MID AMERICA APARTMENT COMMUNITIES INC. MAA
MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, we maintained full or partial ownership of apartment communities, including communities currently in development, across 16 states and the District of Columbia, summarized as follows:
(1)As of December 31, 2025, 35 of the Company's apartment communities included retail components.
(2)Number of communities includes eight communities under development as of December 31, 2025. One of these developments is a phase II expansion of an existing apartment community.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.21B | $2.19B | $2.15B | $2.02B | $1.78B | $1.68B | $1.64B | $1.57B | $1.53B | — |
| SG&A | $54.8M | $56.5M | $58.6M | $58.8M | $52.9M | $46.9M | $43.8M | $38.9M | $40.2M | — |
| Total operating expenses | $837.8M | $820.1M | $768.1M | $723.7M | — | — | — | — | — | — |
| Interest expense | $185.3M | $168.5M | $149.2M | $154.7M | $156.9M | $167.6M | $179.8M | $173.6M | $154.8M | — |
| Pre-tax income | $459.1M | $544.9M | $570.8M | $647.0M | $563.1M | $265.8M | $368.7M | $231.8M | $341.8M | — |
| Income tax | $4.6M | $5.2M | $4.7M | $6.2M | $13.6M | $3.3M | $3.7M | $2.6M | $2.6M | — |
| Net income | $456.6M | $541.6M | $567.8M | $654.8M | $550.7M | $255.0M | $353.8M | $222.9M | $328.4M | — |
| EPS, basic | 3.79 | 4.49 | 4.71 | 5.49 | 4.62 | 2.20 | 3.07 | 1.93 | 2.86 | — |
| EPS, diluted | 3.78 | 4.49 | 4.71 | 5.48 | 4.61 | 2.19 | 3.07 | 1.93 | 2.86 | — |
| Shares, diluted (wtd. avg.) | $117.1M | $116.8M | $116.6M | $115.6M | $115.0M | $114.5M | $114.1M | $113.8M | $113.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $60.3M | $43.0M | $41.3M | $61.1M | $130.6M | $35.6M | $70.5M | $51.7M | $88.9M | $121.8M |
| Total assets | $11.98B | $11.81B | $11.48B | $11.24B | $11.29B | $11.19B | $11.23B | $11.32B | — | — |
| Total liabilities | $6.14B | $5.66B | $5.19B | $5.03B | $5.10B | $5.09B | $4.93B | $4.94B | — | — |
| Total equity | $5.66B | $5.94B | $6.28B | $6.19B | $6.15B | $6.09B | $6.29B | $6.37B | $6.57B | $6.64B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.08B | $1.10B | $1.14B | $1.06B | $895.0M | $823.9M | $781.4M | $734.3M | $660.8M | — |
| Depreciation and amortisation | $623.0M | $586.4M | $565.9M | $544.0M | $534.4M | $511.7M | $497.8M | $491.0M | $494.5M | — |
| Stock-based compensation | $16.8M | $15.8M | $15.7M | $18.8M | $16.7M | $14.3M | $13.7M | $12.4M | $10.6M | — |
| Capital expenditure | $360.2M | $322.4M | $341.2M | $296.2M | $279.6M | $225.5M | $190.2M | $254.7M | $343.9M | — |
| Investing cash flow | -$690.2M | -$825.5M | -$775.3M | -$405.2M | -$253.6M | -$484.7M | -$238.3M | -$366.4M | -$294.2M | — |
| Financing cash flow | -$370.7M | -$271.1M | -$367.9M | -$722.8M | -$546.4M | -$374.1M | -$524.3M | -$405.1M | -$399.5M | — |
| Dividends paid | $709.0M | $686.9M | $651.7M | $539.6M | $470.4M | $457.4M | $437.7M | $419.8M | $395.3M | — |
| Buybacks | $27.2M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013212.
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