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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Notes To Financial Statements [Abstract] |
Revenues and NOI for Reportable Segment | Revenues and NOI for each reportable segment for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
Revenues: |  |  |  |  |  |
Same Store |  |  |  |  |  |
Rental revenues |  | $ | 515,407 |  |  | $ | 515,850 |
Other property revenues |  |  | 3,418 |  |  |  | 2,683 |
Total Same Store revenues |  |  | 518,825 |  |  |  | 518,533 |
Non-Same Store and Other |  |  |  |  |  |
Rental revenues |  |  | 30,224 |  |  |  | 23,966 |
Other property revenues |  |  | 246 |  |  |  | 1,123 |
Total Non-Same Store and Other revenues |  |  | 30,470 |  |  |  | 25,089 |
Total rental and other property revenues |  | $ | 549,295 |  |  | $ | 543,622 |
Expenses: |  |  |  |  |  |
Same Store |  |  |  |  |  |
Real estate taxes |  | $ | 63,335 |  |  | $ | 67,867 |
Personnel |  |  | 41,584 |  |  |  | 39,472 |
Utilities |  |  | 33,911 |  |  |  | 32,184 |
Building repair and maintenance |  |  | 22,442 |  |  |  | 21,664 |
Office operations |  |  | 9,569 |  |  |  | 8,441 |
Insurance |  |  | 8,437 |  |  |  | 8,163 |
Marketing |  |  | 6,752 |  |  |  | 6,098 |
Total Same Store expenses |  |  | 186,030 |  |  |  | 183,889 |
Non-Same Store and Other |  |  |  |  |  |
Total Non-Same Store and Other expenses |  |  | 15,323 |  |  |  | 13,913 |
Total property operating expenses, excluding depreciation and amortization |  | $ | 201,353 |  |  | $ | 197,802 |
Net Operating Income: |  |  |  |  |  |
Same Store NOI |  | $ | 332,795 |  |  | $ | 334,644 |
Non-Same Store and Other NOI |  |  | 15,147 |  |  |  | 11,176 |
Total NOI |  |  | 347,942 |  |  |  | 345,820 |
Depreciation and amortization |  |  | (152,350 | ) |  |  | (143,020 | )
Property management expenses |  |  | (20,578 | ) |  |  | (19,995 | )
General and administrative expenses |  |  | (15,619 | ) |  |  | (17,045 | )
Interest expense |  |  | (45,161 | ) |  |  | (40,361 | )
Gain (loss) on sale of depreciable real estate assets |  |  | 71,911 |  |  |  | (2 | )
Other non-operating income |  |  | 834 |  |  |  | 23,526 |
Income tax expense |  |  | (1,038 | ) |  |  | (1,795 | )
Income from real estate joint venture |  |  | 465 |  |  |  | 482 |
Net income attributable to noncontrolling interests |  |  | (4,733 | ) |  |  | (3,861 | )
Dividends to MAA Series I preferred shareholders |  |  | (922 | ) |  |  | (922 | )
Net income available for MAA common shareholders |  | $ | 180,751 |  |  | $ | 142,827 |
Assets for Reportable Segment | Assets for each reportable segment as of March 31, 2025 and December 31, 2024 were as follows (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |
Same Store |  | $ | 9,770,291 |  |  | $ | 9,840,140 |
Non-Same Store and Other |  |  | 1,870,560 |  |  |  | 1,814,597 |
Corporate |  |  | 171,106 |  |  |  | 157,632 |
Total assets |  | $ | 11,811,957 |  |  | $ | 11,812,369 |

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