financial statements

The full income statement, balance sheet, and cash-flow statement for Mid-America Apartment Communities Inc. (MAA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	2.21B YoY+0.8%	2.19B YoY+2.0%	2.15B YoY+6.4%	2.02B YoY+13.6%	1.78B YoY+6.0%
	838M YoY+2.2%	820M YoY+6.8%	768M YoY+6.1%	724M	—
Selling, general & administrative	54.8M YoY-3.0%	56.5M YoY-3.5%	58.6M YoY-0.4%	58.8M YoY+11.2%	52.9M YoY+12.9%
General & administrative	54.8M YoY-3.0%	56.5M YoY-3.5%	58.6M YoY-0.4%	58.8M YoY+11.2%	52.9M YoY+12.9%
Interest expense	185M YoY+9.9%	169M YoY+12.9%	149M YoY-3.6%	155M YoY-1.4%	157M YoY-6.4%
Other non-operating income	-47.2M YoY-2949.6%	1.66M YoY-94.7%	31.2M YoY+173.0%	-42.7M YoY-226.0%	33.9M YoY+598.0%
Equity-method income	2.08M YoY+6.4%	1.95M YoY+12.8%	1.73M YoY+9.6%	1.58M YoY+30.4%	1.21M YoY-19.3%
Pre-tax income	459M YoY-15.7%	545M YoY-4.6%	571M YoY-11.8%	647M YoY+14.9%	563M YoY+111.8%
Income tax	4.59M YoY-12.3%	5.24M YoY+10.5%	4.74M YoY+176.4%	-6.21M YoY-145.5%	13.6M YoY+309.9%
	447M YoY-15.3%	528M YoY-4.6%	553M YoY-13.3%	637M YoY+19.4%	534M YoY+109.4%
Net income to non-controlling interest	9.66M YoY-31.2%	14.0M YoY-6.6%	15.0M YoY-13.4%	17.3M YoY+2.5%	16.9M YoY+86.8%
Preferred dividends	3.69M YoY+0.0%	3.69M YoY+0.0%	3.69M YoY+0.0%	3.69M YoY+0.0%	3.69M YoY+0.0%
Net income to common	443M YoY-15.4%	524M YoY-4.6%	549M YoY-13.4%	634M YoY+19.6%	530M YoY+111.0%
	$3.78 YoY-15.8%	$4.49 YoY-4.7%	$4.71 YoY-14.1%	$5.48 YoY+18.9%	$4.61 YoY+110.5%
EPS (basic)	$3.79 YoY-15.6%	$4.49 YoY-4.7%	$4.71 YoY-14.2%	$5.49 YoY+18.8%	$4.62 YoY+110.0%
Weighted-avg shares (basic)	117M YoY+0.2%	117M YoY+0.2%	117M YoY+1.0%	115M YoY+0.5%	115M YoY+0.5%
Weighted-avg shares (diluted)	117M YoY+0.3%	117M YoY+0.1%	117M YoY+0.9%	116M YoY+0.5%	115M YoY+0.5%
Dividends per share	$6.08 YoY+2.5%	$5.92 YoY+4.5%	$5.67 YoY+13.7%	$4.99 YoY+19.8%	$4.16 YoY+3.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	60.3M YoY+40.1%	43.0M YoY+4.1%	41.3M YoY+6.9%	38.7M YoY-28.8%	54.3M YoY+115.5%
	12.0B YoY+1.4%	11.8B YoY+2.9%	11.5B YoY+2.2%	11.2B YoY-0.4%	11.3B YoY+0.8%
Operating lease right-of-use	38.0M YoY-6.2%	40.5M YoY-4.7%	42.5M YoY-4.7%	44.6M YoY-5.1%	47.0M YoY-4.9%
Goodwill	4.11M YoY+0.0%	4.11M YoY+0.0%	4.11M YoY+0.0%	4.11M YoY+0.0%	4.11M YoY+0.0%
Total liabilities	6.14B YoY+8.3%	5.66B YoY+9.2%	5.19B YoY+3.1%	5.03B YoY-1.4%	5.10B YoY+0.2%
	5.66B YoY-4.7%	5.94B YoY-2.5%	6.09B YoY+1.5%	6.01B YoY+0.7%	5.97B YoY+1.6%
Additional paid-in capital	7.40B YoY-0.2%	7.42B YoY+0.2%	7.40B YoY+2.7%	7.20B YoY-0.4%	7.23B YoY+0.8%
Accumulated other comprehensive income	-5.30M YoY+23.6%	-6.94M YoY+20.8%	-8.76M YoY+12.8%	-10.1M YoY+9.7%	-11.1M YoY+8.2%
Non-controlling interest	39.6M YoY+0.0%	39.6M YoY+0.0%	39.6M YoY+0.0%	39.6M YoY+0.0%	39.6M YoY+0.0%
Total equity incl. non-controlling	5.82B YoY-5.0%	6.13B YoY-2.5%	6.28B YoY+1.5%	6.19B YoY+0.6%	6.15B YoY+1.1%
Total liabilities & equity	12.0B YoY+1.4%	11.8B YoY+2.9%	11.5B YoY+2.2%	11.2B YoY-0.4%	11.3B YoY+0.8%
Common shares issued	117M YoY-0.0%	117M YoY+0.2%	117M YoY+1.1%	115M YoY+0.1%	115M YoY+0.8%
Common shares outstanding	117M YoY-0.0%	117M YoY+0.2%	117M YoY+1.1%	115M YoY+0.1%	115M YoY+0.8%
Shares outstanding (cover)	117M YoY+0.2%	117M YoY+0.2%	117M YoY+1.0%	115M YoY+0.3%	115M YoY+0.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.08B YoY-1.8%	1.10B YoY-3.4%	1.14B YoY+7.4%	1.06B YoY+18.3%	895M YoY+8.6%
Depreciation & amortization	623M YoY+6.2%	586M YoY+3.6%	566M YoY+4.0%	544M YoY+1.8%	534M YoY+4.4%
Share-based compensation	16.8M YoY+6.7%	15.8M YoY+0.6%	15.7M YoY-16.5%	18.8M YoY+12.8%	16.7M YoY+16.3%
Other operating activities	9.25M YoY+126.6%	-34.8M YoY-42.3%	-24.5M YoY-52.3%	-16.1M YoY-128.7%	55.9M YoY+46.5%
Cash from investing	-690M YoY+16.4%	-825M YoY-6.5%	-775M YoY-91.3%	-405M YoY-59.8%	-254M YoY+47.7%
	-371M YoY-36.7%	-271M YoY+26.3%	-368M YoY+49.1%	-723M YoY-32.3%	-546M YoY-46.0%
Common stock issued	1.45M YoY+18.0%	1.23M YoY-99.4%	205M YoY+18835.4%	1.08M YoY+67.9%	645K
Common stock repurchased	27.2M	0.00	0.00	—	—
Dividends paid	709M YoY+3.2%	687M YoY+5.4%	652M YoY+20.8%	540M YoY+14.7%	470M YoY+2.9%
Other financing activities	255K YoY+53.6%	166K YoY+103.1%	-5.28M YoY+50.4%	-10.6M YoY-56.9%	-6.79M YoY-502.8%
Net change in cash	17.2M YoY+930.8%	1.67M YoY+127.9%	-5.98M YoY+91.4%	-69.5M YoY-173.2%	95.0M YoY+372.0%
Interest paid	190M YoY+15.4%	165M YoY+4.6%	158M YoY+0.0%	157M YoY-0.7%	159M YoY-3.9%
Income taxes paid	300K YoY-91.0%	3.34M YoY-16.5%	4.00M YoY+14.7%	3.49M YoY+37.2%	2.54M YoY-0.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	16.3B YoY-10.0%	18.1B YoY+15.1%	15.7B YoY-13.5%	18.1B YoY-31.4%	26.4B YoY+82.3%
P/E	36.4× YoY+6.3%	34.2× YoY+27.9%	26.8× YoY-7.0%	28.8× YoY-41.8%	49.5× YoY-12.9%
P/S	7.4× YoY-10.7%	8.2× YoY+12.2%	7.4× YoY-20.7%	9.3× YoY-37.6%	14.9× YoY+72.1%
P/B	2.9× YoY-5.5%	3.0× YoY+18.5%	2.6× YoY-15.5%	3.0× YoY-31.4%	4.4× YoY+79.5%
P/FCF	15.1× YoY-8.3%	16.4× YoY+17.8%	14.0× YoY-21.1%	17.7× YoY-40.0%	29.5× YoY+67.9%
Earnings yield	2.7% YoY-5.9%	2.9% YoY-21.8%	3.7% YoY+7.5%	3.5% YoY+71.9%	2.0% YoY+14.8%
FCF yield	6.6% YoY+9.0%	6.1% YoY-15.1%	7.2% YoY+26.7%	5.7% YoY+66.8%	3.4% YoY-40.4%
Dividend yield	4.4% YoY+14.1%	3.8% YoY-9.1%	4.2% YoY+32.7%	3.2% YoY+75.1%	1.8% YoY-42.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MAA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MAA filings on SEC EDGAR → Not investment advice.

MAA▼ financial statements

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financial statements