Short answer
Mid-America Apartment Communities (MAA) filed its fiscal 2025 10-K annual report with the SEC on Feb 6, 2026. It reported revenue of $2.2B (+0.8% year over year) and net income of $447M.
- Top risk flagged: Regulatory risk: potential impact of Section 1031 like-kind exchange tax law changes limiting tax-deferred property sale strategies
FY2025 key financial metrics · XBRL
- Revenue
- $2.2B
- +0.8% YoY
- Net income
- $447M
- −15.3% YoY
- EPS (diluted)
- $3.78
- −15.8% YoY
- ROE
- 7.9%
- −1.0 pp YoY
- Operating cash flow
- $1.1B
- −1.8% YoY
Source: XBRL data from the Mid-America Apartment Communities (MAA) FY2025 10-K on SEC EDGAR. USD.
Mid-America Apartment Communities FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Multifamily real estate investment trust owning and operating apartment communities mainly in Southeast, Southwest, and Mid-Atlantic U.S. regions
- New developments: $272M development spend in 2025 on 8 projects totaling 2,522 units under construction, including a new Charleston pre-purchase joint venture
- Strategic focus: Heavy investment in technology for resident services and operational efficiency, plus ongoing smart home tech installation in 96,000 units
- Quantitative highlight: Renovated 5,995 units in 2025, achieving 7.0% higher rents; total workforce at 2,507 employees with 55% ethnic/cultural minorities
- Noteworthy: Paid $6.06 per share in dividends, exceeding 90% REIT distribution requirement, maintaining REIT tax qualification and investment-grade credit metrics
Management Discussion & Analysis
- Total property revenues $2.21B, up 0.8% YoY; Same Store revenues down 0.1% to $2.08B, Non-Same Store up 18.9% to $132M
- Property operating expenses $838M, increased 2.2% YoY; operating margin declined due to higher expenses and flat Same Store rent
- Best performing segment: Non-Same Store revenues up 18.9% (+$21M); worst: Same Store revenues down 0.1% (-$2.9M)
- Net cash from operating activities $1.1B, down $20.1M YoY; investing outflows $690M (capex, acquisitions); financing outflows $371M including $27.2M buybacks and $709M dividends
- Net debt $5.35B, up from $4.94B; debt-to-Adjusted EBITDAre 4.3x vs 4.0x; dividend guidance $6.12/share for FY 2026 (up from $6.06 in 2025)
Risk Factors
- Regulatory risk: potential impact of Section 1031 like-kind exchange tax law changes limiting tax-deferred property sale strategies
- Geopolitical/macroeconomic risk: 41.2% portfolio concentration in top 5 U.S. markets vulnerable to regional economic downturns or disasters
- Operational risk: eight development communities under construction (2,522 units) face construction delays, permit hurdles, and cost overruns
- Competitive risk: elevated competition from other apartment communities, condos, and single-family homes impacting occupancy and rental rates
- Financial risk: dependence on external funding for distributions and developments; sustained operational decline may force distribution cuts
Generated from the filing text; verify against the original. How to read a 10-K
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