Segment Information

6 Months Ended

Jun. 30, 2025

Notes To Financial Statements [Abstract]

Segment Information

11. Segment Information

As of June 30, 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 and six months ended June 30, 2025 and 2024 were as follows (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Same Store
Rental revenues	$	514,756		$	517,114		$	1,030,163		$	1,032,963
Other property revenues		4,199			3,306			7,617			5,990
Total Same Store revenues		518,955			520,420			1,037,780			1,038,953
Non-Same Store and Other
Rental revenues		30,195			25,677			60,418			49,644
Other property revenues		752			338			999			1,460
Total Non-Same Store and Other revenues		30,947			26,015			61,417			51,104
Total rental and other property revenues	$	549,902		$	546,435		$	1,099,197		$	1,090,057
Expenses:
Same Store
Real estate taxes	$	69,020		$	67,956		$	132,355		$	135,823
Personnel		43,249			41,264			84,833			80,736
Utilities		33,616			32,219			67,527			64,403
Building repair and maintenance		27,151			26,138			49,593			47,802
Office operations		9,311			8,435			18,880			16,876
Marketing		8,521			7,981			15,273			14,079
Insurance		8,475			8,117			16,912			16,280
Total Same Store expenses		199,343			192,110			385,373			375,999
Non-Same Store and Other
Total Non-Same Store and Other expenses		15,311			13,686			30,634			27,599
Total property operating expenses, excluding depreciation and amortization	$	214,654		$	205,796		$	416,007		$	403,598
Net Operating Income:
Same Store NOI	$	319,612		$	328,310		$	652,407		$	662,954
Non-Same Store and Other NOI		15,636			12,329			30,783			23,505
Total NOI		335,248			340,639			683,190			686,459
Depreciation and amortization		(153,521	)		(145,022	)		(305,871	)		(288,042	)
Property management expenses		(17,511	)		(17,201	)		(38,089	)		(37,196	)
General and administrative expenses		(12,813	)		(12,671	)		(28,432	)		(29,716	)
Interest expense		(45,111	)		(41,265	)		(90,272	)		(81,626	)
(Loss) gain on sale of depreciable real estate assets		(69	)		(23	)		71,842			(25	)
Other non-operating income (expense)		4,722			(19,244	)		5,556			4,282
Income tax expense		(600	)		(1,020	)		(1,638	)		(2,815	)
Income from real estate joint venture		530			469			995			951
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders	$	107,205		$	101,031		$	287,956		$	243,858

Assets for each reportable segment as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

	June 30, 2025		December 31, 2024
Assets:
Same Store	$	9,713,459	$	9,840,140
Non-Same Store and Other		1,943,122		1,814,597
Corporate		179,016		157,632
Total assets	$	11,835,597	$	11,812,369