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Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, issued and sold $200,000,000 of 4.650% Senior Notes due 2033 on February 27, 2026. These notes are additional to the $400,000,000 4.650% Senior Notes due 2033 issued on November 10, 2025 and form a single, fungible series with them.
The notes bear interest at 4.650%, payable semi-annually on January 15 and July 15, starting July 15, 2026, and mature on January 15, 2033. The operating partnership may redeem them at a make-whole premium before November 15, 2032, or at 100% of principal plus accrued interest on or after that date. Events of default can accelerate the notes, making all principal immediately due.
Mid-America Apartments, L.P., the operating partnership of Mid-America Apartment Communities, is issuing $200,000,000 of 4.650% senior notes due January 15, 2033. These notes are being offered as additional notes to an existing $400,000,000 series of 4.650% senior notes due 2033.
The new notes were priced at 100.237% of principal, plus accrued interest from November 10, 2025, with a reoffer yield of 4.606%. Net proceeds are expected to repay borrowings under the unsecured commercial paper program, with any remaining proceeds for general corporate purposes, including debt repayment and apartment community investments.
Capital World Investors has filed an amended ownership report on Mid-America Apartment Communities, Inc. common stock. The firm reports beneficial ownership of 229,144 shares, representing about 0.2% of the company’s 117,081,742 shares believed to be outstanding as of the reporting date.
Capital World Investors, a division of Capital Research and Management Company and related investment management entities, has sole voting and dispositive power over these shares and no shared authority. The filing states the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Mid-America Apartment Communities.
Mid-America Apartment Communities, Inc. (MAA) filed a current report to provide an updated description of material U.S. federal income tax considerations related to its qualification and taxation as a real estate investment trust (REIT) and to the ownership and disposition of its common and preferred stock.
The new discussion, included as Exhibit 99.1 and reviewed by Bass, Berry & Sims PLC, replaces prior tax descriptions to the extent of any inconsistencies, including earlier disclosure filed in February 2025. It explains key REIT qualification tests, how MAA is generally taxed, and how different types of U.S. and non‑U.S. investors may be taxed on dividends and stock sales.
Mid-America Apartment Communities (MAA) is an S&P 500 multifamily REIT that owns, operates and develops apartment communities primarily across the Southeast, Southwest and Mid-Atlantic U.S. As of December 31, 2025, it had interests in 302 communities totaling 103,083 units, including 301 consolidated properties.
MAA pursues stable, growing cash flow by tightly managing operations, using technology to enhance resident experience and selectively acquiring, developing, redeveloping and disposing of assets. In 2025 it acquired one 318‑unit community, incurred $272 million of development costs, completed a 406‑unit project and had eight developments under construction totaling 2,522 units and $932 million of budgeted costs.
The company emphasizes balance sheet discipline, targeting debt of roughly 30%–36% of adjusted total assets; at year-end 2025, debt was 30.2% of adjusted total assets and net debt to Adjusted EBITDAre was 4.3x. It paid total common dividends of $6.06 per share, above the 90% distribution requirement to maintain REIT status.
MAA highlights human capital and inclusion as strategic priorities, with 2,507 associates at year-end 2025 and significant female and minority representation in leadership and promotions. Extensive risk disclosures cover real estate cycles, regional concentration, development and redevelopment execution, climate and environmental exposures, cybersecurity, regulation and substantial use of debt financing.
Mid-America Apartment Communities (MAA) reported softer 2025 earnings but stable cash flow. Diluted EPS was $3.78 for 2025, down from $4.49, while Core FFO per diluted share slipped slightly to $8.74 from $8.88 and Core AFFO to $7.61 from $7.94.
In Q4 2025, diluted EPS was $0.48 and Core FFO per diluted share held flat year over year at $2.23, with rental and other property revenues of $555.6 million and Same Store NOI down 0.5%. Average Same Store effective rent per unit was $1,690 and physical occupancy 95.6% for the year.
MAA maintained a conservative balance sheet with total debt of $5.4 billion, Net Debt/Adjusted EBITDAre of 4.3x and 87.5% fixed-rate debt at a 3.8% average effective interest rate. The company repurchased 0.2 million shares for about $27 million and paid $6.075 in dividends per common share in 2025.
For 2026, MAA guides diluted EPS to $4.11–$4.47 and Core FFO per share to $8.35–$8.71, with Same Store NOI growth between -1.70% and 0.30%. The development pipeline totals 2,522 units with $932 million of expected costs, and 1,109 lease-up units were 65.7% occupied at year-end.
Mid-America Apartment Communities has entered into a settlement agreement to resolve a class action litigation, agreeing to pay an aggregate $53 million into a settlement fund, in two equal installments of $26.5 million beginning no earlier than March 2, 2026, subject to court approval.
The company expects to increase its loss contingency reserve to $62.5 million, which will be recorded in its year-end 2025 financial statements as other non-operating expense and accrued liabilities. Management states this reserve covers the settlement amount and estimated remaining related costs, including fees tied to other, previously disclosed legal matters.
The company indicates the reserve and settlement will not affect 2025 Core Funds from Operations or Funds Available for Distribution. It does not expect the settlement to impair its credit rating, materially affect liquidity or leverage metrics, or change its capital allocation framework or dividend policy, and believes the payment is manageable within its capital plan.
Mid-America Apartment Communities, Inc. filed a Form 8-K to share information under Regulation FD. On January 20, 2026, the company issued a press release announcing the taxable composition of its 2025 distributions paid to shareholders. The press release is furnished as Exhibit 99.1 and is expressly treated as furnished, not filed, under the Exchange Act and will not be incorporated by reference into Securities Act or Exchange Act filings.
Mid America Apartment Communities President and CEO Eric H. Bolton Jr. reported a small disposal of company common stock related to tax withholding. On January 6, 2026, 430 shares of common stock were disposed of at $138.17 per share to cover taxes owed on vested shares from a prior-year restricted stock plan. After this transaction, he directly beneficially owned 321,942.3947 common shares. He also indirectly beneficially owned 10,476.8659 common shares as allocated shares in an ESOP trust.
Mid-America Apartment Communities EVP & CHRO Melanie Carpenter reported sales of company common stock mainly tied to tax obligations on vested equity awards. On January 6, 2026, 62 shares were disposed of at $138.17 per share to cover taxes related to shares earned and issued under a prior-year restricted stock plan. On January 8, 2026, 145 shares were sold in an open-market transaction at $134.98 per share under a pre-arranged Rule 10b5-1 trading plan, also to meet additional tax obligations from prior restricted stock vestings. After these transactions, Carpenter beneficially owned 20,830 shares directly and 1,011.1617 shares indirectly as allocated ESOP shares.