MID AMERICA APARTMENT COMMUNITIES INC.

MAA 10-Q ยท Q3 2025

MAA Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 554,373 551,126 +0.6%
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Non-Same Store and Other [Member] 33,512 28,848 +16.2%
Same Store [Member] 520,861 522,278 -0.3%
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Limited Partnership [Member] 554,373 551,126 +0.6%
Operating Costs And Expenses Excluding Depreciation And Amortization And Real Estate Taxes And Insurance 137,235 134,475 +2.1%
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Limited Partnership [Member] 137,235 134,475 +2.1%
Real Estate Taxes And Insurance 78,829 77,086 +2.3%
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Limited Partnership [Member] 78,829 77,086 +2.3%
Depreciation And Amortization 156,650 146,722 +6.8%
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Limited Partnership [Member] 156,650 146,722 +6.8%
Property Operating Expenses 372,714 358,283 +4.0%
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Limited Partnership [Member] 372,714 358,283 +4.0%
Other Cost And Expense Operating 18,183 17,265 +5.3%
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Limited Partnership [Member] 18,183 17,265 +5.3%
General & Administrative 12,525 12,728 -1.6%
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Limited Partnership [Member] 12,525 12,728 -1.6%
Interest Expense 46,277 42,726 +8.3%
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Limited Partnership [Member] 46,277 42,726 +8.3%
Other Non-Operating Income (Expense) 1,253 1,678 -25.3%
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Limited Partnership [Member] 1,253 1,678 -25.3%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 103,421 118,446 -12.7%
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Limited Partnership [Member] 103,421 118,446 -12.7%
Income Tax Expense (Benefit) -1,766 -670 -163.6%
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Limited Partnership [Member] -1,766 -670 -163.6%
Income Loss From Continuing Operations Before Equity Method Investments 101,655 117,776 -13.7%
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Limited Partnership [Member] 101,655 117,776 -13.7%
Income Loss From Equity Method Investments 389 454 -14.3%
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Limited Partnership [Member] 389 454 -14.3%
Net Income 102,044 118,230 -13.7%
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Limited Partnership [Member] 102,044 118,230 -13.7%
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M A A L P [Member] ยท Preferred Partner 922 922 0.0%
Net Income Loss Attributable To Noncontrolling Interest 2,506 3,035 -17.4%
Net Income 99,538 115,195 -13.6%
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Limited Partnership [Member] 102,044 118,230 -13.7%
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 98,616 114,273 -13.7%
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Limited Partnership [Member] 101,122 117,308 -13.8%
EPS (Basic) 0.84 0.98 -14.3%
Basic Earnings Per Unit (Q) โ€” โ€” โ€”
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Limited Partnership [Member] 0.84 0.98 -14.3%
EPS (Diluted) 0.84 0.98 -14.3%
Diluted Earnings Per Unit (Q) โ€” โ€” โ€”
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Limited Partnership [Member] 0.84 0.98 -14.3%
Operating Expenses 216,064 211,561 +2.1%
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Non-Same Store and Other [Member] 17,231 17,189 +0.2%
Same Store [Member] 198,833 194,372 +2.3%
Comprehensive Income 99,956 115,611 -13.5%
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Limited Partnership [Member] 102,474 118,658 -13.6%
Wtd Avg Shares (Basic) 117,012 116,820 +0.2%
Wtd Avg Shares (Diluted) 117,155 116,820 +0.3%
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Limited Partnership [Member] 120,103 119,900 +0.2%
Revenue From Contract With Customer Including Assessed Tax (Q) โ€” โ€” โ€”
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Non-Same Store and Other [Member] 33,238 28,455 +16.8%
Same Store [Member] 517,258 518,924 -0.3%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 32,249 50,232 -35.8%
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Limited Partnership [Member] 32,249 50,232 -35.8%
Non-Current Assets
Total Assets 11,926,585 11,756,252 +1.4%
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Real Estate ยท Limited Partnership [Member] 530.8 443.9 +19.6%
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Corporate 154,994 173,159 -10.5%
Non-Same Store and Other [Member] 2,096,691 1,843,882 +13.7%
Same Store [Member] 9,674,900 9,739,211 -0.7%
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Limited Partnership [Member] 11,926,585 11,756,252 +1.4%
Operating Lease Right-of-Use Assets 38.7 41 -5.6%
Other Assets
Land 2,112,192 2,085,464 +1.3%
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Limited Partnership [Member] 2,112,192 2,085,464 +1.3%
Buildings Improvements And Other 14,746,047 13,956,601 +5.7%
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Limited Partnership [Member] 14,746,047 13,956,601 +5.7%
Construction In Progress Gross 449,390 499,619 -10.1%
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Limited Partnership [Member] 449,390 499,619 -10.1%
Limited Partnership [Member] ยท Costs Incurred To Date [Member] 543.2 610.4 -11.0%
Real Estate Investment Property At Cost 17,307,629 16,541,684 +4.6%
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Limited Partnership [Member] 17,307,629 16,541,684 +4.6%
Real Estate Investment Property Accumulated Depreciation -5,787,596 -5,217,893 -10.9%
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Limited Partnership [Member] -5,787,596 -5,217,893 -10.9%
Real Estate Investment Property Net 11,520,033 11,323,791 +1.7%
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Limited Partnership [Member] 11,520,033 11,323,791 +1.7%
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 41,870 41,693 +0.4%
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Limited Partnership [Member] 41,870 41,693 +0.4%
Real Estate Assets Net 11,635,262 11,439,345 +1.7%
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Limited Partnership [Member] 11,635,262 11,439,345 +1.7%
Restricted Cash 13,683 13,829 -1.1%
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Limited Partnership [Member] 13,683 13,829 -1.1%
Other Assets 245,391 237,525 +3.3%
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Limited Partnership [Member] 245,391 237,525 +3.3%
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 714,924 726,172 -1.5%
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Limited Partnership [Member] 714,924 726,172 -1.5%
Total Liabilities 5,912,283 5,602,140 +5.5%
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Real Estate ยท Limited Partnership [Member] 24.2 27.3 -11.4%
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Limited Partnership [Member] 5,912,302 5,602,159 +5.5%
Other Liabilities
Unsecured Debt 4,836,998 โ€” โ€”
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Unsecured Senior Notes Due November 2025 [Member 400 โ€” โ€”
Unsecured Senior Notes Due September 2026 [Member] 300 โ€” โ€”
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Limited Partnership [Member] 4,836,998 โ€” โ€”
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Commercial Paper 463 โ€” โ€”
Secured Debt 360,361 360,235 0.0%
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Limited Partnership [Member] 360,361 360,235 0.0%
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests 20,223 22,518 -10.2%
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Limited Partnership [Member] 20,223 22,518 -10.2%
Stockholders' Equity
Preferred Stock Value Outstanding 9 9 0.0%
Common Stock Value Outstanding 1,168 1,166 +0.2%
Additional Paid-In Capital 7,435,697 7,413,674 +0.3%
Accumulated Distributions In Excess Of Net Income -1,612,912 -1,458,816 -10.6%
Accumulated Other Comprehensive Income -5,692 -7,359 +22.7%
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Limited Partnership [Member] -5,776 -7,494 +22.9%
Total Stockholders' Equity 5,818,270 5,948,674 -2.2%
Minority Interest In Operating Partnerships 145,165 155,562 -6.7%
Parent L P Stockholders Equity Including Portion Attributable To Noncontrolling Interest 5,963,435 6,104,236 -2.3%
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Limited Partnership [Member] 5,963,416 6,104,217 -2.3%
Minority Interest In Joint Ventures 30,644 27,358 +12.0%
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Limited Partnership [Member] 30,644 27,358 +12.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 5,994,079 โ€” โ€”
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Accumulated Distributions In Excess Of Net Income ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] -1,612,912 -1,458,816 -10.6%
Accumulated Other Comprehensive Income ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] -5,692 -7,359 +22.7%
Additional Paid In Capital ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 7,435,697 7,413,674 +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] 30,644 27,358 +12.0%
Noncontrolling Interests - Operating Partnership [Member] ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 145,165 155,562 -6.7%
Preferred Stock ยท Mid America Apartment Communities Inc. Shareholders Equity [Member] 9 9 0.0%
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Limited Partnership [Member] 5,994,060 โ€” โ€”
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Mid America Apartment Communities Inc. Shareholders Equity [Member] 5,994,079 6,131,594 -2.2%
Total Liabilities & Equity 11,926,585 11,756,252 +1.4%
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Limited Partnership [Member] 11,926,585 11,756,252 +1.4%
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] 5,757,187 5,889,309 -2.2%
Limited Partners Capital Account 411.1 488.7 -15.9%
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Limited Partnership [Member] 145,165 155,562 -6.7%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation & Amortization 463,027 435,342 +6.4%
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Limited Partnership [Member] 463,027 435,342 +6.4%
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 -3,292 14,451 -122.8%
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Nondesignated -3,292 14,451 -122.8%
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Limited Partnership [Member] -3,292 14,451 -122.8%
Stock-Based Compensation 12,143 12,396 -2.0%
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Limited Partnership [Member] 12,143 12,396 -2.0%
Amortization Of Debt Discount Premium 4,866 4,568 +6.5%
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Limited Partnership [Member] 4,866 4,568 +6.5%
Gain Loss From Unconsolidated Limited Partnerships Net Of Distributions Received -5,770 -3,666 -57.4%
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Limited Partnership [Member] -5,770 -3,666 -57.4%
Other Operating Activities Cash Flow Statement 18,046 36,580 -50.7%
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Limited Partnership [Member] 18,046 36,580 -50.7%
Net Cash from Operations 816,503 859,165 -5.0%
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Limited Partnership [Member] 816,503 859,165 -5.0%
Investing Activities
Payments To Acquire Real Estate And Other Assets -104,880 -189,104 +44.5%
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Limited Partnership [Member] -104,880 -189,104 +44.5%
Payments For Capital Improvements -257,163 -235,856 -9.0%
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Limited Partnership [Member] -257,163 -235,856 -9.0%
Payments To Acquire In Process Research And Development -207,295 -255,216 +18.8%
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Limited Partnership [Member] -207,295 -255,216 +18.8%
Payments To Acquire Equity Method Investments -8,175 -1,874 -336.2%
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Limited Partnership [Member] -8,175 -1,874 -336.2%
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 3,692 20,203 -81.7%
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Limited Partnership [Member] 3,692 20,203 -81.7%
Net Cash from Investing -492,693 -651,588 +24.4%
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Limited Partnership [Member] -492,693 -651,588 +24.4%
Distribution On Common Units Declared And Accrued 181,836 176,335 +3.1%
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Limited Partnership [Member] 181,836 176,335 +3.1%
Construction In Progress Expenditures Incurred But Not Yet Paid 37,223 39,047 -4.7%
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Limited Partnership [Member] 37,223 39,047 -4.7%
Interest Costs Capitalized 14,691 12,188 +20.5%
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Limited Partnership [Member] 14,691 12,188 +20.5%
Conversion Of Stock Amount Converted1 6,759 3,529 +91.5%
Financing Activities
Proceeds From Repayments Of Commercial Paper 213,000 -5,000 +4360.0%
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Limited Partnership [Member] 213,000 -5,000 +4360.0%
Payments Of Dividends Minority Interest -13,766 -13,739 -0.2%
Payments Of Dividends Common Stock -531,645 -515,085 -3.2%
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Limited Partnership [Member] -545,411 -528,824 -3.1%
Payments Of Dividends Preferred Stock And Preference Stock -2,766 -2,766 0.0%
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Limited Partnership [Member] -2,766 -2,766 0.0%
Proceeds From Issuance Of Common Stock 1,089 955 +14.0%
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Limited Partnership [Member] 1,089 955 +14.0%
Proceeds From Payments For Other Financing Activities -551 -373 -47.7%
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Limited Partnership [Member] -551 -373 -47.7%
Net Cash from Financing -334,639 -198,607 -68.5%
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Limited Partnership [Member] -334,639 -198,607 -68.5%
Supplemental
Interest Paid 152,760 126,502 +20.8%
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Limited Partnership [Member] 152,760 126,502 +20.8%
Income Taxes Paid 242 3,273 -92.6%
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Limited Partnership [Member] 242 3,273 -92.6%
Other Cash Flow
Net Change in Cash -10,829 8,970 -220.7%
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Limited Partnership [Member] -10,829 8,970 -220.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 45,932 64,061 -28.3%
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Limited Partnership [Member] 45,932 64,061 -28.3%

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

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