Thursday 5 November 2026 Export MAA’s income statement to Excel — free account

Mid-America Apartment Communities, Inc.

Mid-America Apartment Communities, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 0.83% from fiscal 2024.

Revenue: +1.04%
EPS: −11.9%
Free cash flow: +81.7%
Total debt: +12.4%

Quarter to September 2026, against a year earlier

122.10 4.76 +4.06%

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Market cap: $14.0B
P/E: 35.4×
Fwd P/E: 32.1×
Dividend yield: 5.21%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Mid-America Apartment Communities, Inc. (MAA) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Same Store	2,077	94.03%
Non-Same Store and Other	132	5.97%
Gross margin		58.69%
Operating margin		28.04%
Pre-tax margin		20.78%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Same Store	2,077 94.03%	2,080 94.93%	2,075 96.58%	1,907 94.41%	1,695 95.34%	1,613 96.15%	1,538 93.74%	1,467 93.39%	1,415 92.53%
Non-Same Store and Other	132 5.97%	111 5.07%	73 3.42%	113 5.59%	83 4.66%	65 3.85%	103 6.26%	104 6.61%	114 7.47%
Revenue	2,209	2,191	2,148	2,020	1,778	1,678	1,641	1,571	1,529

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
AFFO a share	Q3 FY2026	$1.79	$1.81	−1.10%
Apartment units	Q3 FY2026	105.1K	104.7K	+0.45%
Average Physical Occupancy	Q3 FY2026	95.3%	95.6%	—
Development Projects	Q3 FY2026	8.00	7.00	+14.29%
Development Units	Q3 FY2026	2.2K	2.2K	−0.27%
Development Units Delivered	Q3 FY2026	137.00	412.00	−66.75%
Development Units Leased	Q3 FY2026	125.00	247.00	−49.39%
Effective New Lease Rate Growth	Q3 FY2026	−6.00%	−5.20%	—
FFO a share	Q3 FY2026	$2.11	$2.14	−1.40%
Lease-Up Projects	Q3 FY2026	4.00	4.00	0.00%
Lease-Up Units	Q3 FY2026	1.2K	1.4K	−17.60%
Move-outs associated with buying single family-homes	Q3 FY2026	10.1%	10.8%	—
Renewing lease pricing	Q3 FY2026	5.30%	4.50%	—
Resident Turnover	Q3 FY2026	39.6%	40.2%	—
Same Store Portfolio lease pricing	Q3 FY2026	0.40%	0.30%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
AFFO a share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Apartment units	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average Physical Occupancy	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Development Projects	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Development Units	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Development Units Delivered	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Development Units Leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Effective New Lease Rate Growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
FFO a share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lease-Up Projects	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lease-Up Units	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Move-outs associated with buying single family-homes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Renewing lease pricing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Resident Turnover	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same Store Portfolio lease pricing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.