Segment Information

12 Months Ended

Dec. 31, 2024

Notes To Financial Statements [Abstract]

Segment Information

13.Segment Information

As of December 31, 2024, the Company owned and operated 293 multifamily apartment communities (which does not include development communities under construction) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

•Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year.

•Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms.

On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

The chief operating decision maker utilizes NOI in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.

Property revenues, property operating expenses (excluding depreciation and amortization) and NOI for each reportable segment for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

	2024			2023			2022
Revenues:
Same Store
Rental revenues	$	2,072,467		$	2,063,344		$	1,895,071
Other property revenues		12,369			11,752			11,932
Total Same Store revenues		2,084,836			2,075,096			1,907,003
Non-Same Store and Other
Rental revenues		104,151			72,874			111,067
Other property revenues		2,028			498			1,796
Total Non-Same Store and Other revenues		106,179			73,372			112,863
Total rental and other property revenues	$	2,191,015		$	2,148,468		$	2,019,866
Expenses:
Same Store
Real estate taxes	$	270,584		$	265,296		$	244,476
Personnel		165,249			157,656			146,319
Utilities		135,810			131,197			122,563
Building repair & maintenance		97,590			95,955			85,350
Office operations		34,922			30,366			27,337
Insurance		33,088			30,713			26,031
Marketing		26,416			24,103			22,034
Total Same Store expenses		763,659			735,286			674,110
Non-Same Store and Other
Total Non-Same Store and Other expenses		56,433			32,855			49,584
Total property operating expenses, excluding depreciation and amortization	$	820,092		$	768,141		$	723,694
Net Operating Income:
Same Store NOI	$	1,321,177		$	1,339,810		$	1,232,893
Non-Same Store and Other NOI		49,746			40,517			63,279
Total NOI		1,370,923			1,380,327			1,296,172
Depreciation and amortization		(585,616	)		(565,063	)		(542,998	)
Property management expenses		(72,040	)		(67,784	)		(65,463	)
General and administrative expenses		(56,516	)		(58,578	)		(58,833	)
Interest expense		(168,544	)		(149,234	)		(154,747	)
Gain (loss) on sale of depreciable real estate assets		55,003			(62	)		214,762
Gain on sale of non-depreciable real estate assets		—			54			809
Other non-operating income (expense)		1,655			31,185			(42,713	)
Income tax (expense) benefit		(5,240	)		(4,744	)		6,208
Income from real estate joint venture		1,951			1,730			1,579
Net income attributable to noncontrolling interests		(14,033	)		(15,025	)		(17,340	)
Dividends to MAA Series I preferred shareholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders	$	523,855		$	549,118		$	633,748

Assets for each reportable segment as of December 31, 2024 and 2023 were as follows (in thousands):

	December 31, 2024		December 31, 2023
Assets:
Same Store	$	9,673,280	$	9,893,858
Non-Same Store and Other		1,981,457		1,391,777
Corporate		157,632		198,868
Total assets	$	11,812,369	$	11,484,503