Mid-America Apartment Communities, Inc. (MAA)

MAA Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	396.77	456.57	541.58	567.83	654.78	550.7
Depreciation & Amortization	632.49	622.97	586.4	565.86	544	534.42
Stock-Based Compensation	19.31	18.75	16.84	15.79	6	16.67
Other Adjustments	-31.91	-64.94	-86.02	1.6	-140.37	-262.74
Changes in Accrued Expenses	-100.88	46.62	38.59	29.31	-	-
Changes in Other Operating Activities	8.75	9.25	-34.8	-24.45	-10.06	55.93
Operating Cash Flow	1,031	1,078	1,098	1,137	1,058	894.97
Operating Cash Flow Growth	-5.80%	-1.83%	-3.42%	7.44%	18.27%	8.62%
Capital Expenditures	-789.47	-765.72	-937.33	-762.83	-739.73	-557.31
Sale of Property, Plant & Equipment	41.03	81.35	84.21	2.95	320.49	293.07
Purchases of Investments	-6.93	-9.85	-2.87	-16.64	-13.85	-4.67
Proceeds from Sale of Investments	-	-	9.98	-	-	-
Other Investing Activities	2.21	3.99	20.52	1.26	27.85	15.32
Investing Cash Flow	-751.37	-690.22	-825.5	-775.26	-405.24	-253.59
Short-Term Debt Issued	417.3	426	-245	475	20	-172
Net Short-Term Debt Issued (Repaid)	417.3	426	-245	475	20	-172
Long-Term Debt Issued	597.89	397.42	1,092	-	-	594.42
Long-Term Debt Repaid	-400	-400	-400	-353.86	-126.4	-467.15
Net Long-Term Debt Issued (Repaid)	197.89	-2.58	691.65	-353.86	-126.4	127.27
Issuance of Common Stock	1.46	1.45	1.23	205.07	1.08	0.65
Repurchase of Common Stock	-72.78	-27.24	-	-	-	-
Net Common Stock Issued (Repurchased)	-71.33	-25.78	1.23	205.07	1.08	0.65
Common Dividends Paid	-710.77	-709.02	-686.9	-651.72	-539.61	-470.4
Preferred Share Dividends Paid	-3.69	-3.69	-3.69	-3.69	-3.69	-3.69
Other Financing Activities	-39.8	-55.66	-28.41	-38.71	-74.16	-28.22
Financing Cash Flow	-264.42	-370.74	-271.12	-367.91	-722.77	-546.4
Net Cash Flow	15.41	17.21	1.67	-5.98	-69.53	94.98
Free Cash Flow	241.74	312.46	160.96	374.36	318.75	337.66
Free Cash Flow Growth	-22.63%	94.12%	-57.00%	17.45%	-5.60%	-0.70%
FCF Margin	10.92%	14.14%	7.35%	17.42%	15.78%	18.99%
Free Cash Flow Per Share	2.06	2.67	1.38	3.21	2.76	2.94
Levered Free Cash Flow	755.68	783.45	627.05	481.83	325.26	522.1
Unlevered Free Cash Flow	344.4	526.36	303.3	491.07	429.13	486.65

Updated Apr 30, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q