Segment Information

9 Months Ended

Sep. 30, 2025

Notes To Financial Statements [Abstract]

Segment Information

11. Segment Information

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

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Revenues:
Same Store
Rental revenues	$	517,258		$	518,924		$	1,547,421		$	1,551,887
Other property revenues		3,603			3,354			11,220			9,344
Total Same Store revenues		520,861			522,278			1,558,641			1,561,231
Non-Same Store and Other
Rental revenues		33,238			28,455			93,656			78,098
Other property revenues		274			393			1,273			1,854
Total Non-Same Store and Other revenues		33,512			28,848			94,929			79,952
Total rental and other property revenues	$	554,373		$	551,126		$	1,653,570		$	1,641,183
Expenses:
Same Store
Real estate taxes	$	65,852		$	64,796		$	198,207		$	200,619
Personnel		44,715			42,853			129,548			123,589
Utilities		37,166			35,917			104,693			100,320
Building repair and maintenance		27,328			26,696			76,921			74,498
Office operations		8,699			8,763			27,579			25,639
Insurance		7,807			8,284			24,719			24,564
Marketing		7,266			7,063			22,539			21,142
Total Same Store expenses		198,833			194,372			584,206			570,371
Non-Same Store and Other
Total Non-Same Store and Other expenses		17,231			17,189			47,865			44,788
Total property operating expenses, excluding depreciation and amortization	$	216,064		$	211,561		$	632,071		$	615,159
Net Operating Income:
Same Store NOI	$	322,028		$	327,906		$	974,435		$	990,860
Non-Same Store and Other NOI		16,281			11,659			47,064			35,164
Total NOI		338,309			339,565			1,021,499			1,026,024
Depreciation and amortization		(156,650	)		(146,722	)		(462,521	)		(434,764	)
Property management expenses		(18,183	)		(17,265	)		(56,272	)		(54,461	)
General and administrative expenses		(12,525	)		(12,728	)		(40,957	)		(42,444	)
Interest expense		(46,277	)		(42,726	)		(136,549	)		(124,352	)
Gain (loss) on sale of depreciable real estate assets		—			—			71,842			(25	)
Other non-operating (expense) income		(1,253	)		(1,678	)		4,303			2,604
Income tax expense		(1,766	)		(670	)		(3,404	)		(3,485	)
Income from real estate joint venture		389			454			1,384			1,405
Net income attributable to noncontrolling interests		(2,506	)		(3,035	)		(9,987	)		(9,605	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders	$	98,616		$	114,273		$	386,572		$	358,131

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

	September 30, 2025		December 31, 2024
Assets:
Same Store	$	9,674,900	$	9,840,140
Non-Same Store and Other		2,096,691		1,814,597
Corporate		154,994		157,632
Total assets	$	11,926,585	$	11,812,369