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