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%
                    
                    P14
                    
                    +0.8%
                    
                    Net income
                    FY2025
                
$446.9M
                    Net margin +20.2%
                    
                    P45
                    
                    -15.3%
                    
                    Total assets
                    FY2025
                
$12.0B
                    ROA +3.7%
                    
                    P58
                    
                    +1.4%
                    
                    Operating cash flow
                    FY2025
                
$1.1B
                    FCF margin +14.1%
                    
                    P69
                    
                    -1.8%

14 yrs · FY2008–FY2025 4 gaps (2016–2013) 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

16 accounts · 3 years

Total assets $12.0B

Total liabilities $6.1B

Shareholders equity $5.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	2.7%	2.0%	1.9%
Real Estate	520.3%	520.3%	515.2%
Other Noncurrent Assets	19.0%	16.8%	17.5%
Total Assets	542.1%	539.1%	534.5%
Liabilities
Long Term Debt	244.7%	227.3%	211.3%
Other Noncurrent Liabilities	33.1%	31.2%	30.0%
Total Liabilities	277.7%	258.5%	241.4%
Equity
Total Stockholders Equity	256.3%	271.2%	283.6%
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	335.1%	338.5%	344.4%
Retained Earnings	-78.5%	-67.1%	-60.4%
Accumulated Other Comprehensive Income	-0.2%	-0.3%	-0.4%
Other Equity	25.6%	30.1%	8.7%
Temporary Equity and Other	0.9%	1.0%	0.9%
Total Liabilitiesand Equity	542.1%	539.1%	534.5%

Income Statement

Revenue, expense, and profitability

11 accounts · 3 years

Revenue $2.2B

Operating income Not reported

Net income $446.9M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Depreciation and Amortization	28.2%	26.7%	26.3%
Expenses Selling,General and Administrative	2.5%	2.6%	2.7%
Other Income Expense Interest Expense	8.4%	7.7%	6.9%
Other Income Expense Other Income/expense	-40.2%	-38.1%	-37.5%
Other Income Expense Income Before Tax	20.8%	24.9%	26.6%
Income Tax Income Tax Expense	0.2%	0.2%	0.2%
net Income Other Items Below Tax	-0.5%	-0.7%	-0.8%
net Income net Income	20.2%	24.1%	25.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 3 years

Operating cash flow $1.1B

Investing cash flow $-690.2M

Financing cash flow $-370.7M

Account	2025	2024	2023
CashFlow
Operating Activities net Cash From Operating Activities	48.8%	50.1%	52.9%
Operating Activities net Income	20.7%	24.7%	26.4%
Operating Activities Depreciation and Amortization	28.2%	26.8%	26.3%
Operating Activities Stock Based Compensation	0.8%	0.7%	0.7%
Operating Activities Other Non Cash Items	-0.8%	-2.1%	-0.6%
Investing Activities Capital Expenditures	-34.7%	-42.8%	-35.5%
Investing Activities Other Investing Activities	3.4%	5.1%	-0.6%
Investing Activities net Cash From Investing Activities	-31.2%	-37.7%	-36.1%
Financing Activities Proceeds From Debt	18.0%	49.8%	0.0%
Financing Activities Repayment of Debt	-18.1%	-18.3%	-16.5%
Financing Activities Dividends Paid	-33.1%	-32.4%	-31.3%
Financing Activities Repurchase of Common Stock	-1.2%	0.0%	0.0%
Financing Activities Other Financing Activities	17.7%	-11.6%	30.7%
Financing Activities net Cash From Financing Activities	-16.8%	-12.4%	-17.1%
Cash Reconciliation net Change In Cash	0.8%	0.1%	-0.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	—	—	—
Net margin	+20.2%	+24.1%	+25.7%
FCF margin	+14.1%	+7.3%	+17.4%
Growth
Revenue CAGR (3y)	+3.0%	+7.2%	+8.6%
Returns
ROE	+7.9%	+8.9%	+9.1%
ROA	+3.7%	+4.5%	+4.8%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	1.08x	0.95x	0.85x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.18x	0.19x	0.19x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Mid-America Apartment Communities

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