Mid-America Apartment Communities (MAA) Financials

$129.26 +0.04 (+0.03%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$129.35 +0.09 (+0.07%)

As of 07:42 AM Eastern

Annual Income Statements for Mid-America Apartment Communities

This table shows Mid-America Apartment Communities' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-997	212	325	219	350	251	530	634	549	524	443
Consolidated Net Income / (Loss)	-1,311	224	341	231	367	264	551	655	568	542	457
Net Income / (Loss) Continuing Operations	-1,311	224	339	231	367	264	551	653	566	540	454
Total Pre-Tax Income	-1,309	226	342	232	369	266	563	647	571	545	459
Total Operating Income	-1,370	275	375	401	513	428	685	844	689	712	692
Total Gross Profit	772	702	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191	2,209
Total Revenue	1,043	1,125	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191	2,209
Operating Revenue	1,043	1,125	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191	2,209
Total Cost of Revenue	271	423	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	2,142	427	1,154	1,171	1,128	1,250	1,093	1,176	1,460	1,479	1,518
Selling, General & Admin Expense	1,416	63	84	86	99	99	109	124	126	129	130
Depreciation Expense	295	323	494	490	497	511	533	543	565	586	622
Other Operating Expenses / (Income)	432	-	577	595	613	640	671	724	768	820	838
Other Special Charges / (Income)	-	-	-	-	-81	-0.01	-220	-215	0.06	-55	-72
Total Other Income / (Expense), net	62	-49	-33	-169	-145	-162	-122	-197	-118	-167	-232
Interest Expense	122	130	155	174	180	168	157	155	149	169	185
Other Income / (Expense), net	184	81	122	4.88	35	5.88	35	-42	31	1.66	-47
Income Tax Expense	1.67	1.70	2.62	2.61	3.70	3.33	14	-6.21	4.74	5.24	4.60
Other Gains / (Losses), net	-0.00	-	-	1.83	1.65	1.50	1.21	1.58	1.73	1.95	2.08
Preferred Stock Dividends Declared	0.00	0.31	3.69	3.69	3.69	3.69	3.69	3.69	3.69	3.69	3.69
Net Income / (Loss) Attributable to Noncontrolling Interest	18	12	12	8.12	13	9.05	17	17	15	14	9.66
Basic Earnings per Share	$4.41	$2.70	$2.86	$1.93	$3.07	$2.20	$4.62	$5.49	$4.71	$4.49	$3.79
Weighted Average Basic Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M	116.90M
Diluted Earnings per Share	$4.41	$2.70	$2.86	$1.93	$3.07	$2.19	$4.61	$5.48	$4.71	$4.49	$3.78
Weighted Average Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M	116.90M
Weighted Average Basic & Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M	116.90M
Cash Dividends to Common per Share	$3.13	$3.28	$3.48	$3.69	$3.84	$4.00	$4.10	$4.68	$5.60	$5.88	$6.06

This table shows Mid-America Apartment Communities' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	110	160	143	101	114	166	181	107	99	57	123
Consolidated Net Income / (Loss)	114	165	148	105	118	171	186	111	102	57	127
Net Income / (Loss) Continuing Operations	113	164	147	104	118	170	186	110	102	57	126
Total Pre-Tax Income	113	166	149	105	118	172	187	111	103	58	132
Total Operating Income	166	177	166	166	163	217	159	151	151	230	147
Total Gross Profit	542	542	544	467	551	550	549	468	554	638	554
Total Revenue	542	542	544	546	551	550	549	550	554	556	554
Operating Revenue	542	542	544	546	551	550	549	550	554	556	554
Total Cost of Revenue	0.00	-	0.00	80	0.00	-	0.00	82	0.00	-82	0.00
Total Operating Expenses	376	365	378	301	388	332	390	316	403	408	407
Selling, General & Admin Expense	30	33	37	30	30	32	36	30	31	32	39
Depreciation Expense	147	141	143	145	147	151	152	154	157	160	162
Other Operating Expenses / (Income)	199	192	198	126	212	205	201	132	216	288	206
Total Other Income / (Expense), net	-53	-11	-17	-61	-44	-45	28	-40	-48	-172	-15
Interest Expense	37	39	40	41	43	44	45	45	46	49	51
Other Income / (Expense), net	-17	27	24	-19	-1.68	-0.93	73	4.65	-1.25	-123	36
Income Tax Expense	-0.21	1.15	1.80	1.02	0.67	1.76	1.04	0.60	1.77	1.19	5.52
Other Adjustments to Consolidated Net Income / (Loss)	0.45	-	0.48	0.47	0.45	-	0.47	0.53	0.39	-	0.27
Preferred Stock Dividends Declared	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	4.39	3.86	2.71	3.04	4.43	4.73	2.75	2.51	-0.33	2.25
Basic Earnings per Share	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43	$1.55	$0.92	$0.84	$0.48	$1.06
Weighted Average Basic Shares Outstanding	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M	117.06M	117.07M	117.08M	116.90M	116.38M
Diluted Earnings per Share	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43	$1.54	$0.92	$0.84	$0.48	$1.06
Weighted Average Diluted Shares Outstanding	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M	117.06M	117.07M	117.08M	116.90M	116.38M
Weighted Average Basic & Diluted Shares Outstanding	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M	117.06M	117.07M	117.08M	116.90M	116.38M

This table details how cash moves in and out of Mid-America Apartment Communities' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	11	116	-33	-37	19	-35	95	-70	-5.98	1.67	17
Net Cash From Operating Activities	464	970	661	734	781	824	895	1,058	1,137	1,098	1,078
Net Cash From Continuing Operating Activities	460	973	661	734	781	824	895	1,058	1,137	1,098	1,078
Net Income / (Loss) Continuing Operations	351	449	341	231	367	264	551	655	568	542	457
Consolidated Net Income / (Loss)	351	449	341	231	367	264	551	655	568	542	457
Depreciation Expense	295	647	495	491	498	512	534	544	566	586	623
Amortization Expense	16	20	-9.81	-4.99	5.78	4.96	5.65	6.06	5.91	6.04	6.56
Non-Cash Adjustments To Reconcile Net Income	-202	-142	-117	11	-101	5.13	-252	-130	-7.27	-40	-64
Changes in Operating Assets and Liabilities, net	-	-	-48	6.74	12	38	56	-16	4.86	3.79	56
Net Cash From Investing Activities	-136	-1,298	-294	-366	-238	-485	-254	-405	-775	-825	-690
Net Cash From Continuing Investing Activities	-136	-1,298	-294	-366	-238	-485	-254	-405	-775	-825	-690
Purchase of Property, Plant & Equipment	-494	-1,046	-344	-255	-190	-226	-326	-296	-341	-322	-360
Acquisitions	0.00	-848	-1.50	-2.91	-5.39	-5.35	-236	-186	-215	-2.87	-9.85
Sale of Property, Plant & Equipment	358	593	187	20	175	2.62	293	320	2.95	84	81
Sale and/or Maturity of Investments	-	3.56	0.00	0.78	0.51	0.35	0.50	0.54	0.31	10	0.34
Other Investing Activities, net	-0.02	0.00	-136	-129	-218	-257	15	-244	-223	-595	-402
Net Cash From Financing Activities	-317	445	-400	-405	-524	-374	-546	-723	-368	-271	-371
Net Cash From Continuing Financing Activities	-317	446	-400	-405	-524	-374	-546	-722	-368	-271	-371
Repayment of Debt	-468	-897	-1,388	-2,376	-1,691	-446	-652	-143	-359	-655	15
Repurchase of Common Equity	-0.96	-4.04	-	-	-	-	-	-	0.00	0.00	-27
Payment of Dividends	-245	-523	-414	-439	-457	-477	-490	-601	-689	-709	-758
Issuance of Debt	396	1,870	1,402	2,410	1,624	550	594	20	475	1,092	397
Issuance of Common Equity	0.62	0.58	-	-	-	-	0.65	2.17	205	1.23	1.45
Cash Interest Paid	142	294	174	185	173	165	168	157	158	182	209
Cash Income Taxes Paid	2.10	3.16	2.37	2.55	2.55	2.55	2.54	3.49	4.00	3.34	0.30

This table details how cash moves in and out of Mid-America Apartment Communities' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	12	-120	13	8.42	-12	-7.30	13	-1.34	-22	28	11
Net Cash From Operating Activities	318	265	200	349	310	239	197	353	266	262	150
Net Cash From Continuing Operating Activities	318	265	200	349	310	239	197	353	266	262	150
Net Income / (Loss) Continuing Operations	114	165	148	105	118	171	186	111	102	57	127
Consolidated Net Income / (Loss)	114	165	148	105	118	171	186	111	102	57	127
Depreciation Expense	147	141	143	145	147	151	153	154	157	160	162
Amortization Expense	1.50	1.37	1.53	1.53	1.51	1.47	1.62	1.63	1.62	1.70	1.76
Non-Cash Adjustments To Reconcile Net Income	21	-21	-12	14	11	-52	-67	2.24	-3.95	4.97	-35
Changes in Operating Assets and Liabilities, net	35	-22	-80	84	32	-33	-77	85	9.90	38	-106
Net Cash From Investing Activities	-136	-347	-93	-237	-322	-174	-61	-177	-254	-198	-123
Net Cash From Continuing Investing Activities	-136	-347	-93	-237	-322	-174	-61	-177	-254	-198	-123
Purchase of Property, Plant & Equipment	-87	-80	-52	-90	-283	103	-73	-89	-96	-103	-58
Acquisitions	102	-9.13	-0.75	-0.37	-256	254	-3.68	-83	145	-1.68	-76
Sale of Property, Plant & Equipment	-0.08	-0.00	0.00	-	-	84	81	-	-	0.23	41
Other Investing Activities, net	-151	-258	-40	-147	207	-615	-66	-5.13	-303	-93	-29
Net Cash From Financing Activities	-171	-38	-94	-104	-0.22	-73	-123	-178	-34	-36	-16
Net Cash From Continuing Financing Activities	-171	-38	-94	-104	-0.22	-73	-123	-178	-34	-36	-16
Repayment of Debt	-2.51	-349	-4.02	-406	-2.31	-243	-0.21	-0.49	0.14	16	-0.25
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-73
Payment of Dividends	-169	-184	-177	-177	-177	-177	-183	-183	-183	-210	-195
Issuance of Debt	-	495	87	479	179	347	60	5.00	148	184	252
Issuance of Common Equity	0.35	0.33	0.30	0.31	0.34	0.28	0.38	0.35	0.36	0.36	0.38
Cash Interest Paid	29	52	33	42	64	44	52	35	65	56	62

This table presents Mid-America Apartment Communities' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.00	11,604	11,492	11,324	11,230	11,195	11,285	11,241	11,485	11,812	11,975
Total Current Assets	0.00	122	94	52	20	25	54	39	41	43	60
Cash & Equivalents	0.00	34	11	34	20	25	54	39	41	43	60
Plant, Property, & Equipment, net	0.00	11,226	11,160	11,049	10,943	10,863	10,856	10,880	11,068	11,400	11,495
Plant, Property & Equipment, gross	0.00	12,901	13,235	13,599	13,899	14,278	14,704	15,182	15,933	16,728	17,409
Accumulated Depreciation	0.00	1,675	2,075	2,549	2,955	3,415	3,848	4,303	4,865	5,328	5,914
Total Noncurrent Assets	0.00	257	238	223	267	307	375	323	375	361	374
Long-Term Investments	0.00	44	45	44	44	43	43	107	116	115	115
Other Noncurrent Operating Assets	0.00	212	193	179	223	263	332	216	259	246	259
Total Liabilities & Shareholders' Equity	0.00	11,604	11,492	11,324	11,230	11,195	11,285	11,241	11,485	11,812	11,975
Total Liabilities	0.00	4,952	4,908	4,942	4,927	5,091	5,101	5,031	5,185	5,665	6,136
Total Current Liabilities	0.00	453	406	414	491	528	584	616	645	684	730
Accrued Expenses	0.00	453	406	414	472	528	584	616	645	684	730
Total Noncurrent Liabilities	0.00	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981	5,405
Long-Term Debt	0.00	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981	5,405
Redeemable Noncontrolling Interest	0.00	12	13	9.41	14	15	30	21	19	22	20
Total Equity & Noncontrolling Interests	0.00	6,640	6,572	6,372	6,289	6,088	6,154	6,190	6,280	6,125	5,819
Total Preferred & Common Equity	0.00	6,404	6,340	6,150	6,069	5,872	5,965	6,005	6,094	5,942	5,663
Preferred Stock	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	0.00	6,404	6,340	6,150	6,069	5,872	5,965	6,005	6,094	5,942	5,663
Common Stock	0.00	7,110	7,122	7,139	7,167	7,178	7,232	7,204	7,401	7,419	7,403
Accumulated Other Comprehensive Income / (Loss)	0.00	1.14	2.16	-0.21	-13	-12	-11	-10	-8.76	-6.94	-5.30
Other Equity Adjustments	0.00	-707	-785	-989	-1,085	-1,294	-1,256	-1,189	-1,298	-1,470	-1,735
Noncontrolling Interest	0.00	236	232	222	221	217	189	185	186	183	156

This table presents Mid-America Apartment Communities' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	11,391	11,382	11,485	11,471	11,563	11,756	11,812	11,812	11,836	11,927	11,995
Total Current Assets	150	162	41	55	63	50	43	56	54	32	72
Cash & Equivalents	150	162	41	55	63	50	43	56	54	32	72
Plant, Property, & Equipment, net	10,901	10,875	11,068	11,028	11,139	11,324	11,400	11,391	11,428	11,520	11,505
Plant, Property & Equipment, gross	15,480	15,600	15,933	16,035	16,289	16,542	16,728	16,869	17,059	17,308	17,579
Accumulated Depreciation	4,579	4,725	4,865	5,006	5,150	5,218	5,328	5,478	5,631	5,788	6,074
Total Noncurrent Assets	340	345	375	388	361	367	361	365	353	374	391
Long-Term Investments	116	116	116	116	116	116	115	115	115	115	115
Other Noncurrent Operating Assets	224	229	259	272	246	251	246	250	238	259	276
Total Liabilities & Shareholders' Equity	11,391	11,382	11,485	11,471	11,563	11,756	11,812	11,812	11,836	11,927	11,995
Total Liabilities	5,020	5,061	5,185	5,194	5,357	5,602	5,665	5,654	5,745	5,912	6,286
Total Current Liabilities	624	666	645	570	656	726	684	612	697	715	629
Accrued Expenses	624	666	645	570	656	726	684	612	697	715	629
Total Noncurrent Liabilities	4,396	4,394	4,540	4,624	4,701	4,876	4,981	5,042	5,048	5,197	5,657
Long-Term Debt	4,396	4,394	4,540	4,624	4,701	4,876	4,981	5,042	5,048	5,197	5,657
Redeemable Noncontrolling Interest	21	18	19	19	20	23	22	24	21	20	18
Total Equity & Noncontrolling Interests	6,350	6,304	6,280	6,257	6,186	6,132	6,125	6,133	6,069	5,994	5,690
Total Preferred & Common Equity	6,162	6,117	6,094	6,072	6,004	5,949	5,942	5,950	5,891	5,818	5,541
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	6,162	6,117	6,094	6,072	6,004	5,949	5,942	5,950	5,891	5,818	5,541
Common Stock	7,407	7,411	7,401	7,407	7,410	7,415	7,419	7,424	7,433	7,437	7,333
Accumulated Other Comprehensive Income / (Loss)	-9.51	-9.24	-8.76	-8.26	-7.78	-7.36	-6.94	-6.52	-6.11	-5.69	-4.93
Other Equity Adjustments	-1,235	-1,285	-1,298	-1,327	-1,399	-1,459	-1,470	-1,468	-1,535	-1,613	-1,787
Noncontrolling Interest	188	187	186	185	183	183	183	184	178	176	150

This table displays calculated financial ratios and metrics derived from Mid-America Apartment Communities' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.08%	7.92%	35.87%	2.77%	4.43%	2.25%	5.97%	13.60%	6.37%	1.98%	0.83%
EBITDA Growth	-247.51%	216.64%	-7.97%	-18.32%	18.03%	-9.70%	32.63%	7.28%	-4.44%	1.08%	-2.45%
EBIT Growth	-537.95%	129.99%	39.55%	-36.71%	35.30%	-20.99%	66.13%	11.35%	-10.19%	-0.93%	-9.68%
NOPAT Growth	-522.56%	128.46%	180.29%	161.00%	28.36%	-16.95%	58.40%	27.37%	-19.80%	3.19%	-2.88%
Net Income Growth	-938.65%	117.12%	51.75%	-64.32%	58.69%	-27.99%	108.59%	18.90%	-13.28%	-4.62%	-15.70%
EPS Growth	123.86%	-38.78%	5.93%	-65.04%	59.07%	-28.66%	110.50%	18.87%	-14.05%	-4.67%	-15.81%
Operating Cash Flow Growth	27.06%	109.18%	-31.88%	22.24%	6.42%	5.44%	8.62%	18.27%	7.44%	-3.42%	-1.83%
Free Cash Flow Firm Growth	4,080.09%	-292.40%	213.46%	200.57%	21.12%	-22.88%	32.82%	47.10%	-50.69%	-11.79%	47.01%
Invested Capital Growth	-100.00%	0.00%	-0.30%	-1.26%	-1.29%	-0.72%	0.05%	-1.17%	1.93%	2.63%	0.56%
Revenue Q/Q Growth	36.94%	1.95%	5.20%	0.99%	1.15%	0.41%	2.30%	3.29%	0.67%	0.35%	0.26%
EBITDA Q/Q Growth	-399.85%	260.64%	-19.36%	-11.95%	10.11%	-0.25%	4.24%	0.11%	-2.25%	1.75%	-7.34%
EBIT Q/Q Growth	-1,798.21%	138.12%	22.82%	-25.76%	19.89%	-1.54%	6.68%	-0.18%	-4.26%	1.77%	-14.59%
NOPAT Q/Q Growth	-518.43%	139.72%	158.56%	-1.08%	20.11%	-5.54%	5.78%	6.59%	-11.01%	5.94%	1.72%
Net Income Q/Q Growth	-1,205.12%	121.13%	33.76%	-21.82%	33.28%	-20.66%	23.45%	1.24%	-5.66%	1.16%	-19.96%
EPS Q/Q Growth	29.33%	-5.92%	62.39%	-44.35%	34.06%	0.00%	0.00%	0.00%	-5.80%	1.35%	-20.08%
Operating Cash Flow Q/Q Growth	-36.17%	97.39%	-83.89%	112.73%	3.53%	2.51%	4.27%	3.36%	1.23%	-2.30%	2.14%
Free Cash Flow Firm Q/Q Growth	2,327.20%	-1,248.27%	220.07%	-131.13%	121.71%	-14.57%	21.42%	16.57%	-45.04%	66.89%	36.24%
Invested Capital Q/Q Growth	-100.00%	67.95%	1.36%	99.18%	0.38%	0.96%	0.20%	-0.62%	2.34%	1.05%	-0.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.01%	62.38%	100.00%	200.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-84.02%	90.82%	64.18%	113.46%	64.11%	56.62%	70.87%	66.93%	60.13%	59.60%	57.66%
Operating Margin	-131.42%	24.44%	24.51%	25.49%	31.29%	25.48%	38.54%	41.77%	32.06%	32.49%	31.30%
EBIT Margin	-113.79%	31.62%	32.47%	25.80%	33.42%	25.83%	40.49%	39.69%	33.52%	32.56%	29.17%
Profit (Net Income) Margin	-125.68%	19.94%	22.27%	14.70%	22.34%	15.73%	30.97%	32.42%	26.43%	24.72%	20.67%
Tax Burden Percent	100.13%	99.35%	199.27%	199.33%	99.45%	99.31%	97.79%	101.20%	99.47%	99.40%	99.45%
Interest Burden Percent	110.31%	63.48%	137.67%	171.91%	67.21%	61.34%	78.21%	80.70%	79.28%	76.37%	71.25%
Effective Tax Rate	0.00%	0.75%	1.53%	1.13%	1.00%	1.25%	2.42%	-0.96%	0.83%	0.96%	1.00%
Return on Invested Capital (ROIC)	-29.39%	4.97%	3.39%	9.38%	4.73%	3.97%	6.31%	8.08%	6.46%	6.51%	6.23%
ROIC Less NNEP Spread (ROIC-NNEP)	-49.65%	2.73%	2.67%	-0.22%	1.51%	0.40%	3.66%	3.55%	3.79%	2.96%	1.67%
Return on Net Nonoperating Assets (RNNOA)	-56.33%	1.78%	1.76%	-0.15%	1.05%	0.29%	2.66%	2.49%	2.62%	2.19%	1.39%
Return on Equity (ROE)	-85.72%	6.75%	0.00%	7.13%	5.78%	4.26%	8.96%	10.57%	9.08%	8.70%	7.62%
Cash Return on Invested Capital (CROIC)	170.61%	-195.03%	7.38%	0.00%	6.02%	4.69%	6.25%	9.25%	4.55%	3.92%	5.67%
Operating Return on Assets (OROA)	-34.79%	6.13%	4.30%	7.11%	4.86%	3.87%	6.41%	7.12%	6.34%	6.12%	5.42%
Return on Assets (ROA)	-38.42%	3.87%	2.95%	4.05%	3.25%	2.35%	4.90%	5.81%	5.00%	4.65%	3.84%
Return on Common Equity (ROCE)	-81.04%	6.49%	9.91%	6.87%	5.57%	4.10%	8.63%	10.20%	8.78%	8.42%	7.37%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.50%	10.74%	7.51%	6.04%	4.50%	9.23%	10.90%	9.32%	9.11%	0.00%
Net Operating Profit after Tax (NOPAT)	-959	273	372	396	508	422	669	852	683	705	685
NOPAT Margin	-92.00%	24.26%	24.32%	25.20%	30.98%	25.16%	37.61%	42.17%	31.80%	32.17%	30.99%
Net Nonoperating Expense Percent (NNEP)	20.25%	2.24%	1.44%	15.44%	3.22%	3.57%	2.65%	4.53%	2.66%	3.55%	4.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.03%	6.31%	6.35%	6.10%
Cost of Revenue to Revenue	25.99%	37.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	135.80%	5.61%	5.48%	11.01%	6.02%	5.91%	6.11%	6.15%	5.88%	5.87%	5.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	205.43%	37.94%	75.49%	149.02%	68.71%	74.52%	61.46%	58.23%	67.94%	67.51%	68.70%
Earnings before Interest and Taxes (EBIT)	-1,187	356	497	405	549	433	720	802	720	713	644
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-876	1,022	981	891	1,052	950	1,260	1,352	1,292	1,306	1,274
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.90	1.45	1.48	2.14	2.21	4.06	2.76	2.44	3.00	2.83
Price to Tangible Book Value (P/TBV)	0.00	0.90	3.00	3.09	2.14	2.21	4.06	2.76	2.44	3.00	2.83
Price to Revenue (P/Rev)	4.93	5.11	6.01	12.00	7.92	7.72	13.63	8.20	6.92	8.14	7.25
Price to Earnings (P/E)	0.00	27.11	28.28	86.00	37.13	51.54	45.71	26.14	27.09	34.06	36.13
Dividend Yield	4.52%	4.31%	8.61%	9.23%	3.37%	3.53%	1.95%	3.26%	4.39%	3.84%	4.41%
Earnings Yield	0.00%	3.69%	7.07%	4.82%	2.69%	1.94%	2.19%	3.83%	3.69%	2.94%	2.77%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.94	2.59	2.61	1.65	1.67	2.72	2.01	1.82	2.09	1.94
Enterprise Value to Revenue (EV/Rev)	4.93	9.18	9.02	17.93	10.74	10.53	16.24	10.42	9.06	10.44	9.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	10.10	28.78	394.00	16.75	18.61	22.91	15.56	15.07	17.51	16.82
Enterprise Value to EBIT (EV/EBIT)	0.00	29.02	27.78	33.96	32.13	40.79	40.10	26.24	27.03	32.06	33.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	37.83	37.10	71.16	34.67	41.87	43.17	24.70	28.49	32.45	31.29
Enterprise Value to Operating Cash Flow (EV/OCF)	11.08	10.65	20.88	38.38	22.55	21.45	32.26	19.88	17.12	20.82	19.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.92	0.00	34.07	59.44	27.23	35.41	43.54	21.57	40.47	53.91	34.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.68	1.37	0.00	0.71	0.75	0.73	0.71	0.72	0.81	0.93
Long-Term Debt to Equity	0.00	0.68	1.37	1.42	0.71	0.75	0.73	0.71	0.72	0.81	0.93
Financial Leverage	1.13	0.65	1.31	1.36	0.69	0.71	0.73	0.70	0.69	0.74	0.83
Leverage Ratio	2.23	1.74	3.49	3.52	1.78	1.81	1.83	1.82	1.82	1.87	1.98
Compound Leverage Factor	2.46	1.11	1.20	3.03	1.20	1.11	1.43	1.47	1.44	1.43	1.41
Debt to Total Capital	0.00%	40.35%	40.61%	83.01%	41.41%	42.78%	42.21%	41.55%	41.89%	44.76%	48.07%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	40.35%	81.22%	83.01%	41.41%	42.78%	42.21%	41.55%	41.89%	44.76%	48.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	2.23%	4.41%	4.25%	2.18%	2.18%	2.05%	1.93%	1.89%	1.85%	1.57%
Common Equity to Total Capital	0.00%	57.42%	114.37%	112.74%	56.41%	55.05%	55.75%	56.52%	56.22%	53.40%	50.36%
Debt to EBITDA	0.00	4.40	9.18	124.01	4.23	4.80	3.58	3.27	3.51	3.81	4.24
Net Debt to EBITDA	0.00	4.24	8.90	121.39	4.17	4.73	3.51	3.16	3.39	3.69	4.11
Long-Term Debt to EBITDA	0.00	4.40	9.18	124.01	4.23	4.80	3.58	3.27	3.51	3.81	4.24
Debt to NOPAT	0.00	16.48	24.21	22.87	8.76	10.81	6.75	5.18	6.65	7.07	7.90
Net Debt to NOPAT	0.00	15.87	23.49	11.19	8.64	10.65	6.61	5.01	6.42	6.84	7.64
Long-Term Debt to NOPAT	0.00	16.48	24.21	22.87	8.76	10.81	6.75	5.18	6.65	7.07	7.90
Altman Z-Score	0.00	0.86	2.73	2.73	1.84	1.75	3.16	2.33	2.05	2.21	1.86
Noncontrolling Interest Sharing Ratio	5.47%	3.73%	7.45%	7.35%	3.68%	3.77%	3.67%	3.42%	3.28%	3.30%	3.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.27	0.23	0.25	0.04	0.05	0.09	0.06	0.06	0.06	0.08
Quick Ratio	0.00	0.07	0.05	0.17	0.04	0.05	0.09	0.06	0.06	0.06	0.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,568	-10,713	405	534	647	499	663	975	481	424	624
Operating Cash Flow to CapEx	340.48%	213.89%	421.85%	312.82%	5,077.45%	369.67%	2,745.97%	0.00%	336.17%	461.15%	386.60%
Free Cash Flow to Firm to Interest Expense	45.51	-82.44	5.23	7.47	3.60	2.98	4.23	6.30	3.22	2.52	3.37
Operating Cash Flow to Interest Expense	3.79	7.46	4.27	12.69	4.34	4.92	5.70	6.84	7.62	6.52	5.82
Operating Cash Flow Less CapEx to Interest Expense	2.68	3.97	6.52	8.63	4.26	3.59	5.50	7.00	5.35	5.10	4.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.19	0.13	0.30	0.15	0.15	0.16	0.18	0.19	0.19	0.19
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.14	0.30	0.15	0.15	0.16	0.19	0.20	0.20	0.19
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	10,986	10,953	10,814	10,675	10,598	10,604	10,480	10,682	10,963	11,024
Invested Capital Turnover	0.32	0.20	0.14	0.31	0.15	0.16	0.17	0.19	0.20	0.20	0.20
Increase / (Decrease) in Invested Capital	-6,527	10,986	-33	-138	-139	-77	5.66	-124	202	281	61
Enterprise Value (EV)	5,137	10,327	13,796	28,181	17,624	17,676	28,871	21,041	19,464	22,871	21,422
Market Capitalization	5,137	5,745	9,184	18,852	12,999	12,950	24,232	16,566	14,875	17,842	16,015
Book Value per Share	$0.00	$84.77	$55.80	$54.02	$53.20	$51.34	$51.81	$52.00	$52.23	$50.84	$48.37
Tangible Book Value per Share	$0.00	$84.77	$55.80	$54.02	$53.20	$51.34	$51.81	$52.00	$52.23	$50.84	$48.37
Total Capital	0.00	11,152	11,086	10,910	10,758	10,667	10,701	10,625	10,839	11,129	11,245
Total Debt	0.00	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981	5,405
Total Long-Term Debt	0.00	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981	5,405
Net Debt	0.00	4,333	4,368	4,432	4,390	4,494	4,420	4,270	4,383	4,823	5,230
Capital Expenditures (CapEx)	136	454	157	235	15	223	33	-24	338	238	279
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-453	-400	-414	-491	-528	-584	-616	-645	-684	-730
Debt-free Net Working Capital (DFNWC)	0.00	-331	-311	-362	-471	-503	-530	-577	-604	-641	-670
Net Working Capital (NWC)	0.00	-331	-311	-362	-471	-503	-530	-577	-604	-641	-670
Net Nonoperating Expense (NNE)	351	49	31	165	142	158	118	197	115	163	228
Net Nonoperating Obligations (NNO)	0.00	4,333	4,368	4,432	4,371	4,494	4,420	4,270	4,383	4,815	5,184
Total Depreciation and Amortization (D&A)	310	666	485	486	504	517	540	550	572	592	630
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-40.22%	-26.18%	-49.30%	-29.94%	-31.48%	-32.87%	-30.49%	-30.03%	-31.21%	-33.06%
Debt-free Net Working Capital to Revenue	0.00%	-29.40%	-20.36%	-23.05%	-28.69%	-29.98%	-29.81%	-28.58%	-28.11%	-29.24%	-30.33%
Net Working Capital to Revenue	0.00%	-29.40%	-20.36%	-23.05%	-28.69%	-29.98%	-29.81%	-28.58%	-28.11%	-29.24%	-30.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.41	$2.69	$2.86	$1.93	$3.07	$2.20	$4.62	$5.49	$4.71	$4.49	$3.79
Adjusted Weighted Average Basic Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M	116.90M
Adjusted Diluted Earnings per Share	$4.41	$2.69	$2.86	$1.93	$3.07	$2.19	$4.61	$5.48	$4.71	$4.49	$3.78
Adjusted Weighted Average Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M	116.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M	116.90M
Normalized Net Operating Profit after Tax (NOPAT)	-959	314	372	396	428	422	454	440	683	650	613
Normalized NOPAT Margin	-92.00%	27.86%	24.32%	25.20%	26.09%	25.16%	25.51%	21.79%	31.80%	29.69%	27.76%
Pre Tax Income Margin	-125.52%	20.07%	22.35%	29.50%	22.47%	15.84%	31.67%	32.03%	26.57%	24.87%	20.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.70	2.74	3.21	4.67	3.05	2.59	4.59	5.18	4.83	4.23	3.48
NOPAT to Interest Expense	-7.84	2.10	2.40	5.88	2.83	2.52	4.26	5.50	4.58	4.18	3.70
EBIT Less CapEx to Interest Expense	-10.81	-0.75	2.20	1.97	2.96	1.26	4.38	5.34	2.56	2.82	1.97
NOPAT Less CapEx to Interest Expense	-8.95	-1.39	1.39	3.17	2.74	1.19	4.05	5.66	2.31	2.77	2.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-18.69%	233.07%	242.93%	379.72%	124.75%	180.78%	88.90%	91.83%	121.31%	130.89%	165.96%
Augmented Payout Ratio	-18.76%	234.87%	242.93%	379.72%	124.75%	180.78%	88.90%	91.83%	121.31%	130.89%	171.93%

This table displays calculated financial ratios and metrics derived from Mid-America Apartment Communities' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	116,901,020.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	116,901,020.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.08%	2.71%	2.76%	2.11%	1.68%	1.40%	1.04%	0.63%	0.59%	1.04%	0.81%
EBITDA Growth	-1.06%	-7.90%	5.16%	-11.04%	3.86%	6.49%	15.63%	6.20%	-0.47%	-27.35%	-10.15%
EBIT Growth	-8.00%	-13.57%	6.69%	-22.44%	7.64%	6.07%	22.64%	6.54%	-7.12%	-50.83%	-21.05%
NOPAT Growth	0.55%	-32.52%	-5.19%	-2.67%	-2.81%	22.57%	-3.21%	-8.26%	-8.37%	4.57%	-11.08%
Net Income Growth	-9.52%	-17.13%	5.76%	-30.07%	3.95%	3.76%	26.28%	5.94%	-13.69%	-66.54%	-32.08%
EPS Growth	-10.48%	-17.47%	5.17%	-30.65%	4.26%	4.38%	26.23%	6.98%	-14.29%	-66.43%	-31.17%
Operating Cash Flow Growth	-7.35%	5.48%	-8.27%	4.05%	-2.71%	-9.74%	-1.82%	1.17%	-13.92%	9.43%	-23.89%
Free Cash Flow Firm Growth	34.82%	-106.93%	-121.73%	-127.24%	-190.93%	-146.27%	-257.11%	-42.42%	73.18%	350.82%	113.28%
Invested Capital Growth	-1.02%	1.93%	1.93%	2.17%	3.94%	2.63%	2.78%	2.24%	1.98%	0.56%	1.11%
Revenue Q/Q Growth	1.29%	0.04%	0.25%	0.52%	0.86%	-0.23%	-0.10%	0.11%	0.81%	0.21%	-0.33%
EBITDA Q/Q Growth	-9.55%	16.24%	-3.59%	-12.24%	5.60%	19.19%	4.68%	-19.39%	-1.04%	-13.00%	29.46%
EBIT Q/Q Growth	-20.72%	36.30%	-7.25%	-22.61%	10.03%	34.31%	7.24%	-32.78%	-4.07%	-28.89%	72.17%
NOPAT Q/Q Growth	-1.21%	5.38%	-6.76%	0.23%	-1.35%	32.89%	-26.34%	-5.00%	-1.47%	51.66%	-37.36%
Net Income Q/Q Growth	-24.00%	44.96%	-10.47%	-29.10%	12.96%	44.70%	8.96%	-40.52%	-7.96%	-43.91%	121.19%
EPS Q/Q Growth	-24.19%	45.74%	-10.95%	-29.51%	13.95%	45.92%	7.69%	-40.26%	-8.70%	-42.86%	120.83%
Operating Cash Flow Q/Q Growth	-5.24%	-16.73%	-24.41%	74.46%	-11.40%	-22.75%	-17.78%	79.76%	-24.62%	-1.79%	-42.81%
Free Cash Flow Firm Q/Q Growth	18.11%	-109.70%	-47.97%	-61.19%	-294.27%	73.74%	-113.94%	35.71%	25.75%	345.61%	-88.67%
Invested Capital Q/Q Growth	-0.60%	2.34%	0.45%	-0.02%	1.12%	1.05%	0.60%	-0.54%	0.87%	-0.37%	1.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	85.05%	100.00%	114.79%	100.00%
EBITDA Margin	54.99%	63.90%	61.45%	53.65%	56.17%	67.11%	70.32%	56.62%	55.58%	48.26%	62.68%
Operating Margin	30.68%	32.60%	30.49%	30.33%	29.55%	39.54%	29.02%	27.53%	27.23%	41.36%	26.57%
EBIT Margin	27.62%	37.64%	34.82%	26.81%	29.24%	39.37%	42.26%	28.38%	27.00%	19.16%	33.10%
Profit (Net Income) Margin	20.98%	30.40%	27.15%	19.15%	21.45%	31.11%	33.94%	20.16%	18.41%	10.30%	22.87%
Tax Burden Percent	100.58%	99.62%	99.12%	99.48%	99.82%	99.30%	99.69%	99.94%	98.67%	99.13%	96.01%
Interest Burden Percent	75.52%	81.10%	78.68%	71.83%	73.49%	79.59%	80.55%	71.09%	69.09%	54.24%	71.95%
Effective Tax Rate	-0.18%	0.69%	1.21%	0.97%	0.57%	1.02%	0.56%	0.54%	1.71%	2.06%	4.19%
Return on Invested Capital (ROIC)	6.25%	6.57%	6.13%	6.15%	6.03%	7.92%	5.83%	5.55%	5.38%	8.14%	5.08%
ROIC Less NNEP Spread (ROIC-NNEP)	5.01%	6.33%	5.75%	4.78%	5.04%	6.96%	6.42%	4.71%	4.43%	4.78%	4.80%
Return on Net Nonoperating Assets (RNNOA)	3.40%	4.38%	3.90%	3.29%	3.56%	5.15%	4.82%	3.60%	3.55%	3.99%	4.17%
Return on Equity (ROE)	9.65%	10.95%	10.03%	9.44%	9.58%	13.07%	10.64%	9.15%	8.93%	12.13%	9.25%
Cash Return on Invested Capital (CROIC)	8.34%	4.55%	4.43%	4.17%	2.39%	3.92%	3.69%	4.11%	4.18%	5.67%	4.88%
Operating Return on Assets (OROA)	5.19%	7.12%	6.60%	5.08%	5.52%	7.41%	7.97%	5.34%	5.02%	3.56%	6.16%
Return on Assets (ROA)	3.94%	5.75%	5.15%	3.63%	4.05%	5.85%	6.40%	3.79%	3.43%	1.91%	4.25%
Return on Common Equity (ROCE)	9.34%	10.59%	9.71%	9.13%	9.27%	12.64%	10.29%	8.85%	8.64%	11.74%	8.96%
Return on Equity Simple (ROE_SIMPLE)	9.84%	0.00%	9.48%	8.84%	9.00%	0.00%	9.75%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	167	176	164	164	162	215	159	151	148	225	141
NOPAT Margin	30.74%	32.38%	30.12%	30.04%	29.38%	39.14%	28.86%	27.38%	26.76%	40.50%	25.45%
Net Nonoperating Expense Percent (NNEP)	1.25%	0.25%	0.38%	1.37%	0.99%	0.96%	-0.60%	0.84%	0.95%	3.36%	0.28%
Return On Investment Capital (ROIC_SIMPLE)	-	1.62%	-	-	-	1.94%	1.42%	1.35%	1.33%	2.00%	1.24%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.95%	0.00%	-14.79%	0.00%
SG&A Expenses to Revenue	5.50%	6.03%	6.81%	5.47%	5.44%	5.76%	6.59%	5.51%	5.54%	5.82%	7.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	69.32%	67.40%	69.51%	69.67%	70.45%	60.46%	70.98%	57.52%	72.77%	73.44%	73.43%
Earnings before Interest and Taxes (EBIT)	150	204	189	146	161	216	232	156	150	106	183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	298	347	334	293	310	369	386	311	308	268	347
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.33	2.44	2.50	2.74	3.08	3.00	3.25	2.90	2.77	2.83	2.54
Price to Tangible Book Value (P/TBV)	2.33	2.44	2.50	2.74	3.08	3.00	3.25	2.90	2.77	2.83	2.54
Price to Revenue (P/Rev)	6.67	6.92	7.01	7.57	8.40	8.14	8.81	7.77	7.31	7.25	6.35
Price to Earnings (P/E)	24.43	27.09	27.24	32.06	35.45	34.06	34.45	30.08	29.17	36.13	36.45
Dividend Yield	4.47%	4.39%	4.36%	4.07%	3.69%	3.84%	3.57%	4.07%	4.35%	4.41%	5.04%
Earnings Yield	4.09%	3.69%	3.67%	3.12%	2.82%	2.94%	2.90%	3.32%	3.43%	2.77%	2.74%
Enterprise Value to Invested Capital (EV/IC)	1.78	1.82	1.85	1.97	2.14	2.09	2.22	2.02	1.93	1.94	1.77
Enterprise Value to Revenue (EV/Rev)	8.69	9.06	9.17	9.74	10.66	10.44	11.12	10.07	9.69	9.70	8.90
Enterprise Value to EBITDA (EV/EBITDA)	14.03	15.07	15.16	16.65	18.13	17.51	17.99	16.10	15.53	16.82	15.96
Enterprise Value to EBIT (EV/EBIT)	24.66	27.03	27.09	30.71	33.19	32.06	32.31	28.94	28.31	33.25	33.09
Enterprise Value to NOPAT (EV/NOPAT)	24.16	28.49	29.41	31.62	34.97	32.45	34.91	32.29	31.73	31.29	29.68
Enterprise Value to Operating Cash Flow (EV/OCF)	16.51	17.12	17.72	18.70	20.70	20.82	22.32	20.17	20.23	19.87	19.11
Enterprise Value to Free Cash Flow (EV/FCFF)	21.20	40.47	42.09	47.86	91.52	53.91	60.86	49.73	46.64	34.35	36.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.70	0.72	0.74	0.76	0.79	0.81	0.82	0.83	0.86	0.93	0.99
Long-Term Debt to Equity	0.70	0.72	0.74	0.76	0.79	0.81	0.82	0.83	0.86	0.93	0.99
Financial Leverage	0.68	0.69	0.68	0.69	0.71	0.74	0.75	0.76	0.80	0.83	0.87
Leverage Ratio	1.82	1.82	1.80	1.83	1.85	1.87	1.87	1.90	1.95	1.98	2.01
Compound Leverage Factor	1.37	1.47	1.42	1.31	1.36	1.49	1.51	1.35	1.34	1.08	1.44
Debt to Total Capital	41.01%	41.89%	42.42%	43.10%	44.21%	44.76%	45.02%	45.32%	46.36%	48.07%	49.77%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.01%	41.89%	42.42%	43.10%	44.21%	44.76%	45.02%	45.32%	46.36%	48.07%	49.77%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.91%	1.89%	1.87%	1.86%	1.86%	1.85%	1.86%	1.79%	1.75%	1.57%	1.48%
Common Equity to Total Capital	57.08%	56.22%	55.71%	55.04%	53.93%	53.40%	53.12%	52.89%	51.89%	50.36%	48.75%
Debt to EBITDA	3.33	3.51	3.53	3.70	3.80	3.81	3.71	3.67	3.78	4.24	4.58
Net Debt to EBITDA	3.11	3.39	3.40	3.56	3.67	3.69	3.59	3.54	3.67	4.11	4.43
Long-Term Debt to EBITDA	3.33	3.51	3.53	3.70	3.80	3.81	3.71	3.67	3.78	4.24	4.58
Debt to NOPAT	5.72	6.65	6.86	7.02	7.33	7.07	7.20	7.36	7.72	7.90	8.52
Net Debt to NOPAT	5.36	6.42	6.61	6.75	7.08	6.84	6.96	7.11	7.50	7.64	8.24
Long-Term Debt to NOPAT	5.72	6.65	6.86	7.02	7.33	7.07	7.20	7.36	7.72	7.90	8.52
Altman Z-Score	1.86	1.90	1.94	2.01	2.13	2.07	2.25	1.95	1.79	1.71	1.52
Noncontrolling Interest Sharing Ratio	3.28%	3.28%	3.25%	3.27%	3.29%	3.30%	3.32%	3.26%	3.30%	3.19%	3.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.24	0.06	0.10	0.10	0.07	0.06	0.09	0.08	0.05	0.08	0.11
Quick Ratio	0.24	0.06	0.10	0.10	0.07	0.06	0.09	0.08	0.05	0.08	0.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	274	-27	-39	-63	-249	-65	-140	-90	-67	164	19
Operating Cash Flow to CapEx	366.55%	330.52%	384.36%	389.60%	109.31%	0.00%	0.00%	397.56%	278.63%	254.42%	851.80%
Free Cash Flow to Firm to Interest Expense	7.48	-0.69	-0.97	-1.53	-5.83	-1.48	-3.10	-2.00	-1.44	3.37	0.36
Operating Cash Flow to Interest Expense	8.68	6.87	4.96	8.47	7.24	5.41	4.35	7.84	5.76	5.37	2.91
Operating Cash Flow Less CapEx to Interest Expense	6.31	4.79	3.67	6.29	0.62	9.64	4.54	5.86	3.69	3.26	2.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.19	0.19	0.19
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,438	10,682	10,731	10,728	10,849	10,963	11,029	10,969	11,064	11,024	11,151
Invested Capital Turnover	0.20	0.20	0.20	0.20	0.21	0.20	0.20	0.20	0.20	0.20	0.20
Increase / (Decrease) in Invested Capital	-107	202	203	227	411	281	299	241	215	61	122
Enterprise Value (EV)	18,548	19,464	19,829	21,179	23,266	22,871	24,432	22,163	21,354	21,422	19,705
Market Capitalization	14,226	14,875	15,171	16,454	18,350	17,842	19,353	17,085	16,108	16,015	14,067
Book Value per Share	$52.42	$52.23	$51.98	$51.39	$50.90	$50.84	$50.89	$50.33	$49.70	$48.37	$47.40
Tangible Book Value per Share	$52.42	$52.23	$51.98	$51.39	$50.90	$50.84	$50.89	$50.33	$49.70	$48.37	$47.40
Total Capital	10,716	10,839	10,901	10,907	11,030	11,129	11,200	11,139	11,212	11,245	11,365
Total Debt	4,394	4,540	4,624	4,701	4,876	4,981	5,042	5,048	5,197	5,405	5,657
Total Long-Term Debt	4,394	4,540	4,624	4,701	4,876	4,981	5,042	5,048	5,197	5,405	5,657
Net Debt	4,116	4,383	4,454	4,522	4,710	4,823	4,871	4,879	5,050	5,230	5,470
Capital Expenditures (CapEx)	87	80	52	90	283	-187	-8.49	89	96	103	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-666	-645	-570	-656	-726	-684	-612	-697	-715	-730	-629
Debt-free Net Working Capital (DFNWC)	-505	-604	-515	-593	-676	-641	-556	-643	-683	-670	-558
Net Working Capital (NWC)	-505	-604	-515	-593	-676	-641	-556	-643	-683	-670	-558
Net Nonoperating Expense (NNE)	53	11	16	59	44	44	-28	40	46	168	14
Net Nonoperating Obligations (NNO)	4,116	4,383	4,454	4,522	4,695	4,815	4,871	4,879	5,050	5,184	5,443
Total Depreciation and Amortization (D&A)	148	142	145	147	148	153	154	155	158	162	164
Debt-free, Cash-free Net Working Capital to Revenue	-31.23%	-30.03%	-26.34%	-30.17%	-33.26%	-31.21%	-27.86%	-31.68%	-32.45%	-33.06%	-28.44%
Debt-free Net Working Capital to Revenue	-23.64%	-28.11%	-23.82%	-27.28%	-30.96%	-29.24%	-25.32%	-29.21%	-30.98%	-30.33%	-25.21%
Net Working Capital to Revenue	-23.64%	-28.11%	-23.82%	-27.28%	-30.96%	-29.24%	-25.32%	-29.21%	-30.98%	-30.33%	-25.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43	$1.55	$0.92	$0.84	$0.48	$1.06
Adjusted Weighted Average Basic Shares Outstanding	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M	117.06M	117.07M	117.08M	116.90M	116.38M
Adjusted Diluted Earnings per Share	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43	$1.54	$0.92	$0.84	$0.48	$1.06
Adjusted Weighted Average Diluted Shares Outstanding	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M	117.06M	117.07M	117.08M	116.90M	116.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M	117.06M	117.07M	117.08M	116.90M	116.38M
Normalized Net Operating Profit after Tax (NOPAT)	116	176	164	164	162	215	159	151	148	225	141
Normalized NOPAT Margin	21.48%	32.38%	30.12%	30.04%	29.38%	39.14%	28.86%	27.38%	26.76%	40.50%	25.45%
Pre Tax Income Margin	20.86%	30.52%	27.39%	19.25%	21.49%	31.33%	34.04%	20.18%	18.66%	10.39%	23.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.09	5.29	4.69	3.55	3.77	4.90	5.14	3.46	3.23	2.19	3.57
NOPAT to Interest Expense	4.55	4.55	4.06	3.98	3.79	4.87	3.51	3.34	3.21	4.62	2.74
EBIT Less CapEx to Interest Expense	1.72	3.21	3.40	1.38	-2.86	9.13	5.33	1.49	1.17	0.07	3.22
NOPAT Less CapEx to Interest Expense	2.18	2.47	2.77	1.80	-2.84	9.10	3.70	1.37	1.14	2.51	2.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	108.59%	121.31%	121.37%	133.27%	133.75%	130.89%	123.10%	122.73%	127.18%	165.96%	194.15%
Augmented Payout Ratio	108.59%	121.31%	121.37%	133.27%	133.75%	130.89%	123.10%	122.73%	127.18%	171.93%	219.36%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven snapshot of Mid-America Apartment Communities (MAA) using quarterly figures from the last four years. The focus is on identifying meaningful trends in revenue, cash flow, profitability, and leverage that could impact investors.

Revenue trend: four-year growth Four-year revenue trend shows progress; Q4 2025 operating revenue of $555,556,000 is higher than Q4 2022’s $527,965,000 (approx. +5.2%), signaling steady top-line expansion.
Operating cash flow expansion Net cash from continuing operating activities rose to $261,672,000 in Q4 2025 from $239,127,000 in Q4 2024, with similar upticks in 2025 versus 2024, indicating improving cash generation from core rental operations.
Free cash flow improving Free cash flow (net cash from continuing operating activities minus capex) was about $158.6M in Q4 2025, up from roughly $136.1M in Q4 2024, reflecting stronger cash conversion after sustaining property investments.
Positive quarterly cash delta Q4 2025 recorded a net increase in cash and equivalents of $28.0M, reversing prior-quarter weakness and contributing to a stronger liquidity position.
Leverage remains sizable but steady Long-term debt around $5.0B and total liabilities near $5.9B, with total assets near $11.9B, suggesting a balanced but sizable capital structure typical for a large apartment REIT.
Stable equity base and share count Shares outstanding are broadly flat (weighted average ~116–117M), with diluted EPS fluctuating across quarters but generally supporting a constructive equity base.
Capital expenditure continues Property, plant & equipment investments around $100M+ per quarter indicate ongoing investment in the portfolio to maintain and upgrade properties.
Net income to common declined in Q4 2025 Net income attributable to common shareholders fell to $56.65M in Q4 2025 from $165.72M in Q4 2024, reflecting one-time or non-operating factors that temporarily depressed earnings.
Higher interest expense Interest expense rose to $48.71M in Q4 2025 from $38.58M in Q4 2024, which reduces net margins and cash flow headroom.
Significant non-operating losses in Q4 2025 Large negative Other Income / (Expense), net pre-tax (Total), amounting to about -$172.0M, weighting earnings lower for the quarter.

05/14/26 07:50 AM ETAI Generated. May Contain Errors.

Mid-America Apartment Communities Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Mid-America Apartment Communities' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Mid-America Apartment Communities' net income appears to be on an upward trend, with a most recent value of $456.57 million in 2025, falling from -$1.31 billion in 2015. The previous period was $541.58 million in 2024. Check out Mid-America Apartment Communities' forecast to explore projected trends and price targets.

Mid-America Apartment Communities' total operating income in 2025 was $691.50 million, based on the following breakdown:

Total Gross Profit: $2.21 billion
Total Operating Expenses: $1.52 billion

Over the last 10 years, Mid-America Apartment Communities' total revenue changed from $1.04 billion in 2015 to $2.21 billion in 2025, a change of 111.8%.

Mid-America Apartment Communities' total liabilities were at $6.14 billion at the end of 2025, a 8.3% increase from 2024, and a 613,573,800,000.0% increase since 2015.

In the past 10 years, Mid-America Apartment Communities' cash and equivalents has ranged from $0.00 in 2015 to $60.26 million in 2025, and is currently $60.26 million as of their latest financial filing in 2025.

Over the last 10 years, Mid-America Apartment Communities' book value per share changed from 0.00 in 2015 to 48.37 in 2025, a change of 4,836.7%.

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Financial statements for NYSE:MAA last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Mid-America Apartment Communities (MAA) Financials

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Mid-America Apartment Communities (MAA) Financials

Annual Income Statements for Mid-America Apartment Communities

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Mid-America Apartment Communities Financials - Frequently Asked Questions

When does Mid-America Apartment Communities' financial year end?

How has Mid-America Apartment Communities' net income changed over the last 10 years?

What is Mid-America Apartment Communities' operating income?

How has Mid-America Apartment Communities' revenue changed over the last 10 years?

How much debt does Mid-America Apartment Communities have?

How much cash does Mid-America Apartment Communities have?

How has Mid-America Apartment Communities' book value per share changed over the last 10 years?

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