Mid-America Apartment Communities, Inc. (MAA) will redeem all outstanding shares of its 8.50% Series I Cumulative Redeemable Preferred Stock for $50.00 per share plus unpaid accrued dividends on October 1, 2026. Before the redemption, holders of record on September 15 will receive the full quarterly dividend of $1.0625 per share on September 30. MAA plans to fund the redemption with proceeds from a forward sale agreement under its at-the-market equity offering program, initially priced at $130.00 per share and subject to customary adjustments. The company expects the transaction to be accretive to Core FFO per share because savings from eliminating the preferred dividend should exceed dilution from the common shares issued. MAA said the move will retire legacy preferred equity, simplify its capital structure and remove the embedded derivative and related accounting complexity associated with the Series I Shares.