MID AMERICA APARTMENT COMMUNITIES INC.

MAA 10-Q ยท Q2 2025

MAA Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 549,902 546,435 +0.6%
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Non-Same Store and Other [Member] 30,947 26,015 +19.0%
Same Store [Member] 518,955 520,420 -0.3%
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Limited Partnership [Member] 549,902 546,435 +0.6%
Operating Costs And Expenses Excluding Depreciation And Amortization And Real Estate Taxes And Insurance 132,465 126,213 +5.0%
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Limited Partnership [Member] 132,465 126,213 +5.0%
Real Estate Taxes And Insurance 82,189 79,583 +3.3%
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Limited Partnership [Member] 82,189 79,583 +3.3%
Depreciation And Amortization 153,521 145,022 +5.9%
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Limited Partnership [Member] 153,521 145,022 +5.9%
Property Operating Expenses 368,175 350,818 +4.9%
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Limited Partnership [Member] 368,175 350,818 +4.9%
Other Cost And Expense Operating 17,511 17,201 +1.8%
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Limited Partnership [Member] 17,511 17,201 +1.8%
General & Administrative 12,813 12,671 +1.1%
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Limited Partnership [Member] 12,813 12,671 +1.1%
Interest Expense 45,111 41,265 +9.3%
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Limited Partnership [Member] 45,111 41,265 +9.3%
Gain Loss On Sale Of Property Plant Equipment 69 23 +200.0%
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Limited Partnership [Member] 69 23 +200.0%
Other Non-Operating Income (Expense) -4,722 19,244 -124.5%
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Limited Partnership [Member] -4,722 19,244 -124.5%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 110,945 105,213 +5.4%
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Limited Partnership [Member] 110,945 105,213 +5.4%
Income Tax Expense (Benefit) -600 -1,020 +41.2%
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Limited Partnership [Member] -600 -1,020 +41.2%
Income Loss From Continuing Operations Before Equity Method Investments 110,345 104,193 +5.9%
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Limited Partnership [Member] 110,345 104,193 +5.9%
Income Loss From Equity Method Investments 530 469 +13.0%
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Limited Partnership [Member] 530 469 +13.0%
Net Income 110,875 104,662 +5.9%
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Limited Partnership [Member] 110,875 104,662 +5.9%
Net Income Loss Attributable To Noncontrolling Interest 2,748 2,709 +1.4%
Net Income 108,127 101,953 +6.1%
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Limited Partnership [Member] 110,875 104,662 +5.9%
Preferred Stock Dividends Income Statement Impact 922 922 0.0%
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Limited Partnership [Member] 922 922 0.0%
Net Income Loss Available To Common Stockholders Basic 107,205 101,031 +6.1%
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Limited Partnership [Member] 109,953 103,740 +6.0%
EPS (Basic) 0.92 0.86 +7.0%
Basic Earnings Per Unit (Q) โ€” โ€” โ€”
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Limited Partnership [Member] 0.92 0.86 +7.0%
EPS (Diluted) 0.92 0.86 +7.0%
Diluted Earnings Per Unit (Q) โ€” โ€” โ€”
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Limited Partnership [Member] 0.92 0.86 +7.0%
Operating Expenses 214,654 205,796 +4.3%
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Non-Same Store and Other [Member] 15,311 13,686 +11.9%
Same Store [Member] 199,343 192,110 +3.8%
Comprehensive Income 108,539 102,441 +6.0%
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Limited Partnership [Member] 111,304 105,165 +5.8%
Wtd Avg Shares (Basic) 116,976 116,783 +0.2%
Wtd Avg Shares (Diluted) 117,163 116,783 +0.3%
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Limited Partnership [Member] 120,137 119,888 +0.2%
Revenue From Contract With Customer Including Assessed Tax (Q) โ€” โ€” โ€”
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Non-Same Store and Other [Member] 30,195 25,677 +17.6%
Same Store [Member] 514,756 517,114 -0.5%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 54,482 62,831 -13.3%
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Limited Partnership [Member] 54,482 62,831 -13.3%
Non-Current Assets
Total Assets 11,835,597 11,562,867 +2.4%
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Real Estate ยท Limited Partnership [Member] 508.9 332.7 +53.0%
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Corporate 179,016 207,758 -13.8%
Non-Same Store and Other [Member] 1,943,122 1,588,360 +22.3%
Same Store [Member] 9,713,459 9,766,749 -0.5%
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Limited Partnership [Member] 11,835,597 11,562,867 +2.4%
Operating Lease Right-of-Use Assets 39.3 41.3 -4.8%
Other Assets
Land 2,105,602 2,050,760 +2.7%
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Limited Partnership [Member] 2,105,602 2,050,760 +2.7%
Buildings Improvements And Other 14,468,733 13,846,434 +4.5%
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Limited Partnership [Member] 14,468,733 13,846,434 +4.5%
Construction In Progress Gross 484,955 391,366 +23.9%
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Limited Partnership [Member] 484,955 391,366 +23.9%
Limited Partnership [Member] ยท Costs Incurred To Date [Member] 616.3 537.9 +14.6%
Real Estate Investment Property At Cost 17,059,290 16,288,560 +4.7%
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Limited Partnership [Member] 17,059,290 16,288,560 +4.7%
Real Estate Investment Property Accumulated Depreciation -5,631,399 -5,149,781 -9.4%
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Limited Partnership [Member] -5,631,399 -5,149,781 -9.4%
Real Estate Investment Property Net 11,427,891 11,138,779 +2.6%
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Limited Partnership [Member] 11,427,891 11,138,779 +2.6%
Land Available For Development 73,359 73,861 -0.7%
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Limited Partnership [Member] 73,359 73,861 -0.7%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 41,662 41,753 -0.2%
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Limited Partnership [Member] 41,662 41,753 -0.2%
Real Estate Assets Net 11,542,912 11,254,393 +2.6%
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Limited Partnership [Member] 11,542,912 11,254,393 +2.6%
Restricted Cash 13,634 13,669 -0.3%
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Limited Partnership [Member] 13,634 13,669 -0.3%
Other Assets 224,569 231,974 -3.2%
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Limited Partnership [Member] 224,569 231,974 -3.2%
Current Liabilities
Other Liabilities Current (Q) โ€” โ€” โ€”
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Limited Partnership [Member] ยท Related Party 19 19 0.0%
Non-Current Liabilities
Accrued Liabilities Current And Noncurrent 697,054 655,984 +6.3%
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Limited Partnership [Member] 697,054 655,984 +6.3%
Total Liabilities 5,745,197 5,356,848 +7.2%
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Real Estate ยท Limited Partnership [Member] 26 13.9 +87.1%
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Limited Partnership [Member] 5,745,216 5,356,867 +7.2%
Other Liabilities
Unsecured Debt 4,687,813 โ€” โ€”
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Unsecured Senior Notes Due November 2025 [Member 400 โ€” โ€”
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Limited Partnership [Member] 4,687,813 โ€” โ€”
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Commercial Paper 315 โ€” โ€”
Secured Debt 360,330 360,204 0.0%
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Limited Partnership [Member] 360,330 360,204 0.0%
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests 21,135 19,787 +6.8%
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Limited Partnership [Member] 21,135 19,787 +6.8%
Stockholders' Equity
Preferred Stock Value Outstanding 9 9 0.0%
Common Stock Value Outstanding 1,168 1,166 +0.2%
Additional Paid-In Capital 7,431,627 7,409,258 +0.3%
Accumulated Distributions In Excess Of Net Income -1,535,340 -1,398,993 -9.7%
Accumulated Other Comprehensive Income -6,110 -7,775 +21.4%
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Limited Partnership [Member] -6,206 -7,922 +21.7%
Total Stockholders' Equity 5,891,354 6,003,665 -1.9%
Minority Interest In Operating Partnerships 147,439 157,905 -6.6%
Parent L P Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,038,793 6,161,570 -2.0%
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Limited Partnership [Member] 6,038,774 6,161,551 -2.0%
Minority Interest In Joint Ventures 30,472 24,662 +23.6%
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Limited Partnership [Member] 30,472 24,662 +23.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,069,265 โ€” โ€”
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Accumulated Distributions In Excess Of Net Income ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] -1,535,340 -1,398,993 -9.7%
Accumulated Other Comprehensive Income ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] -6,110 -7,775 +21.4%
Additional Paid In Capital ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 7,431,627 7,409,258 +0.3%
Common Stock ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 1,168 1,166 +0.2%
Noncontrolling Interests - Consolidated Real Estate Entities [Member] ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 30,472 24,662 +23.6%
Noncontrolling Interests - Operating Partnership [Member] ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 147,439 157,905 -6.6%
Preferred Stock ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 9 9 0.0%
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Limited Partnership [Member] 6,069,246 โ€” โ€”
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Mid America Apartment Communities Inc. Shareholders Equity [Member] 6,069,265 6,186,232 -1.9%
Total Liabilities & Equity 11,835,597 11,562,867 +2.4%
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Limited Partnership [Member] 11,835,597 11,562,867 +2.4%
Preferred Units Preferred Partners Capital Accounts (Q) โ€” โ€” โ€”
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Limited Partnership [Member] 66,840 66,840 0.0%
General Partners Capital Account (Q) โ€” โ€” โ€”
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Limited Partnership [Member] 5,830,701 5,944,728 -1.9%
Limited Partners Capital Account 436.6 441.2 -1.0%
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Limited Partnership [Member] 147,439 157,905 -6.6%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation & Amortization 306,208 288,435 +6.2%
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Limited Partnership [Member] 306,208 288,435 +6.2%
Gain Loss On Disposition Of Assets -71,842 25 -287468.0%
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Limited Partnership [Member] -71,842 25 -287468.0%
Derivative Gain Loss On Derivative Net -1,283 -3,806 +66.3%
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Nondesignated -1,283 -3,806 +66.3%
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Limited Partnership [Member] -1,283 -3,806 +66.3%
Stock-Based Compensation 8,727 9,273 -5.9%
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Limited Partnership [Member] 8,727 9,273 -5.9%
Amortization Of Debt Discount Premium 3,242 3,055 +6.1%
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Limited Partnership [Member] 3,242 3,055 +6.1%
Gain Loss From Unconsolidated Limited Partnerships Net Of Distributions Received -413 -4,314 +90.4%
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Limited Partnership [Member] -413 -4,314 +90.4%
Other Operating Activities Cash Flow Statement 8,147 4,687 +73.8%
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Limited Partnership [Member] 8,147 4,687 +73.8%
Net Cash from Operations 550,067 549,627 +0.1%
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Limited Partnership [Member] 550,067 549,627 +0.1%
Investing Activities
Payments To Acquire Real Estate And Other Assets -8,690 -91,846 +90.5%
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Limited Partnership [Member] -8,690 -91,846 +90.5%
Payments For Capital Improvements -161,541 -141,775 -13.9%
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Limited Partnership [Member] -161,541 -141,775 -13.9%
Payments To Acquire In Process Research And Development -145,358 -111,108 -30.8%
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Limited Partnership [Member] -145,358 -111,108 -30.8%
Payments To Acquire Equity Method Investments -7,425 -1,124 -560.6%
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Limited Partnership [Member] -7,425 -1,124 -560.6%
Proceeds From Real Estate Asset Dispositions 81,128 โ€” โ€”
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Limited Partnership [Member] 81,128 โ€” โ€”
Net Proceeds From Insurance Recoveries 3,564 9,072 -60.7%
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Limited Partnership [Member] 3,564 9,072 -60.7%
Net Cash from Investing -238,322 -329,828 +27.7%
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Limited Partnership [Member] -238,322 -329,828 +27.7%
Distribution On Common Units Declared And Accrued 181,832 176,329 +3.1%
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Limited Partnership [Member] 181,832 176,329 +3.1%
Construction In Progress Expenditures Incurred But Not Yet Paid 41,738 35,993 +16.0%
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Limited Partnership [Member] 41,738 35,993 +16.0%
Interest Costs Capitalized 10,153 7,140 +42.2%
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Limited Partnership [Member] 10,153 7,140 +42.2%
Conversion Of Stock Amount Converted1 6,368 2,603 +144.6%
Financing Activities
Proceeds From Repayments Of Commercial Paper 65,000 -179,000 +136.3%
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Limited Partnership [Member] 65,000 -179,000 +136.3%
Payments Of Dividends Minority Interest -9,297 -9,191 -1.2%
Payments Of Dividends Common Stock -354,284 -343,304 -3.2%
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Limited Partnership [Member] -363,581 -352,495 -3.1%
Payments Of Dividends Preferred Stock And Preference Stock -1,844 -1,844 0.0%
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Limited Partnership [Member] -1,844 -1,844 0.0%
Proceeds From Issuance Of Common Stock 729 616 +18.3%
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Limited Partnership [Member] 729 616 +18.3%
Proceeds From Payments For Other Financing Activities -694 -3,068 +77.4%
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Limited Partnership [Member] -694 -3,068 +77.4%
Net Cash from Financing -300,390 -198,390 -51.4%
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Limited Partnership [Member] -300,390 -198,390 -51.4%
Supplemental
Interest Paid 87,696 74,766 +17.3%
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Limited Partnership [Member] 87,696 74,766 +17.3%
Income Taxes Paid 141 3,181 -95.6%
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Limited Partnership [Member] 141 3,181 -95.6%
Other Cash Flow
Net Change in Cash 11,355 21,409 -47.0%
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Limited Partnership [Member] 11,355 21,409 -47.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 68,116 76,500 -11.0%
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Limited Partnership [Member] 68,116 76,500 -11.0%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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