Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Notes To Financial Statements [Abstract]

Revenues and NOI for Reportable Segment

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 Reportable Segment

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