MID AMERICA APARTMENT COMMUNITIES INC. Segments Disclosure
As of December 31, 2025, the Company owned and operated 293 multifamily apartment communities (which does not include development communities under construction) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s , evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.
The following reflects the two reportable segments for the Company:
On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.
The chief operating decision maker utilizes NOI in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.
Property revenues, property operating expenses (excluding depreciation and amortization) and NOI for each reportable segment for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
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2025 |
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2024 |
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2023 |
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Revenues: |
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Same Store |
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Rental revenues |
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$ |
2,062,887 |
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$ |
2,067,665 |
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$ |
2,063,344 |
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Other property revenues |
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14,275 |
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12,362 |
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11,752 |
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Total Same Store revenues |
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2,077,162 |
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2,080,027 |
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2,075,096 |
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Non-Same Store and Other |
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Rental revenues |
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130,464 |
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108,952 |
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72,874 |
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Other property revenues |
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1,500 |
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2,036 |
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498 |
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Total Non-Same Store and Other revenues |
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131,964 |
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110,988 |
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73,372 |
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Total rental and other property revenues |
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$ |
2,209,126 |
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$ |
2,191,015 |
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$ |
2,148,468 |
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Expenses: |
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Same Store |
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Real estate taxes |
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$ |
266,588 |
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$ |
268,746 |
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$ |
265,296 |
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Personnel |
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171,123 |
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163,923 |
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157,656 |
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Utilities |
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139,489 |
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134,181 |
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131,197 |
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Building repair and maintenance |
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99,574 |
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97,045 |
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95,955 |
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Office operations |
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35,594 |
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34,560 |
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30,366 |
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Insurance |
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32,471 |
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32,858 |
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30,713 |
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Marketing |
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28,059 |
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26,528 |
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24,103 |
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Total Same Store expenses |
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772,898 |
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757,841 |
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735,286 |
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Non-Same Store and Other |
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Total Non-Same Store and Other expenses |
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64,909 |
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62,251 |
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32,855 |
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Total property operating expenses, excluding depreciation and amortization |
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$ |
837,807 |
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$ |
820,092 |
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$ |
768,141 |
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Net Operating Income: |
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Same Store NOI |
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$ |
1,304,264 |
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$ |
1,322,186 |
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$ |
1,339,810 |
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Non-Same Store and Other NOI |
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67,055 |
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48,737 |
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40,517 |
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Total NOI |
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1,371,319 |
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1,370,923 |
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1,380,327 |
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Depreciation and amortization |
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(622,295 |
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(585,616 |
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(565,063 |
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Property management expenses |
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(74,779 |
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(72,040 |
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(67,784 |
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General and administrative expenses |
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(54,807 |
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(56,516 |
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(58,578 |
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Interest expense |
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(185,257 |
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(168,544 |
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(149,234 |
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Gain (loss) on sale of depreciable real estate assets |
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72,066 |
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55,003 |
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(62 |
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Gain on sale of non-depreciable real estate assets |
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— |
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— |
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54 |
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Other non-operating (expense) income |
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(47,161 |
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1,655 |
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31,185 |
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Income tax expense |
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(4,595 |
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(5,240 |
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(4,744 |
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Income from real estate joint venture |
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2,075 |
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1,951 |
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1,730 |
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Net income attributable to noncontrolling interests |
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(9,657 |
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(14,033 |
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(15,025 |
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Dividends to MAA Series I preferred shareholders |
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(3,688 |
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(3,688 |
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(3,688 |
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Net income available for MAA common shareholders |
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$ |
443,221 |
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$ |
523,855 |
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$ |
549,118 |
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Assets for each reportable segment as of December 31, 2025 and 2024 were as follows (in thousands):
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December 31, 2025 |
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December 31, 2024 |
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Assets: |
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Same Store |
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$ |
9,606,769 |
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$ |
9,840,140 |
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Non-Same Store and Other |
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2,180,086 |
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1,814,597 |
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Corporate |
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188,528 |
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157,632 |
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Total assets |
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$ |
11,975,383 |
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$ |
11,812,369 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.