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Segment Information (Tables) | 6 Months Ended
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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 |

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