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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

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

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
1B2B
200820112018202120242025
Compound annual growth
+3.0%
+5.7%
−11.2%
+11.9%
−11.6%
+11.5%
+6.8%
+8.6%
+10.8%
+9.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +5.7% a year over the five years to FY2025 — 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%
200820182025
ROE
FY2025 · ROE 7.7%
5%10%
200820182025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

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-10M-20M
200820182025
Net buybacks $M Dividends $M
FY2025 · Dividends 709.0 · Net buybacks 25.8
300M600M-150M-300MDividendsNet buybacks
20082010201220182020202220242025

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—not applicable◌not available in our data
MAA, 14-year financial record
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 %7.78.89.110.79.04.35.83.55.012.97.96.38.56.8
Shares out B0.120.120.120.120.120.110.110.110.110.040.040.030.03◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 44 reconciliationsAUDITED

Reconciled in 14 of the 14 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2009. Two checks were skipped: cost of revenue is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inTennessee
Fiscal year endsDecember 31
Data on record since2008

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