Mid-America Apartment Communities (MAA) 10-K Summary — Year Ended Dec 31, 2024
Mid-America Apartment Communities, Inc. operates as a self-administered real estate investment trust focused on multifamily apartment properties. The filing reports a year of revenue growth with net income and operating cash flow reflecting stable financial performance.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Mid-America Apartment Communities, Inc. operates as a self-administered real estate investment trust focused on multifamily apartment properties. The filing reports a year of revenue growth with net income and operating cash flow reflecting stable financial performance.
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
$527.5M
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, 2021 | $1.8B | n/a |
| Dec 31, 2022 | $2B | +13.6% |
| Dec 31, 2023 | $2.1B | +6.4% |
| Dec 31, 2024 | $2.2B | +2.0% |
Business overview
The company is a real estate investment trust that owns, operates, and develops multifamily apartment communities. It is the sole general partner of its operating partnership. The filing combines the annual reports of the corporation and the partnership.
Financial performance
Revenue increased from the prior year, though the rate of growth moderated compared to recent years. Net income was reported at a level that supports continued operations, and operating cash flow remained positive. The company's financial results indicate ongoing profitability.
Material risks
The filing includes a section on risk factors, but the supplied context does not provide specific descriptions of those risks. Investors should refer to the full filing for details on market, operational, and financial risks.
Liquidity and capital
The company maintains a significant liquidity position, with a combined balance of unrestricted cash and available credit facility capacity. It expects to fund its operations, capital spending, debt repayments, and dividends through operating cash flows, existing cash, borrowings, and asset dispositions.
What to watch
Monitor the trajectory of revenue growth, which has decelerated in recent years, as a key indicator of demand and pricing power.