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 revenue.

Balance Sheet

Assets, liabilities, and equity

19 accounts · 10 years

Total assets $12.0B

Total liabilities $6.1B

Shareholders equity $5.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	2.7%	2.0%	1.9%	1.9%	3.1%	1.5%	1.2%	2.2%	5.8%	—
Short Term Investments	0.2%	0.2%	0.9%	0.4%	—	—	—	—	—	—
Other Current Assets	11.1%	10.6%	11.4%	9.6%	14.4%	11.4%	10.5%	—	—	—
Operating Lease Assets	1.7%	1.8%	2.0%	2.2%	2.6%	2.9%	3.3%	—	—	—
Other Noncurrent Assets	11.1%	10.6%	11.4%	9.6%	14.4%	11.4%	10.5%	—	—	—
Total Assets	542.1%	539.1%	534.5%	556.5%	634.7%	667.2%	684.4%	—	—	—
Liabilities
Accrued Liabilities	33.1%	31.2%	30.0%	30.5%	32.9%	31.5%	28.8%	—	—	—
Operating Lease Liabilities	1.1%	1.2%	1.3%	1.4%	1.7%	1.9%	2.0%	—	—	—
Total Current Liabilities	277.7%	258.5%	241.4%	249.1%	286.9%	303.4%	300.2%	—	—	—
Long Term Debt	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Operating Lease Liabilities Noncurrent	1.1%	1.2%	1.3%	1.4%	1.7%	1.9%	2.0%	—	—	—
Total Liabilities	277.7%	258.5%	241.4%	249.1%	286.9%	303.4%	300.2%	—	—	—
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Common Stock	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	7.2%	7.4%	—
Additional Paid In Capital	335.1%	338.5%	344.4%	356.6%	406.7%	427.7%	436.7%	0.8%	0.7%	—
Treasury Stock	0.0%	—	—	—	—	—	—	—	—	—
Accumulated Other Comprehensive Income	-0.2%	-0.3%	-0.4%	-0.5%	-0.6%	-0.7%	-0.8%	—	—	—
Total Stockholders Equity	256.3%	271.2%	283.6%	297.3%	335.5%	349.9%	369.8%	405.5%	430.0%	—
Total Liabilitiesand Equity	542.1%	539.1%	534.5%	556.5%	634.7%	667.2%	684.4%	—	—	—

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $2.2B

Operating income Not reported

Net income $446.9M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—
Expenses Selling,General and Administrative	2.5%	2.6%	2.7%	2.9%	3.0%	2.8%	2.7%	2.5%	2.6%	—
Expenses Depreciation and Amortization	28.2%	26.8%	26.3%	26.9%	30.1%	30.5%	30.3%	31.2%	32.3%	—
Expenses Share Based Compensation	0.8%	0.7%	0.7%	0.9%	0.9%	0.9%	0.8%	0.8%	0.7%	—
Expenses Operating Expenses	37.9%	37.4%	35.8%	35.8%	—	—	—	—	—	—
Other Income Expense Interest Expense	8.4%	7.7%	6.9%	7.7%	8.8%	10.0%	11.0%	11.0%	10.1%	—
Other Income Expense Other Income/expense	-2.1%	0.1%	1.5%	-2.1%	1.9%	0.3%	1.4%	0.6%	0.9%	—
Other Income Expense Income Before Tax	20.8%	24.9%	26.6%	32.0%	31.7%	15.8%	22.5%	14.8%	22.4%	—
Income Tax Income Tax Expense	0.2%	0.2%	0.2%	-0.3%	0.8%	0.2%	0.2%	0.2%	0.2%	—
net Income net Income	20.2%	24.1%	25.7%	31.6%	30.0%	15.2%	21.6%	14.2%	21.5%	—
net Income Comprehensive Income	20.3%	24.2%	25.8%	31.6%	30.1%	15.3%	20.8%	14.0%	21.5%	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	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%	0.0%	0.0%	0.0%	0.0%	—
Earnings Per Share Weighted Average Shares Basic	5.3%	5.3%	5.4%	5.7%	6.5%	6.8%	6.9%	7.2%	7.4%	—
Earnings Per Share Weighted Average Shares Diluted	5.3%	5.3%	5.4%	5.7%	6.5%	6.8%	7.0%	7.2%	7.4%	—

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $1.1B

Investing cash flow $-690.2M

Financing cash flow $-370.7M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	20.2%	24.1%	25.7%	31.6%	30.0%	15.2%	21.6%	14.2%	21.5%	—
Operating Activities Depreciation and Amortization	28.2%	26.7%	26.3%	26.9%	30.0%	30.4%	30.3%	31.2%	32.3%	—
Operating Activities Stock Based Compensation	0.8%	0.7%	0.7%	0.9%	0.9%	0.9%	0.8%	0.8%	0.7%	—
Operating Activities Deferred Income Taxes	0.2%	0.2%	0.2%	-0.3%	0.8%	0.2%	0.2%	0.2%	0.2%	—
Operating Activities Changes In Operating Assets and Liabilities	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Operating Activities Other Non Cash Items	0.4%	-1.6%	-1.1%	-0.8%	3.1%	2.3%	0.8%	0.4%	-3.1%	—
Operating Activities net Cash From Operating Activities	48.8%	50.1%	52.9%	52.4%	50.3%	49.1%	47.6%	46.7%	43.2%	—
Investing Activities Capital Expenditures	16.3%	14.7%	15.9%	14.7%	15.7%	13.4%	11.6%	16.2%	22.5%	—
Investing Activities net Cash From Investing Activities	-31.2%	-37.7%	-36.1%	-20.1%	-14.3%	-28.9%	-14.5%	-23.3%	-19.2%	—
Financing Activities Repayment of Debt	18.1%	18.3%	16.5%	6.3%	26.3%	26.3%	40.1%	55.9%	27.0%	—
Financing Activities Repurchase of Common Stock	1.2%	0.0%	0.0%	0.7%	0.5%	0.3%	0.2%	0.2%	0.3%	—
Financing Activities Dividends Paid	32.1%	31.4%	30.3%	26.7%	26.5%	27.3%	26.7%	26.7%	25.9%	—
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	9.5%	0.1%	0.0%	—	—	—	—	—
Financing Activities Other Financing Activities	0.0%	0.0%	-0.2%	-0.5%	-0.4%	-0.1%	1.0%	-0.1%	-0.3%	—
Financing Activities net Cash From Financing Activities	-16.8%	-12.4%	-17.1%	-35.8%	-30.7%	-22.3%	-31.9%	-25.8%	-26.1%	—
Cash Reconciliation Effect of Exchange Rate On Cash	3.3%	2.6%	2.6%	3.0%	7.3%	2.1%	4.3%	3.3%	5.8%	—
Cash Reconciliation net Change In Cash	0.8%	0.1%	-0.3%	-3.4%	5.3%	-2.1%	1.1%	-2.4%	-2.2%	—
Cash Reconciliation Cash At Beginning of Period	3.3%	2.6%	2.6%	3.0%	7.3%	2.1%	4.3%	3.3%	5.8%	—
Cash Reconciliation Cash At End of Period	3.3%	2.6%	2.6%	3.0%	7.3%	2.1%	4.3%	3.3%	5.8%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	+20.2%	+24.1%	+25.7%	+31.6%	+30.0%	+15.2%	+21.6%	+14.2%	+21.5%	—
FCF margin	+32.5%	+35.4%	+37.0%	+37.7%	+34.6%	+35.7%	+36.0%	+30.5%	+20.7%	—
Growth
Revenue CAGR (3y)	+3.0%	+7.2%	+8.6%	+7.2%	+4.2%	+3.1%	—	—	—	—
Returns
ROE	+7.9%	+8.9%	+9.1%	+10.6%	+8.9%	+4.3%	+5.8%	+3.5%	+5.0%	—
ROA	+3.7%	+4.5%	+4.8%	+5.7%	+4.7%	+2.3%	+3.2%	—	—	—
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	1.08x	0.95x	0.85x	0.84x	0.86x	0.87x	0.81x	—	—	—
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.18x	0.19x	0.19x	0.18x	0.16x	0.15x	0.15x	—	—	—
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Mid-America Apartment Communities

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