MAA (NYSE: MAA) secures $350M unsecured delayed draw term loan facility

Rhea-AI Filing Summary

Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, Inc., entered into an unsecured delayed draw term loan facility of up to $350 million. The partnership plans to use the borrowing capacity for general corporate purposes, including repayment of other debt.

The facility allows up to five draws through December 21, 2026 and matures on November 15, 2030. Interest is variable, based on SOFR or a base rate plus margins tied to MAALP’s credit rating, and includes an accordion feature permitting an increase in unsecured indebtedness to $550 million.

Insights

Real estate credit analyst

MAA adds flexible $350M unsecured term loan capacity.

Mid-America Apartments, L.P. obtained an unsecured delayed draw term loan facility of up to $350 million, with an uncommitted accordion to $550 million. Proceeds are expected to support general corporate needs, including repayment of other debt, giving the REIT added balance-sheet flexibility.

The loan is available for draws until December 21, 2026 and matures on November 15, 2030, with interest based on SOFR or a base rate plus rating-linked margins. Covenants and events of default mirror the issuer’s existing unsecured revolving credit facility, including leverage and fixed-charge coverage tests and a $150 million cross-default threshold.

Key aspects to track in future disclosures include actual utilization of the facility, any increase via the accordion feature, and how the company balances this term debt against its existing unsecured revolver and other obligations over the life of the loan.

8-K Event Classification

2 items: 1.01, 9.01

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

DDTL Facility Size: $350 million Accordion Capacity: $550 million SOFR Margin Range: 0.675%–1.55% +5 more

8 metrics

DDTL Facility Size $350 million Unsecured delayed draw term loan committed amount

Accordion Capacity $550 million Maximum unsecured indebtedness under accordion feature

SOFR Margin Range 0.675%–1.55% Applicable margin over SOFR based on MAALP credit rating

Base Rate Margin Range 0.00%–0.550% Applicable margin over base rate based on MAALP credit rating

Commitment Fee 0.15% per annum Quarterly fee on average daily undrawn amount from Sept 15, 2026

Commitment Expiration December 21, 2026 Last date to request draws under the DDTL Facility

Loan Maturity November 15, 2030 Scheduled maturity date of the term loan

Cross-Default Threshold $150 million Indebtedness level that can trigger cross-default provision

Key Terms

delayed draw term loan, accordion feature, unencumbered leverage ratio, change of control, +2 more

6 terms

delayed draw term loan financial

"The Loan Agreement provides an unsecured delayed draw term loan (the “DDTL Facility”)"

A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.

accordion feature financial

"an uncommitted accordion feature that allows MAALP to increase the total amount"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

unencumbered leverage ratio financial

"including covenants relating to unencumbered leverage ratio, total leverage ratio"

change of control financial

"a change of control provision under which a change of control of MAA or MAALP"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

events of default financial

"The Loan Agreement also contains customary events of default, including, among others, nonpayment"

Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

forward-looking statements regulatory

"This contains “forward-looking statements” within the meaning of Section 27A"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

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Understanding 8-K Material Events →

Available on EDGAR 07/04/2026 - 12:15 PM Accepted by SEC EDGAR 06/25/2026 - 04:15 PM Learn about SEC filing dates

FAQ

What did Mid-America Apartment Communities (MAA) announce in this 8-K?

Mid-America Apartments, L.P. entered a new unsecured delayed draw term loan facility of up to $350 million. The partnership intends to use the borrowing capacity for general corporate purposes, including repayment of other debt, enhancing its flexibility in managing its capital structure.

What are the key terms of MAA’s new $350 million term loan facility?

The unsecured delayed draw term loan totals up to $350 million, with availability for draws until December 21, 2026. It matures on November 15, 2030, bears variable interest tied to SOFR or a base rate plus rating-based margins, and prohibits reborrowing after repayment.

How can MAA use the proceeds from the new term loan?

Mid-America Apartments, L.P. intends to use proceeds for general corporate purposes, including repayment of other debt. This gives management flexibility to refinance existing obligations, support operations, or fund corporate needs over the commitment period as opportunities or requirements arise.

Does the MAA term loan include an accordion feature?

Yes. The Loan Agreement includes an uncommitted accordion feature allowing total unsecured indebtedness under the facility to increase to $550 million until the commitment expiration. Exercising this feature would depend on lender agreement and could expand the partnership’s available term debt capacity.

What interest rates apply to MAA’s new delayed draw term loan?

Borrowings will bear variable interest chosen by the borrower between SOFR plus an applicable margin of 0.675%–1.55%, or a base rate plus a margin of 0.00%–0.550%. The exact margin depends on Mid-America Apartments, L.P.’s credit rating over the life of the facility.

What financial covenants are included in the MAA term loan agreement?

The Loan Agreement includes customary financial covenants such as unencumbered leverage ratio, total leverage ratio, total secured leverage ratio, and adjusted consolidated EBITDA to consolidated fixed charges ratio. These covenants mirror those in the partnership’s existing unsecured revolving credit facility, providing consistency across its main credit lines.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 22, 2026

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Tennessee	001-12762	62-1543819
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

Tennessee	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6815 Poplar Avenue, Suite 500
Germantown, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

(901) 682-6600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On June 22, 2026, Mid-America Apartments, L.P. (“MAALP”), the operating partnership of Mid-America Apartment Communities, Inc. (“MAA”), entered into a Term Loan Agreement (the “Loan Agreement”) with KeyBank National Association, as Administrative Agent, Keybanc Capital Markets Inc., Wells Fargo Securities, LLC, TD Bank, N.A. and Regions Capital Markets, as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo Bank, National Association, TD Bank, N.A. and Regions Bank, as Co-Syndication Agents, JPMorgan Chase Bank, N.A. Mizuho Bank, LTD., PNC Bank, National Association, Truist Bank and U.S. Bank National Association, as Co-Documentation Agents, and the lenders party thereto. The Loan Agreement provides an unsecured delayed draw term loan (the “DDTL Facility”) in the aggregate committed principal amount of up to $350 million. MAALP intends to use proceeds for general corporate purposes, including repayment of other debt.

Advances of loans under the DDTL Facility may be requested by MAALP in one or more draws (subject to a maximum of five draws) and will be available until December 21, 2026 (the “Commitment Expiration”) unless earlier terminated under the Loan Agreement. The Loan Agreement is scheduled to mature on November 15, 2030. The amounts due under the Loan Agreement may be prepaid, in whole or in part, subject to payment of applicable breakage fees. Amounts borrowed under the Loan Agreement may not be reborrowed after repayment. Amounts borrowed under the Loan Agreement will bear interest at a variable rate, at MAALP’s election, either (1) based upon the Secured Overnight Financing Rate (SOFR) plus an applicable margin ranging from 0.675% to 1.55% based upon MAALP’s credit rating or (2) at the base rate set forth in the Loan Agreement plus an applicable margin ranging from 0.00% to 0.550% based upon MAALP’s credit rating. Commencing September 15, 2026, MAALP will pay a quarterly commitment fee of 0.15% per annum on the average daily undrawn amount of the commitments until the Commitment Expiration. The Loan Agreement also contains an uncommitted accordion feature that allows MAALP to increase the total amount of unsecured indebtedness under the Loan Agreement to $550 million until the Commitment Expiration.

The Loan Agreement contains customary financial covenants, including covenants relating to unencumbered leverage ratio, total leverage ratio, total secured leverage ratio and adjusted consolidated EBITDA to consolidated fixed charges ratio, that are the same as the financial covenants in MAALP’s existing unsecured revolving credit facility, as well as other customary operating covenants that are substantially similar to those in MAALP’s existing unsecured revolving credit facility. The Loan Agreement also contains customary events of default, including, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants. The Loan Agreement includes a cross-default provision that may be triggered by a default under MAALP’s existing unsecured revolving credit facility or other indebtedness in excess of $150 million, and a change of control provision under which a change of control of MAA or MAALP would constitute an event of default. The occurrence of an event of default under the Loan Agreement could result in the acceleration of MAALP’s obligation to repay the indebtedness outstanding under the Loan Agreement.

Some of the lending banks and their affiliates from time to time have provided in the past and may provide in the future investment banking, commercial lending and financial advisory services to MAA and MAALP in the ordinary course of business.

The foregoing description of the Loan Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Loan Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report and incorporated by reference herein.

Forward-Looking Statements

This Current Report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. MAA and MAALP 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, assumptions and beliefs regarding the future. Words such as “intends,” expects,” “plans,” “believes,” “will” and variations of such words and other similar expressions are intended to identify forward-looking statements.

In this Current Report, such forward-looking statements include expectations regarding use of loan proceeds under the DDTL Facility. These forward-looking statements involve risks and uncertainties which may cause actual results or outcomes to be materially different from the results or outcomes expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include risks identified in MAA’s and MAALP’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other reports filed by MAA or MAALP with the Securities and Exchange Commission. In light of the significant uncertainties inherent in forward-looking statements, such statements should not be regarded as a representation by MAA, MAALP or any other person that the results or outcomes described in such statements will be achieved. Except as required by law, neither MAA nor MAALP undertakes any obligation to publicly update or revise forward-looking statements contained in this Current Report to reflect new events, circumstances or changes in expectations.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
10.1*		Term Loan Agreement dated June 22, 2026, by and among Mid-America Apartments, L.P., KeyBank National Association, as Administrative Agent, Keybanc Capital Markets Inc., Wells Fargo Securities, LLC, TD Bank, N.A. and Regions Capital Markets as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo Bank, National Association, TD Bank, N.A. and Regions Bank as Co-Syndication Agents, and JPMorgan Chase Bank, N.A. Mizuho Bank, LTD., PNC Bank, National Association, Truist Bank and U.S. Bank National Association, as Co-Documentation Agents, and the lenders party thereto
104		Cover Page Interactive Data File (formatted in Inline eXtensible Business Reporting Language)

* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC or its staff upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	June 25, 2026		/s/ A. Clay Holder
			A. Clay Holder
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

			MID-AMERICA APARTMENTS, L.P.
			By: Mid-America Apartment Communities, Inc., its general partner
Date:	June 25, 2026		/s/ A. Clay Holder
			A. Clay Holder
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

Filing Exhibits & Attachments

2 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1.1 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 59.1 KB