Mid-America Apartment Communities Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Mid-America Apartment Communities Inc reported net income of $456.6M (-15.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental and other property revenues | $2.2B | $2.2B | $2.1B | $2.0B |
| Operating expenses, excluding real estate taxes and insurance | $518.9M | $502.7M | $461.5M | $435.1M |
| Real estate taxes and insurance | $318.9M | $317.4M | $306.6M | $288.6M |
| Depreciation and amortization | $622.3M | $585.6M | $565.1M | $543.0M |
| Total property operating expenses | $1.5B | $1.4B | $1.3B | $1.3B |
| Property management expenses | $74.8M | $72.0M | $67.8M | $65.5M |
| General and administrative expenses | $54.8M | $56.5M | $58.6M | $58.8M |
| Interest expense | $185.3M | $168.5M | $149.2M | $154.7M |
| (Gain) loss on sale of depreciable real estate assets | ($72.1M) | ($55.0M) | $62.0K | ($214.8M) |
| Gain on sale of non-depreciable real estate assets | $0 | $0 | ($54.0K) | ($809.0K) |
| Other non-operating expense (income) | $47.2M | ($1.7M) | ($31.2M) | $42.7M |
| Income before income tax expense | $459.1M | $544.9M | $570.8M | $647.0M |
| Income tax expense | ($4.6M) | ($5.2M) | ($4.7M) | $6.2M |
| Income from continuing operations before real estate joint venture activity | $454.5M | $539.6M | $566.1M | $653.2M |
| Income from real estate joint venture | $2.1M | $2.0M | $1.7M | $1.6M |
| Net income | $456.6M | $541.6M | $567.8M | $654.8M |
| Net (loss) income attributable to noncontrolling interests | $9.7M | $14.0M | $15.0M | $17.3M |
| Net income | $446.9M | $527.5M | $552.8M | $637.4M |
| Dividends to MAA Series I preferred shareholders | $3.7M | $3.7M | $3.7M | $3.7M |
| Net income available for MAA common shareholders | $443.2M | $523.9M | $549.1M | $633.7M |
| Net income available for MAA common shareholders | $3.79 | $4.49 | $4.71 | $5.49 |
| Net income available for MAA common shareholders | $3.78 | $4.49 | $4.71 | $5.48 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental and other property revenues | $555.1M | $553.7M | $554.4M | $549.9M |
| Operating expenses, excluding real estate taxes and insurance | $136.5M | $127.6M | $137.2M | $132.5M |
| Real estate taxes and insurance | $82.2M | $78.0M | $78.8M | $82.2M |
| Depreciation and amortization | $162.5M | $161.9M | $156.7M | $153.5M |
| Total property operating expenses | $381.3M | $367.4M | $372.7M | $368.2M |
| Property management expenses | $18.0M | $22.5M | $18.2M | $17.5M |
| General and administrative expenses | $15.1M | $16.7M | $12.5M | $12.8M |
| Interest expense | $53.1M | $51.4M | $46.3M | $45.1M |
| (Gain) loss on sale of depreciable real estate assets | ($35.3M) | ($20.2M) | $0 | $69.0K |
| Other non-operating income, net | ($2.1M) | ($16.0M) | $1.3M | ($4.7M) |
| Income before income tax expense | $125.0M | $131.9M | $103.4M | $110.9M |
| Income tax expense | ($454.0K) | ($5.5M) | ($1.8M) | ($600.0K) |
| Income from continuing operations before real estate joint venture activity | $124.5M | $126.3M | $101.7M | $110.3M |
| Income from real estate joint venture | $289.0K | $266.0K | $389.0K | $530.0K |
| Net income | $124.8M | $126.6M | $102.0M | $110.9M |
| Net income attributable to noncontrolling interests | $3.1M | $2.3M | $2.5M | $2.7M |
| Net income | $121.8M | $124.4M | $99.5M | $108.1M |
| Dividends to MAA Series I preferred shareholders | $922.0K | $922.0K | $922.0K | $922.0K |
| Net income available for MAA common shareholders | $120.8M | $123.4M | $98.6M | $107.2M |
| Net income available for MAA common shareholders | $1.04 | $1.06 | $0.84 | $0.92 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $2.1B | $2.1B | $2.0B | $2.0B |
| Buildings and improvements and other | $14.9B | $14.2B | $13.5B | $12.8B |
| Development and capital improvements in progress | $426.8M | $470.3M | $385.4M | $332.0M |
| Real Estate Investment Property, at Cost | $17.4B | $16.7B | $15.9B | $15.2B |
| Less: Accumulated depreciation | ($5.9B) | ($5.3B) | ($4.9B) | ($4.3B) |
| Real Estate Investment Property, Net | $11.5B | $11.4B | $11.1B | $10.9B |
| Undeveloped land | $73.4M | $73.4M | $73.9M | $64.3M |
| Investment in real estate joint venture | $41.3M | $41.6M | $42.0M | $42.3M |
| Real estate assets, net | $11.6B | $11.5B | $11.2B | $11.0B |
| Cash and cash equivalents | $60.3M | $43.0M | $41.3M | $38.7M |
| Restricted cash | $13.7M | $13.7M | $13.8M | $22.4M |
| Other assets | $245.7M | $232.4M | $245.5M | $193.9M |
| Assets held for sale | $46.4M | $7.8M | — | — |
| Total assets | $12.0B | $11.8B | $11.5B | $11.2B |
| Unsecured notes payable, net | $5.0B | $4.6B | $4.2B | $4.1B |
| Secured notes payable, net | $360.4M | $360.3M | $360.1M | $364.0M |
| Accrued expenses and other liabilities | $730.4M | $683.7M | $645.2M | $615.8M |
| Total liabilities | $6.1B | $5.7B | $5.2B | $5.0B |
| Redeemable common stock | $20.4M | $22.2M | $19.2M | $20.7M |
| Preferred stock, value, outstanding | $9.0K | $9.0K | $9.0K | $9.0K |
| Common stock, value, outstanding | $1.2M | $1.2M | $1.2M | $1.2M |
| Additional paid-in capital | $7.4B | $7.4B | $7.4B | $7.2B |
| Accumulated distributions in excess of net income | ($1.7B) | ($1.5B) | ($1.3B) | ($1.2B) |
| Accumulated other comprehensive loss | ($5.3M) | ($6.9M) | ($8.8M) | ($10.1M) |
| Total MAA shareholders’ equity | $5.7B | $5.9B | $6.1B | $6.0B |
| Noncontrolling interests - Operating Partnership units | $141.5M | $155.4M | $163.1M | $163.6M |
| Preferred Units, Preferred Partners' Capital Accounts | $66.8M | $66.8M | $66.8M | $66.8M |
| General Partners' Capital Account | $5.6B | $5.9B | $6.0B | $5.9B |
| Limited Partners' Capital Account | $408.7M | $155.4M | $163.1M | $163.6M |
| Total Company’s shareholders’ equity | $5.8B | $6.1B | $6.3B | $6.2B |
| Noncontrolling interests - consolidated real estate entities | $14.9M | $27.9M | $22.8M | $21.1M |
| Total equity | $5.8B | $6.1B | $6.3B | $6.2B |
| Total liabilities and equity | $12.0B | $11.8B | $11.5B | $11.2B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $2.2B | $2.2B | $2.1B | $2.1B |
| Buildings and improvements and other | $15.2B | $15.1B | $14.7B | $14.5B |
| Development and capital improvements in progress | $406.8M | $369.9M | $449.4M | $485.0M |
| Real Estate Investment Property, at Cost | $17.8B | $17.6B | $17.3B | $17.1B |
| Less: Accumulated depreciation | ($6.2B) | ($6.1B) | ($5.8B) | ($5.6B) |
| Real Estate Investment Property, Net | $11.6B | $11.5B | $11.5B | $11.4B |
| Undeveloped land | $73.4M | $73.4M | $73.4M | $73.4M |
| Investment in real estate joint venture | $41.9M | $41.6M | $41.9M | $41.7M |
| Real estate assets, net | $11.7B | $11.6B | $11.6B | $11.5B |
| Cash and cash equivalents | $51.8M | $71.5M | $32.2M | $54.5M |
| Restricted cash | $13.2M | $13.3M | $13.7M | $13.6M |
| Other assets | $256.7M | $262.4M | $245.4M | $224.6M |
| Assets held for sale | $0 | $27.1M | $0 | $0 |
| Total assets | $12.0B | $12.0B | $11.9B | $11.8B |
| Unsecured notes payable, net | $5.3B | $5.3B | $4.8B | $4.7B |
| Secured notes payable, net | $360.5M | $360.4M | $360.4M | $360.3M |
| Accrued expenses and other liabilities | $701.2M | $629.5M | $714.9M | $697.1M |
| Total liabilities | $6.4B | $6.3B | $5.9B | $5.7B |
| Redeemable common stock | $18.9M | $18.2M | $20.2M | $21.1M |
| Preferred stock, value, outstanding | $9.0K | $9.0K | $9.0K | $9.0K |
| Common stock, value, outstanding | $1.2M | $1.2M | $1.2M | $1.2M |
| Additional paid-in capital | $7.3B | $7.3B | $7.4B | $7.4B |
| Accumulated distributions in excess of net income | ($1.8B) | ($1.8B) | ($1.6B) | ($1.5B) |
| Accumulated other comprehensive loss | ($4.6M) | ($4.9M) | ($5.7M) | ($6.1M) |
| Total MAA shareholders' equity | $5.4B | $5.5B | $5.8B | $5.9B |
| Noncontrolling interests - Operating Partnership units | $136.1M | $138.5M | $145.2M | $147.4M |
| Preferred Units, Preferred Partners' Capital Accounts | $66.8M | $66.8M | $66.8M | $66.8M |
| General Partners' Capital Account | $5.4B | $5.5B | $5.8B | $5.8B |
| Limited Partners' Capital Account | $407.0M | $358.1M | $411.1M | $436.6M |
| Total Company’s shareholders’ equity | $5.6B | $5.7B | $6.0B | $6.0B |
| Noncontrolling interests - consolidated real estate entities | $12.5M | $11.1M | $30.6M | $30.5M |
| Total equity | $5.6B | $5.7B | $6.0B | $6.1B |
| Total liabilities and equity | $12.0B | $12.0B | $11.9B | $11.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $456.6M | $541.6M | $567.8M | $654.8M |
| Depreciation and amortization | $623.0M | $586.4M | $565.9M | $544.0M |
| (Gain) loss on sale of depreciable real estate assets | ($72.1M) | ($55.0M) | $62.0K | ($214.8M) |
| Gain on sale of non-depreciable real estate assets | $0 | $0 | ($54.0K) | ($809.0K) |
| Gain on consolidation of third-party development | $0 | ($11.2M) | — | — |
| (Gain) loss on embedded derivative in preferred shares | -1.1M | 18.8M | -18.5M | 21.1M |
| Stock compensation expense | $16.8M | $15.8M | $15.7M | $18.8M |
| Amortization of debt issuance costs, discounts and premiums | $6.6M | $6.0M | $5.9M | $6.1M |
| Gain on investments | ($7.5M) | ($7.8M) | ($4.4M) | — |
| Change in accrued expenses and other liabilities | $46.6M | — | — | — |
| Net change in other operating accounts and operating activities | $9.3M | $3.8M | $4.9M | ($16.1M) |
| Net cash provided by operating activities | $1.1B | $1.1B | $1.1B | $1.1B |
| Purchases of real estate and other assets | ($133.4M) | ($301.1M) | ($223.5M) | ($271.4M) |
| Capital improvements and other | ($360.2M) | ($322.4M) | ($341.2M) | ($296.2M) |
| Development costs | ($272.0M) | ($313.9M) | ($198.2M) | ($172.1M) |
| Distributions from real estate joint venture | $337.0K | $327.0K | $312.0K | $538.0K |
| Contributions to affiliates | ($9.8M) | ($2.9M) | ($16.6M) | ($13.8M) |
| Proceeds from real estate asset dispositions | $81.4M | $84.2M | $2.9M | $320.5M |
| Proceeds from sale of markable equity securities | $0 | $10.0M | — | — |
| Net proceeds from insurance recoveries | $3.7M | $20.2M | $945.0K | — |
| Net cash used in investing activities | ($690.2M) | ($825.5M) | ($775.3M) | ($405.2M) |
| Net proceeds from (payments of) commercial paper | $426.0M | ($245.0M) | $475.0M | $20.0M |
| Proceeds from notes payable | $397.4M | $1.1B | $0 | — |
| Principal payments on notes payable | ($400.0M) | ($400.0M) | ($353.9M) | ($126.4M) |
| Payment of deferred financing costs | ($10.9M) | ($10.3M) | ($2.0K) | ($5.5M) |
| Repurchase of common shares | -27.2M | — | — | — |
| Distributions to noncontrolling interests | ($18.2M) | ($18.3M) | ($17.7M) | ($14.9M) |
| Dividends paid on common shares | -709.0M | -686.9M | -651.7M | -539.6M |
| Dividends paid on preferred shares | -3.7M | -3.7M | -3.7M | -3.7M |
| Proceeds from issuances of common shares | 1.5M | 1.2M | 205.1M | — |
| Acquisition of noncontrolling interests | ($26.8M) | $0 | ($15.8M) | ($43.1M) |
| Net change in other financing activities | $255.0K | $166.0K | ($5.3M) | ($9.6M) |
| Net cash used in financing activities | ($370.7M) | ($271.1M) | ($367.9M) | ($722.8M) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $17.2M | $1.7M | ($6.0M) | ($69.5M) |
| Cash, cash equivalents and restricted cash, beginning of period | $56.8M | $55.1M | $61.1M | $130.6M |
| Cash, cash equivalents and restricted cash, end of period | $74.0M | $56.8M | $55.1M | $61.1M |
| Cash and cash equivalents | $60.3M | $43.0M | $41.3M | $38.7M |
| Restricted cash | $13.7M | $13.7M | $13.8M | $22.4M |
| Total cash, cash equivalents and restricted cash | $74.0M | $56.8M | $55.1M | $61.1M |
| Interest paid | $190.3M | $164.9M | $157.6M | $157.5M |
| Income taxes paid | $300.0K | $3.3M | $4.0M | $3.5M |
| Distributions on common shares/units declared and accrued | 183.3M | 181.7M | 176.2M | — |
| Accrued construction in progress | $25.9M | $32.9M | $23.3M | $16.5M |
| Interest capitalized | $18.9M | $17.4M | $12.4M | $8.7M |
| Conversion of OP Units to shares of common stock | 6.8M | 3.5M | 1.1M | 2.1M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $251.4M | $126.6M | $399.3M | $297.3M |
| Depreciation and amortization | $324.8M | $162.0M | $463.0M | $306.2M |
| Gain on sale of depreciable real estate assets | ($55.4M) | ($20.2M) | ($71.8M) | ($71.8M) |
| Loss (gain) on embedded derivative in preferred shares | 483.0K | 1.6M | -3.3M | -1.3M |
| Stock compensation expense | $9.5M | $5.8M | $12.1M | $8.7M |
| Amortization of debt issuance costs, discounts and premiums | $3.5M | $1.8M | $4.9M | $3.2M |
| Gain on investments | ($20.5M) | ($21.9M) | ($5.8M) | ($413.0K) |
| Change in accrued expenses and other liabilities | ($29.2M) | ($100.9M) | — | — |
| Net change in other operating accounts and operating activities | ($2.1M) | ($5.2M) | $18.0M | $8.1M |
| Net cash provided by operating activities | $482.5M | $149.6M | $816.5M | $550.1M |
| Purchases of real estate and other assets | ($46.0M) | ($29.0M) | ($104.9M) | ($8.7M) |
| Capital improvements and other | ($167.4M) | ($58.4M) | ($257.2M) | ($161.5M) |
| Development costs | ($141.0M) | ($75.3M) | ($207.3M) | ($145.4M) |
| Contributions to affiliates | ($1.2M) | ($750.0K) | ($8.2M) | ($7.4M) |
| Proceeds from real estate asset dispositions | $79.9M | $40.8M | $81.1M | $81.1M |
| Net proceeds from insurance recoveries | $0 | — | $3.7M | $3.6M |
| Net cash used in investing activities | ($275.8M) | ($122.6M) | ($492.7M) | ($238.3M) |
| Net (payments of) proceeds from commercial paper | ($12.0M) | — | $213.0M | $65.0M |
| Proceeds from notes payable | $300.5M | $200.5M | $0 | $0 |
| Payment of deferred financing costs | ($4.5M) | ($1.9M) | $0 | $0 |
| Repurchase of common shares | -122.8M | -72.8M | — | — |
| Distributions to noncontrolling interests | ($9.0M) | ($4.5M) | ($13.8M) | ($9.3M) |
| Distributions paid on common units | ($356.9M) | ($178.9M) | ($531.6M) | ($354.3M) |
| Distributions paid on preferred units | ($1.8M) | ($922.0K) | ($2.8M) | ($1.8M) |
| Proceeds from issuances of common units | $735.0K | $378.0K | $1.1M | $729.0K |
| Acquisition of noncontrolling interest | ($11.0M) | ($11.0M) | — | — |
| Net change in other financing activities | $1.1M | $1.6M | ($551.0K) | ($694.0K) |
| Net cash used in financing activities | ($215.8M) | ($16.2M) | ($334.6M) | ($300.4M) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | ($9.0M) | $10.9M | ($10.8M) | $11.4M |
| Cash, cash equivalents and restricted cash, beginning of period | $74.0M | $74.0M | $56.8M | $56.8M |
| Cash, cash equivalents and restricted cash, end of period | $65.0M | $84.9M | $45.9M | $68.1M |
| Cash and cash equivalents | $51.8M | $71.5M | $32.2M | $54.5M |
| Restricted cash | $13.2M | $13.3M | $13.7M | $13.6M |
| Total cash, cash equivalents and restricted cash | $65.0M | $84.9M | $45.9M | $68.1M |
| Interest paid | $92.9M | $61.6M | $152.8M | $87.7M |
| Income taxes paid | $3.3M | — | $242.0K | $141.0K |
| Distributions on common shares/units declared and accrued | 182.0M | 182.5M | 181.8M | 181.8M |
| Accrued construction in progress | $38.6M | $38.9M | $37.2M | $41.7M |
| Interest capitalized | $8.3M | $3.9M | $14.7M | $10.2M |
| Conversion of OP Units to shares of common stock | 594.0K | 457.0K | 6.8M | 6.4M |
Mid-America Apartment Communities Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.