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.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Property Revenue
2,209,130
2,191,020
2,148,470
2,019,870
Total Revenues
2,209,130
2,191,020
2,148,470
2,019,870
Property Expenses
518,860
502,735
461,540
435,108
Total Property Expenses
518,860
502,735
461,540
435,108
Property Taxes
318,947
317,357
306,601
288,586
Gross Profit
1,371,320
1,370,920
1,380,330
1,296,170
Selling, General & Administrative Expenses
129,586
128,556
126,362
124,296
Depreciation & Amortization Expenses
622,295
585,616
565,063
542,998
Operating Profit
619,438
656,751
688,902
628,878
Net Gains on Disposal of Properties
72,066
55,003
(8)
215,571
Interest Expense
(185,257)
(168,544)
(149,234)
(154,747)
Non-Operating Income
(47,161)
1,655
31,185
(42,713)
Total Non-Operating Income
(160,352)
(111,886)
(118,057)
18,111
Income Before Provision for Income Taxes
459,086
544,865
570,845
646,989
Provision for Income Taxes
4,595
5,240
4,744
(6,208)
Consolidated Net Income
456,566
541,576
567,831
654,776
Net Income Attributable to Minority Interests and Other
11,732
15,984
16,755
18,919
Net Income Attributable to Common Shareholders
446,909
527,543
552,806
637,436
Basic EPS
3.79
4.49
4.71
5.49
Diluted EPS
3.78
4.49
4.71
5.48
Basic Weighted Average Shares Outstanding
116,954
116,776
116,521
115,344
Diluted Weighted Average Shares Outstanding
117,149
116,776
116,645
115,583
Shares Outstanding
116,878
116,883
116,694
115,480
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
60,258
43,018
41,314
38,659
Total Cash and Cash Equivalents
60,258
43,018
41,314
38,659
Restricted Cash
13,717
13,743
13,777
22,412
Other Current Assets
46,401
7,764
—
—
Total Current Assets
120,376
64,525
55,091
61,071
Net Property, Plant & Equipment
11,568,000
11,473,800
11,141,900
10,943,900
Long-Term Investments
41,313
41,650
41,977
42,290
Other Long-Term Assets
245,683
232,426
245,507
193,893
Total Assets
11,975,400
11,812,400
11,484,500
11,241,200
Accrued Expenses
730,366
683,748
645,156
615,843
Total Current Liabilities
730,366
683,748
645,156
615,843
Long-Term Debt
5,405,370
4,980,960
4,540,230
4,414,900
Total Long-Term Liabilities
5,405,370
4,980,960
4,540,230
4,414,900
Total Liabilities
6,135,740
5,664,710
5,185,380
5,030,750
Preferred Stock
9
9
9
9
Common Stock
1,166
1,166
1,168
1,152
Additional Paid-in Capital
7,401,960
7,417,450
7,399,920
7,202,830
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' Equity
5,662,850
5,942,130
6,094,070
6,005,090
Minority Interests and Other
176,794
205,533
205,051
205,330
Total Shareholders' Equity
5,839,650
6,147,660
6,299,120
6,210,420
Total Liabilities and Shareholders' Equity
11,975,400
11,812,400
11,484,500
11,241,200
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
456,566
541,576
567,831
654,776
Depreciation & Amortization
622,969
586,402
565,857
544,004
Share-Based Compensation Expense
18,751
16,839
15,789
6,004
Other Adjustments
(64,935)
(86,015)
1,595
(140,365)
Changes in Accrued Expenses
46,618
38,592
29,313
—
Changes in Other Operating Activities
9,253
(34,803)
(24,453)
(10,056)
Cash from Operating Activities
1,078,180
1,098,290
1,137,190
1,058,480
Capital Expenditure
(765,715)
(937,331)
(762,829)
(739,728)
Proceeds from Sale of Property, Plant & Equipment
81,353
84,209
2,946
320,491
Purchases of Investments
(9,850)
(2,874)
(16,636)
(13,849)
Proceeds from Sale of Investments
—
9,975
—
—
Other Investing Activities
3,994
20,522
1,257
27,850
Cash from Investing Activities
(690,218)
(825,499)
(775,262)
(405,236)
Issuance of Short-Term Debt
426,000
(245,000)
475,000
20,000
Net Issuance / (Repayments) of Short-Term Debt
426,000
(245,000)
475,000
20,000
Issuance of Long-Term Debt
397,416
1,091,650
—
—
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 Shares
1,452
1,230
205,070
1,083
Repurchases of Common Shares
(27,235)
—
—
—
Net Issuance / (Repurchases) of Common Shares
(25,783)
1,230
205,070
1,083
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 Cash