MID AMERICA APARTMENT COMMUNITIES INC.

For the period ended Dec 31, 2025. Filed Feb 6, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 6, 2026

MAA$118.86-0.5%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows for the

Consolidated Statem ents of Cash Flows

	2025	2024	2023
Cash flows from operating activities:
Net income	$456,566	$541,576	$567,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	622,969	586,402	565,857
(Gain) loss on sale of depreciable real estate assets	(72,066)	(55,003)	62
Gain on sale of non-depreciable real estate assets	—	—	(54)
Gain on consolidation of third-party development	—	(11,239)	—
(Gain) loss on embedded derivative in preferred shares	(1,111)	18,751	(18,528)
Stock compensation expense	16,839	15,789	15,699
Amortization of debt issuance costs, discounts and premiums	6,564	6,036	5,909
Gain on investments	(7,457)	(7,809)	(4,449)
Change in accrued expenses and other liabilities	46,618	38,592	29,313
Net change in other operating accounts and operating activities	9,253	(34,803)	(24,453)
Net cash provided by operating activities	1,078,175	1,098,292	1,137,187
Cash flows from investing activities:
Purchases of real estate and other assets	(133,447)	(301,071)	(223,453)
Capital improvements and other	(360,238)	(322,372)	(341,224)
Development costs	(272,030)	(313,888)	(198,152)
Distributions from real estate joint venture	337	327	312
Contributions to affiliates	(9,850)	(2,874)	(16,636)
Proceeds from real estate asset dispositions	81,353	84,209	2,946
Proceeds from sale of markable equity securities	—	9,975	—
Net proceeds from insurance recoveries	3,657	20,195	945
Net cash used in investing activities	(690,218)	(825,499)	(775,262)
Cash flows from financing activities:
Net proceeds from (payments of) commercial paper	426,000	(245,000)	475,000
Proceeds from notes payable	397,416	1,091,646	—
Principal payments on notes payable	(400,000)	(400,000)	(353,861)
Payment of deferred financing costs	(10,911)	(10,317)	(2)
Repurchase of common shares	(27,235)	—	—
Distributions paid on common units	(727,246)	(705,160)	(669,388)
Distributions paid on preferred units	(3,688)	(3,688)	(3,688)
Proceeds from issuances of common units	1,452	1,230	205,070
Acquisition of noncontrolling interests	(26,786)	—	(15,757)
Net change in other financing activities	255	166	(5,279)
Net cash used in financing activities	(370,743)	(271,123)	(367,905)
Net increase (decrease) in cash, cash equivalents and restricted cash	17,214	1,670	(5,980)
Cash, cash equivalents and restricted cash, beginning of period	56,761	55,091	61,071
Cash, cash equivalents and restricted cash, end of period	$73,975	$56,761	$55,091
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets:
Reconciliation of cash, cash equivalents and restricted cash at period end:
Cash and cash equivalents	$60,258	$43,018	$41,314
Restricted cash	13,717	13,743	13,777
Total cash, cash equivalents and restricted cash	$73,975	$56,761	$55,091
Supplemental information:
Interest paid	$190,259	$164,883	$157,566
Income taxes paid	300	3,343	4,002
Non-cash transactions:
Distributions on common units declared and accrued	$183,324	$181,738	$176,162
Accrued construction in progress	25,914	32,903	23,345
Interest capitalized	18,863	17,435	12,376

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.