Revenue growth has slowed to 0.8% in 2026Q1, while NOI margins have experienced significant volatility, contracting from 35.4% in 2023Q4 to 29.5% by 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 2.21B | 2.21B | 2.19B | 2.15B | 2.02B | 1.78B | 1.68B | 1.64B | 1.57B | 1.53B | 1.13B | 1.04B | 989.3M | 634.73M | 497.17M | 448.99M | 402.23M | 378.54M | 369.85M | 352.96M | 326M | 297.45M | 267.78M | 240.91M | 233.14M | 228.04M | 224.64M | 226.32M | 215.54M | 139.12M | 111.88M |
| Revenue Growth % | 0.77% | 0.83% | 1.98% | 6.37% | 13.6% | 5.97% | 2.25% | 4.43% | 2.77% | 35.87% | 7.92% | 5.41% | 55.86% | 27.67% | 10.73% | 11.63% | 6.26% | 2.35% | 4.79% | 8.27% | 9.6% | 11.08% | 11.16% | 3.33% | 2.24% | 1.51% | -0.74% | 5% | 54.94% | 24.34% | 18.02% |
| Property Operating Expenses | 1.21B | 1.51B | 1.48B | 1.4B | 1.33B | 1.26B | 1.2B | 1.16B | 1.13B | 1.11B | 780.41M | 726.15M | 727.25M | 463.69M | 336.64M | 299.55M | 280.01M | 159.71M | 155.31M | 227.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 1B | 703.07M | 713.27M | 747.48M | 687.71M | 517.75M | 474.37M | 476.32M | 439.37M | 414.96M | 344.94M | 316.62M | 262.04M | 171.04M | 160.52M | 149.45M | 122.22M | 218.84M | 214.54M | 125.89M | 326M | 297.45M | 267.78M | 240.91M | 233.14M | 228.04M | 224.64M | 226.32M | 215.54M | 139.12M | 111.88M |
| NOI Margin % | 45.35% | 31.83% | 32.55% | 34.79% | 34.05% | 29.12% | 28.27% | 29.03% | 27.96% | 27.14% | 30.65% | 30.36% | 26.49% | 26.95% | 32.29% | 33.28% | 30.39% | 57.81% | 58.01% | 35.67% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 117.67M | 83.63M | 56.52M | 58.58M | 58.83M | 52.88M | 46.86M | 43.84M | 38.85M | 60.18M | 72.79M | 25.72M | 34.84M | 54.47M | 15.34M | 21.44M | 14.87M | 125.51M | 118.8M | 28.73M | 238.67M | 220.99M | 201M | 169.69M | 159.65M | 154.83M | 150.36M | 162.3M | 140.25M | 87.61M | 96.59M |
| G&A Expenses | 55.9M | 54.81M | 56.52M | 58.58M | 58.83M | 52.88M | 46.86M | 43.84M | 38.85M | 40.19M | 29.04M | 25.72M | 20.91M | 15.57M | 13.76M | 18.12M | 12.35M | 28.54M | 28.64M | 28.73M | 11.89M | 10.35M | 9.24M | 7.24M | 6.67M | 5.88M | 14.83M | 39.7M | 11.96M | 21.2M | 6.15M |
| EBITDA | 1.24B | 1.24B | 1.24B | 1.25B | 1.17B | 999.28M | 939.19M | 930.26M | 891.51M | 849.32M | 595.43M | 585.8M | 531.98M | 307M | 256.1M | 208.12M | 191.96M | 191.72M | 189.08M | 180.26M | 168.76M | 153.53M | 137.19M | 124.11M | 125M | 127.59M | 126.37M | 127.5M | 123.67M | 80.19M | 37.53M |
| EBITDA Margin % | 55.98% | 56.22% | 56.74% | 58.4% | 58.07% | 56.2% | 55.97% | 56.69% | 56.74% | 55.55% | 52.91% | 56.18% | 53.77% | 48.37% | 51.51% | 46.35% | 47.72% | 50.65% | 51.12% | 51.07% | 51.77% | 51.61% | 51.23% | 51.52% | 53.62% | 55.95% | 56.25% | 56.34% | 57.37% | 57.64% | 33.55% |
| Depreciation & Amortization | 631.98M | 622.63M | 586.4M | 565.86M | 544M | 534.41M | 511.68M | 497.79M | 491M | 494.54M | 323.28M | 294.9M | 301.74M | 189.67M | 132.19M | 119.33M | 106.69M | 98.39M | 93.18M | 88.71M | 81.42M | 77.06M | 70.41M | 61.08M | 57.98M | 54.4M | 54.6M | 53.3M | 48.37M | 28.7M | 22.24M |
| D&A / Revenue % | 28.55% | 28.18% | 26.76% | 26.34% | 26.93% | 30.06% | 30.49% | 30.33% | 31.25% | 32.34% | 28.73% | 28.28% | 30.5% | 29.88% | 26.59% | 26.58% | 26.53% | 25.99% | 25.19% | 25.13% | 24.98% | 25.91% | 26.29% | 25.35% | 24.87% | 23.86% | 24.31% | 23.55% | 22.44% | 20.63% | 19.88% |
| Operating Income | 607.15M | 619.44M | 656.75M | 688.9M | 628.88M | 464.87M | 427.51M | 432.47M | 400.51M | 354.78M | 272.15M | 290.91M | 230.23M | 117.33M | 123.9M | 88.8M | 85.27M | 93.33M | 95.9M | 91.55M | 87.33M | 76.46M | 66.79M | 63.03M | 67.02M | 73.18M | 71.77M | 74.2M | 75.3M | 51.48M | 15.29M |
| Operating Margin % | 27.43% | 28.04% | 29.97% | 32.06% | 31.13% | 26.14% | 25.48% | 26.35% | 25.49% | 23.2% | 24.18% | 27.9% | 23.27% | 18.48% | 24.92% | 19.78% | 21.2% | 24.65% | 25.93% | 25.94% | 26.79% | 25.71% | 24.94% | 26.16% | 28.75% | 32.09% | 31.95% | 32.79% | 34.93% | 37.01% | 13.66% |
| Interest Expense | 4M | 185.26M | 168.54M | 149.23M | 154.75M | 156.88M | 167.56M | 179.85M | 173.59M | 154.75M | 129.95M | 122.34M | 123.95M | 78.98M | 58.75M | 58.61M | 56M | 57.09M | 62.01M | 39.95M | 20.95M | 19.74M | 25.2M | 20.21M | 16.14M | 28.7M | 29.79M | 33.57M | 26.76M | 11.23M | 14.26M |
| Interest Coverage | - | 3.76x | 4.23x | 4.83x | 5.18x | 4.59x | 2.59x | 3.05x | 2.34x | 3.21x | 2.74x | 3.88x | 2.19x | 1.75x | 2.05x | 1.47x | 1.66x | 1.63x | 1.55x | 2.33x | 4.17x | 5.00x | 3.43x | 8.70x | 14.04x | 7.95x | 5.75x | 10.39x | 2.81x | 18.30x | 1.07x |
| Non-Operating Income | -40.22M | -76.53M | -56.66M | -31.18M | -172.86M | -255.14M | -5.89M | -116.03M | -4.88M | -141.76M | -83.66M | -183.86M | -40.71M | 103K | 3.74M | 2.39M | 658K | -950K | 0 | 0 | -25.51M | -22.23M | -19.6M | -112.71M | -159.65M | -154.83M | -99.46M | -274.7M | 0 | -154.01M | 0 |
| Pretax Income | 405.05M | 460.17M | 544.87M | 570.85M | 646.99M | 563.13M | 265.84M | 368.66M | 231.8M | 341.79M | 225.86M | 352.42M | 145.11M | 37.83M | 67.79M | 48.82M | 29.76M | 37.21M | 30.25M | 39.95M | 20.95M | 19.74M | 25.2M | 20.21M | 16.14M | 28.7M | 29.79M | 33.57M | 26.76M | 11.23M | 14.26M |
| Pretax Margin % | 18.3% | 20.83% | 24.87% | 26.57% | 32.03% | 31.67% | 15.84% | 22.47% | 14.75% | 22.35% | 20.07% | 33.8% | 14.67% | 5.96% | 13.63% | 10.87% | 7.4% | 9.83% | 8.18% | 11.32% | 6.42% | 6.64% | 9.41% | 8.39% | 6.92% | 12.58% | 13.26% | 14.83% | 12.41% | 8.07% | 12.75% |
| Income Tax | -1.96M | 4.59M | 5.24M | 4.74M | -6.21M | 13.64M | 3.33M | 3.7M | 2.61M | 2.62M | 1.7M | 1.67M | 2.05M | 893K | -37.44M | -48.82M | -29.76M | -37.21M | -30.25M | -39.95M | -20.95M | -19.74M | -25.2M | -20.21M | -16.14M | -28.7M | -29.79M | -33.57M | -26.76M | -11.23M | -14.26M |
| Effective Tax Rate % | -0.48% | 1% | 0.96% | 0.83% | -0.96% | 2.42% | 1.25% | 1% | 1.13% | 0.77% | 0.75% | 0.47% | 1.41% | 2.36% | -55.22% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | 402.62M | 446.91M | 527.54M | 552.81M | 637.44M | 533.79M | 254.62M | 353.81M | 222.9M | 328.38M | 212.22M | 332.29M | 147.98M | 115.28M | 105.22M | 48.82M | 29.76M | 37.21M | 30.25M | 39.95M | 20.95M | 19.74M | 25.2M | 20.21M | 16.14M | 28.7M | 29.79M | 33.5M | 26.76M | 11.2M | 14.26M |
| Net Margin % | 18.19% | 20.23% | 24.08% | 25.73% | 31.56% | 30.02% | 15.17% | 21.56% | 14.19% | 21.48% | 18.86% | 31.87% | 14.96% | 18.16% | 21.16% | 10.87% | 7.4% | 9.83% | 8.18% | 11.32% | 6.42% | 6.64% | 9.41% | 8.39% | 6.92% | 12.58% | 13.26% | 14.8% | 12.41% | 8.05% | 12.75% |
| Net Income Growth % | -28.8% | -15.28% | -4.57% | -13.28% | 19.42% | 109.64% | -28.03% | 58.73% | -32.12% | 54.73% | -36.13% | 124.55% | 28.36% | 9.56% | 115.53% | 64.04% | -20.02% | 23.02% | -24.28% | 90.72% | 6.08% | -21.64% | 24.71% | 25.18% | -43.76% | -3.66% | -11.08% | 25.2% | 138.9% | -21.46% | 45.51% |
| Funds From Operations (FFO) | 1.03B | 1.07B | 1.11B | 1.12B | 1.18B | 1.07B | 766.3M | 851.6M | 713.89M | 822.92M | 535.5M | 627.18M | 449.72M | 304.95M | 237.42M | 168.15M | 136.45M | 135.6M | 123.43M | 128.66M | 102.37M | 96.81M | 95.6M | 81.29M | 74.12M | 83.1M | 84.39M | 86.8M | 75.13M | 39.9M | 36.5M |
| FFO Margin % | 46.74% | 48.41% | 50.84% | 52.07% | 58.49% | 60.08% | 45.67% | 51.89% | 45.43% | 53.82% | 47.59% | 60.15% | 45.46% | 48.04% | 47.75% | 37.45% | 33.92% | 35.82% | 33.37% | 36.45% | 31.4% | 32.54% | 35.7% | 33.74% | 31.79% | 36.44% | 37.57% | 38.35% | 34.85% | 28.68% | 32.63% |
| FFO Growth % | -38.36% | -3.99% | -0.42% | -5.31% | 10.6% | 39.4% | -10.02% | 19.29% | -13.25% | 53.67% | -14.62% | 39.46% | 47.47% | 28.45% | 41.19% | 23.23% | 0.63% | 9.86% | -4.06% | 25.68% | 5.75% | 1.26% | 17.61% | 9.67% | -10.81% | -1.53% | -2.78% | 15.54% | 88.29% | 9.31% | 34.7% |
| FFO per Share | 8.86 | 9.13 | 9.54 | 9.59 | 10.22 | 9.29 | 6.69 | 7.20 | 6.05 | 7.24 | 6.80 | 8.34 | 6.00 | 5.74 | 5.53 | 4.30 | 4.27 | 4.78 | 4.56 | 5.05 | 4.32 | 4.48 | 4.63 | 4.42 | 4.22 | 4.74 | 4.80 | 4.64 | 4.00 | 2.91 | 3.33 |
| FFO Payout Ratio % | 51.41% | 66.29% | 61.66% | 58.26% | 45.67% | 44.04% | 59.68% | 51.4% | 58.81% | 48.04% | 46.25% | 37% | 48.73% | 46.14% | 45.38% | 54.73% | 56.53% | 51.26% | 53.32% | 52.45% | 7.88% | 8.43% | 56.35% | 11.12% | 64.59% | 57.39% | 56.39% | 57.96% | 62.72% | 86.51% | 74.82% |
| EPS (Diluted) | 3.45 | 3.78 | 4.49 | 4.71 | 5.48 | 4.61 | 2.19 | 2.99 | 1.89 | 2.86 | 2.69 | 4.41 | 1.97 | 2.25 | 2.56 | 1.31 | 0.56 | 0.85 | 0.64 | 1.01 | 0.29 | 0.25 | 0.50 | -0.07 | -0.11 | 0.72 | 0.78 | 0.93 | 0.82 | 0.43 | 1.21 |
| EPS Growth % | -31.25% | -15.81% | -4.67% | -14.05% | 18.87% | 110.5% | -26.76% | 58.2% | -33.92% | 6.32% | -39% | 123.86% | -12.44% | -12.11% | 95.42% | 133.93% | -34.12% | 32.81% | -36.63% | 248.28% | 16% | -50% | 814.29% | 36.36% | -115.28% | -7.69% | -16.13% | 13.41% | 90.7% | -64.46% | 21% |
| EPS (Basic) | - | 3.79 | 4.49 | 4.71 | 5.49 | 4.62 | 2.20 | 3.00 | 1.89 | 2.86 | 2.69 | 4.41 | 1.97 | 2.27 | 2.56 | 1.32 | 0.57 | 0.85 | 0.64 | 1.01 | 0.30 | 0.25 | 0.51 | -0.07 | -0.11 | 0.72 | 0.78 | 0.93 | 0.82 | 0.43 | 1.21 |
| Diluted Shares Outstanding | 116.74M | 117.11M | 116.78M | 116.64M | 115.58M | 115.04M | 114.5M | 118.2M | 117.97M | 113.69M | 78.8M | 75.18M | 74.98M | 53.12M | 42.94M | 39.09M | 31.98M | 28.35M | 27.08M | 25.46M | 23.7M | 21.61M | 20.65M | 18.37M | 17.56M | 17.53M | 17.6M | 18.71M | 18.77M | 13.72M | 10.97M |
Sunbelt supply-demand imbalance
As reported in recent financial filings, MAA's revenue growth has decelerated to 0.8% in 2026Q1, reflecting a broader trend of cooling demand across its core Sunbelt markets as significant new multi-family supply deliveries continue to pressure the company's ability to sustain historical rent increases.
The consistent decline in year-over-year revenue growth suggests that the company's pricing power is being eroded by the current supply-to-absorption imbalance. Investors should monitor whether this trend persists as new units are absorbed, as the current trajectory indicates a challenging environment for organic growth.
Based on the provided income statement data, NOI margins have shown significant volatility, dropping from 35.4% in 2023Q4 to 29.5% by 2025Q3, which highlights the difficulty of managing rising property-level expenses like insurance and taxes against a backdrop of slowing top-line revenue expansion.
The compression in NOI margins appears to be driven by non-controllable operating costs that are outpacing rental income growth. This trend warrants further investigation into whether these cost pressures are transitory or represent a permanent shift in the operating expense structure for Sunbelt residential assets.
According to the company's quarterly earnings reports, FFO per share has exhibited erratic fluctuations, falling to 1.86 in 2025Q4 before recovering to 2.56 in 2026Q1, suggesting that non-recurring items or timing differences in development lease-ups may be distorting the perceived stability of core earnings.
The inconsistency in FFO growth makes it difficult to gauge the true underlying cash generation of the portfolio. Analysts should scrutinize the reconciliation between FFO and AFFO to determine if the recent volatility is a result of operational inefficiencies or accounting adjustments related to the development pipeline.
Financial statements indicate a notable discrepancy between FFO and AFFO, particularly in 2023Q4 where AFFO plummeted to 23.2M, suggesting that heavy recurring maintenance CAPEX or capitalized costs may be masking the true cash-generating capacity of the portfolio after accounting for necessary property reinvestment.
The wide variance between FFO and AFFO implies that a significant portion of earnings is being reinvested into the properties to maintain their competitive standing. Investors should be cautious of relying solely on FFO, as the actual cash available for dividends may be more constrained than headline figures suggest.
Quick answers to the most common questions about buying MAA stock.
For fiscal year 2025, Mid-America Apartment Communities, Inc. (MAA) reported total revenue of $2.21B. This represents a 1874.5% increase compared to $111.9M in 1996.
Mid-America Apartment Communities, Inc. (MAA) is profitable, generating $446.9M in net income for the fiscal year ending 2025 with a net profit margin of 20.2%.
Mid-America Apartment Communities, Inc. (MAA) reported an operating income of $619.4M, resulting in an operating profit margin of 28.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Mid-America Apartment Communities, Inc. (MAA) generated $703.1M in gross profit for the year, representing a gross profit margin of 31.8%. This demonstrates the company's core pricing power and production efficiency.