MID AMERICA APARTMENT COMMUNITIES INC.

Listed Company

MAA-PICIK 0000912595NYSELarge AcceleratedReal Estate Investment TrustsTennesseeFY ends Dec 31

Period

FY 2025

Revenue

$2.21B

Net Income

$446.91M

Total Assets

$11.98B

Equity

$5.66B

Shares Out

116.38M

Op. Cash Flow

$1.08B

Business

MID AMERICA APARTMENT COMMUNITIES INC. is a multifamily-focused, self-administered and self-managed real estate investment trust that owns, operates, acquires and selectively develops apartment communities. It offers apartment residences, property management services, redevelopment and renovation programs, development and pre-purchase investments, and resident-facing technology such as online leasing, virtual tours and smart-home installations. Its key business functions operate through its Operating Partnership and include integrated property management, asset management, acquisitions, development, dispositions and capital/repositioning initiatives, often using joint ventures. The company distributes and manages properties primarily across the Southeast, Southwest and Mid‑Atlantic regions of the U.S., operating in multiple markets and using direct leasing, online portals and third‑party partnerships.

Summary from filing dated 2025-02-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and other property revenues	2,209	2,191	2,148	2,020	1,778
Operating expenses, excluding real estate taxes and insurance	519	503	462	435	404
Real estate taxes and insurance	319	317	307	289	267
Depreciation and amortization	622	586	565	543	533
Total property operating expenses	1,460	1,406	1,333	1,267	1,205
Property management expenses	75	72	68	65	56
General and administrative expenses	55	57	59	59	53
Interest expense	185	169	149	155	157
(Gain) loss on sale of depreciable real estate assets	−72	−55	62,000	−215	−220
Gain on sale of non-depreciable real estate assets	0	0	−54,000	−809,000	−811,000
Other non-operating expense (income)	47	−2	−31	43	−34
Income before income tax expense	459	545	571	647	563
Income tax expense	−5	−5	−5	6	−14
Income from continuing operations before real estate joint venture activity	454	540	566	653	549
Income from real estate joint venture	2	2	2	2	1
Net income	457	542	568	655	551
Net (loss) income attributable to noncontrolling interests	10	14	15	17	17
Net income	447	528	553	637	534
Dividends to MAA Series I preferred shareholders	4	4	4	4	4
Net income available for MAA common shareholders	443	524	549	634	530
Net income available for MAA common shareholders (per share)	3.79	4.49	4.71	5.49	4.62
Net income available for MAA common shareholders (per share)	3.78	4.49	4.71	5.48	4.61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	2,129	2,097	2,031	2,008	1,978
Buildings and improvements and other	14,853	14,161	13,516	12,842	12,454
Development and capital improvements in progress	427	470	385	332	248
Real Estate Investment Property, at Cost	17,409	16,728	15,933	15,182	14,680
Less: Accumulated depreciation	−5,914	−5,328	−4,865	−4,303	−3,848
Real Estate Investment Property, Net	11,495	11,400	11,068	10,880	10,832
Undeveloped land	73	73	74	64	—
Investment in real estate joint venture	41	42	42	42	43
Real estate assets, net	11,609	11,515	11,184	10,986	10,899
Cash and cash equivalents	60	43	41	39	54
Restricted cash	14	14	14	22	76
Other assets	246	232	246	194	256
Assets held for sale	46	8	0	—	—
Total assets	11,975	11,812	11,485	11,241	11,285
Unsecured notes payable, net	5,045	4,621	4,180	4,051	4,151
Secured notes payable, net	360	360	360	364	365
Accrued expenses and other liabilities	730	684	645	616	584
Total liabilities	6,136	5,665	5,185	5,031	5,101
Redeemable common stock	20	22	19	21	30
Preferred stock, value, outstanding	9,000	9,000	9,000	9,000	9,000
Common stock, value, outstanding	1	1	1	1	1
Additional paid-in capital	7,402	7,417	7,400	7,203	7,231
Accumulated distributions in excess of net income	−1,735	−1,470	−1,298	−1,189	−1,256
Accumulated other comprehensive loss	−5	−7	−9	−10	−11
Total MAA shareholders equity	5,663	5,942	6,094	6,005	5,965
Noncontrolling interests - Operating Partnership units	142	155	163	164	165
Total Companys shareholders equity	5,804	6,098	6,257	6,169	6,130
Noncontrolling interests - consolidated real estate entities	15	28	23	21	24
Limited Partners' Capital Account	409	475	—	—	—
Total equity	5,819	6,125	6,280	6,190	6,154
Total liabilities and equity	11,975	11,812	11,485	11,241	11,285

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	623	586	566	544	534
(Gain) loss on sale of depreciable real estate assets	−72	−55	62,000	−215	−220
Gain on sale of non-depreciable real estate assets	0	0	−54,000	−809,000	−811,000
Gain on consolidation of third-party development	0	−11	0	0	—
(Gain) loss on embedded derivative in preferred shares	−1	19	−19	21	5
Stock compensation expense	17	16	16	19	17
Amortization of debt issuance costs, discounts and premiums	7	6	6	6	6
Gain on investments	−7	−8	−4	45	−52
Change in accrued expenses and other liabilities	47	39	29	—	—
Net change in other operating accounts and operating activities	9	−35	−24	−16	56
Net cash provided by operating activities	1,078	1,098	1,137	1,058	895
Purchases of real estate and other assets	−133	−301	−223	−271	−46
Capital improvements and other	−360	−322	−341	−296	−280
Development costs	−272	−314	−198	−172	−232
Distributions from real estate joint venture	337,000	327,000	312,000	538,000	497,000
Contributions to affiliates	−10	−3	−17	−14	−5
Proceeds from real estate asset dispositions	81	84	3	320	293
Proceeds from sale of markable equity securities	0	10	0	0	—
Net proceeds from insurance recoveries	4	20	945,000	27	15
Net cash used in investing activities	−690	−825	−775	−405	−254
Net proceeds from (payments of) commercial paper	426	−245	475	20	−172
Proceeds from notes payable	397	1,092	0	0	594
Principal payments on notes payable	−400	−400	−354	−126	−467
Payment of deferred financing costs	−11	−10	−2,000	−6	−6
Repurchase of common shares	−27	0	0	—	—
Distributions to noncontrolling interests	−18	−18	−18	−15	−15
Dividends paid on common shares	−709	−687	−652	−540	−470
Dividends paid on preferred shares	−4	−4	−4	−4	−4
Proceeds from issuances of common shares	1	1	205	1	645,000
Acquisition of noncontrolling interests	−27	0	−16	−43	0
Net change in other financing activities	255,000	166,000	−5	−11	−7
Net cash used in financing activities	−371	−271	−368	−723	−546
Net increase (decrease) in cash, cash equivalents and restricted cash	17	2	−6	−70	95
Interest paid	190	165	158	157	159
Income taxes paid	300,000	3	4	3	3
Distributions on common shares/units declared and accrued	183	182	176	166	129
Accrued construction in progress	26	33	23	16	15
Interest capitalized	19	17	12	9	10
Conversion of OP Units to shares of common stock	7	4	1	2	43

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