Mid-America Apartment Communities Inc

maac.com

What Do They Do?

Owns and operates apartment communities and acquires or develops properties to rent homes to residents, primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States.

How Do They Make Money?

Residents pay monthly rent under apartment leases, generally lasting about a year or less, and reimburse utility costs monthly. The company also earns nonrefundable fees and commissions when earned.

revenue

Segment	Share	Revenue	How money arrives
Same Store Recurring	94% FY2022: 94%		Recurring
Non-Same Store and Other Recurring	6.0% FY2022: 5.6%		Recurring

Who Are Their Customers?

Residents rent apartments from MAA and can apply, sign leases and renew through its web-based resident portal.

Do Revenues Turn Into Profits?

Yes. It kept 20 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

20% of revenue

▼ −15% vs FY2024 ($527.5M, 24%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $549.9M in Q2 FY2025
Net income: ▲ +13%; vs $108.1M in Q2 FY2025

Same Store share of revenue vs 94.4% in Q2 FY2025

Jul 29, 2026 MAA lowered full-year earnings and same-store revenue growth guidance It cut the midpoint of diluted earnings guidance and same-store property revenue growth; the Core FFO midpoint remained unchanged.

Growing. Revenue grew 24% in 4 years, from $1.8B in FY2021 to $2.2B in FY2025, about 6% a year.

Revenue over time

Same Store Non-Same Store and Other

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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