Mid-America Apartment Communities
24 named things its latest annual report says its results depend on, each in the company's own words. 7 of them are also named by other companies we've read.
Partners and platforms
RealPage, Inc.
named as a riskFor example, we recently entered into a 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 multifamily residential rental prices above competitive levels using RealPage’s revenue management software in violation of state and federal antitrust laws.Risk factors (Item 1A)
Places
Orlando, Florida
concentrated in · approximately 41.2% of our portfolio (top five markets)named as a riskAs of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida.Risk factors (Item 1A)
Dallas, Texas
concentrated in · approximately 41.2% of our portfolio (top five markets)named as a riskAs of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida.Risk factors (Item 1A)
Austin, Texas
concentrated in · approximately 41.2% of our portfolio (top five markets)named as a riskAs of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida.Risk factors (Item 1A)
Atlanta, Georgia
concentrated in · approximately 41.2% of our portfolio (top five markets)named as a riskAs of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida.Risk factors (Item 1A)
Also named by UBSI
Charlotte, North Carolina
concentrated in · approximately 41.2% of our portfolio (top five markets)named as a riskAs of December 31, 2025, approximately 41.2% of our portfolio (based on the number of completed apartment units) was located in our top five markets: Atlanta, Georgia; Dallas, Texas; Austin, Texas; Charlotte, North Carolina; and Orlando, Florida.Risk factors (Item 1A)
Tampa, Florida
operates in · $197,500 budgeted costs (thousands)MAA Breakwater Tampa, FL 495 344 $ 192,360 $ 197,500 $ 399 1st Quarter 2026Business (Item 1)
Also named by OC
Kansas City, MO-KS
operates in · 318 unitsMAA ONE28 Kansas City, MO-KS 318 August 2025Business (Item 1)
Southeast, Southwest and Mid-Atlantic United States
concentrated innamed as a riskIn addition, our overall operations are concentrated in the Southeast, Southwest and Mid-Atlantic regions of the U.S.Risk factors (Item 1A)
Hazards
Hurricanes and coastal extreme weather
concentrated innamed as a riskMany of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events.Risk factors (Item 1A)
Mold
named as a riskTo the extent not covered by our pollution policy, the presence of mold could expose us to liability from residents and others if property damage or health concerns, or allegations thereof, arise.Risk factors (Item 1A)
Commodities and inputs
Property insurance
exposed to its pricenamed as a riskFor example, the current and potential impacts of climate change, along with the increased risk of extreme weather events and natural disasters have caused significant increases in our property insurance premiums and may adversely affect the availability and terms of coverage in the future.Risk factors (Item 1A)
Real estate taxes
exposed to its pricenamed as a riskAs a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense.Risk factors (Item 1A)
Regulators
District of Columbia
subject tonamed as a riskSimilarly, other lawsuits alleging violations of antitrust and other laws 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.Risk factors (Item 1A)
Commonwealth of Kentucky
subject tonamed as a riskSimilarly, other lawsuits alleging violations of antitrust and other laws 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.Risk factors (Item 1A)
Laws and programs
U.S. REIT qualification rules (Internal Revenue Code)
subject to · at least 90% of our REIT taxable incomenamed as a riskTo continue to qualify as a REIT, MAA must continue to meet certain tests which, among other things, generally require that our assets consist primarily of real estate assets, our income be derived primarily from real estate assets and that we distribute at least 90% of our REIT taxable income (other than our net capital gains) to our shareholders annually.Business (Item 1)
Internal Revenue Code Section 1031
subject tonamed as a riskIf a transaction intended to qualify as a Section 1031 exchange is later determined to be taxable, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis.Risk factors (Item 1A)
Rent control and rent stabilization laws
subject tonamed as a riskLikewise, we have seen an increase in governments implementing, considering or being urged by tenant advocacy groups to consider rent control or rent stabilization laws and regulations and other tenants’ rights laws and regulations.Risk factors (Item 1A)
Texas Data Privacy and Security Act
subject tonamed as a riskFor example, privacy laws continue to evolve, with several states passing new data privacy laws that govern the collection, processing, use, security and disclosure of information about state residents, such as the Texas Data Privacy and Security Act.Risk factors (Item 1A)
Tariffs and immigration enforcement
subject tonamed as a risk•changes in laws and regulations, or enforcement priorities, such as the imposition of tariffs or changes in immigration laws or their enforcement, could result in higher building component costs, tighter overall labor conditions and a shortage of skilled tradespeople, which could increase our costs of development and cause delays in the construction of our development communities; andRisk factors (Item 1A)
Green building codes
subject tonamed as a risk•adoption of laws and regulations designed to address climate change and its effects, including “green” building codes, could increase our costs of development and cause delays in the construction of our development communities.Risk factors (Item 1A)
Tennessee anti-takeover statutes
subject toAs a Tennessee corporation, MAA is subject to various legislative acts, which impose restrictions on and require compliance with procedures designed to protect shareholders against unfair or coercive mergers and acquisitions.Risk factors (Item 1A)
Technology
Smart Home technology
earns from · approximately $25 per monthAs of December 31, 2025, we had completed installation of Smart Home technology in over 96,000 units across our apartment community portfolio providing an increase in average effective rent per unit of approximately $25 per month since the initiative began during the first quarter of 2019.Business (Item 1)