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MAAMid-America Apartment Communities

Real estate · REIT · NYSE
MAA quote by TradingView
Employees
2,507
Headquarters
Germantown, TN
CEO
Adrian Hill
Next results
around Feb 3, 2027
Compare with peers → Embed

10-K 0001193125-26-041208 (2026-02-06) vs 10-K 0000950170-25-016287 (2025-02-07)

SectionCompared textWords nowChanged
Risk FactorsItem 1A11,451 3.6%
MD&AItem 77,801 14.7%
Legal ProceedingsItem 3, via Note 11 – Executive Compensation.0 not compared
Accounting Policies10-K text (note not found)0 not compared

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 255 words changed in this paragraph; it is 62% similar to last year's version.
The increase in cash outflows inflows related to the net change in proceeds from (payments of) commercial paper resulted from the increase in net borrowings of $426.0 million under our commercial paper program during the year ended December 31, 2025 as compared to the decrease in net borrowings of $245.0 million under our commercial paper program during the year ended December 31, 2024 as compared to the increase in net borrowings of $475.0 million under our commercial paper program during the year ended December 31, 2023. 2024. The increase decrease in cash inflows from proceeds from notes payable resulted from the issuance of $1.1 billion of unsecured senior notes during the year ended December 31, 2024 as compared to no issuance of unsecured senior notes during the year ended December 31, 2023. The increase in cash outflows from principal payments on notes payable primarily resulted from the retirement of $400.0 million of unsecured senior notes during the year ended December 31, 2024 2025 as compared to the retirement of $350.0 million of unsecured senior notes during the year ended December 31, 2023. The increase in cash outflows related to payment of deferred financing costs resulted from the closing costs of $10.3 million related to the issuance of $1.1 billion of unsecured senior notes during the year ended December 31, 2024 as compared to negligible deferred financing costs 2024. The increase in cash outflows for repurchase of common shares resulted from MAA’s repurchase of 0.2 million shares of its common stock at an average price of $131.61 per share for total consideration of $27.2 million under its share repurchase program during the year ended December 31, 2023. 2025 as compared to no repurchase of common shares during the year ended December 31, 2024. The increase in cash outflows from dividends paid on common shares primarily resulted from the increase in the dividend rate to $5.880 $6.06 per share during the year ended December 31, 2024 2025 as compared to the dividend rate of $5.600 $5.88 per share during the year ended December 31, 2023. 2024. The decrease in cash inflows related to the proceeds from issuances of common shares resulted from the proceeds from the settlement of two forward sale agreements with respect to a total of 1.1 million shares at a forward price per share of $185.23 during the year ended December 31, 2023. The decrease increase in cash outflows from the acquisition of noncontrolling interests resulted from the acquisition acquisitions of a 5% the noncontrolling interest of a interests in two consolidated real estate entity for $15.8 million entities during the year ended December 31, 2023. The increase in cash inflows from the net change in other financing activities was primarily driven by fewer shares 2025 as compared to no acquisition of MAA’s common stock surrendered by employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted shares, and more contributions received from noncontrolling interest interests during the year ended December 31, 2024 as compared to year ended December 31, 2023. 2024.

Source: Item 7, 10-K 0001193125-26-041208 vs Item 7, 10-K 0000950170-25-016287

Risk Factors 113 words changed in this paragraph; it is 42% similar to last year's version.
The impact of a disease outbreak or other public health event on our business, financial condition, results of operations and cash flows is difficult to predict and, as was demonstrated by the COVID-19 pandemic, will depend on a number of factors, including: including the duration and scope of the event in the U.S. and any associated governmental directives; our residents’ and commercial tenants’ ability or willingness to pay rent in full on a timely basis; federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent; the regulatory focus on landlords as distinguished from other providers of essential services; and the extent of the impact on our development and redevelopment programs and activities due to governmental directives or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs.

Source: Item 1A, 10-K 0001193125-26-041208 vs Item 1A, 10-K 0000950170-25-016287

Every change, by type

Sentences and paragraphs of MAA's Risk Factors and MD&A, 10-K 2026-02-06 against 10-K 2025-02-07. Each links to the text at sec.gov.

All 79 Added 3Removed 15Reworded 61Quiet changes 0

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
Our business continues and will continue to demand the use of sophisticated systems, software and technology, including artificial intelligence. These systems, software and technologies must be refined, updated and replaced on a regular basis in order for us to meet our business requirements, our residents’ demands and expectations, and regulatory requirements. If we are unable to do so on a timely basis or at a reasonable cost, or fail to do so, our business could suffer. Also, we may not achieve the benefits that we anticipate from any new system, software or technology, and a failure to do so could result in higher than anticipated costs or could adversely affect our results of operations.

Read it in 10-K 2026-02-06 at sec.gov ↗

RemovedRisk Factors
•federal, state, local and industry-initiated efforts that may adversely affect the ability of landlords, including us, to collect rent and customary fees, adjust rental rates and enforce remedies for the failure to pay rent, such as the various orders that were issued by governmental authorities and public officials during the COVID-19 pandemic to temporarily halt residential evictions;

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
•our ability to renew leases or relet units on favorable terms, or at all, including as a result of unfavorable economic and market conditions in those markets where our properties are located;

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
•our ability to successfully complete the lease-up of properties in our lease-up portfolio and attain expected rental and occupancy rates due to social distancing or other restrictions that may frustrate our leasing activities, which, for example, led us to temporarily close property amenities and temporarily prohibit public access in our property leasing offices during the COVID-19 pandemic;

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
•our ability to continue our apartment unit redevelopment programs and attain increased rental rates for renovated or upgraded units due to social distancing or other restrictions, which, for example, caused us to temporarily suspend our apartment unit redevelopment activities during the COVID-19 pandemic;

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
•our ability to complete the construction of properties in our development portfolio on schedule and on budget due to social distancing or other restrictions, labor shortages, supply chain disruptions and escalating labor and material costs;

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
•the impact of supply chain disruptions and inflationary pressures on our normal business operations, including repair and maintenance work and unit renovations and upgrades;

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
•disruption and instability in the financial markets, which experienced significant volatility during the COVID-19 pandemic, or deteriorations in credit and financing conditions (or a refusal or failure of one or more lenders under our unsecured revolving credit facility to fund their respective financing commitment to us), which could affect our ability to access capital necessary to fund our business operations or refinance maturing debt on a timely basis, on attractive terms, or at all, which would adversely affect our ability to meet liquidity and capital expenditure requirements;

Read it in 10-K 2025-02-07 at sec.gov ↗

RemovedRisk Factors
•stock market volatility that negatively affects the market price of our securities, including market conditions unrelated to our operating performance or prospects;

Read it in 10-K 2025-02-07 at sec.gov ↗

RewordedRisk Factors
For example, we are currently recently entered into a defendant, among other companies, in settlement agreement to settle lawsuits filed by plaintiffs individually and on behalf of a purported class of plaintiffs alleging that RealPage, Inc. and many of the largest owners and operators of apartment communities in the country, including us, conspired to artificially inflate the multifamily residential rental prices of multifamily rents above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
Similarly, another lawsuit other lawsuits alleging violations of the District of Columbia’s antitrust and other laws has have been filed by the District of Columbia and the Commonwealth of Kentucky against RealPage and a number of large apartment community owners and operators, including us.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
We Further, we intend to acquire, develop and redevelop continue to implement platform initiatives across our apartment communities as part of our business strategy.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
We may also overestimate the revenue (or underestimate the expenses) expense savings) that a new or repositioned property such platform initiatives may generate.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedRisk Factors
Operations from new acquisitions, development projects projects, redevelopment activities, and redevelopment activities platform initiatives may fail to perform as expected.

Read it in 10-K 2026-02-06 at sec.gov ↗

RemovedMD&A
In August 2021, MAA entered into two 18-month forward sale agreements with respect to a total of 1.1 million shares of its common stock at an initial forward sale price of $190.56 per share, which is net of issuance costs. In January 2023, MAA settled its two forward sale agreements with respect to all 1.1 million shares at a forward price per share of $185.23, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of MAA’s common stock and commissions paid to sales agents, for net proceeds of $203.7 million. We have used these proceeds primarily to fund our development and redevelopment activities.

Read it in 10-K 2025-02-07 at sec.gov ↗

RewordedMD&A
Year ended December 31, 2025 2024 2023 Net income available for MAA common shareholders $523,855 $549,118 $ 443,221 $ 523,855 Depreciation and amortization of real estate assets 616,774 579,927 558,969 (Gain) loss Gain on sale of depreciable real estate assets (72,066) (55,003) 62 MAA’s share of depreciation and amortization of real estate assets 667 628 615 of real estate joint venture Gain on consolidation of third-party development (1) — (11,239) — Net income attributable to noncontrolling interests 9,657 14,033 15,025 FFO attributable to common shareholders and unitholders 998,253 1,052,201 1,123,789 Loss (gain) (Gain) loss on embedded derivative in preferred shares (1) (1,111) 18,751 (18,528) Gain on sale of non-depreciable real estate assets — (54) Gain on investments, net of tax (1) (1)(2) (6,069) (6,078) (3,531) Casualty related (recoveries) and charges, net (1)(2) (1) (4,598) (9,326) 980 Gain on debt extinguishment (1) — (57) Legal costs, settlements and (recoveries), net (1)(3) 61,908 9,437 (4,454) Mark-to-market debt adjustment (4) — (25) Core FFO attributable to common shareholders and unitholders $1,064,985 $1,098,120 $ 1,048,383 $ 1,064,985

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2024 2025 December 31, 2023 2024 Net income $456,566 $541,576 $567,831 Depreciation and amortization 622,295 585,616 565,063 Interest expense 185,257 168,544 149,234 Income tax expense 4,595 5,240 4,744 EBITDA 1,268,713 1,300,976 1,286,872 (Gain) loss Gain on sale of depreciable real estate assets (72,066) (55,003) 62 Gain on consolidation of third-party development (1) — (11,239) — Adjustments to reflect the Company’s share of EBITDAre of an unconsolidated affiliate 1,424 1,363 1,350 EBITDAre 1,198,071 1,236,097 1,288,284 Loss (gain) (Gain) loss on embedded derivative in preferred shares (1) (1,111) 18,751 (18,528) Gain on sale of non-depreciable real estate assets — (54) Gain on investments (1) (7,457) (7,809) (4,449) Casualty related (recoveries) and charges, net (1) (4,598) (9,326) 980 Gain on debt extinguishment (1) — (57) Legal costs, settlements and (recoveries), net (1) (2) 61,908 9,437 (4,454) Adjusted EBITDAre $1,246,813 $1,247,150 $1,261,722

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The increase in cash outflows inflows related to the net change in proceeds from (payments of) commercial paper resulted from the increase in net borrowings of $426.0 million under our commercial paper program during the year ended December 31, 2025 as compared to the decrease in net borrowings of $245.0 million under our commercial paper program during the year ended December 31, 2024 as compared to the increase in net borrowings of $475.0 million under our commercial paper program during the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The increase in property operating expenses for our Same Store segment for the year ended December 31, 2024 2025 as compared to the year ended December 31, 2023 2024 was primarily driven by increases in personnel expense of $7.6 $7.2 million, real estate tax utilities expense of $5.3 million, utilities building repair and maintenance expense of $4.6 million, office operations expense of $4.6 million, insurance expense of $2.4 $2.5 million, and marketing expense of $2.3 $1.5 million, partially offset by a decrease in property tax expense of $2.2 million.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The decrease in Adjusted EBITDAre was primarily due to an increase in property operating expenses and property management expenses partially offset by an increase in property revenues, while the increase in net debt was primarily due to an increase in unsecured notes payable, borrowings under the commercial paper program, partially offset by an increase in cash and cash equivalents.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
Primary drivers of cash (outflow) inflow Increase (Decrease) Increase during the year ended December 31, 2025 2024 2023 in Net Cash Purchases of real estate and other assets $ (133,447) $ (301,071) $ (223,453) $ (77,618) 167,624 Capital improvements and other (360,238) (322,372) (341,224) 18,852 (37,866) Development costs (272,030) (313,888) (198,152) (115,736) 41,858 Contributions to affiliates (9,850) (2,874) (16,636) 13,762 Proceeds from real estate asset dispositions 84,209 2,946 81,263 (6,976) Proceeds from sale of markable equity securities 9,975 — 9,975 (9,975) Net proceeds from insurance recoveries 3,657 20,195 945 19,250 (16,538)

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The decrease increase in cash outflows from the acquisition of noncontrolling interests resulted from the acquisition acquisitions of a 5% the noncontrolling interest of a interests in two consolidated real estate entity for $15.8 million entities during the year ended December 31, 2023. 2025 as compared to no acquisition of noncontrolling interests during the year ended December 31, 2024.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The increase decrease in cash inflows from proceeds from sale of marketable equity securities resulted from no marketable securities being sold during the year ended December 31, 2025 as compared to the sale of marketable equity securities during the year ended December 31, 2024 as compared to no marketable securities being sold during the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The increase in depreciation and amortization expense for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by the recognition of depreciation expense associated with our completed development communities and capital spend activities made in the normal course of business during the year ended December 31, 2024, 2025, partially offset from decreased depreciation expense from communities disposed communities of during the year years ended December 31, 2023. 2025 and 2024.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
The change in the ratio was primarily due to a decrease of $14.6 million in Adjusted EBITDAre for the year ended December 31, 2024 as compared to the year ended December 31, 2023 and an increase of $439.0 $407.2 million in comparing net debt as of December 31, 2024 2025 to net debt as of December 31, 2023. 2024.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
As a result of the adjustments recorded to reflect the change in fair value of the derivative asset, the fair value of the embedded derivative asset decreased increased to $14.3 million as of December 31, 2025 as compared to $13.2 million as of December 31, 2024 as compared to $31.9 million as of December 31, 2023, a decrease 2024, an increase in value of the asset of $18.7 $1.1 million.

Read it in 10-K 2026-02-06 at sec.gov ↗

RewordedMD&A
(3)For (2)For the year years ended December 31, 2025 and 2024, in accordance with our accounting policies, we recognized $61.9 million and $8.0 million million, respectively, of accrued legal settlements and legal defense costs that are expected to be incurred through July 2027. costs.

Read it in 10-K 2026-02-06 at sec.gov ↗

Work on MAA in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MAA/export.csv") into a cell.