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MARKETS / NYSE / MAA
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

MID America Apartment Communities Inc. MAA

14 fiscal years on record · USD · FY2025 reported · SEC filings only
8 YEARS OF DIVIDEND GROWTH
$2.2B
▲ 0.8% YoY
$446.9M
▼ 15.3% YoY
In brief

What this company does

MAA is a multifamily-focused, self-administered and self-managed real estate investment trust that owns, operates, acquires and selectively develops apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, it maintained full or partial ownership of apartment communities, including communities currently in development, across 16 states and the District of Columbia. In total, the portfolio comprised 302 multifamily communities and 103,083 units, of which 301 communities and 102,814 units were consolidated and one community of 269 units was unconsolidated. Its business is conducted principally through the Operating Partnership, of which MAA is the sole general partner, holding 116,878,077 OP Units, a 97.5% partnership interest, as of December 31, 2025. As of December 31, 2025, it employed 2,507 associates. MAA and MAALP were formed in Tennessee in 1993.

Written from the business description in MID-AMERICA APARTMENT COMMUNITIES, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 6 February 2026. Every sentence was checked against that document before publication.

Growth
USD 2.2B
Revenue, FY2025 · full 14-year series below
Revenue $B Net income $B
FY2025 · Revenue 2.2 · Net income 0.4
0.8B1.6B20082010201220182020202220242025
Compound annual growth
+3.0%
+5.7%
+12.4%
−11.2%
+11.9%
+19.8%
−11.6%
+11.5%
+6.8%
+8.6%
+10.8%
+9.9%
+16.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +5.7% a year over five years — but profit grew faster: net income at +11.9%, earnings per share at +11.5%.

The share count rose from 0.11B to 0.12B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
21 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating — · Net 20.7%
10%20%30%20082010201220182020202220242025
ROE
FY2025 · ROE 7.7%
5%10%20082010201220182020202220242025

Each USD of equity produced 8 cents of profit this year.

Cash & shareholders
USD 734.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2012 · FCF 137.0
50M100M-8M-16M20082010201220182020202220242025
Net buybacks $M Dividends $M
FY2025 · Dividends 709.0 · Net buybacks 25.8
250.0M500.0M-200.0MDividendsNet buybacks20082010201220182020202220242025

USD 709.0M in dividends and USD 25.8M in buybacks — 164% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 12.0B
EquityUSD 5.7B
CashUSD 60.3M
Gross debtUSD 5.4B
Net debtUSD 5.3B

Net debt stands at 94% of equity.

The 14-year record
14 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720122011201020092008
Revenue $B2.22.22.12.01.81.71.61.61.50.50.40.40.40.4
Operating income $B·········0.10.10.10.10.1
EBITDA $B·········0.30.20.20.20.2
Income tax $B0.00.00.0−0.00.00.00.00.00.0·····
Net income $B0.40.50.60.60.50.30.40.20.30.10.00.00.00.0
Free cash flow $B·········0.10.10.10.1−0.0
EPS, diluted $3.784.494.715.484.612.193.071.932.862.561.310.560.850.64
Dividend / sh $6.085.925.674.994.164.033.883.733.532.672.542.472.462.46
Payout %1591301188588179124188120102189259187218
ROE %7.78.89.110.79.04.35.83.6·12.97.96.38.6·
Shares out B0.120.120.120.120.120.110.110.110.110.040.040.030.03·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 44 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 19 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inTennessee
Fiscal year endsDecember 31
Data on record since2008

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