v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Notes To Financial Statements [Abstract]  
Segment Information

11. Segment Information

As of March 31, 2026, the Company owned and operated 294 multifamily apartment communities (which does not include development communities under construction or the Company’s investment in an unconsolidated real estate joint venture) in 16 different states from which it derived all significant sources of earnings and operating cash flows. The Company views each consolidated apartment community as an operating segment. The Company’s chief operating decision maker, which is the Company’s Chief Executive Officer, evaluates performance and determines resource allocations of each of the apartment communities on a Same Store and Non-Same Store and Other basis, as well as an individual apartment community basis. The Company has aggregated its operating segments into two reportable segments as management believes the apartment communities in each reportable segment generally have similar economic characteristics, facilities, services and residents.

The following reflects the two reportable segments for the Company:

•
Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year.
•
Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in Non-Same Store and Other are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms.

On the first day of each calendar year, the Company determines the composition of its Same Store and Non-Same Store and Other reportable segments for that year as well as adjusts the previous year, which allows the Company to evaluate full period-over-period operating comparisons. Communities previously in development or lease-up are added to the Same Store segment on the first day of the calendar year after the community has been owned and stabilized for at least a full 12 months. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

The chief operating decision maker utilizes net operating income, or NOI, in evaluating the performance of the operating segments. Total NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period regardless of their status as held for sale. Management believes that NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance.

Property revenues and NOI for each reportable segment for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

 

 

Three months ended March 31,

 

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

Rental revenues

 

$

513,759

 

 

$

515,417

 

Other property revenues

 

 

3,221

 

 

 

3,410

 

Total Same Store revenues

 

 

516,980

 

 

 

518,827

 

Non-Same Store and Other

 

 

 

 

 

 

Rental revenues

 

 

36,367

 

 

 

30,215

 

Other property revenues

 

 

378

 

 

 

253

 

Total Non-Same Store and Other revenues

 

 

36,745

 

 

 

30,468

 

Total rental and other property revenues

 

$

553,725

 

 

$

549,295

 

Expenses:

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

Real estate taxes

 

$

64,935

 

 

$

63,188

 

Personnel

 

 

41,858

 

 

 

41,561

 

Utilities

 

 

34,985

 

 

 

33,853

 

Building repair and maintenance

 

 

24,196

 

 

 

23,871

 

Office operations

 

 

7,675

 

 

 

8,185

 

Insurance

 

 

7,754

 

 

 

8,442

 

Marketing

 

 

6,881

 

 

 

6,811

 

Total Same Store expenses

 

 

188,284

 

 

 

185,911

 

Non-Same Store and Other

 

 

 

 

 

 

Total Non-Same Store and Other expenses

 

 

17,288

 

 

 

15,442

 

Total property operating expenses, excluding depreciation and amortization

 

$

205,572

 

 

$

201,353

 

Net Operating Income:

 

 

 

 

 

 

Same Store NOI

 

$

328,696

 

 

$

332,916

 

Non-Same Store and Other NOI

 

 

19,457

 

 

 

15,026

 

Total NOI

 

 

348,153

 

 

 

347,942

 

Depreciation and amortization

 

 

(161,870

)

 

 

(152,350

)

Property management expenses

 

 

(22,461

)

 

 

(20,578

)

General and administrative expenses

 

 

(16,716

)

 

 

(15,619

)

Interest expense

 

 

(51,409

)

 

 

(45,161

)

Gain on sale of depreciable real estate assets

 

 

20,164

 

 

 

71,911

 

Other non-operating income

 

 

16,005

 

 

 

834

 

Income tax expense

 

 

(5,521

)

 

 

(1,038

)

Income from real estate joint venture

 

 

266

 

 

 

465

 

Net income attributable to noncontrolling interests

 

 

(2,252

)

 

 

(4,733

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

Net income available for MAA common shareholders

 

$

123,437

 

 

$

180,751

 

Assets for each reportable segment as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Assets:

 

 

 

 

 

 

   Same Store

 

$

9,602,238

 

 

$

9,683,810

 

   Non-Same Store and Other

 

 

2,194,303

 

 

 

2,103,045

 

   Corporate

 

 

197,961

 

 

 

188,528

 

Total assets

 

$

11,994,502

 

 

$

11,975,383