A premier U.S. multi-family real estate investment trust with over $11 billion in assets and consistent double-digit dividend growth driven by robust rental income.
MAA offers attractive value through its consistent dividend yield supported by over $700M in annual common share dividends, coupled with a resilient asset base generating substantial operating profit of $459.1M. The company's disciplined capital allocation and history of organic growth position it well to capture market share when interest rates stabilize.
The significant cash outflow from financing activities of -$370.7M combined with other financing flows of -$1.11B indicates heavy debt refinancing or repayment, which could constrain liquidity if refinancing costs remain high. Additionally, the decline in net income over the last three years suggests profitability pressures that may persist if rent growth fails to outpace operating expense inflation.
MID AMERICA APARTMENT COMMUNITIES INC. (MAA) is a leading owner, operator, and developer of apartment communities across the United States, serving over one million residents in more than 20 states. The company focuses on providing high-quality living environments while maintaining a diversified portfolio to mitigate regional market risks.
While revenue grew steadily to $2.21B in 2025, net income declined to $456.6M as interest expense rose to $185.3M, reflecting the current high-rate environment impacting leveraged REITs. However, strong operating cash flow of $1.08B and a healthy free cash flow conversion rate demonstrate operational resilience despite elevated borrowing costs.
The U.S. multi-family housing sector is a resilient asset class driven by demographic trends and limited supply of affordable rental units, making it attractive for long-term capital appreciation. REITs like MAA provide exposure to this sector with liquidity advantages over direct real estate investment.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.02B | $2.15B | $2.19B | $2.21B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $2.02B | $2.15B | $2.19B | $2.21B |
| Operating Expenses | $1.37B | $1.58B | $1.65B | $1.75B |
| Operating Income | $647.0M | $570.8M | $544.9M | $459.1M |
| G&A | $58.8M | $58.6M | $56.5M | $54.8M |
| Stock-Based Comp | $18.8M | $15.7M | $15.8M | $16.8M |
| D&A | $544.0M | $565.9M | $586.4M | $623.0M |
| Other OpEx | $1.31B | $1.52B | $1.59B | $1.70B |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Interest Expense | $154.7M | $149.2M | $168.5M | $185.3M |
| Pre-Tax Income | $647.0M | $570.8M | $544.9M | $459.1M |
| Income Tax | $-6.2M | $4.7M | $5.2M | $4.6M |
| Continuing Ops | $654.8M | $567.8M | $539.6M | $454.5M |
| Discontinued Ops | $0 | $0 | $2.0M | $2.1M |
| Net Income | $654.8M | $567.8M | $541.6M | $456.6M |
| Minority Interest | $17.3M | $15.0M | $14.0M | $9.7M |
| Net to Common | $637.4M | $552.8M | $527.5M | $446.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $38.7M | $41.3M | $43.0M | $60.3M |
| Operating Leases | $44.6M | $42.5M | $40.5M | $38.0M |
| Total Assets | $11.24B | $11.48B | $11.81B | $11.98B |
| Total Liabilities | $5.03B | $5.19B | $5.66B | $6.14B |
| Shareholders' Equity | $6.21B | $6.30B | $6.15B | $5.84B |
| Paid-In Capital | $7.20B | $7.40B | $7.42B | $7.40B |
| AOCI | $-10.1M | $-8.8M | $-6.9M | $-5.3M |
| Total L&E | $11.24B | $11.48B | $11.81B | $11.98B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $654.8M | $567.8M | $541.6M | $456.6M |
| Non-Cash Adjustments | $403.7M | $569.4M | $556.7M | $575.0M |
| Working Capital Changes | $0 | $0 | $0 | $46.6M |
| Cash from Operations | $1.06B | $1.14B | $1.10B | $1.08B |
| Cash from Investing | $-405.2M | $-775.3M | $-825.5M | $-690.2M |
| Share Buybacks | — | — | — | $27.2M |
| Dividends Paid | $539.6M | $651.7M | $686.9M | $709.0M |
| Cash from Financing | $-722.8M | $-367.9M | $-271.1M | $-370.7M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-69.5M | $-6.0M | $1.7M | $17.2M |
| Beginning Cash | $130.6M | $61.1M | $55.1M | $56.8M |
| Ending Cash | $61.1M | $55.1M | $56.8M | $74.0M |
The company's revenue is derived primarily from rental income generated across its extensive apartment community portfolio, supplemented by ancillary fees such as late charges, amenity usage fees, and utility charges. Additionally, the business includes revenue from development activities and property sales where applicable, though operating rent remains the dominant cash flow driver.
Investors should consider the sensitivity of rental rates to interest rate fluctuations, potential increases in vacancy rates due to macroeconomic shifts, rising construction costs impacting development margins, and regulatory changes affecting affordable housing incentives.
MAA benefits from a highly diversified geographic footprint that insulates it from localized economic downturns, a strong balance sheet with over $6 billion in equity to support growth and debt servicing, and a proven track record of same-store NOI growth outpacing peers.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.