Mid-America Apartment Communities Inc
NYSE: MAA · REAL ESTATE · REIT - RESIDENTIAL
Updated 2026-06-05
Mid-America Apartment Communities Inc (MAA) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $326.00M | $352.96M | $369.85M | $378.54M | $402.23M | $448.99M | $497.17M | $634.73M | $989.30M | $1.04B | $1.13B | $1.53B | $1.57B | $1.64B | $1.68B | $1.78B | $2.02B | $2.15B | $2.19B | $2.21B |
| Revenue growth (YoY) | — | +8.3% | +4.8% | +2.4% | +6.3% | +11.6% | +10.7% | +27.7% | +55.9% | +5.4% | +7.9% | +35.9% | +2.8% | +4.4% | +2.3% | +6.0% | +13.6% | +6.4% | +2.0% | +0.8% |
| Cost of revenue | $75.83M | $227.07M | $155.31M | $159.71M | $280.01M | $299.55M | $336.64M | $463.69M | $727.25M | $726.15M | $780.41M | $1.11B | $1.13B | $1.16B | $1.20B | $1.26B | $1.33B | $1.40B | $1.48B | $1.51B |
| Gross profit | $326.00M | $120.27M | $214.70M | $218.84M | $100.13M | $110.24M | $139.25M | $171.79M | $265.08M | $316.62M | $344.94M | $414.96M | $439.37M | $476.32M | $474.37M | $517.75M | $687.71M | $747.48M | $713.27M | $703.07M |
| Gross margin | 100.0% | 34.1% | 58.1% | 57.8% | 24.9% | 24.6% | 28.0% | 27.1% | 26.8% | 30.4% | 30.7% | 27.1% | 28.0% | 29.0% | 28.3% | 29.1% | 34.0% | 34.8% | 32.6% | 31.8% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $11.89M | $10.81M | $28.73M | $28.73M | $12.35M | $18.12M | $13.76M | $15.57M | $20.91M | $25.72M | $29.04M | $40.19M | $38.85M | $43.84M | $46.86M | $52.88M | $58.83M | $58.58M | $56.52M | $54.81M |
| Operating income | $87.33M | $91.55M | $95.90M | $93.33M | $85.27M | $88.80M | $123.90M | $117.33M | $230.23M | $290.91M | $272.15M | $354.78M | $400.51M | $432.47M | $427.51M | $464.87M | $628.88M | $688.90M | $656.75M | $619.44M |
| Operating margin | 26.8% | 25.9% | 25.9% | 24.7% | 21.2% | 19.8% | 24.9% | 18.5% | 23.3% | 27.9% | 24.2% | 23.2% | 25.5% | 26.4% | 25.5% | 26.1% | 31.1% | 32.1% | 30.0% | 28.0% |
| EBITDA | $194.27M | $180.26M | $189.08M | $192.67M | $191.30M | $205.73M | $252.36M | $306.90M | $572.68M | $769.66M | $679.09M | $991.08M | $896.39M | $1.05B | $945.08M | $1.25B | $1.35B | $1.29B | $1.30B | $1.32B |
| EBITDA margin | 59.6% | 51.1% | 51.1% | 50.9% | 47.6% | 45.8% | 50.8% | 48.4% | 57.9% | 73.8% | 60.3% | 64.8% | 57.0% | 63.8% | 56.3% | 70.5% | 66.6% | 59.9% | 59.3% | 59.7% |
| EBIT | $112.85M | $91.55M | $95.90M | $94.28M | $84.61M | $86.41M | $120.17M | $117.22M | $270.94M | $474.76M | $355.81M | $496.54M | $405.39M | $548.51M | $433.40M | $720.01M | $801.74M | $720.08M | $713.41M | $695.97M |
| Interest expense | $20.95M | $39.95M | $62.01M | $57.09M | $56.00M | $58.61M | $58.75M | $78.98M | $123.95M | $122.34M | $129.95M | $154.75M | $173.59M | $179.85M | $167.56M | $156.88M | $154.75M | $149.23M | $168.54M | $185.26M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $20.95M | $39.95M | $30.25M | $37.21M | $29.76M | $48.82M | $105.22M | $115.28M | $147.98M | $332.29M | $212.22M | $328.38M | $222.90M | $353.81M | $254.62M | $533.79M | $637.44M | $552.81M | $527.54M | $446.91M |
| Net income growth (YoY) | — | +90.7% | -24.3% | +23.0% | -20.0% | +64.0% | +115.5% | +9.6% | +28.4% | +124.5% | -36.1% | +54.7% | -32.1% | +58.7% | -28.0% | +109.6% | +19.4% | -13.3% | -4.6% | -15.3% |
| Profit margin | 6.4% | 11.3% | 8.2% | 9.8% | 7.4% | 10.9% | 21.2% | 18.2% | 15.0% | 31.9% | 18.9% | 21.5% | 14.2% | 21.6% | 15.2% | 30.0% | 31.6% | 25.7% | 24.1% | 20.2% |
Frequently asked questions
What is Mid-America Apartment Communities Inc's revenue?
Mid-America Apartment Communities Inc's trailing twelve-month revenue is $2.21B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MAA?
In its most recent fiscal year, MAA ran a gross margin of 31.83%, an operating margin of 28.04%, and a net margin of 20.23%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MAA generate?
MAA produced $717.94M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MAA's balance sheet healthy?
MAA holds $60.26M in cash and equivalents against $4.73B in long-term debt, on $5.68B of shareholder equity. That debt is best read against the cash flow the business throws off each year.