Mid-America Apartment Communities, Inc. (MAA) Balance Sheet
MAA balance sheet, 2025
December 31, 2025 · U.S. dollars$11.98B assets = $6.14B liabilities + $5.84B equity
Both columns are drawn to the same scale: what MAA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MAA financial health
Descriptive bands, not a rating. Fiscal 2025.
MAA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $11.60B2016 | $11.98B2025 | +0.4%/yr | |
| Total liabilities | $4.95B2016 | $6.14B2025 | +2.4%/yr | |
| Shareholders’ equity | $6.65B2016 | $5.68B2025 | −1.7%/yr | |
| Cash & short-term investments | $33.5M2016 | $106.7M2025 | +13.7%/yr | |
| Total debt | $4.99B2016 | $5.41B2025 | +0.9%/yr | |
| Net cash (debt) | −$4.96B2016 | −$5.30B2025 | −$342.5M | |
| Working capital | −$304.4M2016 | −$610.0M2025 | −$305.6M | |
| Book value per share | $84.422016 | $48.532025 | −6.0%/yr | |
| Current ratio | 0.292016 | 0.162025 | −0.12 | |
| Debt / equity | 0.752016 | 0.952025 | +0.20 | |
| Shares outstanding | 78.8M2016 | 117.1M2025 | +4.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MAA assets
MAA liabilities and equity
MAA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MAA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $106.7M | $43.0M | $41.3M | $38.7M | $54.3M | $25.2M | $20.5M | $34.3M | $10.8M | $33.5M |
| Cash & equivalents | $60.3M | $43.0M | $41.3M | $38.7M | $54.3M | $25.2M | $20.5M | $34.3M | $10.8M | $33.5M |
| Short-term investments | $46.4M | — | −$65.1M | — | $42.8M | — | $100,000 | $17.4M | $3.6M | $88.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $73.4M | $73.4M | $73.9M | $64.3M | $24.0M | $61.0M | $34.5M | $58.3M | $62.6M | $71.5M |
| Other current assets | $0 | $0 | $0 | $0 | $52.3M | $0 | $15.5M | $0 | $20.8M | $16.8M |
| Total current assets | $120.4M | $64.5M | $55.1M | $61.1M | $130.6M | $35.6M | $70.5M | $51.7M | $94.2M | $121.8M |
| Property, plant & equipment (net) | $0 | $0 | $11.11B | $44.6M | $47.0M | $49.4M | $54.3M | $11.05B | $11.16B | $11.23B |
| Goodwill & intangible assets | $0 | $1.0M | $1.6M | $0 | $900,000 | $1.3M | $2.6M | $3.9M | $11.2M | $43.6M |
| Long-term investments | $41.3M | $41.6M | $42.0M | $42.3M | $42.8M | $43.3M | $43.7M | $44.2M | $50.3M | $44.5M |
| Other non-current assets | $11.81B | $11.71B | $275.3M | $11.09B | $11.06B | $11.07B | $11.06B | $174.8M | $176.6M | $168.7M |
| Total assets | $11.98B | $11.81B | $11.48B | $11.24B | $11.29B | $11.19B | $11.23B | $11.32B | $11.49B | $11.60B |
| Liabilities | ||||||||||
| Accounts payable | $108.2M | $124.8M | $94.5M | $102.0M | $584.4M | $86.2M | −$42.0M | $413.9M | $405.6M | $12.0M |
| Short-term debt | $676.0M | $250.0M | $495.0M | $20.0M | $124.8M | $172.0M | $70.0M | $540.0M | $410.0M | $490.0M |
| Deferred revenue | — | $64.6M | $65.2M | $65.1M | — | $48.8M | $42.0M | — | — | −$490.0M |
| Total current liabilities | $730.4M | $856.7M | $1.06B | $615.8M | $584.4M | $528.3M | $472.3M | $413.9M | $815.6M | $426.2M |
| Long-term debt | $4.73B | $4.73B | $4.54B | $4.41B | $4.52B | $4.56B | $4.45B | $4.05B | $976.3M | $4.50B |
| Lease obligations | $24.3M | $26.1M | $27.3M | $28.7M | — | — | — | — | — | — |
| Other long-term liabilities | $676.0M | $77.0M | $0 | $0 | $0 | $0 | $0 | $475.0M | $3.12B | $26.4M |
| Total liabilities | $6.14B | $5.66B | $5.19B | $5.03B | $5.10B | $5.09B | $4.93B | $4.94B | $4.91B | $4.95B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.2M | $23.4M | $20.3M | $21.8M | $1.2M | $1.1M | $1.1M | $1.1M | $7.13B | $7.11B |
| Retained earnings (deficit) | −$1.73B | −$1.47B | −$1.30B | −$1.19B | −$1.26B | −$1.29B | −$1.09B | −$989.3M | −$784.5M | −$707.5M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$5.3M | −$6.9M | −$8.8M | −$10.1M | −$11.1M | −$12.1M | −$13.2M | −$212,000 | $2.2M | $1.1M |
| Minority interest | — | — | — | $184.7M | $188.7M | $216.8M | $220.9M | $222.3M | $234.0M | $2.3M |
| Total shareholders' equity | $5.68B | $5.96B | $6.11B | $6.21B | $6.18B | $6.10B | $6.30B | $6.38B | $6.35B | $6.65B |
| Key figures | ||||||||||
| Total debt | $5.41B | $5.01B | $4.57B | $4.43B | $4.64B | $4.73B | $4.52B | $4.59B | $4.50B | $4.99B |
| Net cash (debt) | −$5.30B | −$4.96B | −$4.53B | −$4.40B | −$4.59B | −$4.71B | −$4.50B | −$4.56B | −$4.49B | −$4.96B |
| Working capital | −$610.0M | −$792.2M | −$1.01B | −$554.8M | −$453.8M | −$492.7M | −$401.7M | −$362.2M | −$721.4M | −$304.4M |
| Tangible book value | $5.68B | $5.96B | $6.11B | $6.21B | $6.18B | $6.10B | $6.30B | $6.38B | $6.34B | $6.61B |
| Book value per share | $48.53 | $51.08 | $52.41 | $53.73 | $53.76 | $53.31 | $53.33 | $54.09 | $55.86 | $84.42 |
| Shares outstanding | 117.1M | 116.8M | 116.6M | 115.6M | 115.0M | 114.5M | 118.2M | 118.0M | 113.7M | 78.8M |
| Current ratio | 0.16 | 0.08 | 0.05 | 0.10 | 0.22 | 0.07 | 0.15 | 0.12 | 0.12 | 0.29 |
| Quick ratio | 0.15 | 0.05 | 0.04 | 0.06 | 0.09 | 0.05 | 0.04 | 0.08 | 0.01 | 0.08 |
| Debt / equity | 0.95 | 0.84 | 0.75 | 0.71 | 0.75 | 0.78 | 0.72 | 0.72 | 0.71 | 0.75 |
| Equity / assets | 47.5% | 50.5% | 53.2% | 55.2% | 54.8% | 54.5% | 56.1% | 56.4% | 55.3% | 57.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $51.8M | $84.9M | $106.7M | $32.2M | $54.5M | $55.8M | $43.0M | $50.2M | $62.8M | $54.6M | $41.3M | $161.9M |
| Cash & equivalents | $51.8M | $84.9M | $60.3M | $32.2M | $54.5M | $55.8M | $43.0M | $50.2M | $62.8M | $54.6M | $41.3M | $161.9M |
| Short-term investments | — | — | $46.4M | — | — | — | — | — | $63.5M | — | — | — |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $73.4M | $73.4M | $73.4M | $73.4M | $73.4M | $73.9M | $0 | $0 | $0 | $73.9M |
| Other current assets | $13.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $13.7M | $13.5M | $13.8M | $0 |
| Total current assets | $65.0M | $84.9M | $120.4M | $45.9M | $68.1M | $69.5M | $64.5M | $79.4M | $76.5M | $68.1M | $55.1M | $175.3M |
| Property, plant & equipment (net) | $11.63B | $0 | $0 | $0 | $0 | $0 | $0 | $41.0M | $41.3M | $41.9M | $42.5M | $42.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $41.9M | $41.6M | $41.3M | $41.9M | $41.7M | $41.8M | $41.6M | $41.7M | $41.8M | $41.9M | $42.0M | $42.3M |
| Other non-current assets | $256.7M | $11.87B | $11.81B | $11.84B | $11.73B | $11.70B | $11.71B | $11.59B | $11.40B | $11.32B | $11.34B | $11.12B |
| Total assets | $11.99B | $11.99B | $11.98B | $11.93B | $11.84B | $11.81B | $11.81B | $11.76B | $11.56B | $11.47B | $11.48B | $11.38B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | $108.2M | — | — | — | $124.8M | — | — | — | $94.5M | — |
| Short-term debt | — | $1.76B | $676.0M | $463.0M | $1.03B | $310.0M | $250.0M | $490.7M | $316.0M | $235.0M | $495.0M | $350.0M |
| Deferred revenue | — | — | — | — | — | — | $64.6M | — | — | — | $65.2M | — |
| Total current liabilities | $701.2M | $1.76B | $730.4M | $1.18B | $315.0M | $921.9M | $856.7M | $490.0M | $972.0M | $804.8M | $1.06B | $666.4M |
| Long-term debt | $5.03B | $4.93B | $4.73B | $4.73B | $4.73B | $4.73B | $4.73B | $4.39B | $4.38B | $4.39B | $4.54B | $4.39B |
| Lease obligations | — | — | $24.3M | — | — | — | $26.1M | — | — | — | $27.3M | — |
| Other long-term liabilities | $664.0M | $0 | $676.0M | $0 | $0 | $0 | $77.0M | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $6.39B | $6.29B | $6.14B | $5.91B | $5.75B | $5.65B | $5.66B | $5.60B | $5.36B | $5.19B | $5.19B | $5.06B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.2M | $19.3M | $1.2M | $21.4M | $22.3M | $25.6M | $23.4M | $23.7M | $21.0M | $20.3M | $20.3M | $19.2M |
| Retained earnings (deficit) | −$1.85B | −$1.79B | −$1.73B | −$1.61B | −$1.54B | −$1.47B | −$1.47B | −$1.46B | −$1.40B | −$1.33B | −$1.30B | −$1.29B |
| Accumulated other comprehensive income | −$4.6M | −$4.9M | −$5.3M | −$5.7M | −$6.1M | −$6.5M | −$6.9M | −$7.4M | −$7.8M | −$8.3M | −$8.8M | −$9.2M |
| Minority interest | $148.6M | $149.7M | $156.4M | $175.8M | $177.9M | — | — | — | — | — | — | — |
| Total shareholders' equity | $5.43B | $5.56B | $5.68B | $5.84B | $5.91B | $5.97B | $5.96B | $5.97B | $6.02B | $6.09B | $6.11B | $6.13B |
| Key figures | ||||||||||||
| Total debt | $5.69B | $5.68B | $5.41B | $5.20B | $5.10B | $5.04B | $5.01B | $4.93B | $4.70B | $4.62B | $4.57B | $4.74B |
| Net cash (debt) | −$5.64B | −$5.60B | −$5.30B | −$5.17B | −$5.04B | −$4.99B | −$4.96B | −$4.88B | −$4.64B | −$4.57B | −$4.53B | −$4.58B |
| Working capital | −$636.2M | −$1.67B | −$610.0M | −$1.13B | −$246.9M | −$852.4M | −$792.2M | −$410.6M | −$895.5M | −$736.7M | −$1.01B | −$491.1M |
| Tangible book value | $5.43B | $5.56B | $5.68B | $5.84B | $5.91B | $5.97B | $5.96B | $5.97B | $6.02B | $6.09B | $6.11B | $6.13B |
| Book value per share | $46.79 | $47.74 | $48.53 | $49.83 | $50.46 | $51.02 | $51.02 | $51.11 | $51.58 | $52.16 | $52.37 | $52.56 |
| Shares outstanding | 116.1M | 116.5M | 117.1M | 117.2M | 117.2M | 117.1M | 116.9M | 116.8M | 116.8M | 116.8M | 116.7M | 116.7M |
| Current ratio | 0.09 | 0.05 | 0.16 | 0.04 | 0.22 | 0.08 | 0.08 | 0.16 | 0.08 | 0.08 | 0.05 | 0.26 |
| Quick ratio | 0.07 | 0.05 | 0.15 | 0.03 | 0.17 | 0.06 | 0.05 | 0.10 | 0.06 | 0.07 | 0.04 | 0.24 |
| Debt / equity | 1.05 | 1.02 | 0.95 | 0.89 | 0.86 | 0.84 | 0.84 | 0.83 | 0.78 | 0.76 | 0.75 | 0.77 |
| Equity / assets | 45.3% | 46.3% | 47.5% | 49.0% | 50.0% | 50.6% | 50.5% | 50.8% | 52.1% | 53.1% | 53.2% | 53.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 6, 2026); data from EODHD.
MAA financial position
At the end of fiscal 2025 (December 31, 2025), Mid-America Apartment had total assets of $12.0 billion (up 1.4% from a year earlier), total liabilities of $6.1 billion and shareholders' equity of $5.7 billion. It held $106.7 million in cash and short-term investments against $5.4 billion of debt, net debt of $5.3 billion. Its current ratio was 0.16. In the latest quarter (ended June 30, 2026) total assets were $12.0 billion and equity $5.4 billion.
Related: MAA income statement, MAA cash flow statement, MAA key metrics. See the MAA stock overview for the latest quote and news.
MAA balance sheet FAQ
What are Mid-America Apartment's total assets?
Mid-America Apartment reported total assets of $12.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.8 billion a year earlier.
How much debt does Mid-America Apartment have?
Mid-America Apartment had $5.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.95.
How much cash does Mid-America Apartment have?
Mid-America Apartment held $106.7 million in cash and short-term investments at the end of fiscal 2025; with $5.4 billion of debt that is net debt of $5.3 billion.
What is Mid-America Apartment's book value?
Mid-America Apartment's shareholders' equity (book value) was $5.7 billion at the end of fiscal 2025, or $48.53 per share.
What is Mid-America Apartment's current ratio?
Mid-America Apartment had current assets of $120.4 million and current liabilities of $730.4 million, a current ratio of 0.16 (current liabilities exceed current assets).