MID AMERICA APARTMENT COMMUNITIES INC.
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
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FY2025 · Filed Feb 6, 2026
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Consolidated Balance Sheets as of
Consolidated Balance Sheets
December 31, 2025 and 2024
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Real estate assets: | ||
| Land | $2,129,401 | $2,096,912 |
| Buildings and improvements and other | 14,852,509 | 14,160,799 |
| Development and capital improvements in progress | 426,759 | 470,282 |
| 17,408,669 | 16,727,993 | |
| Less: Accumulated depreciation | (5,914,017) | (5,327,584) |
| 11,494,652 | 11,400,409 | |
| Undeveloped land | 73,359 | 73,359 |
| Investment in real estate joint venture | 41,313 | 41,650 |
| Real estate assets, net | 11,609,324 | 11,515,418 |
| Cash and cash equivalents | 60,258 | 43,018 |
| Restricted cash | 13,717 | 13,743 |
| Other assets | 245,683 | 232,426 |
| Assets held for sale | 46,401 | 7,764 |
| Total assets | $11,975,383 | $11,812,369 |
| Liabilities and capital | ||
| Liabilities: | ||
| Unsecured notes payable, net | $5,044,979 | $4,620,690 |
| Secured notes payable, net | 360,393 | 360,267 |
| Accrued expenses and other liabilities | 730,366 | 683,748 |
| Due to general partner | 19 | 19 |
| Total liabilities | 6,135,757 | 5,664,724 |
| Redeemable common units(1) | 20,402 | 22,230 |
| Operating Partnership capital: | ||
| Preferred units, 8.50% Series I Cumulative Redeemable Units, 867,846 preferred units outstanding as of December 31, 2025 and December 31, 2024, respectively | 66,840 | 66,840 |
| General partner, 116,878,077 and 116,883,421 OP Units outstanding as of December 31, 2025 and December 31, 2024, respectively(1) | 5,601,367 | 5,882,336 |
| Limited partners, 2,941,839 and 3,075,552 OP Units outstanding as of December 31, 2025 and December 31, 2024, respectively(1) | 141,503 | 155,409 |
| Accumulated other comprehensive loss | (5,375) | (7,064) |
| Total operating partners’ capital | 5,804,335 | 6,097,521 |
| Noncontrolling interests - consolidated real estate entities | 14,889 | 27,894 |
| Total equity | 5,819,224 | 6,125,415 |
| Total liabilities and equity | $11,975,383 | $11,812,369 |
(1)
Number of units outstanding represents total OP Units regardless of classification on the Consolidated Balance Sheets. The number of units classified as redeemable common units on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 are 146,875 and 143,822, respectively.
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