MAA房产信托 2025年度报告

FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For 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.) 62-154381962-1543816(I.R.S. Employer Identification No.) Tennessee(Mid-America Apartment Communities, Inc.)Tennessee(Mid-America Apartments, L.P.) (State or other jurisdiction of incorporation or organization) 6815 Poplar Avenue, Suite 500, Germantown, Tennessee, 38138(Address of principal executive offices) (Zip Code)Registrant’s telephone number, including area code:(901) 682-6600 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Mid-America Apartment Communities, Inc. Yes☒No☐Mid-America Apartments, L.P.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Mid-America Apartment Communities, Inc.Mid-America Apartments, L.P. 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 (orfor 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☐ 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 thischapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Mid-America Apartment Communities, Inc. 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 thedefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 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 accountingstandards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting underSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.Mid-America Apartment Communities, Inc.☒ Mid-America Apartments, L.P.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of anerror to previously issued financial statements.Mid-America Apartment Communities, Inc.☐ Mid-America Apartments, L.P.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). Mid-America Apartment Communities, Inc.☐Mid-America Apartments, L.P.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). The aggregate market value of the 80,567,299shares of common stock of Mid-America Apartment Communities, Inc. held by non-affiliates was approximately $11.9 billionbased on the closing price of $148.01 as reported on the New York Stock Exchange on June 30, 2025. This calculation excludes shares of common stock held by the registrant’s officersand directors and each person known by the registrant to beneficially own more than 5% of the registrant’s outstanding shares, as such persons may be deemed to be affiliates. Thisdetermination of affiliate status should not be deemed conclusive for any other purpose. As of February 3, 2026, there were 116,901,020 shares of Mid-America Apartment Communities,Inc. common stock outstanding. There is no public trading market for the partnership units of Mid-America Apartments, L.P. As a result, an aggregate market value of the partnership units of Mid-AmericaApartments, L.P. cannot be determined. Documents Incorporated by Reference Portions of the proxy statement for the annual shareholders meeting of Mid-America Apartment Communities, Inc. to be held on May 19, 2026 are incorporated by r