Mid-America Apartment Communities

Real Estate Multi-Family Residential REITs Memphis, Tennessee Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.2B
                    3y CAGR +3.0%
                    
                    P13
                    
                    +0.8%
                    
                    Net income
                    FY2025
                
$446.9M
                    Net margin +20.2%
                    
                    P47
                    
                    -15.3%
                    
                    Total assets
                    FY2025
                
$12.0B
                    ROA +3.7%
                    
                    P58
                    
                    +1.4%
                    
                    Operating cash flow
                    FY2025
                
$1.1B
                    FCF margin +32.5%
                    
                    P47
                    
                    -1.8%

18 yrs · FY2008–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

19 accounts · 5 years

Total assets $12.0B

Total liabilities $6.1B

Shareholders equity $5.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	0.5%	0.4%	0.4%	0.3%	0.5%
Short Term Investments	0.0%	0.0%	0.2%	0.1%	—
Other Current Assets	2.1%	2.0%	2.1%	1.7%	2.3%
Operating Lease Assets	0.3%	0.3%	0.4%	0.4%	0.4%
Other Noncurrent Assets	2.1%	2.0%	2.1%	1.7%	2.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accrued Liabilities	6.1%	5.8%	5.6%	5.5%	5.2%
Operating Lease Liabilities	0.2%	0.2%	0.2%	0.3%	0.3%
Total Current Liabilities	51.2%	48.0%	45.2%	44.8%	45.2%
Long Term Debt	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Lease Liabilities Noncurrent	0.2%	0.2%	0.2%	0.3%	0.3%
Total Liabilities	51.2%	48.0%	45.2%	44.8%	45.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	61.8%	62.8%	64.4%	64.1%	64.1%
Treasury Stock	0.0%	—	—	—	—
Accumulated Other Comprehensive Income	-0.0%	-0.1%	-0.1%	-0.1%	-0.1%
Total Stockholders Equity	47.3%	50.3%	53.1%	53.4%	52.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $2.2B

Operating income Not reported

Net income $446.9M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	18.4%	18.5%	18.7%	18.0%	15.8%
Expenses Selling,General and Administrative	0.5%	0.5%	0.5%	0.5%	0.5%
Expenses Depreciation and Amortization	5.2%	5.0%	4.9%	4.8%	4.7%
Expenses Share Based Compensation	0.1%	0.1%	0.1%	0.2%	0.1%
Expenses Operating Expenses	7.0%	6.9%	6.7%	6.4%	—
Other Income Expense Interest Expense	1.5%	1.4%	1.3%	1.4%	1.4%
Other Income Expense Other Income/expense	-0.4%	0.0%	0.3%	-0.4%	0.3%
Other Income Expense Income Before Tax	3.8%	4.6%	5.0%	5.8%	5.0%
Income Tax Income Tax Expense	0.0%	0.0%	0.0%	-0.1%	0.1%
net Income net Income	3.7%	4.5%	4.8%	5.7%	4.7%
net Income Comprehensive Income	3.7%	4.5%	4.8%	5.7%	4.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.0%	1.0%	1.0%	1.0%	1.0%
Earnings Per Share Weighted Average Shares Diluted	1.0%	1.0%	1.0%	1.0%	1.0%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $1.1B

Investing cash flow $-690.2M

Financing cash flow $-370.7M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	3.7%	4.5%	4.8%	5.7%	4.7%
Operating Activities Depreciation and Amortization	5.2%	5.0%	4.9%	4.8%	4.7%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.2%	0.1%
Operating Activities Deferred Income Taxes	0.0%	0.0%	0.0%	-0.1%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Activities Other Non Cash Items	0.1%	-0.3%	-0.2%	-0.1%	0.5%
Operating Activities net Cash From Operating Activities	9.0%	9.3%	9.9%	9.4%	7.9%
Investing Activities Capital Expenditures	3.0%	2.7%	3.0%	2.6%	2.5%
Investing Activities net Cash From Investing Activities	-5.8%	-7.0%	-6.8%	-3.6%	-2.2%
Financing Activities Repayment of Debt	3.3%	3.4%	3.1%	1.1%	4.1%
Financing Activities Repurchase of Common Stock	0.2%	0.0%	0.0%	0.1%	0.1%
Financing Activities Dividends Paid	5.9%	5.8%	5.7%	4.8%	4.2%
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	1.8%	0.0%	0.0%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.0%	-0.1%	-0.1%
Financing Activities net Cash From Financing Activities	-3.1%	-2.3%	-3.2%	-6.4%	-4.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%	0.5%	0.5%	0.5%	1.2%
Cash Reconciliation net Change In Cash	0.1%	0.0%	-0.1%	-0.6%	0.8%
Cash Reconciliation Cash At Beginning of Period	0.6%	0.5%	0.5%	0.5%	1.2%
Cash Reconciliation Cash At End of Period	0.6%	0.5%	0.5%	0.5%	1.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+20.2%	+24.1%	+25.7%	+31.6%	+30.0%
FCF margin	+32.5%	+35.4%	+37.0%	+37.7%	+34.6%
Growth
Revenue CAGR (3y)	+3.0%	+7.2%	+8.6%	+7.2%	+4.2%
Returns
ROE	+7.9%	+8.9%	+9.1%	+10.6%	+8.9%
ROA	+3.7%	+4.5%	+4.8%	+5.7%	+4.7%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	1.08x	0.95x	0.85x	0.84x	0.86x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.18x	0.19x	0.19x	0.18x	0.16x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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Mid-America Apartment Communities

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