Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Notes To Financial Statements [Abstract]

Revenues and NOI for Reportable Segment

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 Reportable Segment

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