| Property Revenues and NOI for Reportable Segment |
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):
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Three months ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Same Store |
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|
|
|
|
|
|
|
|
|
|
Rental revenues |
|
$ |
513,449 |
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|
$ |
514,845 |
|
|
$ |
1,027,208 |
|
|
$ |
1,030,262 |
|
Other property revenues |
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|
3,989 |
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|
|
4,194 |
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|
|
7,210 |
|
|
|
7,604 |
|
Total Same Store revenues |
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|
517,438 |
|
|
|
519,039 |
|
|
|
1,034,418 |
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|
|
1,037,866 |
|
Non-Same Store and Other |
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|
|
|
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|
|
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Rental revenues |
|
|
37,284 |
|
|
|
30,105 |
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|
|
73,651 |
|
|
|
60,320 |
|
Other property revenues |
|
|
405 |
|
|
|
758 |
|
|
|
783 |
|
|
|
1,011 |
|
Total Non-Same Store and Other revenues |
|
|
37,689 |
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|
|
30,863 |
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|
|
74,434 |
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|
|
61,331 |
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Total rental and other property revenues |
|
$ |
555,127 |
|
|
$ |
549,902 |
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|
$ |
1,108,852 |
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|
$ |
1,099,197 |
|
Expenses: |
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|
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|
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|
|
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Same Store |
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|
|
|
|
|
|
|
|
|
|
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Real estate taxes |
|
$ |
68,992 |
|
|
$ |
69,090 |
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|
$ |
133,927 |
|
|
$ |
132,278 |
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Personnel |
|
|
43,411 |
|
|
|
43,203 |
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|
|
85,269 |
|
|
|
84,764 |
|
Utilities |
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35,161 |
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|
|
33,682 |
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|
|
70,146 |
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|
|
67,535 |
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Building repair and maintenance |
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28,214 |
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|
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28,368 |
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|
|
52,410 |
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|
|
52,239 |
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Marketing |
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|
9,362 |
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|
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8,584 |
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|
16,243 |
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|
|
15,395 |
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Office operations |
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8,278 |
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|
|
8,131 |
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|
15,953 |
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|
16,316 |
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Insurance |
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7,801 |
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8,479 |
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|
|
15,555 |
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|
|
16,921 |
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Total Same Store expenses |
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201,219 |
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|
199,537 |
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|
389,503 |
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|
385,448 |
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Non-Same Store and Other |
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Total Non-Same Store and Other expenses |
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17,501 |
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|
15,117 |
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|
|
34,789 |
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|
30,559 |
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Total property operating expenses, excluding depreciation and amortization |
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$ |
218,720 |
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|
$ |
214,654 |
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|
$ |
424,292 |
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|
$ |
416,007 |
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Net Operating Income: |
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|
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|
|
|
|
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Same Store NOI |
|
$ |
316,219 |
|
|
$ |
319,502 |
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|
$ |
644,915 |
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|
$ |
652,418 |
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Non-Same Store and Other NOI |
|
|
20,188 |
|
|
|
15,746 |
|
|
|
39,645 |
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|
|
30,772 |
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Total NOI |
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|
336,407 |
|
|
|
335,248 |
|
|
|
684,560 |
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|
|
683,190 |
|
Depreciation and amortization |
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|
(162,548 |
) |
|
|
(153,521 |
) |
|
|
(324,418 |
) |
|
|
(305,871 |
) |
Property management expenses |
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|
(17,955 |
) |
|
|
(17,511 |
) |
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|
(40,416 |
) |
|
|
(38,089 |
) |
General and administrative expenses |
|
|
(15,146 |
) |
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|
(12,813 |
) |
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|
(31,862 |
) |
|
|
(28,432 |
) |
Interest expense |
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|
(53,132 |
) |
|
|
(45,111 |
) |
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|
(104,541 |
) |
|
|
(90,272 |
) |
Gain (loss) on sale of depreciable real estate assets |
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|
35,255 |
|
|
|
(69 |
) |
|
|
55,419 |
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|
|
71,842 |
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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):
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June 30, 2026 |
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December 31, 2025 |
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Assets: |
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|
|
|
|
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 |
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