Mid-America Apartment Communities (MAA) 10-K Summaries & Annual Filing History
Review Mid-America Apartment Communities, Inc. (MAA) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
MAA reported another year of revenue growth, though at a slower pace. Net income and operating cash flows remained positive, supporting ongoing operations and dividends.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$2.2B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$446.9M
Net income reported for the year.
Operating cash flow
$1.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $2B | +13.6% |
| Dec 31, 2023 | $2.1B | +6.4% |
| Dec 31, 2024 | $2.2B | +2.0% |
| Dec 31, 2025 | $2.2B | +0.8% |
Business overview
MAA is a real estate investment trust that owns and operates multifamily apartment communities. The company focuses on providing high-quality rental housing and managing its portfolio through development, redevelopment, and acquisitions. As a self-administered REIT, it generates revenue primarily from tenant leases.
Financial performance
Revenue continued to increase for the year, extending a multiyear growth trend, but the rate of growth diminished compared to prior periods. Net income was solidly positive, and cash generated from operations was strong, providing ample internal funding.
Material risks
The filing outlines risk factors that include potential adverse changes in economic conditions, real estate market fluctuations, and financing availability. However, the supplied text does not provide specific risk descriptions beyond the section headings.
Liquidity and capital
The company’s liquidity is supported by cash flows from operations, available borrowing capacity under its credit facility and commercial paper program, and access to debt and equity markets. Management expects these sources to cover operating needs, capital expenditures, debt maturities, and shareholder dividends.
What to watch
Investors should monitor the trajectory of revenue growth, as the deceleration from prior years may indicate market saturation or increased competition.