---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-051311"
form_type: "8-K"
ticker: null
cik: "0001581776"
company_name: "Mid-America Apartments, L.P."
filed_at: "2024-05-01T23:59:59+00:00"
generated_at: "2026-06-03T02:50:50.256563+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "medium"
source: SEC EDGAR
---

# MAA Q1 same-store NOI falls 0.7% YoY as expenses rise 5.4%

## Summary
- Same-store NOI $334.6M, down 0.7% YoY; total portfolio NOI $345.8M, down 0.1%.
- Same-store revenue up 1.4% to $519.6M, but operating expenses increased 5.4% led by insurance (+15.8%) and office operations (+20.7%).
- Average effective rent per unit up 1.5% to $1,690; physical occupancy slipped to 95.3% from 95.5%.
- Total debt $4.62B at 3.6% effective rate, 94.9% fixed rate; unencumbered assets cover unsecured debt at 358%.
- Active development pipeline of 1,970 units with $201.7M remaining spend; 1,015 units in lease-up.

## SEC filing metadata
- accession: 0000950170-24-051311
- form_type: 8-K
- cik: 0001581776
- company_name: Mid-America Apartments, L.P.
- filed_at: 2024-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: medium
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581776/000095017024051311/0000950170-24-051311-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/912595/000095017024051311/maa-20240501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-051311
- JSON: https://secwatch.observer/filing/0000950170-24-051311.json
- Plain text: https://secwatch.observer/filing/0000950170-24-051311.txt

## Key facts
- Earnings Releases
  Mid-America Apartments, L.P. reported financial results for as of March 31, 2024 and for the three months then ended.
  - Period: as of March 31, 2024 and for the three months then ended
  - Result: reported results
  source text: On May 1, 2024, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of March 31, 2024 and for the three months then ended
  evidence_url: https://www.sec.gov/Archives/edgar/data/1581776/000095017024051311/0000950170-24-051311-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.