MID-AMERICA APARTMENT COMMUNITIES, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$2.2B
Gross margin	— not reported
Operating income	— not reported
Net income	$446.9M
Diluted EPS	$3.78
Cash & equivalents	$60.3M
Total assets	$12.0B
Long-term debt	— not reported

Key takeaway

MAA operated 293 apartment communities across 16 states and 39 markets in the Southeast, Southwest and Mid-Atlantic regions as of year-end 2025.

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Beneath the surface

Cash on hand of just $60.3 million versus $5.4 billion in notes payable means the balance sheet relies heavily on continued access to credit markets rather than liquidity reserves, though management notes 'significant access to the equity capital markets' and investment-grade targeting.

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