Filed Pursuant to Rule 433

Registration Statement No. 333-279076-01

Relating to Preliminary Prospectus Supplement dated November 2, 2026

to Prospectus dated May 2, 2024

November 2, 2026

Mid-America Apartments, L.P.

$350,000,000 5.350% Senior Notes due 2031

Pricing Term Sheet

This pricing term sheet relates only to the securities described below and should be read together with Mid-America Apartments, L.P.’s preliminary prospectus supplement dated November 2, 2026 (the “preliminary prospectus supplement”) and the accompanying prospectus dated May 2, 2024 and the documents incorporated and deemed to be incorporated by reference therein.

 

Issuer:    Mid-America Apartments, L.P.
Security Title:    5.350% Senior Notes due 2031
Principal Amount:    $350,000,000
Trade Date:    November 2, 2026
Settlement Date:    November 12, 2026 (T+7)
Maturity Date:    December 15, 2031
Interest Payment Dates:    Payable semi-annually on June 15 and December 15, commencing June 15, 2027
Coupon Rate:    5.350% per year, accruing from November 12, 2026
Price to Public:    99.584% of the principal amount, plus accrued interest, if any, from November 12, 2026
Benchmark Treasury:    4.750% due October 31, 2031
Benchmark Treasury Price / Yield:    100-08 / 4.693%
Spread to Benchmark Treasury:    +75 basis points
Yield to Maturity:    5.443%
Optional Redemption:    Prior to November 15, 2031, make-whole redemption at the Treasury Rate (as defined) plus 15 basis points (except as otherwise provided in the preliminary prospectus supplement) plus accrued and unpaid interest. On and after November 15, 2031, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. See the preliminary prospectus supplement for the definition of “Treasury Rate” and for further terms and provisions applicable to optional redemption.
CUSIP / ISIN:    59523U AZ0 / US59523UAZ03
Joint Book-Running Managers:   

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

Truist Securities, Inc.

U.S. Bancorp Investments, Inc.

Wells Fargo Securities, LLC

KeyBanc Capital Markets Inc.

Senior Co-Managers:   

Regions Securities LLC

Scotia Capital (USA) Inc.

SMBC Nikko Securities America, Inc.

Fifth Third Securities, Inc.

Huntington Securities, Inc.


Co-Managers:   

Citigroup Global Markets Inc.

PNC Capital Markets LLC

TD Securities (USA) LLC

 

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533, Mizuho Securities USA LLC toll-free at 1-866-271-7403, Truist Securities, Inc. toll-free at 1-800-685-4786, U.S. Bancorp Investments, Inc. toll-free at 1-877-558-2607 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.

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