Financials

Mid-America Apartment Communities Inc. financials

MAA Residential REITs

Mid-America Apartment Communities Inc. (MAA), founded in 1978 and headquartered in Memphis, Tennessee, United States, is a leading REIT specializing in multifamily apartment communities across more than 20 states. The company generates revenue from rental income and property management fees, leveraging a portfolio of over 120 communities with modern amenities. Under the leadership of CEO Darrin W. Campbell, MAA is focusing on strategic acquisitions and renovations to enhance asset value and maintain a competitive market position. Its balanced approach between income generation and growth initiatives positions the company favorably for future expansion.

Snapshot

Mid-America Apartment Communities Inc. reported $2.21B in revenue in fiscal 2025, up 0.8% year over year, with an operating margin of 28.0%.

Revenue (FY2025)
$2.21B
YoY growth
+0.8%
Operating margin
28.0%
Direction
Expanding

Financial statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Property Revenue2,209,1302,191,0202,148,4702,019,870
Total Revenues2,209,1302,191,0202,148,4702,019,870
Property Expenses518,860502,735461,540435,108
Total Property Expenses518,860502,735461,540435,108
Property Taxes318,947317,357306,601288,586
Gross Profit1,371,3201,370,9201,380,3301,296,170
Selling, General & Administrative Expenses129,586128,556126,362124,296
Depreciation & Amortization Expenses622,295585,616565,063542,998
Operating Profit619,438656,751688,902628,878
Net Gains on Disposal of Properties72,06655,003(8)215,571
Interest Expense(185,257)(168,544)(149,234)(154,747)
Non-Operating Income(47,161)1,65531,185(42,713)
Total Non-Operating Income(160,352)(111,886)(118,057)18,111
Income Before Provision for Income Taxes459,086544,865570,845646,989
Provision for Income Taxes4,5955,2404,744(6,208)
Consolidated Net Income456,566541,576567,831654,776
Net Income Attributable to Minority Interests and Other11,73215,98416,75518,919
Net Income Attributable to Common Shareholders446,909527,543552,806637,436
Basic EPS3.794.494.715.49
Diluted EPS3.784.494.715.48
Basic Weighted Average Shares Outstanding116,954116,776116,521115,344
Diluted Weighted Average Shares Outstanding117,149116,776116,645115,583
Shares Outstanding116,878116,883116,694115,480
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents60,25843,01841,31438,659
Total Cash and Cash Equivalents60,25843,01841,31438,659
Restricted Cash13,71713,74313,77722,412
Other Current Assets46,4017,764——
Total Current Assets120,37664,52555,09161,071
Net Property, Plant & Equipment11,568,00011,473,80011,141,90010,943,900
Long-Term Investments41,31341,65041,97742,290
Other Long-Term Assets245,683232,426245,507193,893
Total Assets11,975,40011,812,40011,484,50011,241,200
Accrued Expenses730,366683,748645,156615,843
Total Current Liabilities730,366683,748645,156615,843
Long-Term Debt5,405,3704,980,9604,540,2304,414,900
Total Long-Term Liabilities5,405,3704,980,9604,540,2304,414,900
Total Liabilities6,135,7405,664,7105,185,3805,030,750
Preferred Stock9999
Common Stock1,1661,1661,1681,152
Additional Paid-in Capital7,401,9607,417,4507,399,9207,202,830
Accumulated Other Comprehensive Income(5,300)(6,940)(8,764)(10,052)
Retained Earnings(1,734,990)(1,469,560)(1,298,260)(1,188,850)
Total Common Shareholders' Equity5,662,8505,942,1306,094,0706,005,090
Minority Interests and Other176,794205,533205,051205,330
Total Shareholders' Equity5,839,6506,147,6606,299,1206,210,420
Total Liabilities and Shareholders' Equity11,975,40011,812,40011,484,50011,241,200
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Income456,566541,576567,831654,776
Depreciation & Amortization622,969586,402565,857544,004
Share-Based Compensation Expense18,75116,83915,7896,004
Other Adjustments(64,935)(86,015)1,595(140,365)
Changes in Accrued Expenses46,61838,59229,313—
Changes in Other Operating Activities9,253(34,803)(24,453)(10,056)
Cash from Operating Activities1,078,1801,098,2901,137,1901,058,480
Capital Expenditure(765,715)(937,331)(762,829)(739,728)
Proceeds from Sale of Property, Plant & Equipment81,35384,2092,946320,491
Purchases of Investments(9,850)(2,874)(16,636)(13,849)
Proceeds from Sale of Investments—9,975——
Other Investing Activities3,99420,5221,25727,850
Cash from Investing Activities(690,218)(825,499)(775,262)(405,236)
Issuance of Short-Term Debt426,000(245,000)475,00020,000
Net Issuance / (Repayments) of Short-Term Debt426,000(245,000)475,00020,000
Issuance of Long-Term Debt397,4161,091,650——
Repayments of Long-Term Debt(400,000)(400,000)(353,861)(126,401)
Net Issuance / (Repayments) of Long-Term Debt(2,584)691,646(353,861)(126,401)
Issuance of Common Shares1,4521,230205,0701,083
Repurchases of Common Shares(27,235)———
Net Issuance / (Repurchases) of Common Shares(25,783)1,230205,0701,083
Common Share Dividends Paid(709,024)(686,900)(651,717)(539,605)
Preferred Share Dividends Paid(3,688)(3,688)(3,688)(3,688)
Other Financing Activities(55,664)(28,411)(38,709)(74,159)
Cash from Financing Activities(370,743)(271,123)(367,905)(722,770)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash17,2141,670(5,980)(69,527)

Key metrics

$16.24B
Market Cap
36.75x
P/E
7.35x
P/S
17.51x
EV/EBITDA
7.6%
Return on Equity
5.2%
Return on Invested Capital
0.16x
Current Ratio
4.4%
Dividend Yield
14.1%
Free Cash Flow Margin

Quarterly trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026$554M+0.8%26.6%$147M
Q4 2025$556M+1.0%28.4%$158M
Q3 2025$554M+0.6%27.2%$151M
Q2 2025$550M+0.6%27.5%$151M
Q1 2025$549M—29.0%$159M
Q4 2024$550M—29.5%$162M
Q3 2024$551M—29.5%$163M
Q2 2024$546M—30.3%$166M

Margins

62.1%
Gross margin
28.0%
Operating margin
20.7%
Net margin

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