NYSE : MAA
Mid-America Apartment Communities, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 117.21 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 13.93B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 2.22B | 2.21B | 2.19B | 2.15B | 2.02B | 1.78B |
| Total Revenue | 2.22B | 2.21B | 2.19B | 2.15B | 2.02B | 1.78B |
| Property Expenses | 929.41M | 912.59M | 892.13M | 835.92M | 789.16M | 726.90M |
| Selling, General & Administrative | 59.10M | 54.81M | 56.52M | 58.58M | 58.83M | 52.88M |
| Depreciation & Amortization | 650.94M | 622.29M | 585.62M | 565.06M | 543.00M | 533.43M |
| Total Operating Expenses | 1.64B | 1.59B | 1.53B | 1.46B | 1.39B | 1.31B |
| Operating Income | 585.09M | 619.44M | 656.75M | 688.90M | 628.88M | 464.87M |
| Interest Expense | -207.87M | -185.26M | -168.54M | -149.23M | -154.75M | -156.88M |
| Income (Loss) on Equity Investments | 22.55M | 8.57M | 15.05M | 3.03M | -33.82M | 1.21M |
| Other Non-Operating Income | 1.05M | 2.69M | -9.04M | 24.14M | 2.69M | -17.81M |
| EBT Excluding Unusual Items | 400.81M | 445.45M | 494.21M | 566.83M | 443.00M | 291.39M |
| Gain (Loss) on Sale of Investments | -143.00K | 957.00K | -2.29M | 5.75M | -10.00M | 51.71M |
| Gain (Loss) on Sale of Assets | 55.64M | 72.07M | 55.00M | -8.00K | 215.57M | 221.24M |
| Total Insurance Settlements | 903.00K | 4.60M | 9.33M | |||
| Total Legal Settlements | -52.04M | -61.91M | -9.44M | |||
| Pretax Income | 402.47M | 461.16M | 546.82M | 572.58M | 648.57M | 564.34M |
| Income Tax Expense | 7.99M | 4.59M | 5.24M | 4.74M | -6.21M | 13.64M |
| Earnings From Continuing Operations | 394.48M | 456.57M | 541.58M | 567.83M | 654.78M | 550.70M |
| Minority Interest in Earnings | -6.80M | -9.66M | -14.03M | -15.03M | -17.34M | -16.91M |
| Net Income | 387.68M | 446.91M | 527.54M | 552.81M | 637.44M | 533.79M |
| Preferred Dividends & Other Adjustments | 3.94M | 3.92M | 3.76M | 3.91M | 4.13M | 4.23M |
| Net Income to Common | 383.74M | 442.98M | 523.78M | 548.89M | 633.31M | 529.56M |
| Basic Shares Outstanding | 116.39M | 116.95M | 116.78M | 116.52M | 115.34M | 114.72M |
| Diluted Shares Outstanding | 116.49M | 117.15M | 116.78M | 116.64M | 115.58M | 115.04M |
| EPS (Basic) | 3.30 | 3.79 | 4.49 | 4.71 | 5.49 | 4.62 |
| EPS (Diluted) | 3.30 | 3.78 | 4.49 | 4.71 | 5.48 | 4.61 |
| Dividend Per Share | 6.11 | 6.06 | 5.88 | 5.60 | 4.68 | 4.10 |
| Operating Margin | 26.30% | 28.04% | 29.98% | 32.06% | 31.14% | 26.14% |
| Profit Margin | 17.25% | 20.05% | 23.91% | 25.55% | 31.35% | 29.78% |
| EBITDA | 1.24B | 1.24B | 1.24B | 1.25B | 1.17B | 999.28M |
| EBITDA Margin | 55.59% | 56.24% | 56.74% | 58.40% | 58.07% | 56.20% |
| D&A For Ebitda | 651.58M | 622.97M | 586.40M | 565.86M | 544.00M | 534.41M |
| EBIT | 585.09M | 619.44M | 656.75M | 688.90M | 628.88M | 464.87M |
| EBIT Margin | 26.30% | 28.04% | 29.98% | 32.06% | 31.14% | 26.14% |
| Funds From Operations (FFO) | 981.04M | 998.25M | 1.05B | 1.12B | 972.78M | 853.42M |
| FFO Per Share | 8.22 | 8.32 | 8.77 | 9.39 | 8.20 | |
| Adjusted Funds From Operations (AFFO) | 888.15M | 913.01M | 952.76M | 986.43M | 910.04M | 853.42M |
| AFFO Per Share | 7.48 | 7.61 | 7.94 | 8.24 | 7.67 | |
| FFO Payout Ratio | 72.56% | 71.03% | 65.28% | 57.99% | 55.47% | 55.12% |
| Effective Tax Rate | 1.99% | 1.00% | 0.96% | 0.83% | 2.42% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 11.62B | 11.53B | 11.44B | 11.11B | 10.92B | 10.88B |
| Total Real Estate Assets | 11.69B | 11.61B | 11.51B | 11.18B | 10.99B | 10.90B |
| Cash & Equivalents | 25.69M | 60.26M | 43.02M | 41.31M | 38.66M | 54.30M |
| Investment In Debt and Equity Securities | 2.20M | 3.90M | 3.30M | 18.60M | 8.00M | |
| Other Intangible Assets | 300.00K | 1.00M | 1.60M | |||
| Restricted Cash | 59.73M | 13.72M | 13.74M | 13.78M | 22.41M | 76.30M |
| Other Current Assets | 60.70M | 20.96M | 31.90M | 13.40M | 34.50M | |
| Other Long-Term Assets | 261.78M | 230.50M | 216.08M | 192.88M | 170.18M | 217.01M |
| Total Assets | 12.04B | 11.98B | 11.81B | 11.48B | 11.24B | 11.29B |
| Current Portion of Long-Term Debt | 299.52M | |||||
| Current Portion of Leases | 780.00K | 3.10M | ||||
| Long-Term Debt | 5.09B | 4.43B | 4.73B | 4.05B | 4.41B | 4.52B |
| Long-Term Leases | 22.11M | 21.18M | 26.09M | 27.34M | 28.67M | 30.25M |
| Accrued Expenses | 731.65M | 274.97M | 213.73M | 207.13M | 188.31M | 197.75M |
| Current Unearned Revenue | 66.14M | 64.63M | 65.18M | 65.13M | 59.94M | |
| Other Current Liabilities | 4.40M | 364.98M | 379.30M | 345.50M | 333.73M | 296.46M |
| Other Long-Term Liabilities | 16.25M | 20.40M | 22.23M | 19.17M | 20.67M | 30.18M |
| Total Liabilities | 6.61B | 6.16B | 5.69B | 5.20B | 5.05B | 5.13B |
| Preferred Stock, Redeemable | 9.00K | 9.00K | 9.00K | 9.00K | 9.00K | |
| Common Stock | 1.16M | 1.17M | 1.17M | 1.17M | 1.15M | 1.15M |
| Additional Paid-In Capital | 7.23B | 7.40B | 7.42B | 7.40B | 7.20B | 7.23B |
| Distributions in Excess of Earnings | -1.94B | -1.73B | -1.47B | -1.30B | -1.19B | -1.26B |
| Comprehensive Income & Other | -4.18M | -5.30M | -6.94M | -8.76M | -10.05M | -11.13M |
| Total Common Equity | 5.28B | 5.66B | 5.94B | 6.09B | 6.01B | 5.97B |
| Minority Interest | 143.88M | 156.39M | 183.30M | 185.88M | 184.66M | 188.73M |
| Shareholders' Equity | 5.43B | 5.82B | 6.13B | 6.28B | 6.19B | 6.15B |
| Total Liabilities & Equity | 12.04B | 11.98B | 11.81B | 11.48B | 11.24B | 11.29B |
| Total Debt | 5.86B | 5.43B | 5.01B | 4.57B | 4.44B | 4.55B |
| Net Cash (Debt) | -5.84B | -5.37B | -4.96B | -4.53B | -4.40B | -4.49B |
| Net Cash Per Share | -50.10 | -45.83 | -42.51 | -38.80 | -38.11 | -39.05 |
| Filing Date Shares Outstanding | 115.99M | 116.90M | 116.90M | 116.72M | 116.60M | 115.34M |
| Total Common Shares Outstanding | 115.99M | 116.88M | 116.88M | 116.69M | 115.48M | 115.34M |
| Book Value Per Share | 45.56 | 48.45 | 50.84 | 52.22 | 52.00 | 51.72 |
| Tangible Book Value | 5.28B | 5.66B | 5.94B | 6.09B | 6.01B | 5.97B |
| Tangible Book Value Per Share | 45.56 | 48.45 | 50.83 | 52.21 | 52.00 | 51.72 |
| Land | 2.19B | 2.13B | 2.10B | 2.03B | 2.01B | 1.98B |
| Buildings | 15.39B | 14.85B | 14.16B | 13.52B | 12.84B | 12.45B |
| Construction In Progress | 418.23M | 426.76M | 470.28M | 385.40M | 332.04M | 247.97M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 387.68M | 446.91M | 527.54M | 552.81M | 637.44M | 533.79M |
| Depreciation & Amortization | 651.58M | 622.97M | 586.40M | 565.86M | 544.00M | 534.41M |
| Other Amortization | 7.09M | 6.56M | 6.04M | 5.91M | 6.06M | 5.65M |
| Gain (Loss) on Sale of Assets | -55.64M | -72.07M | -55.00M | 8.00K | -215.57M | -221.24M |
| Gain (Loss) on Sale of Investments | -22.14M | -7.46M | -7.81M | -4.45M | 45.36M | -51.71M |
| Stock-Based Compensation | 17.85M | 16.84M | 15.79M | 15.70M | 18.80M | 16.66M |
| Change in Other Net Operating Assets | 5.42M | 55.87M | 3.79M | 4.86M | -16.06M | 55.92M |
| Other Operating Activities | 9.47M | 8.55M | 21.55M | -3.50M | 38.45M | 21.47M |
| Operating Cash Flow | 1.00B | 1.08B | 1.10B | 1.14B | 1.06B | 894.97M |
| Acquisition of Real Estate Assets | -745.02M | -765.72M | -937.33M | -762.83M | -739.73M | -557.30M |
| Sale of Real Estate Assets | 80.11M | 81.35M | 84.21M | 2.95M | 320.49M | 293.07M |
| Net Sale / Acq. of Real Estate Assets | -664.91M | -684.36M | -853.12M | -759.88M | -419.24M | -264.23M |
| Investment in Marketable & Equity Securities | -3.39M | -9.51M | 7.43M | -16.32M | -13.31M | -4.17M |
| Other Investing Activities | 2.42M | 3.66M | 20.20M | 945.00K | 27.31M | 14.82M |
| Investing Cash Flow | -665.88M | -690.22M | -825.50M | -775.26M | -405.24M | -253.59M |
| Short-Term Debt Issued | 426.00M | 475.00M | 20.00M | |||
| Long-Term Debt Issued | 397.42M | 1.09B | 594.42M | |||
| Total Debt Issued | 1.34B | 823.42M | 1.09B | 475.00M | 20.00M | 594.42M |
| Short-Term Debt Repaid | -245.00M | -172.00M | ||||
| Long-Term Debt Repaid | -400.00M | -400.00M | -353.86M | -126.40M | -467.15M | |
| Total Debt Repaid | -700.00M | -400.00M | -645.00M | -353.86M | -126.40M | -639.15M |
| Net Debt Issued (Repaid) | 644.89M | 423.42M | 446.65M | 121.14M | -106.40M | -44.73M |
| Issuance of Common Stock | 45.00M | 1.45M | 1.23M | 205.07M | 1.08M | 645.00K |
| Repurchase of Common Stock | -200.03M | -27.23M | ||||
| Common Dividends Paid | -711.82M | -709.02M | -686.90M | -651.72M | -539.61M | -470.40M |
| Preferred Dividends Paid | -3.69M | -3.69M | -3.69M | -3.69M | -3.69M | -3.69M |
| Total Dividends Paid | -715.50M | -712.71M | -690.59M | -655.40M | -543.29M | -474.09M |
| Other Financing Activities | -70.29M | -55.66M | -28.41M | -38.71M | -74.16M | -28.22M |
| Net Cash Flow | 39.49M | 17.21M | 1.67M | -5.98M | -69.53M | 94.98M |
| Levered Free Cash Flow | 928.55M | 926.45M | 964.17M | 945.53M | 973.20M | 745.46M |
| Unlevered Free Cash Flow | 1.05B | 1.04B | 1.06B | 1.03B | 1.06B | 837.86M |
| Cash Interest Paid | 215.60M | 190.26M | 164.88M | 157.57M | 157.50M | 158.63M |
| Cash Income Tax Paid | 3.39M | 300.00K | 3.34M | 4.00M | 3.49M | 2.54M |
| Change in Working Capital | 5.42M | 55.87M | 3.79M | 4.86M | -16.06M | 55.92M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.93B | 16.26B | 18.07B | 15.69B | 18.13B | 26.42B |
| Enterprise Value | 19.77B | 21.63B | 23.10B | 20.14B | 22.82B | 31.15B |
| Last Close Price | 117.21 | 132.36 | 141.35 | 117.84 | 132.51 | 188.62 |
| Price/FFO Ratio | 14.14 | 15.91 | 16.12 | 12.55 | 16.16 | |
| Price/AFFO Ratio | 15.52 | 17.40 | 17.79 | 14.30 | 17.27 | |
| PE Ratio | 35.56 | 36.71 | 34.49 | 28.58 | 28.62 | 49.88 |
| PS Ratio | 6.26 | 7.36 | 8.25 | 7.30 | 8.97 | 14.86 |
| PB Ratio | 2.57 | 2.79 | 2.95 | 2.50 | 2.93 | 4.29 |
| P/OCF Ratio | 13.92 | 15.09 | 16.45 | 13.80 | 17.13 | 29.52 |
| EV/Sales Ratio | 8.89 | 9.79 | 10.54 | 9.37 | 11.30 | 17.52 |
| EV/EBITDA Ratio | 15.99 | 17.41 | 18.58 | 16.05 | 19.46 | 31.18 |
| EV/EBIT Ratio | 33.79 | 34.92 | 35.17 | 29.23 | 36.29 | 67.01 |
| Debt / Equity Ratio | 1.08 | 0.93 | 0.82 | 0.73 | 0.72 | 0.74 |
| Debt / EBITDA Ratio | 4.74 | 4.37 | 4.03 | 3.64 | 3.79 | 4.55 |
| Net Debt / Equity Ratio | 1.07 | 0.92 | 0.81 | 0.72 | 0.71 | 0.73 |
| Net Debt / EBITDA Ratio | 4.72 | 4.32 | 3.99 | 3.61 | 3.76 | 4.50 |
| Asset Turnover | 0.19 | 0.19 | 0.19 | 0.19 | 0.18 | 0.16 |
| Quick Ratio | 0.02 | 0.04 | 0.05 | 0.04 | 0.07 | 0.10 |
| Current Ratio | 0.06 | 0.08 | 0.09 | 0.08 | 0.13 | 0.30 |
| Return on Equity (ROE) | 6.91% | 7.65% | 8.73% | 9.11% | 10.61% | 9.00% |
| Return on Assets (ROA) | 3.05% | 3.26% | 3.52% | 3.79% | 3.49% | 2.58% |
| Return on Invested Capital (ROIC) | 5.08% | 5.48% | 5.92% | 6.36% | 5.90% | 4.24% |
| Earnings Yield | 2.81% | 2.75% | 2.92% | 3.52% | 3.52% | 2.02% |
| Dividend Yield | 5.22% | 4.35% | 3.80% | 4.17% | 2.98% | 1.79% |
| Payout Ratio | 185.66% | 159.48% | 130.91% | 118.56% | 85.23% | 88.81% |
| Buyback Yield / Dilution | 0.50% | -0.32% | -0.11% | -0.92% | -0.47% | -0.47% |
| Total Shareholder Return | 5.72% | 4.04% | 3.69% | 3.25% | 2.51% | 1.32% |