Segment Information

3 Months Ended

Mar. 31, 2025

Notes To Financial Statements [Abstract]

Segment Information

11. Segment Information

As of March 31, 2025, the Company owned and operated 291 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 net operating income, or 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.

Revenues and NOI for each reportable segment for the three months ended March 31, 2025 and 2024 were as follows (in thousands):

	Three months ended March 31,
	2025			2024
Revenues:
Same Store
Rental revenues	$	515,407		$	515,850
Other property revenues		3,418			2,683
Total Same Store revenues		518,825			518,533
Non-Same Store and Other
Rental revenues		30,224			23,966
Other property revenues		246			1,123
Total Non-Same Store and Other revenues		30,470			25,089
Total rental and other property revenues	$	549,295		$	543,622
Expenses:
Same Store
Real estate taxes	$	63,335		$	67,867
Personnel		41,584			39,472
Utilities		33,911			32,184
Building repair and maintenance		22,442			21,664
Office operations		9,569			8,441
Insurance		8,437			8,163
Marketing		6,752			6,098
Total Same Store expenses		186,030			183,889
Non-Same Store and Other
Total Non-Same Store and Other expenses		15,323			13,913
Total property operating expenses, excluding depreciation and amortization	$	201,353		$	197,802
Net Operating Income:
Same Store NOI	$	332,795		$	334,644
Non-Same Store and Other NOI		15,147			11,176
Total NOI		347,942			345,820
Depreciation and amortization		(152,350	)		(143,020	)
Property management expenses		(20,578	)		(19,995	)
General and administrative expenses		(15,619	)		(17,045	)
Interest expense		(45,161	)		(40,361	)
Gain (loss) on sale of depreciable real estate assets		71,911			(2	)
Other non-operating income		834			23,526
Income tax expense		(1,038	)		(1,795	)
Income from real estate joint venture		465			482
Net income attributable to noncontrolling interests		(4,733	)		(3,861	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)
Net income available for MAA common shareholders	$	180,751		$	142,827

Assets for each reportable segment as of March 31, 2025 and December 31, 2024 were as follows (in thousands):

	March 31, 2025		December 31, 2024
Assets:
Same Store	$	9,770,291	$	9,840,140
Non-Same Store and Other		1,870,560		1,814,597
Corporate		171,106		157,632
Total assets	$	11,811,957	$	11,812,369