v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Notes To Financial Statements [Abstract]  
Segment Information

11. Segment Information

As of June 30, 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 and six months ended June 30, 2026 and 2025 were as follows (in thousands):

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

513,449

 

 

$

514,845

 

 

$

1,027,208

 

 

$

1,030,262

 

Other property revenues

 

 

3,989

 

 

 

4,194

 

 

 

7,210

 

 

 

7,604

 

Total Same Store revenues

 

 

517,438

 

 

 

519,039

 

 

 

1,034,418

 

 

 

1,037,866

 

Non-Same Store and Other

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

 

37,284

 

 

 

30,105

 

 

 

73,651

 

 

 

60,320

 

Other property revenues

 

 

405

 

 

 

758

 

 

 

783

 

 

 

1,011

 

Total Non-Same Store and Other revenues

 

 

37,689

 

 

 

30,863

 

 

 

74,434

 

 

 

61,331

 

Total rental and other property revenues

 

$

555,127

 

 

$

549,902

 

 

$

1,108,852

 

 

$

1,099,197

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store

 

 

 

 

 

 

 

 

 

 

 

 

Real estate taxes

 

$

68,992

 

 

$

69,090

 

 

$

133,927

 

 

$

132,278

 

Personnel

 

 

43,411

 

 

 

43,203

 

 

 

85,269

 

 

 

84,764

 

Utilities

 

 

35,161

 

 

 

33,682

 

 

 

70,146

 

 

 

67,535

 

Building repair and maintenance

 

 

28,214

 

 

 

28,368

 

 

 

52,410

 

 

 

52,239

 

Marketing

 

 

9,362

 

 

 

8,584

 

 

 

16,243

 

 

 

15,395

 

Office operations

 

 

8,278

 

 

 

8,131

 

 

 

15,953

 

 

 

16,316

 

Insurance

 

 

7,801

 

 

 

8,479

 

 

 

15,555

 

 

 

16,921

 

Total Same Store expenses

 

 

201,219

 

 

 

199,537

 

 

 

389,503

 

 

 

385,448

 

Non-Same Store and Other

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Same Store and Other expenses

 

 

17,501

 

 

 

15,117

 

 

 

34,789

 

 

 

30,559

 

Total property operating expenses, excluding depreciation and amortization

 

$

218,720

 

 

$

214,654

 

 

$

424,292

 

 

$

416,007

 

Net Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

Same Store NOI

 

$

316,219

 

 

$

319,502

 

 

$

644,915

 

 

$

652,418

 

Non-Same Store and Other NOI

 

 

20,188

 

 

 

15,746

 

 

 

39,645

 

 

 

30,772

 

Total NOI

 

 

336,407

 

 

 

335,248

 

 

 

684,560

 

 

 

683,190

 

Depreciation and amortization

 

 

(162,548

)

 

 

(153,521

)

 

 

(324,418

)

 

 

(305,871

)

Property management expenses

 

 

(17,955

)

 

 

(17,511

)

 

 

(40,416

)

 

 

(38,089

)

General and administrative expenses

 

 

(15,146

)

 

 

(12,813

)

 

 

(31,862

)

 

 

(28,432

)

Interest expense

 

 

(53,132

)

 

 

(45,111

)

 

 

(104,541

)

 

 

(90,272

)

Gain (loss) on sale of depreciable real estate assets

 

 

35,255

 

 

 

(69

)

 

 

55,419

 

 

 

71,842

 

Other non-operating income, net

 

 

2,102

 

 

 

4,722

 

 

 

18,107

 

 

 

5,556

 

Income tax expense

 

 

(454

)

 

 

(600

)

 

 

(5,975

)

 

 

(1,638

)

Income from real estate joint venture

 

 

289

 

 

 

530

 

 

 

555

 

 

 

995

 

Net income attributable to noncontrolling interests

 

 

(3,068

)

 

 

(2,748

)

 

 

(5,320

)

 

 

(7,481

)

Dividends to MAA Series I preferred shareholders

 

 

(922

)

 

 

(922

)

 

 

(1,844

)

 

 

(1,844

)

Net income available for MAA common shareholders

 

$

120,828

 

 

$

107,205

 

 

$

244,265

 

 

$

287,956

 

Assets for each reportable segment as of June 30, 2026 and December 31, 2025 were as follows (in thousands):

 

 

June 30, 2026

 

 

December 31, 2025

 

Assets:

 

 

 

 

 

 

   Same Store

 

$

9,555,569

 

 

$

9,683,810

 

   Non-Same Store and Other

 

 

2,256,153

 

 

 

2,103,045

 

   Corporate

 

 

182,862

 

 

 

188,528

 

Total assets

 

$

11,994,584

 

 

$

11,975,383