Mid-America Apartment Communities Inc (NYSE: MAA) is a real estate investment trust that owns and operates multifamily apartment communities across the Southeast, Southwest, and Mid-Atlantic regions of the United States. Revenue comes from residential lease income, with apartment leases generally structured as approximately one-year terms. As of December 31, 2025, MAA held multifamily assets across 38 defined markets and approximately 150 submarkets, with a mix of garden-style, mid-rise, and high-rise communities. Total revenues were $2.209 billion for FY2025, with the Same Store segment contributing $2.077 billion and the Non-Same Store and Other segment contributing $131.964 million. Net income available for MAA common shareholders was $443.2 million for FY2025, compared to $523.9 million for FY2024. MAA reports in two segments: Same Store and Non-Same Store and Other. The company pursues rent growth through unit renovations and smart home technology upgrades, having installed smart home technology in over 96,000 units as of December 31, 2025.

Revenue model

Rental income from approximately one-year residential apartment leases. Supplemental rent growth is generated through kitchen and bathroom renovations (5,995 units renovated in FY2025 at an average cost of $6,080 per unit, achieving average rental rate increases of 7.0% above comparable non-renovated units) and smart home technology upgrades (approximately $25 per month average effective rent increase per unit since program inception in Q1 2019).

Products and services

Multifamily apartment leases across garden-style, mid-rise, and high-rise communities. Interior unit upgrades including kitchen and bathroom renovations. Smart home technology packages covering unit entry locks, mobile control of lights and thermostat, and leak monitoring. WiFi retrofit programs and property amenity and common area repositioning at select communities.

Customers and end markets

Residential apartment renters across the Southeast, Southwest, and Mid-Atlantic United States. Demand is correlated to job growth and general economic conditions in MAA's markets. Same Store segment resident turnover was 40.2% as of December 31, 2025, down from 42.0% as of December 31, 2024.

Value-chain role

Direct owner and operator of multifamily residential real estate. MAA acquires, develops, renovates, and manages apartment communities, collecting lease income and executing capital improvement programs to grow per-unit rents.

Geographic exposure

Southeast, Southwest, and Mid-Atlantic regions of the United States. 38 defined markets and approximately 150 submarkets as of December 31, 2025. Portfolio includes both urban and suburban locations across a range of monthly rent price points.

Source: SEC 10-K, filed 2026-02-06

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