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) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

16 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	gap: 2013–2016 2012
Assets
Cash and Cash Equivalents	+40.1%	+4.1%	+6.9%	-28.8%	+115.5%	+23.1%	-40.2%	—	—	—
Real Estate	+0.8%	+3.0%	+1.7%	+0.4%	-0.3%	-0.4%	-1.3%	—	—	—
Other Noncurrent Assets	+14.0%	-1.6%	+16.2%	-19.0%	+30.0%	+1.9%	+25.3%	—	—	—
Total Assets	+1.4%	+2.9%	+2.2%	-0.4%	+0.8%	-0.3%	-0.8%	—	—	—
Liabilities
Long Term Debt	+8.5%	+9.7%	+2.8%	-2.3%	-1.0%	+2.4%	-1.6%	—	—	—
Other Noncurrent Liabilities	+6.8%	+6.0%	+4.8%	+5.4%	+10.6%	+7.5%	+18.7%	—	—	—
Total Liabilities	+8.3%	+9.2%	+3.1%	-1.4%	+0.2%	+3.3%	-0.3%	—	—	—
Equity
Total Stockholders Equity	-4.7%	-2.5%	+1.5%	+0.7%	+1.6%	-3.2%	-1.3%	—	—	—
Preferred Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—	—	—
Common Stock	+0.0%	-0.2%	+1.4%	+0.1%	+0.9%	+0.1%	+0.4%	—	—	—
Additional Paid In Capital	-0.2%	+0.2%	+2.7%	-0.4%	+0.8%	+0.1%	+0.4%	—	—	—
Retained Earnings	-18.1%	-13.2%	-9.2%	+5.3%	+3.0%	-19.2%	-9.7%	—	—	—
Accumulated Other Comprehensive Income	+23.6%	+20.8%	+12.8%	+9.7%	+8.2%	+8.0%	-6116.0%	—	—	—
Other Equity	-14.2%	+254.4%	+0.7%	-2.2%	-12.9%	-1.9%	+0.4%	—	—	—
Temporary Equity and Other	-8.2%	+16.0%	-7.3%	-31.5%	+96.0%	+9.0%	—	—	—	—
Total Liabilitiesand Equity	+1.4%	+2.9%	+2.2%	-0.4%	+0.8%	-0.3%	-0.8%	—	—	—

Income Statement

Revenue, expense, and profitability

11 accounts · 10 years

Revenue $2.2B

Operating income $130.3M

Net income $446.9M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	gap: 2013–2016 2012
IncomeStatement
Revenues Total Revenue	+0.8%	+2.0%	+6.4%	+13.6%	+6.0%	+2.3%	+4.4%	+2.8%	+207.5%	—
Expenses Depreciation and Amortization	+6.3%	+3.6%	+4.1%	+1.8%	+4.4%	+2.8%	+1.4%	-0.8%	+291.4%	—
Expenses Selling,General and Administrative	-3.0%	-3.5%	-0.4%	+11.2%	+12.9%	+6.9%	+12.8%	-3.3%	+192.1%	—
Other Income Expense Interest Expense	+9.9%	+12.9%	-3.6%	-1.4%	-6.4%	-6.8%	+3.6%	+12.2%	+148.4%	—
Other Income Expense Other Income/expense	-6.2%	-3.8%	-30.6%	-30.6%	+31.3%	-24.5%	+8.6%	-21.1%	-1347.7%	—
Other Income Expense Income Before Tax	-15.7%	-4.6%	-11.8%	+14.9%	+111.8%	-27.9%	+59.0%	-32.2%	+404.2%	—
Income Tax Income Tax Expense	-12.3%	+10.5%	+176.4%	-145.5%	+309.9%	-10.0%	+41.6%	-0.3%	—	—
net Income Other Items Below Tax	+28.5%	+7.1%	+12.7%	-0.3%	-72.5%	+24.3%	+66.0%	-1781.6%	-106.3%	—
net Income net Income	-15.3%	-4.6%	-13.3%	+19.4%	+109.4%	-27.9%	+58.7%	-32.1%	+212.1%	—
Earnings Per Share Basic Eps	-15.6%	-4.7%	-14.2%	+18.8%	+110.0%	-28.3%	+59.1%	-32.5%	+11.7%	—
Earnings Per Share Diluted Eps	-15.8%	-4.7%	-14.1%	+18.9%	+110.5%	-28.7%	+59.1%	-32.5%	+11.7%	—

Cash Flow Statement

Operating, investing, and financing flows

15 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	gap: 2013–2016 2012
CashFlow
Operating Activities net Cash From Operating Activities	-1.8%	-3.4%	+7.4%	+18.3%	+8.6%	+5.4%	+6.4%	+11.1%	+213.2%	—
Operating Activities net Income	-15.7%	-4.6%	-13.3%	+18.9%	+108.6%	-28.0%	+58.7%	-32.2%	+210.1%	—
Operating Activities Depreciation and Amortization	+6.2%	+3.6%	+4.0%	+1.8%	+4.4%	+2.8%	+1.4%	-0.7%	+274.0%	—
Operating Activities Stock Based Compensation	+6.7%	+0.6%	-16.5%	+12.8%	+16.3%	+4.9%	+9.7%	+17.7%	+373.4%	—
Operating Activities Other Non Cash Items	+60.0%	-272.7%	+92.3%	+23.1%	-709.6%	+135.1%	-57084.6%	+99.9%	-2305.8%	—
Investing Activities Capital Expenditures	+18.3%	-22.9%	-3.1%	-32.7%	-15.2%	-18.5%	-6.2%	+20.0%	-7.2%	—
Investing Activities Other Investing Activities	-32.5%	+999.7%	-103.7%	+10.1%	+36914.4%	-100.5%	+851.9%	-90.4%	+56.9%	—
Investing Activities net Cash From Investing Activities	+16.4%	-6.5%	-91.3%	-59.8%	+47.7%	-103.4%	+35.0%	-24.5%	+10.6%	—
Financing Activities Proceeds From Debt	-63.6%	—	—	-100.0%	-15.4%	-56.7%	-32.6%	+71.8%	+331.5%	—
Financing Activities Repayment of Debt	+0.0%	-13.0%	-180.0%	+72.9%	+32.9%	+60.5%	+25.6%	-71.8%	-10550.2%	—
Financing Activities Dividends Paid	-3.1%	-5.3%	-20.6%	-14.0%	-2.6%	-4.4%	-4.3%	-6.0%	-267.0%	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	+253.6%	-138.5%	+1827.5%	+79.3%	-290.4%	+35.3%	+1047.2%	+23.1%	+92.3%	—
Financing Activities net Cash From Financing Activities	-36.7%	+26.3%	+49.1%	-32.3%	-46.0%	+28.6%	-29.4%	-1.4%	-670.6%	—
Cash Reconciliation net Change In Cash	+930.8%	+127.9%	+91.4%	-173.2%	+372.0%	-285.1%	+150.7%	-12.9%	+31.7%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	gap: 2013–2016 2012
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	+26.2%
Net margin	+20.2%	+24.1%	+25.7%	+31.6%	+30.0%	+15.2%	+21.6%	+14.2%	+21.5%	+21.2%
FCF margin	+14.1%	+7.3%	+17.4%	+15.8%	+19.0%	+20.3%	+22.7%	+22.3%	+11.8%	-47.6%
Growth
Revenue CAGR (3y)	+3.0%	+7.2%	+8.6%	+7.2%	+4.2%	+3.1%	—	—	—	+9.9%
Returns
ROE	+7.9%	+8.9%	+9.1%	+10.6%	+8.9%	+4.3%	+5.8%	+3.6%	—	+11.5%
ROA	+3.7%	+4.5%	+4.8%	+5.7%	+4.7%	+2.3%	+3.2%	+2.0%	—	+3.8%
ROIC	—	—	—	—	—	—	—	—	—	+5.1%
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	1.08x	0.95x	0.85x	0.84x	0.86x	0.87x	0.81x	0.80x	—	1.97x
Interest coverage	—	—	—	—	—	—	—	—	—	2.09x
Efficiency
Asset turnover	0.18x	0.19x	0.19x	0.18x	0.16x	0.15x	0.15x	0.14x	—	0.18x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Mid-America Apartment Communities

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