MAAMid-America Apartment Communities

2 paragraphs in Risk Factors of the 10-K filed Feb 6, 2026 with nothing like them in the 10-K filed Feb 7, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

A failure to keep pace with developments in technology could impair our operations or competitive position.

Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence. These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements. If we are unable to do so on a timely basis or at a reasonable cost, or fail to do so, our business could suffer. Also, we may not achieve the benefits that we anticipate from any new system, software or technology, and a failure to do so could result in higher than anticipated costs or could adversely affect our results of operations.

Similar paragraph at 1 of 29 other Real estate companies: UDR

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New in the latest 10-Q

18 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

outstanding as of September 30, 2026 and December 31, 2025, respectively General partner, 115,993,211 and 116,878,077 OP Units outstanding as of September 30, 2026 5,288,497 5,601,367

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As of September 30, 2026, MAALP’s debt obligations over the next 12 months consist of approximately $1.5 billion of principal obligations, including $750.0 million of commercial paper borrowings and $110.0 million of revolving credit facility borrowings due October 2026, and $600.0 million of unsecured senior notes due June 2027.

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Prior to the issuance of the redemption notice, the derivative asset was valued using widely accepted valuation techniques, including a discounted cash flow analysis in which the perpetual value of the preferred shares was compared to the value of the preferred shares assuming exercise of the call option, with the value of the bifurcated call option being the difference between the two values. The analysis reflected the contractual terms of the redeemable preferred shares. The Company used 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 available trading prices of the preferred shares, to determine the fair value of the bifurcated call option.

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

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The Company has determined the majority of the inputs used to value its outstanding debt fall within Level 2 of the fair value hierarchy, and as a result, the fair value valuations of its debt as of September 30, 2026 and December 31, 2025 were classified as Level 2 in the fair value hierarchy. The fair value measurement of the embedded derivative as of December 31, 2025 was also classified as Level 2. The embedded derivative was no longer separately recognized as of September 30, 2026 and, therefore, was not subject to classification within the fair value hierarchy as of that date.

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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.

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As of September 30, 2026, the Company had $4.2 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.”

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During the three and nine months ended September 30, 2026, MAALP issued 0.3 million units of its Class B OP Units, the proceeds from which were used to redeem the MAA Series I preferred units.

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In August 2025, the Company closed on the acquisition of a 318-unit multifamily apartment community located in Kansas City, Kansas for approximately $96 million. The acquisition was determined to be an asset acquisition for accounting purposes and the purchase price was therefore allocated to the assets acquired based on their relative fair values. See Note 1 for additional disclosures regarding fair value measurements.

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On October 1, 2026, we completed the redemption of all outstanding shares of our MAA Series I preferred stock. The redemption removes a higher-cost component of our capital structure, eliminates approximately $3.7 million of annual preferred dividend obligations, and is expected to be modestly accretive to future Funds from Operations, or FFO, per share and cash flow available to common shareholders. We believe this transaction further strengthens our balance sheet and enhances our capacity to pursue future investment and capital allocation opportunities.

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For the three and nine months ended September 30, 2026, legal (recoveries), costs and settlements, net includes $2.4 million of income recorded in “Other non-operating (income) expense, net” and $1.5 million of expense recorded in “(Expense) income from real estate joint venture.” The income reflects reimbursements from an unconsolidated real estate joint venture for legal defense costs incurred by MAA in connection with the DC Litigation involving MAA and RealPage. The expense reflects MAA’s share of the corresponding reimbursement costs recognized by the unconsolidated real estate joint venture. For the three and nine months ended September 30, 2025, we recognized $8.9 million of accrued legal defense costs that are expected to be incurred through July 2027.

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Other information

In accordance with the disclosure requirement set forth in Item 408(a) of Regulation S-K, the following table discloses any director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company who adopted any contract, instruction or written plan for the purchase or sale of the Company’s securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”) during the quarter ended September 30, 2026. Each of these Rule 10b5-1 trading arrangements was adopted during an open trading window.

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NAME TITLE ADOPTION DATE START DATE END DATE NATURE OF TRADING ARRANGEMENT AGGREGATE NUMBER OF SECURITIES

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A. Clay Holder EVP, Chief Financial Officer 9/3/2026 1/6/2027 4/30/2027 Sale of shares of common stock 20% of net shares from vesting of restricted stock awards (gross vesting quantity: 4,249 shares) (1)

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Robert J. DelPriore EVP, Chief Administrative Officer and General Counsel 8/14/2026 1/4/2027 6/4/2027 Sale of shares of common stock Lesser of 100% of net shares from vesting of restricted stock awards (gross vesting quantity: 6,669 shares) (1) or $500,000

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Timothy Argo EVP, Chief Strategy and Analysis Officer 9/14/2026 1/6/2027 4/30/2027 Sale of shares of common stock 10% of net shares from vesting of restricted stock awards (gross vesting quantity: 3,042 shares) (1)

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Melanie Carpenter EVP, Chief Human Resources Officer 9/8/2026 1/6/2027 4/30/2027 Sale of shares of common stock 100% of net shares from vesting of restricted stock awards (gross vesting quantity: 1,974 shares) (1)

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Amber Fairbanks EVP, Property Management 9/8/2026 1/6/2027 4/15/2027 Sale of shares of common stock 50% of net shares from vesting of restricted stock awards (gross vesting quantity: 2,455 shares) (1)

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 6, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its 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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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.