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Segment Information (Tables) | 9 Months Ended
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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 |

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