (161870) | (152350) |
| Property management expenses | (22461) | (20578) |
| General and administrative expenses | (16716) | (15619) |
| Interest expense | (51409) | (45161) |
| Gain on sale of depreciable real estate assets | 20164 | 71911 |
| Other non-operating income | 16005 | 834 |
| Income tax expense | (5521) | (1038) |
| Income from real estate joint venture | 266 | 465 |
| Net income attributable to noncontrolling interests | (2252) | (4733) |
| Dividends to MAA Series I preferred shareholders | (922) | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income available for MAA common shareholders** | $**123437** | $**180751** |

---

Assets for each reportable segment as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Store | $9602238 | $9683810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Store and Other | 2194303 | 2103045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | 197961 | 188528 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**11994502** | $**11975383** |

---

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**12. Real Estate Acquisitions and Dispositions**

**Acquisitions**

During the three months ended March 31, 2026 and 2025, the Company did not acquire any multifamily apartment communities.

In January 2026, the Company acquired two acres of land in Arlington, Virginia for approximately $20 million. In February 2026, the Company acquired four acres of land in Kansas City, Kansas for approximately $5 million.

During the three months ended March 31, 2025, the Company did not acquire any land parcels.

**Dispositions**

In February 2026, the Company closed on the disposition of a 316-unit multifamily apartment community located in Houston, Texas for net proceeds of approximately $41 million, resulting in gain on the sale of depreciable real estate assets of approximately $20 million.

In March 2025, the Company closed on the dispositions of a 336-unit and a 240-unit multifamily apartment community located in Columbia, South Carolina for net proceeds of approximately $81 million, resulting in gain on the sale of depreciable real estate assets of approximately $72 million.

During the three months ended March 31, 2026 and 2025, the Company did not dispose of any land parcels.

As of March 31, 2026, a 362-unit multifamily apartment community located in Dallas, Texas was classified as held for sale. The criteria for classifying the apartment community as held for sale was met during March 2026, and the property remained in the Company's portfolio as of March 31, 2026. As a result, the assets associated with the community was presented as "Assets held for sale" in the accompanying Condensed Consolidated Balance Sheet as of March 31, 2026.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

The following discussion analyzes the financial condition and results of operations of both MAA and the Operating Partnership, of which MAA is the sole general partner and in which MAA owned a 97.5% interest as of March 31, 2026. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q.

MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of March 31, 2026, we owned and operated 294 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of March 31, 2026, we had six development communities under construction, and 37 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of March 31, 2026.

We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or 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 our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 11 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

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**Forward-Looking Statements**

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We

intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private

Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.

The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exposure to risks inherent in investments in a single industry and sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in real estate markets, including the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions or development projects on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unexpected capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to obtain appropriate insurance coverage at reasonable rates, or at all, losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•level and volatility of interest or capitalization rates or capital market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of any rating agency actions on the cost and availability of new debt financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant change in the mortgage financing market or other factors that would cause single-family housing or other alternative housing options, either as an owned or rental product, to become a more significant competitive product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ability to continue to satisfy complex rules in order to maintain our status as a REIT for federal income tax purposes, the ability of the Operating Partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes, the ability of our taxable REIT subsidiaries to maintain their status as such for federal income tax purposes, and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to attract and retain qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cyber liability or potential liability for breaches of our or our service providers' information technology systems, or business operations disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential liability for environmental contamination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extreme weather and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disease outbreaks and other public health events and measures that are taken by federal, state and local governmental authorities in response to such outbreaks and events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impact of climate change on our properties or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•legal proceedings or class action lawsuits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impact of reputational harm caused by negative press or social media postings of our actions or policies, whether or not warranted;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance costs associated with numerous federal, state and local laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other risks identified in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2025 or in other reports we file with the Securities and Exchange Commission, or the SEC, or in other documents that we publicly disseminate.

Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this Quarterly Report on Form 10-Q to reflect events, circumstances or changes in expectations after the date on which this Quarterly Report on Form 10-Q is filed.

**Overview of the Three Months Ended March 31, 2026**

For the three months ended March 31, 2026, net income available for MAA common shareholders was $123.4 million as compared to $180.8 million for the three months ended March 31, 2025. Results for the three months ended March 31, 2026 included $21.9 million of non-cash gain from investments and $20.2 million of gain related to the sale of depreciable real estate assets, partially offset by $4.5 million of casualty related charges, net and $1.6 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. Results for the three months ended March 31, 2025 included $71.9 million of gain related to the sale of depreciable real estate assets and $0.4 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. Revenues for the three months ended March 31, 2026 increased 0.8% as compared to the three months ended March 31, 2025. Property operating expenses, excluding depreciation and amortization, for the three months ended March 31, 2026 increased by 2.1% as compared to the three months ended March 31, 2025. The primary drivers of these changes are discussed in the "Results of Operations" section.

**Trends** 

During the three months ended March 31, 2026, the change in revenue for our Same Store segment was primarily driven by average effective rent per unit. The average effective rent per unit for our Same Store segment decreased to $1,685 for the three months ended March 31, 2026 as compared to $1,690 for the three months ended March 31, 2025, a 0.3% decrease for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Average effective rent per unit represents the average of gross rent amounts, after the effect of leasing concessions, for occupied apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent per unit is a helpful measurement in evaluating average pricing; however, it does not represent actual rental revenue collected per unit.

For the three months ended March 31, 2026, average physical occupancy for our Same Store segment was 95.5% as compared to 95.6% for the three months ended March 31, 2025. Average physical occupancy is a measurement of the total number of our apartment units that are occupied by residents, and it represents the average of the daily physical occupancy for the period.

As of March 31, 2026, resident turnover for our Same Store segment was 39.9% as compared to 41.5% as of March 31, 2025. Resident turnover represents resident move outs, excluding transfers within the Same Store segment, as a percentage of expiring leases on a trailing twelve-month basis as of the end of the reported period.

An important part of our portfolio strategy is to maintain diversity of markets, submarkets, product types and price points in the Southeast, Southwest and Mid-Atlantic regions of the U.S. We have multifamily assets in 38 defined markets, with a presence in approximately 150 submarkets and a mixture of garden-style, mid-rise and high-rise communities. This diversity helps to mitigate exposure to economic issues, including supply and demand factors, in any one geographic market or area. We believe that a well-balanced portfolio, including both urban and suburban locations, with a broad range of monthly rent price points, will provide higher performance and lower volatility throughout the full economic cycle.

Despite an uncertain macro backdrop, apartment demand in our markets remained solid during the first quarter of 2026, as absorption of new supply outpaced deliveries, market level occupancies increased, renewal pricing remained strong, and resident turnover continued to improve. We believe demand for apartments is primarily driven by general economic conditions in our markets and is particularly correlated to job growth, population growth, household formation, in-migration and housing affordability over the long term. We continue to monitor pressures surrounding housing supply, inflation trends and general economic conditions. A worsening of the current environment could contribute to uncertain rent collections going forward, suppress demand for apartments and could drive lower rent growth on new leases and renewals than what we achieved in the three months ended March 31, 2026. We believe that we will continue to see a decline in new apartment deliveries in calendar year 2026.

Access to the financial markets remains available for high-credit rated borrowers, such as ourselves. However, overall borrowing costs remain at elevated levels as compared to our in-place fixed rate debt, and we expect this trend to continue. As of March 31, 2026, we had $727.3 million of variable rate debt outstanding under our commercial paper program. Our continued exposure to elevated interest rates will be a result of additional variable rate borrowings and future financing activities.

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**Results of Operations**

***Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025***

For the three months ended March 31, 2026, we achieved net income available for MAA common shareholders of $123.4 million, a 31.7% decrease as compared to the three months ended March 31, 2025, and total revenue growth of $4.4 million, representing a 0.8% increase in property revenues as compared to the three months ended March 31, 2025. The following discussion describes the primary drivers of the decrease in net income available for MAA common shareholders for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

***Property Revenues***

The following table reflects our property revenues by segment for the three months ended March 31, 2026 and 2025 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |  |  |
|  | **2026** | **2025** | **Increase (decrease)** | **% Change** |
| Same Store | $516980 | $518827 | $(1847) | (0.4)% |
| Non-Same Store and Other | 36745 | 30468 | 6277 | 20.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**553725** | $**549295** | $**4430** | **0.8%** |

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The Same Store segment generated a 0.4% decrease in revenues for the three months ended March 31, 2026, primarily the result of average effective rent per unit decrease of 0.3% as compared to the three months ended March 31, 2025. The increase in property revenues from the Non-Same Store and Other segment for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily the result of increased revenues from completed units in development communities and recently acquired communities.

***Property Operating Expenses***

Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses. The following table reflects our property operating expenses by segment for the three months ended March 31, 2026 and 2025 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |  |  |
|  | **2026** | **2025** | **Increase (decrease)** | **% Change** |
| Same Store | $188284 | $185911 | $2373 | 1.3% |
| Non-Same Store and Other | 17288 | 15442 | 1846 | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**205572** | $**201353** | $**4219** | **2.1%** |

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The increase in property operating expenses for our Same Store segment for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily driven by increases in real estate tax expense of $1.7 million and utilities expense of $1.1 million, partially offset by a decrease in insurance expense of $0.7 million. The increase in property operating expenses from the Non-Same Store and Other segment for the three months ended March 31, 2026 as compared to three months ended March 31, 2025 was primarily the result of increased operating expenses from completed units in development communities and recently acquired communities.

***Depreciation and Amortization***

Depreciation and amortization expense for the three months ended March 31, 2026 was $161.9 million, an increase of $9.5 million as compared to the three months ended March 31, 2025. The increase was primarily driven by the recognition of depreciation expense associated with our completed development communities, acquisitions and capital spend activities completed after March 31, 2025 in the normal course of business through March 31, 2026.

***Other Income and Expenses***

Property management expenses for the three months ended March 31, 2026 were $22.5 million, an increase of $1.9 million as compared to the three months ended March 31, 2025. General and administrative expenses for the three months ended March 31, 2026 were $16.7 million, an increase of $1.1 million as compared to the three months ended March 31, 2025.

Interest expense for the three months ended March 31, 2026 was $51.4 million, an increase of $6.2 million as compared to the three months ended March 31, 2025. The increase was due to an increase in our average outstanding debt balance and a decrease in capitalized interest during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

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Other non-operating income for the three months ended March 31, 2026 was $16.0 million of income, an increase of $15.2 million as compared to the three months ended March 31, 2025. The income for the three months ended March 31, 2026 was driven by $21.9 million of non-cash gain from investments, partially offset by $4.5 million of casualty related charges and $1.6 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares. The income for the three months ended March 31, 2025 was driven by $0.7 million of net non-cash gain from investments.

**Non-GAAP Financial Measures**

***Funds from Operations and Core Funds from Operations***

Funds from operations, or FFO, a non-GAAP financial measure, represents net income available for MAA common shareholders (computed in accordance with U.S. generally accepted accounting principles, or GAAP) excluding gains or losses on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this Quarterly Report on Form 10-Q, represents FFO attributable to common shareholders and unitholders.

FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that FFO is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets and gain on sale of depreciable real estate assets. We believe that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. While our calculation of FFO is in accordance with the definition used by

the National Association of Real Estate Investment Trusts, or NAREIT, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to such other REITs.

Core FFO represents FFO as adjusted for items that are not considered part of our core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back to FFO, Core FFO, when used in this Quarterly Report on Form 10-Q, represents Core FFO attributable to common shareholders and unitholders.

Core FFO should not be considered as an alternative to net income available for MAA common shareholders, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity. Management believes that Core FFO is helpful in understanding our core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance from rental activities. While our definition of Core FFO may be similar to others in the industry, our methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs.

The following table presents a reconciliation of net income available for MAA common shareholders to FFO attributable to common shareholders and unitholders and Core FFO attributable to common shareholders and unitholders for the three months ended March 31, 2026 and 2025, as we believe net income available for MAA common shareholders is the most directly comparable GAAP measure (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Net income available for MAA common shareholders** | $**123437** | $**180751** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 160493 | 150991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (20164) | (71911) |
| &nbsp;&nbsp;&nbsp;&nbsp;MAA's share of depreciation and amortization of real estate assets of real estate joint venture | 170 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 2252 | 4733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FFO attributable to common shareholders and unitholders** | **266188** | **264728** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on embedded derivative in preferred shares <sup>(1)</sup> | 1574 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on investments, net of tax <sup>(1) (2)</sup> | (17237) | (654) |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty related charges and (recoveries), net <sup>(1)</sup> | 4519 | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core FFO attributable to common shareholders and unitholders** | $**255044** | $**264262** |

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<sup>(1)</sup> Included in "Other non-operating income" in the Condensed Consolidated Statements of Operations.

<sup>(2)</sup> For the three months ended March 31, 2026 and 2025, gain on investments is presented net of tax expense of $4.7 million and $0.2 million, respectively.

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Core FFO attributable to common shareholders and unitholders for the three months ended March 31, 2026 was $255.0 million, a decrease of $9.2 million as compared to the three months ended March 31, 2025, primarily as a result of increases in interest expenses of $6.2 million, property operating expenses, excluding depreciation and amortization, of $4.2 million, property management expenses of $1.9 million, and general and administrative expenses of $1.1 million, partially offset by an increase in property revenues of $4.4 million.

***Net Debt, EBITDA, EBITDAre, and Adjusted EBITDAre***

Net debt, a non-GAAP financial measure, represents unsecured notes payable, net and secured notes payable, net less cash and cash equivalents and 1031(b) exchange proceeds included in restricted cash. Management considers net debt a helpful tool in evaluating our debt position. Net debt should not be considered as an alternative to any GAAP measurement as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, a non-GAAP financial measure, represents net income (computed in accordance with GAAP) plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, management considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

EBITDA*re* is composed of EBITDA adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect our share of EBITDA*re* of an unconsolidated affiliate. As an owner and operator of real estate, management considers EBITDA*re* to be an important measure of performance from core operations because EBITDA*re* excludes various expense items that are not indicative of operating performance. While our definition of EBITDA*re* is in accordance with NAREIT's definition, it may differ from the methodology utilized by other REITs to calculate EBITDA*re* and, accordingly, may not be comparable to such other REITs. EBITDA*re* should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Adjusted EBITDA*re* is comprised of EBITDA*re* further adjusted for items that are not considered part of our core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments; casualty related charges and (recoveries), net; gain or loss on debt extinguishment; and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, management considers Adjusted EBITDA*re* to be an important measure of performance from core operations because Adjusted EBITDA*re* excludes various income and expense items that are not indicative of operating performance. Our computation of Adjusted EBITDA*re* may differ from the methodology utilized by other REITs to calculate Adjusted EBITDA*re*. Adjusted EBITDA*re* should not be considered as an alternative to net income, or any other GAAP measurement, as an indicator of operating performance or as an alternative to cash flow from operating, investing and financing activities as a measure of liquidity.

Management monitors its debt levels to a ratio of net debt to Adjusted EBITDA*re* in order to maintain our investment grade credit ratings. We believe this is an important factor in the management of our debt levels to maintain an optimal capital structure, and it is also considered in the assignment of our credit ratings. Adjusted EBITDA*re* is measured on a trailing twelve-month basis.

The following table presents a reconciliation of unsecured notes payable, net and secured notes payable, net to net debt as of March 31, 2026 and December 31, 2025, as we believe unsecured notes payable, net and secured notes payable, net, combined, is the most directly comparable GAAP measure (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Unsecured notes payable, net | $5296096 | $5044979 |
| Secured notes payable, net | 360424 | 360393 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total debt** | **5656520** | **5405372** |
| Cash and cash equivalents | (71529) | (60258) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net debt** | $**5584991** | $**5345114** |

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The following table presents a reconciliation of net income to EBITDA, EBITDA*re* and Adjusted EBITDA*re* for the trailing twelve months ended March 31, 2026 and December 31, 2025, as we believe net income is the most directly comparable GAAP measure (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Net income** | $**396771** | $**456566** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 631815 | 622295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 191505 | 185257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 9078 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EBITDA** | **1229169** | **1268713** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of depreciable real estate assets | (20319) | (72066) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDA*re* of an unconsolidated affiliate | 1500 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EBITDA*re*** | **1210350** | **1198071** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on embedded derivative in preferred shares <sup>(1)</sup> | 53 | (1111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on investments <sup>(1)</sup> | (28541) | (7457) |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty related charges and (recoveries), net <sup>(1)</sup> | 143 | (4598) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal costs, settlements and (recoveries), net <sup>(1) (2)</sup> | 61908 | 61908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA*re*** | $**1243913** | $**1246813** |

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<sup>(1)</sup> Included in "Other non-operating income" in the Condensed Consolidated Statements of Operations.

<sup>(2)</sup> For the trailing twelve months ended March 31, 2026 and December 31, 2025, in accordance with our accounting policies, we recognized $61.9 million of accrued legal defense costs.

Our net debt to Adjusted EBITDA*re* ratio as of March 31, 2026 was 4.5x as compared to a ratio of 4.3x as of December 31, 2025. Adjusted EBITDA*re* decreased $2.9 million for the trailing twelve months ended March 31, 2026 as compared to the trailing twelve months ended December 31, 2025, while net debt increased $239.9 million as of March 31, 2026 as compared to December 31, 2025. The decrease in Adjusted EBITDA*re* was primarily due to increases in interest expenses, property operating expenses, excluding depreciation and amortization, general and administrative expenses, and property management expenses, partially offset by an increase in property revenues, while the increase in net debt was primarily due to an increase in unsecured notes payable, net, partially offset by an increase in cash and cash equivalents. The increase in unsecured notes payable, net, was primarily driven by an increase in cash requirements to fund development activities.

**Liquidity and Capital Resources**

Our cash flows from operating, investing and financing activities, as well as general economic and market conditions, are the principal factors affecting our liquidity and capital resources.

We expect that our primary uses of cash will be to fund our ongoing operating needs, to fund our ongoing capital spending requirements, which relate primarily to our development, redevelopment and property repositioning activities, to repay maturing borrowings, to fund the future acquisition of assets, to repurchase common shares and to pay shareholder dividends. We expect to meet our cash requirements through net cash flows from operating activities, existing unrestricted cash and cash equivalents, borrowings under our commercial paper program and our revolving credit facility, the future issuance of debt and equity and the future disposition of assets.

We historically have had positive net cash flows from operating activities. We believe that future net cash flows generated from operating activities, existing unrestricted cash and cash equivalents, borrowing capacity under our current commercial paper program and revolving credit facility, and our ability to issue debt and equity will provide sufficient liquidity to fund the cash requirements for our business over the next 12 months and the foreseeable future.

As of March 31, 2026, we had $839.2 million of combined unrestricted cash and cash equivalents and available capacity under our revolving credit facility.

***Cash Flows from Operating Activities***

Net cash provided by operating activities was $149.6 million for the three months ended March 31, 2026, a decrease of $47.0 million as compared to the three months ended March 31, 2025. The decrease in operating cash flows was primarily driven by the timing of cash payments.

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***Cash Flows from Investing Activities***

Net cash used in investing activities was $122.6 million for the three months ended March 31, 2026, an increase of $61.2 million as compared to the three months ended March 31, 2025. The primary drivers of the change were as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Primary drivers of cash (outflow) inflow** | **Primary drivers of cash (outflow) inflow** |  |
|  | **during the three months ended March 31,** | **during the three months ended March 31,** | **(Decrease) Increase** |
|  | **2026** | **2025** | **in Net Cash** |
| Purchases of real estate and other assets | $(28984) | $— | $(28984) |
| Capital improvements and other | (58369) | (72636) | 14267 |
| Development costs | (75256) | (66222) | (9034) |
| Proceeds from real estate asset dispositions | 40801 | 81128 | (40327) |

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The increase in cash outflows for purchases of real estate and other assets was driven by the number of the real estate assets acquired during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. We acquired land parcels for two developments during the three months ended March 31, 2026 while we acquired no real estate assets during the three months ended March 31, 2025. The decrease in cash outflows for capital improvements and other was primarily driven by decreased capital spend relating to our property redevelopment and repositioning activities during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase in cash outflows for development costs was primarily driven by increased development activity during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease in proceeds from real estate asset dispositions resulted from the disposition of one multifamily community during the three months ended March 31, 2026 as compared to the dispositions of two multifamily communities during the three months ended March 31, 2025.

***Cash Flows from Financing Activities***

Net cash used in financing activities was $16.2 million for the three months ended March 31, 2026, a decrease of $106.3 million as compared to the three months ended March 31, 2025. The primary drivers of the change were as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Primary drivers of cash inflow (outflow)** | **Primary drivers of cash inflow (outflow)** |  |
|  | **during the three months ended March 31,** | **during the three months ended March 31,** | **(Decrease) Increase** |
|  | **2026** | **2025** | **in Net Cash** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from commercial paper | $51300 | $60000 | $(8700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable | 200474 |  | 200474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (72780) |  | (72780) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of noncontrolling interest | (11034) |  | (11034) |

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The decrease in cash inflows related to net proceeds from commercial paper resulted from the increase in net borrowings of $51.3 million under our commercial paper program during the three months ended March 31, 2026 as compared to the increase in net borrowings of $60.0 million under our commercial paper program during the three months ended March 31, 2025. The increase in cash inflows from proceeds from notes payable resulted from the issuance of $200.0 million of unsecured senior notes during the three months ended March 31, 2026 as compared to no issuance of unsecured senior notes during the three months ended March 31, 2025. The increase in cash outflows related to the repurchase of common shares resulted from MAA's repurchase of 0.6 million shares of its common stock at a weighted average share price of $130.46 per share for total consideration of $72.8 million under its share repurchase program during the three months ended March 31, 2026 as compared to no repurchase of common shares during the three months ended March 31, 2025. The increase in cash outflows from the acquisition of noncontrolling interest resulted from the acquisition of the noncontrolling interest in a consolidated real estate entity during the three months ended March 31, 2026 as compared to no acquisition of noncontrolling interest during the three months ended March 31, 2025.

***Debt***

The following schedule reflects our outstanding debt as of March 31, 2026 (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Principal Balance** | **Average Years to Rate Maturity** | **Weighted Average Effective Rate** |
| **Unsecured debt** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate senior notes | $4600000 | 5.8 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable rate commercial paper program | 727300 | 0.1 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs, discounts and premiums | (31204) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unsecured debt | $5296096 | 5.0 | 3.8% |
| **Secured debt** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate property mortgages | $363293 | 22.8 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (2869) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured debt | $360424 | 22.8 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt** | $**5656520** | **6.1** | **3.9%** |

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The following schedule presents the contractual maturity dates of our outstanding debt, net of debt issuance costs, discounts and premiums, as of March 31, 2026 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commercial Paper**<sup>⁽¹⁾</sup> **& Revolving Credit Facility**<sup>⁽²⁾</sup> | **Senior Notes** | **Property Mortgages** | **Total** |
| 2026 | $727300 | $299708 | $— | $1027008 |
| 2027 |  | 599104 |  | 599104 |
| 2028 |  | 398671 |  | 398671 |
| 2029 |  | 554451 |  | 554451 |
| 2030 |  | 298658 |  | 298658 |
| 2031 |  | 447123 |  | 447123 |
| 2032 |  | 395615 |  | 395615 |
| 2033 |  | 592758 |  | 592758 |
| 2034 |  | 344648 |  | 344648 |
| 2035 |  | 344499 |  | 344499 |
| Thereafter |  | 293561 | 360424 | 653985 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**727300** | $**4568796** | $**360424** | $**5656520** |

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<sup>(1)</sup> There was $727.3 million outstanding under MAALP's unsecured commercial paper program as of March 31, 2026. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $750.0 million. For the three months ended March 31, 2026, the average daily borrowings outstanding under the commercial paper program were $682.1 million.

<sup>(2)</sup> There were no borrowings outstanding under MAALP's $1.5 billion unsecured revolving credit facility as of March 31, 2026.

The following schedule reflects the maturities and average effective interest rates of our outstanding fixed rate debt, net of debt issuance costs, discounts and premiums, as of March 31, 2026 (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **Fixed Rate Debt** | **Average Effective Rate** |
| 2026 | $299708 | 1.2% |
| 2027 | 599104 | 3.7% |
| 2028 | 398671 | 4.2% |
| 2029 | 554451 | 3.7% |
| 2030 | 298658 | 3.1% |
| 2031 | 447123 | 1.8% |
| 2032 | 395615 | 5.4% |
| 2033 | 592758 | 4.7% |
| 2034 | 344648 | 5.1% |
| 2035 | 344499 | 5.1% |
| Thereafter | 653985 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**4929220** | **3.8%** |

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**Unsecured Revolving Credit Facility & Commercial Paper**

MAALP maintains an unsecured revolving credit facility with a borrowing capacity of $1.5 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at a variable rate, at MAALP's election, of either (1) based upon the Secured Overnight Financing Rate plus an applicable margin ranging from 0.65% to 1.40% based upon MAALP's credit rating, with the current spread at 0.725%, or (2) the base rate set forth in the credit agreement plus an applicable margin ranging from 0.00% to 0.40% based upon MAALP's credit rating. The revolving credit facility has a maturity date in January 2030 with an option to extend for two additional six-month periods. As of March 31, 2026, there was no outstanding balance under the revolving credit facility, while $5.0 million of capacity was used to support outstanding letters of credit.

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $750.0 million. As of March 31, 2026, MAALP had $727.3 million of borrowings outstanding under the commercial paper program. For the three months ended March 31, 2026, the average daily borrowings outstanding under the commercial paper program were $682.1 million.

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**Unsecured Senior Notes**

As of March 31, 2026, MAALP had $4.6 billion of publicly issued unsecured senior notes outstanding.

In February 2026, MAALP publicly issued $200.0 million in aggregate principal amount of unsecured senior notes, maturing January 2033 with a coupon rate of 4.650% per annum, or the Additional 2033 Notes. The Additional 2033 Notes were issued as additional notes under the indenture and the supplemental indenture pursuant to which MAALP previously issued $400.0 million in aggregate principal amount of unsecured senior notes in November 2025, or the Initial 2033 Notes. The Additional 2033 Notes will be treated as a single series of securities with the Initial 2033 Notes and will have the same CUSIP number as, and be fungible with, the Initial 2033 Notes. The purchase price paid by the purchasers of the Additional 2033 Notes was 100.237% of the principal amount. The net proceeds of the offering, after considering the original issue premium, cash received for interest due but not accrued, and underwriting commissions and expenses totaling a net amount of approximately $2.0 million, were $202.0 million. The Additional 2033 Notes have been reflected net of premium and debt issuance costs in the Condensed Consolidated Balance Sheets as of March 31, 2026.

**Secured Property Mortgages**

MAALP maintains secured property mortgages with various life insurance companies. As of March 31, 2026, MAALP had $363.3 million of secured property mortgages outstanding.

For more information regarding our debt capital resources, see Note 6 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

***Equity***

As of March 31, 2026, MAA owned 116,353,152 OP Units, representing a 97.5% limited partnership interest in MAALP, while the remaining 2,932,336 outstanding OP Units were held by limited partners of MAALP other than MAA. Holders of OP Units (other than MAA) may require us to redeem their OP Units from time to time, in which case we may, at our 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 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. MAA has registered under the Securities Act the 2,932,336 shares of its common stock that, as of March 31, 2026, were issuable upon redemption of OP Units, in order for those shares to be sold freely in the public markets.

MAA maintains an at-the-market equity offering program, or ATM program, enabling MAA to sell shares of its common stock into the existing market at current market prices from time to time to or through the sales agents under the ATM program. Pursuant to the ATM program, MAA from time to time may also enter into forward sale agreements and sell shares of its common stock pursuant to these agreements. Through the ATM program, MAA may issue up to an aggregate of 4.0 million shares of its common stock at such times as determined by MAA.

MAA has no obligation to issue shares through the ATM program. During the three months ended March 31, 2026 and 2025, MAA did not sell any shares of common stock under its ATM program. As of March 31, 2026, 4.0 million shares of MAA's common stock remained issuable under the ATM program.

For more information regarding our equity capital resources, see Note 8 and Note 9 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

**Material Cash Requirements** 

As of March 31, 2026, we had $1.1 billion of outstanding debt and debt service obligations payable in the year ending December 31, 2026, including the $727.3 million of commercial paper borrowings due April 2026, the $300.0 million of publicly issued unsecured senior notes maturing in September 2026, and the $122.3 million of interest payments on fixed rate debt obligations in the year ending December 31, 2026. For a schedule of the maturity dates of our outstanding debt beyond 2026, see the "Liquidity and Capital Resources - Debt" section above. As of March 31, 2026, we also had obligations to make additional capital contributions to five technology-focused limited partnerships in which we hold equity interests. The capital contributions may be called by the general partners at any time after giving appropriate notice. As of March 31, 2026, we had committed to make additional capital contributions totaling up to $20.0 million if and when called by the general partners of the limited partnerships.

We have other material cash requirements that do not represent contractual obligations, but that we expect to incur in the ordinary course of our business.

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As of March 31, 2026, we had six development communities under construction totaling 1,788 apartment units once complete. Total expected costs for the six development projects are $622.5 million, of which $388.3 million had been incurred through March 31, 2026. In addition, our property redevelopment and repositioning activities are ongoing, and we incur expenditures relating to recurring capital replacements, which typically include scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. For the year ending December 31, 2026, we expect that our total capital expenditures relating to our development activities, our property redevelopment and repositioning activities and recurring capital replacements will be in line with our total capital expenditures for the year ended December 31, 2025. We expect to have additional development projects in the future.

We typically declare cash dividends on MAA's common stock on a quarterly basis, subject to approval by MAA's Board of Directors. We expect to pay quarterly dividends at an annual rate of $6.12 per share of MAA common stock during the year ending December 31, 2026. The timing and amount of future dividends will depend on actual cash flows from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify our dividend policy from time to time.

For information regarding our material cash requirements as of December 31, 2025, see Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026.

**Inflation**

Our resident leases at our apartment communities allow for adjustments in the rental rate at the time of renewal, which may enable us to seek rent increases. The majority of our leases are for one year or less. The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the three months ended March 31, 2026, we experienced inflationary pressures that drove higher operating expenses, primarily in real estate tax and utilities expenses.

**Critical Accounting Estimates** 

Please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026, for discussions of our critical accounting estimates. During the three months ended March 31, 2026, there were no material changes to these estimates.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. Our primary market risk exposure is to changes in interest rates on our borrowings. As of March 31, 2026, 28.0% of our total market capitalization consisted of debt borrowings. Our interest rate risk objective is to limit the impact of interest rate fluctuations on earnings and cash flows and to lower our overall borrowing costs. To achieve this objective, we manage our exposure to fluctuations in market interest rates for borrowings through the use of fixed rate debt instruments and from time to time interest rate swaps to effectively fix the interest rate on anticipated future debt transactions. We use our best efforts to have our debt instruments mature across multiple years, which we believe limits our exposure to interest rate changes in any one year. We do not enter into derivative instruments for trading or other speculative purposes. As of March 31, 2026, 87.1% of our outstanding debt was subject to fixed rates. We regularly review interest rate exposure on outstanding borrowings in an effort to minimize the risk of interest rate fluctuations. There have been no material changes in our market risk as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026.

**Item 4. Controls and Procedures.**

**Mid-America Apartment Communities, Inc.**

***(a) Evaluation of Disclosure Controls and Procedures***

MAA is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. MAA's management, with the participation of MAA's Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of MAA's disclosure controls and procedures as of March 31, 2026. Based on that evaluation, MAA's Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2026 to ensure that information required to be disclosed by MAA in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and is accumulated and communicated to MAA's management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

***(b) Changes in Internal Control over Financial Reporting***

There was no change to MAA's internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, MAA's internal control over financial reporting.

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

***(a) Evaluation of Disclosure Controls and Procedures***

The Operating Partnership is required to maintain disclosure controls and procedures, within the meaning of Exchange Act Rules 13a-15 and 15d-15. Management of the Operating Partnership, with the participation of the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, carried out an evaluation of the effectiveness of the Operating Partnership's disclosure controls and procedures as of March 31, 2026. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, concluded that the disclosure controls and procedures were effective as of March 31, 2026 to ensure that information required to be disclosed by the Operating Partnership in its Exchange Act filings is accurately recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and is accumulated and communicated to the Operating Partnership's management, including the Chief Executive Officer and Chief Financial Officer of MAA, as the general partner of the Operating Partnership, as appropriate to allow timely decisions regarding required disclosure.

***(b) Changes in Internal Control over Financial Reporting***

There was no change to the Operating Partnership's internal control over financial reporting, within the meaning of Exchange Act Rules 13a-15 and 15d-15, that occurred during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings.**

As disclosed in Note 10 to the condensed consolidated financial statements included in the Quarterly Report on Form 10-Q, we are engaged in certain legal proceedings, and the disclosure set forth in Note 10 relating to legal proceedings is incorporated herein by reference.

**Item 1A. Risk Factors.**

There have been no material changes to the risk factors that were discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 6, 2026.

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**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

**Purchases of Equity Securities**

In December 2015, MAA's Board of Directors authorized a 4 million share repurchase program. The following table summarizes all of MAA's repurchases of shares of its common stock under this program during the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs** <sup>(1)</sup> |
| Beginning Balance | 206916 | $131.61 | 206916 | 3793084 |
| January 1, 2026 - January 31, 2026 |  | $— |  | 3793084 |
| February 1, 2026 - February 28, 2026 | 258276 | $130.98 | 258276 | 3534808 |
| March 1, 2026 - March 31, 2026 | 299489 | $130.02 | 299489 | 3235319 |
| **Balance as of March 31, 2026** | **764681** |  | **764681** | **3235319** |

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<sup>(1)</sup> This column reflects the number of shares of MAA's common stock that are available for purchase under the 4.0 million share repurchase program authorized by MAA's Board of Directors in December 2015.

During the three months ended March 31, 2026, certain of the Company's employees surrendered shares of common stock owned by them to satisfy their statutory federal and state tax obligations associated with the vesting of restricted shares of common stock issued under our Long Term Incentive Plan (the "LTIP"). The following table summarizes all of these repurchases during the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** <sup>(1)</sup> | **Average Price Paid per Share** <sup>(2)</sup> | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs** |
| January 1, 2026 - January 31, 2026 | 6157 | $138.79 | N/A | N/A |
| February 1, 2026 - February 28, 2026 |  | $— | N/A | N/A |
| March 1, 2026 - March 31, 2026 | 32 | $133.86 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **6189** |  |  |  |

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<sup>(1)</sup> The shares reflected in this column are shares of MAA's common stock surrendered by employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted shares.

<sup>(2)</sup> The price per share is based on the closing price of MAA's common stock as of the date of determination of the statutory minimum for federal and state tax obligations.

**Item 3. Defaults Upon Senior Securities.**

Not applicable.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

***Rule 10b5-1 Trading Arrangements***

During the quarter ended March 31, 2026, no director or officer of the Company adopted or terminated any "Rule 10b5-1 trading arrangement" as that term is defined in Item 408(a) of Regulation S-K.

***Non-Rule 10b5-1 Trading Arrangements***

During the quarter ended March 31, 2026, no director or officer of the Company adopted or terminated any "non-Rule 10b5-1 trading arrangement" as that term is defined in Item 408(a) of Regulation S-K.

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**Item 6. Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following exhibits are filed as part of this Quarterly Report on Form 10-Q.

---

| | |
|:---|:---|
| Exhibit<br>Number | Exhibit Description |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Composite Charter of Mid-America Apartment Communities, Inc. (Filed as Exhibit 3.1 to the Registrant's Annual Report on Form 10-K filed on February 24, 2017 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/912595/000091259517000005/exhibit31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [<u>Fifth Amended and Restated Bylaws of Mid-America Apartment Communities, Inc., dated as of December 12, 2023 (Filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on December 13, 2023 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/912595/000095017023070045/maa-ex3_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [<u>Composite Certificate of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q filed on August 1, 2019 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/912595/000156459019027950/maa-ex31_658.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | [<u>Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. dated as of October 1, 2013 (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on October 2, 2013 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/912595/000119312513388921/d604528dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | [<u>First Amendment to the Third Amended and Restated Agreement of Limited Partnership of Mid-America Apartments, L.P. (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on November 10, 2016 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/912595/000119312516765947/d292445dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [<u>Indenture, dated as of May 9, 2017, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on May 9, 2017 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/912595/000119312517164145/d397101dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [<u>Tenth Supplemental Indenture, dated as of November 10, 2025, by and between Mid-America Apartments, L.P. and U.S. Bank Trust Company, National Association (filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on November 10, 2025 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/1581776/000119312525274276/maa-ex4_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | [<u>Amended Settlement Agreement, dated as of January 26, 2026, by and among Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P. and the Plaintiffs named therein</u>](maa-ex10_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1 | [<u>MAA Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](maa-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2 | [<u>MAA Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](maa-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.3 | [<u>MAALP Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](maa-ex31_3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.4 | [<u>MAALP Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](maa-ex31_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1\* | [<u>MAA Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](maa-ex32_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2\* | [<u>MAA Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](maa-ex32_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.3\* | [<u>MAALP Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](maa-ex32_3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.4\* | [<u>MAALP Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](maa-ex32_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;101 | Interactive Data Files submitted pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (Inline XBRL) |
| &nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

\* This certification is being furnished solely to accompany this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Exchange Act and is not to be incorporated by reference into any filing of MAA or MAALP, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **MID-AMERICA APARTMENT COMMUNITIES, INC.** |
| Date: | April 30, 2026 | By: | /s/ David Herring  |
|  |  |  | David Herring  |
|  |  |  | Senior Vice President and Chief Accounting Officer  |
|  |  |  | (Duly Authorized Officer) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **MID-AMERICA APARTMENTS, L.P.** |
|  |  | By: | Mid-America Apartment Communities, Inc., its general partner |
| Date: | April 30, 2026 |  | /s/ David Herring  |
|  |  |  | David Herring  |
|  |  |  | Senior Vice President and Chief Accounting Officer  |
|  |  |  | (Duly Authorized Officer) |

---

------

## Exhibit 10.1

**EXHIBIT 10.1**

**UNITED STATES DISTRICT COURT<br>MIDDLE DISTRICT OF TENNESSEE<br>NASHVILLE DIVISION**

---

| | |
|:---|:---|
| **IN RE: REALPAGE, INC., RENTAL SOFTWARE ANTITRUST LITIGATION (NO. II)**<br>| &nbsp;&nbsp;&nbsp;**Case No. 3:23-MD-03071<br>MDL No. 3071**<br>**This Document Relates to: <br>ALL CASES**<br>**Judge Waverly D. Crenshaw, Jr.**<br>|

---

**<u>AMENDED SETTLEMENT AGREEMENT</u>**<sup>1</sup>

THIS SETTLEMENT AGREEMENT ("Agreement," "Settlement Agreement," or "Settlement") is made and entered into as of January 26, 2026 ("Execution Date"), by and between the Plaintiffs, on behalf of themselves and on behalf of each Settlement Class Member (the "Settlement Class," as defined below), and Mid-America Apartment Communities, Inc., and Mid-America Apartments, L.P. (together, "MAA," and collectively with Plaintiffs, the "Parties").

WHEREAS, Plaintiffs have brought claims on their own behalf and on behalf of the Settlement Class against MAA and other Defendants in the matter captioned *In Re: RealPage, Inc., Rental Software Antitrust Litigation (No. II)*, MDL No. 3071<sup>2</sup> (the "Action");

WHEREAS, Plaintiffs allege they were injured as a result of MAA's purported participation in a conspiracy to fix, raise, stabilize, or maintain at artificially high levels the rents for residential units in the United States and to exchange competitively sensitive information about rental pricing in violation of Section 1 of the Sherman Act (15 U.S.C. §1) and the state laws identified in the Second Amended Consolidated Class Action Complaint, ECF No. 530;

WHEREAS, MAA denies each and every one of Plaintiffs' claims, denies any and all allegations of wrongdoing in the Action and all charges of wrongdoing or liability against it arising out of the conduct, statements, or omissions alleged, or that could have been alleged, in the Action, and has asserted a number of defenses to Plaintiffs' claims;

WHEREAS, counsel for the Parties have engaged in arm's-length negotiations on the terms of this Agreement, assisted by the Court-appointed mediator, and this Agreement embodies all of the terms and conditions of this Settlement;

WHEREAS, Plaintiffs, through their counsel, investigated the facts and law regarding the Action, and after carefully considering the claims made by Plaintiffs on behalf of themselves and the Settlement Class, and the possible legal and factual defenses thereto, have concluded that it is in the best interests of Plaintiffs and the Settlement Class to enter into this Settlement Agreement with

------

<sup>1</sup> For the avoidance of doubt, this Amended Settlement Agreement supersedes the prior Settlement Agreement the Parties signed on January 26, 2026.

<sup>2</sup> The actions currently centralized in MDL No. 3071 include Case Nos. 3:22-cv-01082; 3:23-cv-00332; 3:23-cv-00357; 3:23-cv-00378; 3:23-cv-00413; 3:23-cv-00552; 3:23-cv-00742; and 3:23-cv-00979.

------

MAA to avoid the uncertainties and risks of further litigation, and that the settlement set forth herein is fair, reasonable, and adequate, and in the best interests of the Settlement Class;

WHEREAS, MAA, despite its belief that it is not liable for the claims asserted by Plaintiffs and its belief that it has strong defenses thereto, has nevertheless agreed to enter into this Agreement to avoid further expense, inconvenience, and the distraction of burdensome and protracted litigation, and to obtain the release, order, and judgment contemplated by this Agreement and to put to rest with finality all claims that have been or could be asserted against MAA based on the conduct alleged in the Complaint, as more particularly set out below;

WHEREAS, the Parties wish to preserve all arguments, defenses, and responses to all claims in the Action, including any arguments, defenses, and responses to any proposed litigation class proposed by Plaintiffs in the event that the Effective Date does not occur;

WHEREAS, the Parties have had a full opportunity to examine the facts and circumstances surrounding their respective decisions to accept the terms of this Agreement and have not relied on any representations (or the lack thereof) made by any other Party concerning the facts and circumstances leading to this Agreement;

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth below, and other good and valuable consideration, it is agreed by and among the undersigned, on behalf of MAA and the Plaintiffs, on behalf of themselves and the members of the Settlement Class, that all existing and potential claims that were raised or could have been raised in this Action arising from the conduct alleged in the Complaint, be settled, compromised, and dismissed on the merits with prejudice as to MAA and the other Releasees, subject to Court approval, on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>General Definitions</u>**. The terms below and elsewhere in this Agreement with initial capital letters shall have the meanings ascribed to them for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a."Affiliates," whether capitalized or not, means, with respect to a Person, all other entities which, whether directly or indirectly: (1) are controlled by that Person; (2) are under common control with that Person; or (3) control that Person. The term "control" as used in this definition means the possession, directly or indirectly, of the power, individually or jointly with another entity, to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting rights, by contract, or otherwise. For the avoidance of doubt, employees of an entity that licensed RealPage RMS are not Affiliates and are not excluded from the Class, provided they are not officers or directors of, or do not have a controlling interest in, an entity that licensed RealPage RMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b."Authorized Claimant" means any Settlement Class Member who is entitled to a distribution from the Net Settlement Fund pursuant to the Plan of Allocation approved by the Court in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c."Claim Form" means the form approved by the Court by which a Claimant makes a claim to share in the proceeds of the Net Settlement Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d."Claimant" means a person or entity who or which submits a Claim Form to the Settlement Administrator seeking to be eligible to share in the proceeds of the Net Settlement Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e."Class Notice" means the form of notice of the Settlement approved by the Court and sent to the Settlement Class Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f."Competitively Sensitive Information" means property-specific data or information (whether past, present, or prospective) which, individually or when aggregated with such data or information from other properties, (1) could be reasonably used to determine current or future rental supply, demand, or pricing at a property or of any property's units, including but not limited to executed rents, rental price concessions or discounts, guest traffic, guest applications, occupancy or vacancy, lease terms or lease expirations; (2) relates to Properties' use of settings or user-specified parameters within Revenue Management Products with respect to such property or properties; or (3) relates to Properties' rental pricing amount, formula, or strategy, including rental price concessions or discounts, in each case, with respect to such property or properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g."Complaint" means the Second Amended Consolidated Class Action Complaint filed on September 7, 2023 (Dkt. 530, re-filed across the consolidated cases at Dkt. 728).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h."Court" means the United States District Court for the Middle District of Tennessee and the Honorable Waverly D. Crenshaw, Jr.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i."Defendants" means those Defendants named in Plaintiffs' Complaint—Allied Orion Group, LLC; Apartment Income REIT Corp. d/b/a AIR Communities; Apartment Management Consultants, LLC; Avenue5 Residential, LLC; Bell Partners, Inc.; BH Management Services, LLC; Bozzuto Management Co.; Brookfield Properties Multifamily LLC; Camden Property Trust; CH Real Estate Services, LLC; CONAM Management Corporation; CONTI Texas Organization, Inc. d/b/a CONTI Capital; Cortland Management, LLC; Crow Holdings, LP; Trammell Crow Residential Co.; CWS Apartment Homes, LLC; Dayrise Residential, LLC; ECI Management, LLC; Equity Residential; Essex Property Trust, Inc.; First Communities Management, Inc.; FPI Management, Inc.; Greystar Management Services, LLC; Highmark Residential, LLC; Independence Realty Trust, Inc.; Kairoi Management, LLC; Knightvest Residential; Lantower Luxury Living, LLC; Lincoln Property Co.; Mid-America Apartment Communities, Inc.; Mid-America Apartments L.P.; Mission Rock Residential, LLC; Morgan Properties Management Co., LLC; Pinnacle Property Management Services, LLC; Prometheus Real Estate Group, Inc.; RealPage, Inc.; Rose Associates, Inc.; RPM Living, LLC; Sares Regis Group Commercial, Inc.; Security Properties Residential, LLC; Sherman Associates, Inc.; Simpson Property Group, LLC; Thoma Bravo L.P.; Thoma Bravo Fund XIII, L.P.; Thoma Bravo Fund XIV, L.P.; The Related Companies, L.P.; Related Management Co., L.P.; Thrive Communities Management, LLC; UDR, Inc.; Windsor Property Management Co.; WinnCompanies, LLC; WinnResidential Manager Corp.; and ZRS Management, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j."Effective Date" shall have the meaning set forth in Paragraph 2(f) of this Settlement Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k."Escrow Agent" means Huntington National Bank or its duly appointed successor, or such other bank as may be proposed by Settlement Class Counsel and approved by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l."Fee and Expense Award" means any portion of the Settlement Fund approved by the Court for payment to counsel who have represented Plaintiffs or the Settlement Class, including such counsel's attorneys' fees, costs, and litigation expenses, including fees, costs, and expenses of experts (excluding Notice and Administration Expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m."MAA's Counsel" means Mayer Brown LLP and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n."MAA Non-Subsidiary Joint Ventures" means, individually and collectively, Post 1499 Massachusetts, LLC, 1499 Massachusetts Avenue, Inc., 1499 Massachusetts Holding, LLC, and Post Biltmore, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o."Net Settlement Fund" means the balance of the Settlement Fund remaining after payment of: (a) Taxes and any Tax Expenses; (b) Notice and Administration Expenses; (c) any Fee and Expense Award; (d) any Service Awards to Plaintiffs; and (e) other fees and expenses, if any, authorized by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p."Nonpublic Data" means any Competitively Sensitive Information that is not Public Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q."Notice and Administration Expenses" means the reasonable costs and expenses that are incurred in connection with locating Settlement Class Members in accordance with the Notice Plan; preparing, printing, disseminating, and publishing notice under the Notice Plan; soliciting the submission of Claim Forms; assisting with the submission of Claim Forms; processing Claim Forms; administering and distributing the Net Settlement Fund to Authorized Claimants pursuant to the Plan of Allocation; and paying escrow fees and costs for the Escrow Agent (if any). All such Notice and Administration Expenses shall be paid from the Settlement Fund in accordance with the terms of this Agreement and Orders of the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r."Notice Plan" means any plan and methodology used to notify Settlement Class Members of this Settlement that is approved by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s."Opt-Out" means only persons and entities who file a timely and valid written request for exclusion from this Settlement in accordance with the procedures set forth in the Class Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t."Opt-Out Deadline" means the date set forth in the Class Notice by which all persons and entities seeking exclusion must submit a written request for exclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u."Person" means any individual, corporation, partnership, limited liability company or partnership, limited partnership, professional corporation, association, joint stock company, trust, estate, unincorporated association, government or any political subdivision or agency thereof, and any other type of legal or political entity, any representative, and, as applicable, his, her, or its respective spouses, heirs, predecessors, successors-in-interest, representatives, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v."Plaintiffs" means Jason Goldman, Jeffrey Weaver, Billie Jo White, Brandon Watters, Priscilla Parker, Patrick Parker, Barry Amar-Hoover, Joshua Kabisch, Meghan Cherry, and Maya Haynes, individually and on behalf of Settlement Class Members.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w."Plaintiffs' Counsel" means Settlement Class Counsel and Plaintiffs' additional counsel, Herzfeld, Suetholz, Gastel, Leniski and Wall, PLLC; Lieff Cabraser Heimann & Bernstein, LLP; Berger Montague, P.C.; Cafferty Clobes Meriwether & Sprengel LLP; Lowey Dannenberg, P.C.; Joseph Saveri Law Firm, LLP; Kozyak Tropin & Throckmorton LLP; and Burke LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x."Plan of Allocation" means the plan of allocation approved by the Court for the allocation of the Net Settlement Fund whereby the Net Settlement Fund shall be distributed to Authorized Claimants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y."Preliminary Approval Order" and "Preliminary Approval" mean the order preliminarily approving the Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z."Properties" means all multifamily rental properties managed and/or owned (in whole or in part) by MAA (or one of its Subsidiaries, MAA Non-Subsidiary Joint Ventures or Affiliates) in the United States that at any point during the Settlement Class Period were subject to a license to use RealPage's Revenue Management Solutions for multifamily rental units.

aa."Public Data" means information on a rental unit's asking price (including publicly offered concessions), amenities, and availability that is readily accessible to the general public, such as on the property's website, at a physical building, in brochures, or on an internet listing service. Public Data includes information on a rental unit's asking price, concessions, amenities, and availability provided by a Property to any natural person who reasonably presents himself as a prospective renter. Public Data does not include any Competitively Sensitive Information obtained through communications between competitors.

bb."Released Claims" shall have the meaning set forth in Paragraph 4 of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc."Releasees" means jointly and severally, and individually and collectively: (i) Mid-America Apartment Communities, Inc., Mid-America Apartments, L.P., and any and all of their respective past, present, and future, direct and indirect, Subsidiaries and Affiliates, (ii) the MAA Non-Subsidiary Joint Ventures, (iii) any and all predecessors, successors, assigns, insurers, and attorneys of the foregoing, and (iv) any and all present, former, and future principals, officers, directors, managers, employees, agents, shareholders, stockholders, members, partners, equity holders, interest holders, and representatives of the foregoing (including any and all heirs, legatees, executors, administrators, beneficiaries, and representatives thereof), but solely in their capacities as such with respect to an entity listed in subpart (i), (ii), and (iii) above. However, Releasees does not include any Defendant other than MAA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd."Releasors" means: (i) Plaintiffs, (ii) each and every Settlement Class Member, jointly and severally, and individually and collectively, and (iii) all of their respective predecessors, successors, heirs, administrators, and assigns. Releasors release Released Claims on behalf of themselves and on behalf of any party claiming by, for, under, or through any and all Releasors (including, without limitation, in a *parens patriae* capacity), with such claiming parties to include, without limitation, any and all past, present, and future, direct and indirect, parent companies, subsidiary companies, partnerships, joint ventures, and affiliates, including all of their respective predecessors, successors, and assigns, and any and all present, former, and future principals, partners, officers, directors, managers, employees, agents, shareholders, stockholders, equity holders, interest holders, members, representatives, insurers, attorneys, heirs, legatees, wards, assigns, beneficiaries, estates, next of kin, family members, relatives, personal representatives, executors, administrators, beneficiaries, and representatives of any kind, and all other individuals or entities with whom any of the foregoing have been or now will be, affiliated, and the predecessors, successors, heirs, executors, administrators, and assigns of any of the foregoing.

ee."Revenue Management Solutions," "Revenue Management Products," or "RMS" means RealPage's software, including software as a service, that generates rental price or rental pricing recommendations for multifamily rental properties including Lease Rent Options ("LRO"), YieldStar, and AI Revenue Management ("AIRM"), and any other RealPage product and/or service that has access to, is informed by, and/or incorporates RMS, including RMS that use competitors' Competitively Sensitive Information, for the purpose of generating rental prices of rental pricing recommendations.

ff."RealPage" means RealPage, Inc., a Delaware corporation with its headquarters in Richardson, Texas.

gg."Service Award" means the Court-approved monetary award for Plaintiffs paid from the Settlement Fund, as further defined in Paragraph 12.

hh."Settlement Administrator" means Angeion Group, LLC, appointed by the Court to disseminate Class Notice of settlement agreements reached in this matter as of the Execution Date (Dkt. 1313), or other professional and independent entity or entities retained by Plaintiffs' Counsel and appointed by the Court to disseminate Class Notice of Settlement to the Settlement Class and administer the distribution of the Net Settlement Fund to the Settlement Class Members, including all matters related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii."Settlement Amount" shall be USD $53,000,000.00 (fifty-three million U.S. dollars) as specified in Paragraph 5.

jj."Settlement Class" means the class defined in Paragraph 3 below.

kk."Settlement Class Counsel" means Scott+Scott Attorneys at Law LLP, Robins Kaplan LLP, and Hausfeld LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll."Settlement Class Member" means each Person that is a member of the Settlement Class who has not validly elected to be excluded from the Settlement Class in accordance with the procedures established by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm."Settlement Class Period" means from October 18, 2018 through the date of Preliminary Approval.

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nn."Settlement Fund" means the Settlement Amount plus accrued interest on said amount as set forth in Paragraph 6.

oo."Subsidiary" means, with respect to a Person, any corporation, partnership, joint venture, limited liability company, or other entity of which such Person owns, directly or indirectly, greater than fifty percent (50%) of the capital stock, partnership interests, membership interests, or other equity interests that are generally entitled to vote for the election of the board of directors or other governing body of such corporation, partnership, joint venture, limited liability company, or other legal entity or to vote as a general partner or managing member thereof.

pp."Tax Expenses" means expenses and costs incurred in connection with the operation and implementation of Paragraph 7 (including, without limitation, expenses of tax attorneys and/or accountants, and mailing and distribution costs and expenses relating to filing (or failing to file) the returns described in Paragraph 7).

qq."Taxes" means taxes (including any interest or penalties) arising with respect to the income earned by the Settlement Fund, including any taxes or tax detriments that may be imposed upon MAA with respect to any income earned by the Settlement Fund for any period during which the Settlement Fund does not qualify as a qualified settlement fund for Federal or state income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>Approval of this Agreement and Dismissal of Claims Against MAA</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.MAA shall use its reasonable best efforts in connection with Plaintiffs' Counsel's motions for approval of this Settlement and any related documents necessary to effectuate and implement the terms and conditions of this Settlement Agreement. Subject to the approval of the Court, the Parties will undertake their reasonable best efforts, including all steps and efforts consistent with this Settlement Agreement that may be reasonably necessary or appropriate, by order of the Court or otherwise, to seek the Court's approval of this Settlement and to carry out the terms of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Plaintiffs shall, on or before March 31, 2026, absent agreement between the Parties or by Order of Court, submit to the Court a motion seeking preliminary approval of this Agreement (the "Preliminary Approval Motion"). The Preliminary Approval Motion shall include the proposed form of an order preliminarily approving this Agreement and staying litigation of the Action (against MAA only) pending final approval of this Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Within thirty (30) calendar days after Preliminary Approval, or as soon thereafter as is practicable, MAA shall supply Plaintiffs with reasonably available records containing the contact information of Settlement Class Members who rented any multifamily housing unit at a Property. The contact information shall be provided in a mutually agreeable electronic format. Plaintiffs shall use their reasonable best efforts to secure contact information of Settlement Class Members from other Defendants for the purpose of noticing and administering this Settlement. The Settlement Administrator and Plaintiffs may request from MAA additional data reasonably necessary to effectuate the Class Notice ordered by the Court and/or administer this Agreement, and MAA will not unreasonably deny any such additional requests or fail to produce such data within a reasonable time period, if available.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Plaintiffs shall submit to the Court a motion for authorization to disseminate Class Notice of the Settlement to the Settlement Class (the "Notice Motion"). The Notice Motion shall include a proposed Notice Plan, which addresses the form of, method for, and proposed dates of dissemination of Class Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Within forty-five (45) business days after the deadline for submitting requests for exclusion in accordance with the requirements set forth in the Class Notice, or after the Court accepts any late-filed requests for exclusion, whichever is later, Plaintiffs shall seek the entry of an order and final judgment, the text of which Plaintiffs and MAA shall agree upon, and such agreement will not be unreasonably withheld, conditioned, or delayed. The terms of that proposed order and final judgment will include, at a minimum, the substance of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.certifying the Settlement Class described in Paragraph 3, pursuant to Rule 23 of the Federal Rules of Civil Procedure, solely for purposes of this Settlement as a Settlement Class for the Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.approving finally this Settlement and its terms as being fair, reasonable, and adequate as to the Settlement Class Members within the meaning of Rule 23 of the Federal Rules of Civil Procedure and directing its consummation according to its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.directing that all Releasors shall, by operation of law, be deemed to have released all Releasees from the Released Claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.directing that MAA shall release the Releasors from all claims and causes of action that arise out of, or relate in any way to, the institution, prosecution, or settlement of the claims against MAA (as provided for in Paragraph 16);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.directing that the Action (including the Complaint) be dismissed as to MAA with prejudice, and except as provided for in this Agreement, without costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.reserving to the Court the exclusive jurisdiction over this Settlement and this Agreement, including the interpretation, administration, and consummation of this Settlement, including, without limitation, any suit, action, proceeding, or dispute relating to the release provisions herein, as well as over MAA for its provision of cooperation pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.determining under Federal Rule of Civil Procedure 54(b) that there is no just reason for delay and directing that the judgment of dismissal in the Action as to MAA shall be final; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.providing that: (1) the Court's certification of the Settlement Class is without prejudice to, or waiver of, the rights of any (a) non-settling Defendant to contest certification of any other class proposed in the Action, or of (b) MAA's right to contest certification of any proposed class in the Action should this Agreement not become final as described in subsection (f) to this Paragraph; (2) the Court's findings in the order and final judgment in the Action shall have no effect on the Court's ruling on any motion to certify any class in the Action or on the Court's rulings concerning any motion filed by any Defendant (other than to enforce the terms of this Settlement or the order and final judgment described in this Paragraph); (3) no Party may cite or refer to the Court's approval of the Settlement Class as persuasive or binding authority with respect to any motion to certify any such class or any motion filed by any Defendant (other than to enforce the terms of this Settlement or the order and final judgment described in this Paragraph); and (4) no Person may use the certification of the Settlement Class as an admission by MAA or any Releasee as to the merits, propriety, or sufficiency of a putative class in any other litigation or adjudicative proceeding or in support of any motion to certify a putative class in any other litigation or adjudicative proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.This Agreement shall become final and be deemed to have received final approval when: (i) the Court has entered in the Action a final order certifying the Settlement Class described in Paragraph 3, approved this Agreement under Federal Rule of Civil Procedure 23(e), and entered a final judgment dismissing the Action with prejudice as to MAA without costs other than those provided for in this Agreement; and (ii) the time for appeal or to seek permission to appeal from the Court's approval of this Agreement and entry of the order and the final judgment as to MAA described in (i) hereof has expired in the Action or, if appealed, approval of this Agreement and the order and final judgment in the Action as to MAA have been affirmed in their entirety by the court of last resort to which such appeal has been taken and such affirmance has become no longer subject to further appeal or review (the "Effective Date"). It is agreed that the provisions of Rule 60 of the Federal Rules of Civil Procedure shall not be taken into account in determining the above-stated times. On the Execution Date, Plaintiffs and MAA shall be bound by the terms of this Agreement, and this Agreement shall not be rescinded except in accordance with Paragraphs 5 and 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Certification of a Settlement Class</u>**. Plaintiffs shall move the Court for certification of the following Settlement Class for settlement purposes only:

All persons and entities in the United States and its territories who paid rent on at least one multifamily residential real estate lease directly to any owner, manager and/or owner-operator (including to any division, subsidiary, predecessor, agent or affiliate of any owner, manager and/or owner-operator) on a property subject to a license for RealPage's Revenue Management Solutions, Lease Rent Options ("LRO"), YieldStar ("YS"), and/or AI Revenue Management ("AIRM") ("RealPage RMS") at any time during the period of October 18, 2018 through November 21, 2025 (the "Settlement Class Period"). Specifically excluded from this Class are Opt-Outs; Defendants; any entity licensing RealPage's RMS, the officers or directors of any entity licensing RealPage's RMS and any entity in which any entity licensing RealPage's RMS has a controlling interest; any affiliate, legal representative, heir or assign of any entity licensing RealPage's RMS; federal, state, or local governments; states and their subdivisions, agencies, and instrumentalities; any judicial officer presiding over this Action and the members of his/her immediate family and judicial staff; and any juror assigned to this Action.

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MAA agrees that, for purposes of obtaining approval of this Settlement, it will not oppose Plaintiffs' motion(s) for certification of the Settlement Class for settlement purposes only. If the Effective Date does not occur, MAA shall have the full ability to oppose any motion for certification of a litigation class, and Plaintiffs may not use anything in the Settlement Agreement, preliminary approval papers, or other settlement materials against MAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **<u>Settlement Class's Release</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Upon the occurrence of the Effective Date and in consideration of the payment by MAA of the Settlement Amount and the non-monetary relief set forth in Paragraph 13 of this Agreement, Releasors completely, finally, and forever release, acquit, and discharge the Releasees from any and all claims, counterclaims, demands, actions, potential actions, suits, and causes of action, losses, obligations, damages whenever incurred, matters and issues of any kind or nature whatsoever, and liabilities of any nature, including without limitation, claims for costs, expenses, penalties, and attorneys' fees, whether class, individual, or otherwise in nature, that the Releasors, or any of them, ever had, now have, or hereafter can, shall, or may have, directly, representatively (including asserted in a *parens patriae* capacity), derivatively or in any other capacity against the Releasees, or any one of them, whether known or unknown, suspected or unsuspected, asserted or unasserted, foreseen or unforeseen, actual or contingent, accrued or unaccrued, matured or unmatured, disclosed or undisclosed, apparent or unapparent, liquidated or unliquidated, in law or equity, arising in any way from or in connection with any act or omission relating to or arising from the factual predicate of the Action or which could have been asserted in the Action, including but not limited to claims relating to or arising from Defendants' alleged conspiracy to fix or inflate the prices of multifamily residential leases through the use of RealPage RMS, Asset Optimization products including but not limited to Business Intelligence, Performance and Market Analytics and benchmarking solutions, or otherwise, and any claim that Defendants improperly exchanged competitively sensitive information, including, without limitation, claims arising under common law, federal or state antitrust, unfair competition, unfair or deceptive practices, price discrimination, unitary pricing, trade practice, or civil conspiracy law, including without limitation the Sherman Antitrust Act, 15 U.S.C. §1 *et seq.* (the "Released Claims"). Notwithstanding the foregoing, the Released Claims shall not include: (i) any claims unrelated to the conduct alleged in the Complaint that may exist based on breach of contract, state landlord-tenant regulation, negligence, or personal injury; or (ii) claims relating to the enforcement of the Settlement or its terms. The reservation of claims in the foregoing sentence does not impair or diminish the right of the Releasees to assert any and all defenses to such claims.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The release in Paragraph 4(a) does not bar an investigation or action, whether denominated as *parens patriae*, law enforcement, or regulatory, by a state, quasi-state, or local governmental entity to vindicate sovereign or quasi-sovereign interests. The release in Paragraph 4(a) shall, however, bar: (1) a claim brought by a state, quasi-state, or local government entity to the extent that such claim is based on a state, quasi-state, or local government entity's proprietary interests as a member of the Settlement Class that has received or is entitled to receive a financial recovery in this Action; and (2) a claim (including claims asserted in a *parens patriae* capacity), whether denominated as seeking damages, restitution, unjust enrichment, or other monetary relief, brought by a state, quasi-state, or local government entity for monetary harm sustained by individuals, businesses, other non-state, non-quasi-state, and non-local government entities or private parties themselves that are eligible to be members of the Settlement Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.In addition to the provisions of Paragraph 4(a), the Releasors acknowledge that they understand Section 1542 of the California Civil Code and expressly waive and release any and all provisions of and rights and benefits conferred by Section 1542 of the California Civil Code, or by any law of any state or territory of the United States or other jurisdiction, or principle of common law, which is similar, comparable, or equivalent to Section 1542 of the California Civil Code, with respect to the claims released herein. The Parties intend that the Class Notice and the order and final judgment described in Paragraph 2(e) shall reflect this waiver. Section 1542 of the California Civil Code provides as follows:

**A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Parties intend that the releases in this Agreement be interpreted and enforced broadly and to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.The Releasors agree that they may hereafter discover facts in addition to or different from those they believe to be true with respect to the subject matter of this Agreement. The Releasors agree that, notwithstanding the discovery of the existence of any such additional or different facts that, if known, would materially affect their decision to enter into this Agreement, and absent any fraud by MAA that induced the Releasors to grant the releases herein, the releases herein given shall be and remain in effect as a full, final, and complete general release of the Released Claims and the Releasors shall not be entitled to modify, challenge, or set aside this Agreement, either in whole or in part, by reason thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>Settlement Amount</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Settlement Amount represents an all-in cash settlement amount, inclusive of Settlement Class recovery amounts, fees (including attorneys' fees and any other fees), Service Awards, Notice and Administration Expenses, and all other costs, in full resolution of the Released Claims. The Settlement Amount shall constitute the total amount to be paid by MAA in settlement of these claims and pursuant to this Agreement, and MAA shall not be required to make any other payments for any other reason pursuant to this Agreement. MAA shall pay or caused to be paid a total of $53,000,000.00 (fifty-three million U.S. dollars), all-in cash into an interest-bearing escrow account (the "Escrow Account") maintained by an escrow agent on behalf of the Settlement Class. MAA will pay or cause to be paid half of the Settlement Amount ($26,500,000.00) within the latter of (i) March 2, 2026, (ii) thirty (30) calendar days after the Execution Date, or (iii) thirty (30) calendar days after Plaintiffs have provided all necessary wire instructions after the Execution Date ("First Settlement Payment"). MAA shall pay or cause to be paid the remaining half of the Settlement Amount ($26,500,000.00) by the latter of (a) May 16, 2026; or (b) four (4) business days after filing of the Preliminary Approval Motion. The Parties agree and acknowledge that none of the Settlement Amount paid by MAA under this Agreement shall be deemed to be, in any way, a penalty or a fine of any kind and that the Settlement Amount is for restitution and/or remediation purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If MAA (or its successor) does not pay or cause to be paid the Settlement Amount in full within the time period specified above, then Settlement Class Counsel, in its sole discretion, may, at any time prior to the Court entering the judgment: (i) terminate the Settlement by providing written notice to counsel for the Parties; (ii) seek to enforce the terms of the Settlement and this Agreement and seek entry of a judgment and/or order to effectuate and enforce the terms of this Agreement; and/or (iii) pursue such other rights as Plaintiffs and the Settlement Class may have arising out of the failure to timely pay the Settlement Amount in full into the Escrow Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Settlement is non-recapture, i.e., it is not a claims-made settlement, and there will be no reversion of settlement funds to MAA, its insurance carriers, or any other person or entity who or which funded the Settlement Amount, if the Settlement becomes final. Upon the occurrence of the Effective Date, neither MAA, Releasees, or any other person or entity who or which paid any portion of the Settlement Amount (including, without limitation, any of MAA's insurance carriers), shall have any right to the return of the Settlement Fund or any portion thereof for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **<u>Escrow Account</u>**. An Escrow Account shall be maintained by Settlement Class Counsel at a bank designated by Settlement Class Counsel. The Escrow Account shall be administered under the Court's continuing supervision and control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Any sums required to be held in escrow hereunder shall be held by the Escrow Agent, which shall be controlled by Settlement Class Counsel (subject to the supervision of the Court) for the benefit of the Settlement Class. To the extent that money is not paid out from the Settlement Fund as authorized by this Agreement or as otherwise ordered by the Court, all assets held by the Escrow Agent in the Settlement Fund shall be deemed to be held in *custodia legis* and shall remain subject to the jurisdiction of the Court until such time as they shall be distributed or returned pursuant to this Agreement and/or further order of the Court. Other than amounts disbursed for Notice and Administration Expenses, Taxes and Tax Expenses, and any Fees and Expense Award, the remainder of the Settlement Fund shall not be distributed before the Effective Date occurs. The Escrow Agent shall not disburse the Settlement Fund, or any portion thereof, except as provided in this Settlement Agreement, or upon Order of the Court. The Escrow Agent shall bear all risks related to the holding of the Settlement Fund in the Escrow Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Escrow Agent, at the direction of Settlement Class Counsel, shall invest all funds exclusively in eligible investments, meaning obligations or securities issued or guaranteed by the U.S. Government, or any agency or instrumentality thereof, backed by the full faith and credit of the United States, or fully insured by the U.S. Government, or an agency thereof, and including any mutual funds or similar funds invested solely in such obligations or securities, and the Escrow Agent (unless otherwise instructed by Settlement Class Counsel) shall reinvest the proceeds of these obligations or securities as they mature in similar instruments at their then-current market rates. Interest earned on the money deposited into the Escrow Account shall be part of the Settlement Fund and accrue to the benefit of the Settlement Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Neither the Parties nor their respective counsel shall be liable for the loss of any portion of the Settlement Fund, nor have any liability, obligation, or responsibility for: (i) the payment of claims, taxes (including interest and penalties), legal fees, or any other expenses payable from the Settlement Fund; (ii) the investment of any Settlement Fund assets; or (iii) any act, omission, or determination of the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Settlement Fund shall be used to pay: (i) Taxes and any Tax Expenses; (ii) Notice and Administration Expenses as authorized by this Agreement; (iii) any Fee and Expense Award; (iv) any Service Awards to Plaintiffs; and (v) other fees and expenses, if any, authorized by the Court. The balance of the Settlement Fund remaining after the above payments shall constitute the Net Settlement Fund, which shall be distributed to the Authorized Claimants in accordance with this Agreement and the Plan of Allocation approved by the Court.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.In the event this Agreement is disapproved, disallowed, terminated, rescinded, or otherwise fails to become effective for any reason (including after appeal), Plaintiffs and/or Settlement Class Counsel shall reimburse to MAA via wire transfer all funds remaining in the Escrow Account at that time, less any reasonable unpaid expenses incurred by Settlement Class Counsel under Paragraph 8 in attempting to effectuate this Settlement contemplated herein and/or performing their obligations under this Agreement, and the Parties' respective positions shall be returned to the status quo ante. Such reimbursement shall be made, with all accrued interest through the date of reimbursement, within thirty (30) calendar days of the Agreement being disapproved, disallowed, terminated, rescinded, or otherwise failing to become effective for any reason (including after appeal). MAA shall promptly provide Settlement Class Counsel with wire transfer instructions to effectuate this transfer upon written notice by Plaintiffs and/or Settlement Class Counsel. Settlement Class Counsel shall ensure that the Settlement Administrator also provides MAA full and complete information related to the Escrow Account to enable MAA to determine whether any taxes may be owed on the funds returned to MAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **<u>Tax Treatment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Parties agree that the Settlement Fund is intended at all times to be and shall to the maximum extent permitted by law be treated as, a qualified settlement fund within the meaning of Treasury Regulation §1.468B-1 and §468B of the Internal Revenue Code of 1986, as amended (the "Code"), for the taxable years of the Settlement Fund, beginning with the date it is created. In addition, the Escrow Agent and, as required, Plaintiffs and MAA, shall jointly and timely make such elections as are necessary or advisable to carry out the provisions of this Paragraph, including the "relation-back election" (as defined in Treasury Regulation §1.468B-1(j)(2)(ii)) back to the earliest permitted date; provided that no election under Treasury Regulation §1.468B-1(k) to treat a qualified settlement fund as a subpart E trust shall be made. Such elections shall be made in compliance with the procedures and requirements contained in such regulations. It shall be the responsibility of the Settlement Administrator to timely and properly prepare and deliver the necessary documentation for signature by all necessary parties, and thereafter to cause the appropriate filing to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.For purposes of §468B of the Code and the regulations promulgated thereunder, the "administrator" shall be the Settlement Administrator. The Settlement Administrator shall timely and properly file all tax returns necessary or advisable with respect to the Settlement Fund, and make all required payments of Taxes, including deposits of estimated Tax payments in accordance with Treas. Reg. §1.468B-2(k). Such tax returns (as well as the elections described in Paragraph 7(a) above) shall be consistent with this Paragraph 7 and reflect that all Taxes and Tax Expenses (including any estimated Taxes and Tax Expenses, interest, or penalties) on the income earned by the Settlement Fund shall be paid out of the Settlement Fund as provided herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.All Taxes and Tax Expenses shall be paid out of the Settlement Fund. In all events, MAA and Releasees shall have no liability for Taxes and Tax Expenses. Further, Taxes and Tax Expenses shall be treated as, and considered to be, a cost of administration of the Settlement (but not a Notice and Administration Expense) and shall be timely paid by the Escrow Agent out of the Settlement Fund without prior order from the Court. The Escrow Agent shall be obligated (notwithstanding anything in this Agreement to the contrary) to withhold from distribution to Settlement Class Members any funds necessary to pay such Taxes and Tax Expenses or any other amounts required to be withheld by applicable laws, including pursuant to Treasury Regulation §1.468B-2(l), including the establishment of adequate reserves for any Taxes and Tax Expenses. Plaintiffs and MAA agree to cooperate with the Escrow Agent, each other, and their tax attorneys and accountants to the extent reasonably necessary to carry out the provisions of this Paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.MAA, Releasees, and MAA's Counsel shall have no liability for, or obligations relating to, Taxes and Tax Expenses, including with respect to acts or omissions of the Settlement Administrator or its agents with respect thereto. The Escrow Agent, through the Settlement Fund, shall indemnify and hold each of MAA, Releasees, and MAA's Counsel harmless for any Taxes and Tax Expenses (including, without limitation, taxes payable by reason of such indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Plaintiffs and Plaintiffs' Counsel shall have no liability for, or obligations with regard to, Taxes and Tax Expenses. The Escrow Agent, through the Settlement Fund, shall indemnify and hold Plaintiff and each of Plaintiffs' Counsel harmless for any Taxes and Tax Expenses (including, without limitation, taxes payable by reason of such indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **<u>Class Administration and Notice</u>**. Settlement Class Counsel has retained Angeion Group, LLC, as Settlement Administrator responsible for all aspects of settlement administration in this Action. Such Settlement Administrator shall be approved by the Court in connection with this Settlement, and, if approved, overseen by Settlement Class Counsel. MAA will not have any involvement in the claims administration process, or the plan of allocation of the settlement proceeds. Settlement Class Counsel, in their sole discretion, may replace, and/or retain one or more additional and/or alternate Settlement Administrator(s). Such Settlement Administrator(s) shall be approved by the Court in connection with this Settlement, and, if approved, overseen by Settlement Class Counsel. MAA will not have any involvement in the selection of the Settlement Administrator(s). The Settlement Administrator(s) will be selected solely by Plaintiffs' counsel, and the plan of allocation will be proposed solely by Plaintiffs' counsel, subject to Court approval. Notice and Administration Expenses shall be paid from the Settlement Fund as authorized by this Agreement. In no event shall Plaintiffs or Settlement Class Counsel be responsible for paying any amount for the Notice and Administration Expenses. Plaintiffs will make reasonable efforts to notice multiple settlements with multiple Defendants in a single Class Notice to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.At no time and under no circumstances shall Plaintiffs, MAA, Settlement Class Counsel, Plaintiffs' Counsel, MAA's Counsel, the Releasors, or the Releasees have any liability for claims of wrongful or negligent conduct on the part of the Settlement Administrators or their agents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Notice to Settlement Class Members of this Agreement shall be in conformance with the Notice Plan approved by the Court, after submission by Plaintiffs. The Claim Form shall conform to the form approved by the Court after proposed submissions by Plaintiffs. The procedures for submitting claims shall conform to the procedures outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Each Settlement Class Member wishing to participate in the Settlement shall be required to submit to the Settlement Administrator a Claim Form. Each Claim Form must be signed under the penalty of perjury and must be supported by such documents as specified in the instructions contained in the Claim Form or otherwise given by the Settlement Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.All Claim Forms must be received by the Settlement Administrator within the time prescribed in the plan for Notice as approved by the Court. Any Settlement Class Member who fails to submit a properly completed Claim Form within such period as shall be authorized by the Court shall be forever barred from receiving any payments pursuant to this Agreement or from the Settlement Fund. Notwithstanding the foregoing, Settlement Class Counsel may, in its discretion: (i) accept for processing late submitted claims, so long as the distribution of the Net Settlement Fund to Authorized Claimants is not materially delayed; and (ii) waive what Settlement Class Counsel deem to be *de minimis* or technical defects in any Claim Form submitted. No Person shall have any claim against Plaintiffs, Plaintiffs' Counsel, or the Settlement Administrator by reason of any exercise of discretion with respect to such late submitted or technically deficient claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Each Claim Form shall be submitted to, and reviewed by, the Settlement Administrator who shall determine, under the supervision of Settlement Class Counsel, in accordance with this Agreement, the Plan of Allocation approved by the Court, and any applicable orders of the Court, the extent, if any, to which each claim shall be allowed, subject to review by the Court, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Without regard to whether a Claim Form is submitted or allowed, each Claimant who declines to be excluded from the Settlement Class shall be deemed to have submitted to the jurisdiction of the Court with respect to such Claimant's claim, and such Claimant's claim will be subject to investigation and discovery under the Federal Rules of Civil Procedure, provided that such investigation and discovery shall be limited to that Claimant's status as a Settlement Class Member and the validity and amount of the Claimant's claim. No discovery shall be allowed on the merits of the Action or Settlement in connection with processing of Claim Forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Payment pursuant to this Settlement shall be deemed final and conclusive against all Settlement Class Members. All Settlement Class Members whose claims are not approved by the Court shall be barred from participating in distributions from the Net Settlement Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.All proceedings with respect to the administration, processing, and determination of claims described in this Agreement and the determination of all controversies relating thereto, including disputed questions of law and fact with respect to the validity of claims, shall be subject to the jurisdiction of, and decided by, the Court, if they cannot otherwise be resolved during the claims process. All Plaintiffs, Settlement Class Members, Claimants, and Releasors expressly waive trial by jury (to the extent any such right may exist) and any right of appeal or review with respect to such determinations as provided herein. The decision of the Court with respect to objections to the Settlement Administrator's claim determinations shall be final and binding on all Plaintiffs, Settlement Class Members, Claimants, and Releasors, and there shall be no appeal to any court, including the United States Court of Appeals for the Sixth Circuit, such right of appeal having been knowingly and intentionally waived by each Plaintiff, Settlement Class Member, Claimant, and Releasor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.No Person shall have any claim against MAA, MAA's Counsel, Releasees, Plaintiffs, Releasors, Plaintiffs' Counsel, or the Settlement Administrator, based on determinations or distributions made substantially in accordance with this Agreement and the Settlement contained herein, the Plan of Allocation, or any orders of the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **<u>Exclusions and Objections</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.MAA reserves all legal rights and defenses with respect to any potential Settlement Class Member that validly requests exclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.A Settlement Class Member wishing to request exclusion must comply with the instructions set forth in the Class Notice. Subject to Court approval, a request for exclusion that does not comply with the requirements set forth in the Class Notice shall be invalid, and each person or entity submitting an invalid request shall be deemed a Settlement Class Member and shall be bound by this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Any Person who or which submits a request for exclusion may thereafter submit to the Settlement Administrator a written revocation of that request for exclusion, provided that it is received no later than two (2) days before the Fairness Hearing, in which event that person will be included in the Settlement Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.MAA or Settlement Class Counsel may dispute an exclusion request in accordance with the Notice Plan approved by the Court.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Any Person who has not requested exclusion from the Settlement Class and who objects to the settlement set forth in this Settlement Agreement may appear in person or through counsel, at that Person's own expense, at the Fairness Hearing to present any evidence or argument that the Court deems proper and relevant. However, no such Person shall be heard, and no papers, briefs, pleadings, or other documents submitted by any such Person shall be received and considered by the Court, unless such Person properly submits a written objection that includes: (i) a notice of intention to appear; (ii) proof of membership in the Settlement Class; and (iii) the specific grounds for the objection and any reasons why such Person desires to appear and be heard, as well as all documents or writings that such Person desires the Court to consider. As soon as practicable, Settlement Class Counsel shall cause all written objections to be filed with the Court. Any Person that fails to object in the manner prescribed herein shall be deemed to have waived his, her, or its objections and will forever be barred from making any such objections in the Action, unless otherwise excused for good cause shown, as determined by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Within fourteen (14) calendar days after the deadline for submitting requests for exclusion in accordance with the requirements set forth in the Class Notice, or after the Court accepts any late-filed requests for exclusion, whichever is later, Plaintiffs' Counsel (either directly or by and through the Settlement Administrator) shall provide MAA's Counsel a final report that states: (i) each person or entity (together with all identifying information that MAA provided to the Plaintiff's Counsel or the Settlement Administrator or Plaintiffs' Counsel otherwise obtained) that requested exclusion; (ii) the date on which each request for exclusion was postmarked and received; and (iii) whether the request for exclusion was timely and validly made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **<u>Payment of Expenses</u>**. Subject to Court approval, disbursements not exceeding $1 million for payment of reasonable Notice and Administration Expenses (including any escrow fees and costs) and Tax and Tax Expenses may be paid by Settlement Class Counsel from the Settlement Fund and shall not be refundable to MAA, its insurance carriers, or any other person or entity who or which funded the Settlement Amount, in the event this Settlement Agreement is disapproved, rescinded, or otherwise fails to become effective, to the extent such expenses have actually been expended or incurred. Any refund that becomes owed to MAA under this Paragraph if this Settlement does not become final or is rescinded or otherwise fails to become effective may be paid out of the Escrow Account without approval of the Court. Any refund will be given on a pro rata basis. For example, if there were $106 million in total settlements (MAA's share would be 50%) and $1 million were spent on Notice and Administration Expenses, MAA would receive a refund of $500,000. Other than as set forth in this Paragraph, MAA shall not be liable for any of the Plaintiffs' or other potential Settlement Class Members' costs or expenses of the litigation of the Action, including attorneys' fees, fees and expenses of expert witnesses and consultants, and costs and expenses associated with discovery, motion practice, hearings before the Court, appeals, trials, or the negotiation of other settlements, or for class administration and costs. To mitigate the costs of notice and administration, Plaintiffs shall use their best efforts, if practicable, to disseminate notice of this Settlement together with notice of any other settlements in the Action and shall apportion the costs of notice and administration in an equitable manner across the applicable settlements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **<u>The Settlement Fund</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Releasors shall look solely to the Settlement Fund for settlement and satisfaction, as provided herein, of all Released Claims against the Releasees, and shall have no other recovery against the Releasees as to the Released Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.After the Effective Date, the Settlement Fund shall be distributed in accordance with a Plan of Allocation. MAA will take no position with respect to such Plan of Allocation proposed by Settlement Class Counsel, or such plan as may be approved by the Court. In no event shall any of the Releasees have any responsibility, financial obligation, or liability whatsoever with respect to the investment, distribution, allocation, or administration of the Settlement Fund, except as expressly otherwise provided in Paragraph 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Releasees shall not be liable for any costs, fees, or expenses of the Plaintiffs' or the Settlement Class's respective attorneys, experts, advisors, agents, or representatives. Instead, any and all such costs, fees, and expenses approved by the Court, or authorized by Paragraph 10, shall be paid out of the Settlement Fund in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **<u>Fee Awards, Costs and Expenses, and Service Awards for Plaintiffs</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.MAA understands that Settlement Class Counsel may, at a time to be determined in its sole discretion after preliminary approval of the Agreement, submit an application or applications to the Court (the "Fee and Expense Application") for: (i) an award of attorneys' fees not in excess of one-third of the Settlement Fund; (ii) reimbursement of expenses and costs incurred in connection with prosecuting the Action; and/or (iii) Service Awards for Plaintiffs, plus interest on such attorneys' fees, costs, and expenses at the same rate and for the same period as earned by the Settlement Fund (until paid) as may be awarded by the Court (the "Fee and Expense Award").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Attorneys' fees, costs, and expenses, as awarded by the Court, shall be payable from the Escrow Account, immediately upon final approval of the Settlement by the Court, notwithstanding the existence of any timely filed objections thereto, or potential for appeal therefrom, or collateral attack on this Settlement or any part thereof. Settlement Class Counsel shall thereafter be solely responsible for allocating the Fee and Expense Award among Plaintiffs' Counsel in a manner in which Settlement Class Counsel may agree or have agreed based on their assessment of the overall respective contributions of such counsel to the initiation, prosecution, and resolution of the Action. However, if and when, as a result of any appeal and further proceedings on remand, or successful collateral attack, the Fee and Expense Award is reduced or reversed, or return of the Settlement Amount is required, then within fifteen (15) business days of such an order from a court of appropriate jurisdiction, each Plaintiffs' Counsel law firm that has received any fees or expenses shall refund to the Settlement Fund such funds previously paid to it, plus interest thereon at the same rate as earned on the Settlement Fund, in an amount consistent with such reversal or reduction. Each law firm that serves as Plaintiffs' Counsel, as a condition of receiving a portion of the Attorneys' Fees and Expense award, on behalf of itself and each partner, shareholder, or member of it, agrees that the law firm and its partners, shareholders, and/or members are subject to the jurisdiction of the Court for purposes of enforcing the provisions of this Paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The procedure for and the allowance or disallowance by the Court of the application by Settlement Class Counsel for attorneys' fees, costs and expenses, or service awards for the Plaintiffs to be paid out of this Settlement Fund are not part of this Agreement, and are to be considered by the Court separately from the Court's consideration of the fairness, reasonableness, and adequacy of this Settlement, and any order or proceeding relating to a request for attorneys' fees and reimbursement of expenses or service awards, or any appeal from any such order, shall not operate to terminate or cancel this Agreement, or affect or delay the finality of the judgment approving this Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Nothing in this Paragraph 12, nor anything related to Settlement Class Counsel's request(s) for fees, costs, or expenses shall impact the finality of this Agreement, regardless of what the courts may decide about Settlement Class Counsel's entitlement to attorneys' fees, costs, or expenses or any other aspect of this Paragraph. No order of a court or modification or reversal on appeal of any order of the court concerning any attorney's fees, costs, expenses, or Service Awards shall constitute grounds for termination of this Agreement, provided that it does not otherwise affect the rights of MAA or the Releasees under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **<u>Discovery Obligations and Non-Monetary Consideration</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Parties, through their respective counsel, shall cease all litigation activities against each other related to the Action unless and until: (a) the Court preliminarily or finally denies approval of this Agreement; or (b) the Settlement Agreement is terminated in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Cooperation*. Cooperation by MAA is a material term of the Settlement and shall include the following categories of cooperation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.MAA shall answer reasonable questions concerning its structured data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.MAA shall answer reasonable questions concerning any identified deficiencies in its document productions and will not unreasonably deny Plaintiffs a re-production of documents identified as having technical errors or which Plaintiffs are otherwise unable to access or review (i.e., encrypted, password-protected, illegible), and which were produced as responsive in this Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.MAA shall produce to Plaintiffs any documents produced to any other plaintiffs, or any federal, state, or other domestic regulator, concerning the subject matter of the Action or any allegations within the same factual predicate of the Action within ten (10) business days of the Execution Date, with any documents produced to such entities after execution of this Agreement to be produced ten (10) business days after their production to such other plaintiffs or regulators. This includes all deposition transcripts of MAA's personnel and related exhibits from parallel government actions, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.MAA shall make one then-current employee available as a witness for trial, should trial occur, accepting service of a trial subpoena and agreeing to waive any objections under Rule 45(c) relating to place of compliance; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.MAA shall use reasonable efforts to assist Plaintiffs in authenticating documents and/or things produced in the Action by MAA where the facts indicate that the documents and/or things at issue are authentic, whether by declarations or affidavits, or, if declarations or affidavits are not reasonably sufficient, depositions, hearings, and/or at trial(s) as may be necessary for the Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Notwithstanding any other provision in this Agreement, MAA shall have no obligation to produce attorney-client privileged communications, attorney work-product, communications with any regulatory agency or governmental body, or any communications protected by applicable settlement privileges, including Federal Rule of Evidence 408. MAA may assert the work product doctrine, the attorney-client privilege, the common interest privilege, the joint defense privilege, obligations under applicable data privacy laws or regulations, and/or applicable privilege or protection with respect to any cooperation materials provided or requested under this Settlement Agreement. To the extent MAA withholds or redacts materials provided pursuant to this Paragraph based on any of the foregoing privileges, protections, laws, or regulations, MAA shall inform Plaintiffs' Counsel. Plaintiff's Counsel may request a privilege log as to any materials withheld, and MAA will consider the request in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.Unless ordered by a court having jurisdiction or upon agreement from MAA, under no circumstances shall Plaintiffs or Plaintiffs' Counsel produce documents or information obtained from MAA to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.Any dispute or controversy arising out of, or relating to, the cooperation, including the scope of any privilege, shall be discussed first among counsel for the Parties, and if that discussion fails to resolve the dispute, shall be submitted to the Court for resolution. Each Party shall be responsible for its own attorneys' fees and costs in association with any such submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*Data Sharing*. Beginning on the date the Court grants Preliminary Approval of the Settlement, and for a period of five (5) years thereafter, as part of setting rental prices or generating rental pricing recommendations for any properties managed by MAA, MAA shall not, within the United States and its territories: (i) disclose MAA's Nonpublic Data to any other property manager or property owner; (ii) solicit Nonpublic Data from any other property manager or property owner; or (iii) use Nonpublic Data obtained from another property manager or property owner. Nothing in this Paragraph shall apply to communications between properties managed by MAA, or any other individual or entity providing services to properties managed by MAA for whom the disclosure of Nonpublic Data is necessary to provide its services. For avoidance of doubt, the restrictions set forth in this Paragraph apply to Nonpublic Data obtained through any form, whether directly or through an intermediary, including, without limitation, call arounds or market surveys, in-person meetings, calls, text messages, chat communications, emails, surveys, spreadsheets, shared documents (e.g., Google documents and SharePoint documents), industry meetings (e.g., user groups), online fora, private meetings, RMS, or information-exchange service. For avoidance of doubt, the restrictions set forth in this Paragraph do not prohibit MAA personnel from touring properties owned or managed by third parties, or from third parties touring any properties managed by MAA, if in those tours MAA does not solicit, obtain, or provide any information that would not be made available to any prospective tenant of such property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.*Use of RealPage Revenue Management Solutions*. Beginning on the date the Court grants Preliminary Approval of the Settlement, and for a period of five (5) years thereafter, MAA shall not, within the United States and its territories, use any Revenue Management Solution that does not comply with the terms of the Proposed Final Judgment between the United States and RealPage, or any subsequent final judgment the Court enters, in *United States et al. v. RealPage et al.* (currently docketed as ECF No. 159-1 in No. 1:24-cv-00710 in the Middle District of North Carolina) ("RealPage Final Judgment"). The Class Notice shall include a copy of, or direct Class Members to a readily available copy of, the RealPage Final Judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **<u>Termination and Rescission</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Rejection or Alteration of Settlement Terms*. If: (i) the Court refuses to grant preliminary or final approval of this Agreement or certify the Settlement Class or such grant or certification is set aside on appeal; (ii) the Court does not enter final judgment with respect to MAA or such final judgment is not affirmed on appeal; or (iii) if Opt-Outs exceed ten percent (10%) of Settlement Class Members and MAA elects to revisit the terms of this Settlement, then the Parties shall have sixty (60) days to meet and confer about possible reformulation of the Settlement Agreement, and after such time if the Parties do not reach agreement on a reformulation and resubmission of the Settlement Agreement, the Settlement Agreement automatically terminates, unless an extension is otherwise agreed upon by the Parties. Alternatively, if the Court provides feedback such that its approval is conditioned on material modifications to this Settlement Agreement, MAA and Plaintiffs agree to discuss in good faith within sixty (60) days whether any adjustments to this Settlement Agreement are agreeable, including whether termination is appropriate, unless an extension is otherwise agreed upon by the Parties. A refusal to approve or modification or reversal on appeal based solely on, or relating solely to, the Settlement Class Counsel's fees and expenses award and/or Plan of Allocation shall not be deemed a refusal to approve or modify the terms of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Termination of Settlement*. In the event of termination or rescission pursuant to this Paragraph 14, then: (i) within fifteen (15) calendar days, the Settlement Amount (including accrued interest), less expenses and costs used or incurred for Class Notice and costs of administration of the Settlement Fund, if any, shall be refunded by the Escrow Agent to MAA pursuant to written instructions from MAA's Counsel to Settlement Class Counsel; and (ii) the Parties shall be deemed to have reverted to their respective status in the Action as of the Execution Date and without waiver of any positions asserted in the Action prior to that date. Except as otherwise expressly provided herein, the Parties shall proceed in all respects as if this Settlement Agreement had not been executed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Plaintiffs, the Settlement Class, Settlement Class Counsel, and MAA agree that, whether or not the Court finally approves this Settlement Agreement, neither the fact of, nor content of, settlement negotiations, discussion, or attorney proffers will constitute admissions, nor be used as evidence of any violation of any statute or law, or of any liability or wrongdoing by MAA or any Releasee, or the truth of any of the claims or allegations contained in the Action or any pleading filed by Plaintiffs, the Settlement Class, or Settlement Class Counsel in the Action, and any evidence of such negotiations, discussions, and proffers are not discoverable and the Plaintiffs and the Settlement Class cannot use them directly or indirectly except in a proceeding to enforce or interpret this Settlement Agreement. Nothing in this Settlement Agreement shall affect the application of Federal Rule of Evidence 408. However, the Parties agree that this Settlement Agreement shall be admissible in any proceeding for establishing the terms of the Agreement or for any other purpose with respect to implementing or enforcing its terms. This Settlement Agreement shall not be construed as an admission of liability or wrongdoing, or used as evidence of liability, for any purpose in any legal proceeding, claim, regulatory proceeding, or government investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **<u>Covenant Not to Sue</u>**. The Releasors hereby covenant and agree that they shall not, hereafter, sue or otherwise seek to establish liability against any of the Releasees based, in whole or part, upon any of the Released Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **<u>MAA Release</u>**. Pending the Effective Date, MAA agrees not to seek relief against Plaintiffs, Settlement Class Members, and Settlement Class Counsel for any claims relating to the institution, prosecution, or settlement of the Action. Upon the Effective Date, MAA shall release Plaintiffs, Settlement Class Members, Settlement Class Counsel, and Plaintiffs' Counsel from all claims and causes of action of every nature and description, whether known or unknown, whether arising under federal, state, common, or foreign law, that arise out of or relate in any way to the institution, prosecution, or settlement of the claims against MAA, except for claims relating to the enforcement of the Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **<u>No Admission of Liability</u>**. MAA denies all allegations of wrongdoing in the Action. Nothing in this Settlement Agreement constitutes an admission by MAA as to the merits of the allegations made in the Action. The Parties expressly agree that this Agreement, whether or not it shall become final, and any and all negotiations, documents, and discussions associated with it, shall not be deemed or construed to be an admission or evidence of: (i) a violation of any statute or law or of any liability or wrongdoing whatsoever by MAA, or any Releasees; or of (ii) the truth of any of the claims or allegations contained in the Complaint or any other pleading filed in the Action, and shall not be used against MAA or the other Releasees, and evidence thereof shall not be discoverable or used in any way, whether in the Action or in any other action or proceeding, against MAA or the Releasees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **<u>Joint and Several Liability Preserved</u>**. This Agreement does not settle or compromise any claim by Plaintiffs or any Settlement Class Member asserted against any Defendant or alleged co-conspirator other than MAA and the Releasees. All claims against such other Defendants or alleged co-conspirators are specifically reserved by Plaintiffs and the Settlement Class. MAA's and the other Releasees' pricing of multifamily housing rental properties for the Settlement Class and their alleged illegal conduct shall, to the extent permitted or authorized by law, remain in the Action as a potential basis for damage claims against any Defendant or alleged co-conspirator other than MAA and the Releasees and shall be part of any joint and several liability claims against any Defendant or alleged co-conspirator other than MAA and the Releasees. MAA and the Releasees shall not be responsible for any payment to Plaintiffs or the Settlement Class other than the Settlement Amount and the amounts specifically agreed to in Paragraphs 5 and 10 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **<u>Confidentiality</u>**. The Parties agree that all settlement discussions, and all materials exchanged during settlement negotiations, shall remain confidential. The Parties also agree that the existence of this Settlement Agreement shall remain confidential until publicly filed with the Court for approval. Nothing in this Paragraph shall prohibit Settlement Class Counsel from disclosing this Agreement to their clients or co-counsel. Similarly, nothing in this Paragraph shall prohibit MAA or any Releasee from making general disclosures as necessary to comply with the securities laws and other disclosure obligations, as well as in its public filings. Following the Execution Date, MAA and Plaintiffs may inform other parties to this Action that they have executed a settlement agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **<u>CAFA</u>**. MAA shall submit all materials required to be sent to appropriate federal and state officials pursuant to the Class Action Fairness Act of 2005, 28 U.S.C. §1715, and notify the Court that CAFA compliance has been accomplished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **<u>Continuing Jurisdiction</u>**. The Court shall retain jurisdiction over the implementation, interpretation, enforcement, and performance of this Agreement, and shall have exclusive jurisdiction over any suit, action, proceeding, or dispute arising out of or relating to this Agreement or the applicability of this Agreement, including without limitation, any suit, action, proceeding, or dispute relating to the release provisions herein, that cannot be resolved by negotiation and agreement by Plaintiffs and MAA, including challenges to the reasonableness of any party's actions. MAA will not object to complying with any of the provisions outlined in this Agreement on the basis of jurisdiction. The Parties also agree that, in the event of such dispute, they are and shall be subject to the jurisdiction of the Court and that the Court is a proper venue and convenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **<u>Entire Agreement</u>**. This Agreement constitutes the entire, complete, and integrated agreement between Plaintiffs and MAA pertaining to this Settlement of the Action against MAA, and supersedes all prior and contemporaneous undertakings, communications, representations, understandings, negotiations, and discussions, either oral or written, between Plaintiffs and MAA in connection herewith. This Agreement may not be modified or amended except in writing executed by Plaintiffs and MAA and no Party will assert any claim against another based on any alleged agreement affecting or relating to the terms of this Agreement not in writing and signed by the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **<u>Binding Effect</u>**. This Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of Plaintiffs and MAA. Without limiting the generality of the foregoing, upon the Effective Date, each and every covenant and agreement made herein by Plaintiffs or Settlement Class Counsel shall be binding upon all Settlement Class Members and Releasors. The Releasees (other than MAA, which is a party to this Agreement) are third-party beneficiaries of this Agreement and are authorized to enforce its terms applicable to them. Nothing expressed or implied in this Agreement is intended to or shall be construed to confer upon or give any person or entity other than Settlement Class Members, Releasors, and Releasees any right or remedy under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **<u>Execution in Counterparts</u>**. This Agreement may be executed in counterparts by Plaintiffs and MAA, and a facsimile or Portable Document Format (.pdf) image of a signature shall be deemed an original signature for purposes of executing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **<u>Notice</u>**. Where this Agreement requires either party to provide notice or any other communication or document to the other, such notice shall be in writing, and such notice, communication, or document shall be provided by electronic mail (provided that the recipient acknowledges having received that email, with an automatic "read receipt" or similar notice constituting an acknowledgement of an email receipt for purposes of this Paragraph 25), or letter by overnight delivery to the undersigned counsel of record for the party to whom notice is being provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.** **<u>Privilege</u>**. Nothing in this Agreement is intended to waive any right to assert that any information or material is protected from discovery by reason of any individual or common interest privilege, attorney-client privilege, work product protection, or other privilege, protection, or immunity, or is intended to waive any right to contest any such claim of privilege, protection, or immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.** **<u>No Party Is the Drafter</u>**. This Agreement was jointly negotiated, prepared, and drafted by Settlement Class Counsel and counsel for MAA. None of the Parties hereto shall be considered to be the drafter of this Agreement or any provision hereof for the purpose of any statute, case law, or rule of interpretation or construction that would or might cause any provision to be construed against the drafter thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.** **<u>Headings</u>**. The headings used in this Agreement are intended for the convenience of the reader only and shall not affect the meaning or interpretation of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.** **<u>No Third-Party Beneficiaries</u>**. No provision of this Agreement shall provide any rights to, or be enforceable by, any person or entity that is not a Releasee, Releasor, or Settlement Class Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.** **<u>Opportunity to Cure</u>**. If one Party to this Agreement considers another Party to be in breach of its obligations under this Agreement, that Party must provide the breaching Party with written notice of the alleged breach and provide a reasonable opportunity to cure the breach before taking any action to enforce any rights under this Agreement. The waiver by any Party of any breach of this Agreement shall not be deemed or construed as a waiver of any other breach, whether prior, subsequent, or contemporaneous, of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.** **<u>Governing Law</u>**. All terms of this Agreement, and any disputes related thereto, shall be governed and interpreted according to federal substantive and procedural law without regard to its choice of law or conflict of laws principles. Any disputes relating to the Agreement, if they cannot be resolved by negotiation and agreement, shall be submitted, in the first instance, for mediation before Judge Layn Phillips (Ret.) in his capacity as court-appointed mediator, and if not then resolved, shall be submitted to the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.** **<u>Reasonable Extensions</u>**. Unless otherwise ordered by the Court, the Parties may jointly agree to reasonable extensions of time to carry out any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.** **<u>Counsel's Express Authority</u>**. Each of the undersigned attorneys represents that he or she is fully authorized to enter into the terms and conditions of, and to execute, this Agreement on behalf of his or her respective client(s) subject to Court approval.

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IN WITNESS WHEREOF, the Parties, individually or through their duly-authorized representatives, enter into this Settlement Agreement on the date first above written.

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| | |
|:---|:---|
| Dated: April 28, 2026<br>For the Plaintiffs: <br><u>/s/ Patrick Coughlin</u> <br>Patrick Coughlin<br>Scott+Scott Attorneys at Law LLP<br>600 W. Broadway, Ste 3300<br>San Diego, CA 92101<br>pcoughlin@scott-scott.com<br><u>/s/ Stacey Slaughter</u> <br>Stacey Slaughter<br>Robins Kaplan LLP<br>800 LaSalle Avenue, Suite 2800<br>Minneapolis, MN 55402<br>sslaughter@robinskaplan.com<br><u>/s/ Swathi Bojedla</u> <br>Swathi Bojedla<br>Hausfeld LLP<br>1200 17<sup>th</sup> St., NW, Suite 600<br>Washington, DC 20036<br>sbojedla@hausfeld.com<br>| Dated: April 28, 2026<br>For MAA:<br><u>/s/ Britt M. Miller</u> <br>Britt M. Miller<br>Daniel T. Fenske<br>Mayer Brown LLP<br>71 South Wacker Drive<br>Chicago, IL 60606<br>bmiller@mayerbrown.com<br>dfenske@mayerbrown.com<br>Scott D. Carey <br>Ryan P. Loofbourrow <br>Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. <br>1600 West End Avenue, Suite 2000 <br>Nashville, TN 37203<br>scarey@bakerdonelson.com<br>rloofbourrow@bakerdonelson.com<br>|

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, A. Brad Hill, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartment Communities, Inc.;

2. Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3. Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Brad Hill |
|  |  | A. Brad Hill |
|  |  | President and Chief Executive Officer |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, A. Clay Holder, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartment Communities, Inc.;

2. Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3. Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Clay Holder |
|  |  | A. Clay Holder |
|  |  | Executive Vice President and Chief Financial Officer |

---

------

## Exhibit 31.3

**EXHIBIT 31.3**

**CERTIFICATION**

I, A. Brad Hill, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartments, L.P.;

2. Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3. Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Brad Hill |
|  |  | A. Brad Hill |
|  |  | President and Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |

---

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## Exhibit 31.4

**EXHIBIT 31.4**

**CERTIFICATION**

I, A. Clay Holder, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Mid-America Apartments, L.P.;

2. Based on my knowledge, this Quarterly Report on Form 10-Q does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-Q;

3. Based on my knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report on Form 10-Q;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Quarterly Report on Form 10-Q our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this Quarterly Report on Form 10-Q any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Clay Holder |
|  |  | A. Clay Holder |
|  |  | Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Mid-America Apartment Communities, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, A. Brad Hill, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Brad Hill |
|  |  | A. Brad Hill |
|  |  | President and Chief Executive Officer |

---

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## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Mid-America Apartment Communities, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, A. Clay Holder, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Clay Holder |
|  |  | A. Clay Holder  |
|  |  | Executive Vice President and Chief Financial Officer |

---

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## Exhibit 32.3

**EXHIBIT 32.3**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Mid-America Apartments, L.P. (the "Operating Partnership") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, A. Brad Hill, President and Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Brad Hill |
|  |  | A. Brad Hill |
|  |  | President and Chief Executive Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |

---

------

## Exhibit 32.4

**EXHIBIT 32.4**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Mid-America Apartments, L.P. (the "Operating Partnership") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, A. Clay Holder, Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

---

| | | |
|:---|:---|:---|
| Date: | April 30, 2026 | /s/ A. Clay Holder |
|  |  | A. Clay Holder |
|  |  | Executive Vice President and Chief Financial Officer of Mid-America Apartment Communities, Inc., general partner of Mid-America Apartments, L.P. |

---

------