THE MEDICI LIST

by Mike Gee

Medici List crest
Disclaimer: This is a simplified summary of a public company filing. See full disclaimer here.

MID AMERICA APARTMENT COMMUNITIES INC.

CIK: 9125951 Annual ReportLatest: 2026-02-06

10-K / February 6, 2026

MAA

Overview

  • S&P 500 company and real estate investment trust (REIT).
  • Core business: own, operate, acquire and selectively develop multifamily apartment communities.
  • Primary regions: Southeast, Southwest and Mid-Atlantic United States.
  • Geographic footprint (as of 12/31/2025): full or partial ownership of apartment communities across 16 states and the District of Columbia.
  • Organizational structure: operates through the Operating Partnership (MAA is the sole general partner). MAA owns 116,878,077 OP Units, representing 97.5% of the Partnership.
  • Employees: 2,507 associates (as of 12/31/2025).
  • Cash distributions: paid total distributions of $6.06 per share of common stock in 2025.

Portfolio and properties

  • Total communities and units (as of 12/31/2025):
    • Consolidated: 301 communities totaling 102,814 units.
    • Unconsolidated: 1 community totaling 269 units.
    • Total portfolio: 302 communities totaling 103,083 units.
    • 35 communities include retail components.
    • 8 communities were under development as of 12/31/2025; one of these is a phase II expansion.
    • Development units are excluded from the unit totals until delivered.
  • Occupancy and rent (portfolio-wide, 2025):
    • Total (including development): 301 communities, 102,814 units, average physical occupancy 94.3%, average effective rent per unit $1,695.
    • Same-store subset (278 communities): occupancy 95.6%, average effective rent per unit $1,690.
  • Top markets by portfolio weight (top five markets account for ~41.2% of units):
    • Atlanta, GA
    • Dallas, TX
    • Austin, TX
    • Charlotte, NC
    • Orlando, FL
  • Portfolio characteristics: diversified across markets and submarkets (urban, suburban, inner loop), product types (garden-style, mid-rise, high-rise) and rent price points.

Development, acquisitions and dispositions

  • Developments under construction (as of 12/31/2025):
    • Total development units under construction: 2,522
    • Total estimated development costs: $625.6 million
    • Budgeted costs: $932.0 million
    • Completion window: 2026–2028
    • Selected projects and progress:
      • Breakwater, Tampa, FL: 495 units; 344 completed; costs so far $192.360 million; budgeted costs $197.500 million; cost per unit $399; expected completion Q1 2026.
      • Modera Liberty Row, Charlotte, NC: 239 units; 228 completed; costs $111.567 million; budget $112.000 million; cost per unit $469; completion Q1 2026.
      • MAA Plaza Midwood, Charlotte, NC: 302 units; 88 completed; costs $87.111 million; budget $101.500 million; cost per unit $336; completion Q3 2026.
      • Modera Chandler, Phoenix, AZ: 345 units; no completion yet; costs $75.791 million; budget $117.500 million; cost per unit $341; completion Q4 2026.
      • Milepost 35 II, Denver, CO: 219 units; no completion yet; costs $51.656 million; budget $78.000 million; cost per unit $356; completion Q4 2026.
      • MAA Rove, Richmond, VA: 306 units; no completion yet; costs $53.087 million; budget $99.500 million; cost per unit $325; completion Q3 2027.
      • MAA Point Hope, Charleston, SC: 336 units; no completion yet; costs $24.257 million; budget $91.000 million; cost per unit $271; completion Q1 2028. (MAA holds 95% ownership of the Point Hope development within its joint venture.)
      • MAA One Scottsdale, Phoenix, AZ: 280 units; no completion yet; costs $29.783 million; budget $135.000 million; cost per unit $482; completion Q3 2028.
  • Developments completed in 2025:
    • Nixie, Raleigh/Durham, NC: 406 units; development costs $142.841 million; completed Q3 2025.
  • Acquisitions in 2025:
    • MAA ONE28, Kansas City, MO-KS: 318 units (acquired August 2025).
    • MAA Point Hope (land), Charleston, SC: 18.7 acres (June 2025).
    • MAA ONE28 II, Kansas City, MO-KS: 0.9 acres (October 2025).
    • MAA One Scottsdale, Phoenix, AZ: 3.2 acres (October 2025).
  • Dispositions in 2025:
    • Sold two multifamily communities totaling 576 units.

Capital structure and financing

  • Total debt (as of 12/31/2025): $5.4 billion.
  • Leverage metrics:
    • Debt as a percentage of adjusted total assets: 30.2% (target range 30%–36%).
    • Net debt to Adjusted EBITDAre (trailing twelve months): 4.3x (target 4.5x–5.5x).
  • Financing approach: primarily unsecured debt in the capital markets, with limited secured debt and access to both unsecured and secured markets to preserve flexibility.
  • Potential future financing: additional debt and/or equity issuances may be pursued to fund growth; new equity could dilute existing holders.
  • Mortgage collateral: as of 12/31/2025, $363.3 million of indebtedness was secured by real estate (see Schedule III in the 10-K for details).
  • Distributions and equity structure:
    • Distributions paid in 2025: $6.06 per share of common stock.
    • OP Units outstanding: 116,878,077, representing 97.5% partnership interest in the Operating Partnership.

Operations and strategy

  • Strategic priorities:
    • Generate sustainable, stable, growing cash flow to support dividends.
    • Optimize operations through focused property and asset management.
    • Use technology to improve resident experience and operating efficiency.
    • Pursue opportunistic acquisitions, development, redevelopment and selective dispositions to balance the portfolio.
    • Diversify by market, submarket, product type and rent point to reduce volatility.
    • Invest in capital improvements and reposition properties to capture rent growth.
  • Growth levers:
    • External acquisitions and internal development, including partnerships and pre-purchase transactions to acquire stabilized properties post-development.
    • Asset repositioning, tenant retention programs and technology-enabled leasing (online leasing, virtual and self-guided tours).
  • Human capital:
    • 2,507 associates; emphasis on inclusion and diversity, with programs for health, benefits, training, development, leadership succession planning, employee scholarships and rent discounts for staff.
  • Environmental, regulatory and risk context:
    • Conducts environmental due diligence on acquisitions and developments; potential environmental liabilities may exist.
    • Maintains compliance programs for federal, state and local laws, and ongoing risk management for cybersecurity, insurance and operational challenges.
    • REIT qualification depends on distributing required taxable income and meeting ownership and operating standards; failure to meet those standards could have consequences.

Summary

MAA is a diversified multifamily REIT focused on the Southeast, Southwest and Mid-Atlantic regions. It owns, operates, develops and selectively sells apartment communities, managing a portfolio of 302 communities (about 103,083 units) and an active development program (2,522 units under construction across multiple projects). The company finances growth primarily with unsecured debt, targets disciplined leverage while returning cash to shareholders, employs roughly 2,500 people and uses technology and platform initiatives to drive occupancy and rent growth.

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