AI Takeaway
MAA (Mid-America Apartment Communities) posted modest FY2025 revenue growth of +0.8% to $2.21B, but net income fell 15.3% to $447M as rising liabilities and higher depreciation weighed on profitability.
Revenue
$2.21B
++0.83% YoY
EPS (Basic)
$3.79
-15.59% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue grew +0.8% year-over-year to $2.21B in FY2025 (from $2.19B in FY2024), reflecting a challenging apartment leasing environment with limited rent growth across MAA's Sunbelt-focused portfolio.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Net income fell 15.3% to $446.9M from $527.5M in the prior year, driven by higher depreciation and amortization ($623.0M vs. $586.4M, +6.2% YoY) and increased total liabilities, which compressed bottom-line profitability.
Source: Source: 10-K Income Statement & Cash Flow Statement (XBRL Financial Data)
Total liabilities rose 8.3% to $6.14B while stockholders' equity declined 4.7% to $5.66B, pushing the debt-to-equity ratio to 1.08x, signaling increased financial leverage that investors should monitor.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
2 more insights available
Upgrade to unlockTotal liabilities increased 8.3% to $6.14B in FY2025, while equity declined 4.7%, resulting in a debt-to-equity ratio of 1.08x. Higher leverage increases MAA's sensitivity to interest rate movements and could constrain future financing flexibility.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.48 versus the $0.93 analyst consensus — a -48.2% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $2.21B | $2.19B | +0.83% |
Net Income | $446.91M | $527.54M | -15.28% |
EPS (Basic) | $3.79 | $4.49 | -15.59% |
EPS (Diluted) | $3.78 | $4.49 | -15.81% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $11.98B | $11.81B | +1.38% |
Total Liabilities | $6.14B | $5.66B | +8.32% |
Stockholders' Equity | $5.66B | $5.94B | -4.70% |
Cash & Equivalents | $60.26M | $43.02M | +40.08% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.08B | $1.1B | -1.83% |
Investing Cash Flow | $-690.22M | $-825.5M | +16.39% |
Financing Cash Flow | $-370.74M | $-271.12M | -36.74% |
Share Buybacks | $27.23M | $0 | — |
D&A | $622.97M | $586.4M | +6.24% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 20.2% | — | — |
ROE | 7.9% | — | — |
ROA | 3.7% | — | — |
Debt to Equity | $1.084 | — | — |
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MAA reported FY2025 revenue of $2.21B, up just 0.8% year-over-year, while net income fell 15.3% to $446.9M due to higher depreciation and increased debt costs. Basic EPS declined to $3.79 from $4.49 in FY2024, reflecting the earnings pressure despite stable top-line performance.
MAA's net income fell 15.3% to $446.9M in FY2025 primarily because depreciation and amortization rose 6.2% to $623.0M and total liabilities increased 8.3%, driving higher interest expenses. Revenue growth of only 0.8% was insufficient to offset these rising costs, compressing the net margin from ~24.1% to 20.2%.
MAA's total liabilities grew 8.3% to $6.14B in FY2025, while stockholders' equity declined 4.7% to $5.66B, resulting in a debt-to-equity ratio of 1.08x. Cash on hand was relatively low at $60.3M, though strong operating cash flow of $1.08B provides a meaningful liquidity buffer.
Yes, MAA initiated share repurchases of $27.2M in FY2025, compared to zero buybacks in FY2024, signaling a new capital return initiative. This is a relatively modest buyback program given the company's $2.21B revenue base and is consistent with REIT capital allocation priorities that emphasize dividends.
Based on the financial data, key risks for MAA include rising financial leverage (debt-to-equity of 1.08x), margin compression from growing depreciation charges ($623M in FY2025), and potential oversupply in Sunbelt apartment markets that could limit future rent growth. The combination of modest revenue growth and rising costs represents the primary near-term challenge for the company.