Mid America Apartment Communities
MAA · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Mid America Apartment Communities reported revenue of $2.2B in the fiscal year ended Dec 2025, up 0.8% from the year before. Net income was $447M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2B | $2.1B | $2.2B | $2.2B |
| Interest expense | $157M | $155M | $149M | $169M | $185M |
| Pre-tax income | $563M | $647M | $571M | $545M | $459M |
| Income tax | $14M | −$6M | $5M | $5M | $5M |
| Net income | $534M | $637M | $553M | $528M | $447M |
| Diluted EPS | 4.61 | 5.48 | 4.71 | 4.49 | 3.78 |
| Diluted shares | 115M | 116M | 117M | 117M | 117M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $54M | $39M | $41M | $43M | $60M |
| Total assets | $11.3B | $11.2B | $11.5B | $11.8B | $12B |
| Total liabilities | $5.1B | $5B | $5.2B | $5.7B | $6.1B |
| Shareholders' equity | $6B | $6B | $6.1B | $5.9B | $5.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $895M | $1.1B | $1.1B | $1.1B | $1.1B |
| Depreciation & amortisation | $534M | $544M | $566M | $586M | $623M |
| Stock-based compensation | $17M | $19M | $16M | $16M | $17M |
| Share buybacks | – | – | $0 | $0 | $27M |
| Dividends paid | $470M | $540M | $652M | $687M | $709M |
| Dividend per share | 4.16 | 4.99 | 5.67 | 5.92 | 6.08 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.6% | 6.4% | 2.0% | 0.8% |
| EPS growth (YoY) | – | 18.9% | −14.1% | −4.7% | −15.8% |
| Net margin | 30.0% | 31.6% | 25.7% | 24.1% | 20.2% |
| Return on equityBlank when equity is negative | 8.9% | 10.6% | 9.1% | 8.9% | 7.9% |
| Cash conversion (CFO ÷ net income) | 1.68x | 1.66x | 2.06x | 2.08x | 2.41x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.