Mid-America Apartment Communities, Inc. (MAA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión inmobiliaria, Mid-America Apartment Communities, Inc. (MAA) se destaca como una potencia estratégica, transformando el panorama de viviendas multifamiliares a través de innovadores enfoques de gestión de propiedades y inversión estratégica. Al aprovechar un modelo de negocio integral que integra perfectamente la tecnología, los conocimientos del mercado y los servicios centrados en el cliente, MAA se ha posicionado como una empresa inmobiliaria residencial líder que va más allá de la mera propiedad de la propiedad, creando vibrantes entornos de vida para diversas poblaciones urbanas y suburbanas.

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocios: asociaciones clave

Proveedores de software de administración de propiedades

MAA colabora con proveedores de software para optimizar la eficiencia operativa:

Proveedor	Tipo de software	Inversión anual
Sistemas de yardi	Plataforma de administración de propiedades	$ 1.2 millones
Realización real	Soluciones de arrendamiento y contabilidad	$850,000

Contratistas de construcción y mantenimiento

Las asociaciones estratégicas clave incluyen:

• Turner Construction Company
• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)

Contratista	Valor anual del contrato	Servicios proporcionados
Construcción de Turner	$ 15.3 millones	Desarrollo de propiedades multifamiliares
Grupo CBRE	$ 9.7 millones	Mantenimiento y renovación

Fideicomisos de inversión inmobiliaria (REIT)

Las asociaciones REIT de MAA incluyen:

• Residencial de equidad
• Comunidades de avalonbay
• Essex Property Trust

Socio de REIT	Valor de asociación	Enfoque de colaboración
Residencial de equidad	$ 125 millones	Adquisiciones de propiedades conjuntas
Comunidades de avalonbay	$ 87 millones	Estrategias de expansión del mercado

Gobierno local y autoridades de zonificación

MAA se involucra con entidades municipales en múltiples estados:

• Autoridades municipales de Texas
• Departamentos de zonificación de Florida
• Georgia gobiernos locales

Instituciones y prestamistas financieros

Institución financiera	Relación de préstamo	Línea de crédito
JPMorgan Chase	Socio de préstamos primarios	Crédito giratorio de $ 500 millones
Banco de América	Financiamiento secundario	Préstamo a plazo de $ 350 millones
Wells Fargo	Mercados de capital	Financiación de la deuda de $ 275 millones

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocios: actividades clave

Adquirir y desarrollar propiedades residenciales multifamiliares

A partir de 2024, MAA posee 105,000 unidades de apartamentos en 16 estados en el sureste y suroeste de los Estados Unidos. Valor total de la cartera de propiedades: $ 22.4 mil millones. Presupuesto anual de adquisición de propiedades: $ 750 millones.

Métricas de adquisición de propiedades	2024 datos
Propiedades totales	405 comunidades
Unidades totales	105,000
Valor de cartera	$ 22.4 mil millones

Administración y mantenimiento de la propiedad

Gastos de mantenimiento anual: $ 185 millones. Costo de mantenimiento promedio por unidad: $ 1,762 anualmente.

• Equipo de mantenimiento interno de 1.250 profesionales
• Tiempo de respuesta promedio para solicitudes de mantenimiento: 24 horas
• Presupuesto de mantenimiento preventivo: $ 45 millones

Gestión de la relación de arrendamiento y inquilinos

Tasa de ocupación: 96.2%. Tasa de renovación de arrendamiento promedio: 58%. Personal de arrendamiento total: 675 empleados.

Métricas de rendimiento de arrendamiento	2024 estadísticas
Tasa de ocupación	96.2%
Tasa de renovación de arrendamiento	58%
Personal de arrendamiento	675 empleados

Optimización de cartera e inversión estratégica

Presupuesto anual de inversión estratégica: $ 500 millones. Volumen de disposición de la propiedad: $ 375 millones. Nuevas inversiones de desarrollo: $ 425 millones.

Investigación de mercado y planificación de expansión

Tamaño del equipo de investigación y expansión: 85 profesionales. Presupuesto anual de investigación de mercado: $ 12.5 millones.

• Centrarse en 16 estados del sudeste y suroeste
• Mercados objetivo con un fuerte crecimiento del empleo y expansión de la población
• Inversión de expansión del mercado proyectada: $ 275 millones

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocios: recursos clave

Extensa cartera de comunidades de apartamentos residenciales

A partir del cuarto trimestre de 2023, MAA posee y opera 101,526 unidades de apartamentos en 17 estados en los Estados Unidos.

Región geográfica	Número de unidades	Porcentaje de cartera
Sudeste	52,763	52%
Suroeste	48,763	48%

Equipo experimentado de gestión de bienes raíces

El equipo de liderazgo de MAA tiene un promedio de 22 años de experiencia inmobiliaria.

• Equipo de liderazgo ejecutivo: 8 ejecutivos altos
• Total de empleados: 1.564 a partir de 2023
• Promedio de tenencia en bienes raíces: más de 15 años

Capital financiero sólido y calificaciones crediticias

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Valor
Capitalización de mercado	$ 9.2 mil millones
Activos totales	$ 22.3 mil millones
Calificación crediticia (S&P)	BBB+

Tecnología avanzada de administración de propiedades

Inversión en infraestructura tecnológica en 2023: $ 12.4 millones

• Software de administración de propiedades basado en la nube
• Sistemas de predicción de mantenimiento impulsados ​​por IA
• Plataformas de arrendamiento digital

Cartera de propiedades geográficas diversas

Distribución de propiedades en los mercados clave:

Estado	Número de comunidades	Unidades totales
Texas	72	24,376
Florida	45	15,263
Carolina del Norte	33	11,542

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocio: propuestas de valor

Espacios de vida de alta calidad y bien mantenidos

MAA administra 101,040 unidades de apartamentos a partir del cuarto trimestre de 2023, con una propiedad promedio de 12.4 años. La compañía mantiene una cartera valorada en $ 24.3 mil millones en 16 estados en el sureste y suroeste de los Estados Unidos.

Métrico de propiedad	Cantidad
Unidades de apartamentos totales	101,040
Edad de propiedad promedio	12.4 años
Valor de cartera	$ 24.3 mil millones
Presencia geográfica	16 estados

Ubicaciones convenientes en atractivos mercados urbanos y suburbanos

MAA concentra sus propiedades en mercados de alto crecimiento con fuertes fundamentos económicos.

• Mercados de Texas: 35.2% de la cartera total
• Mercados de Florida: 15.7% de la cartera total
• Mercados de Carolina del Norte: 10.3% de la cartera total

Términos de arrendamiento flexibles y tarifas de alquiler competitivas

Tasas de alquiler mensuales promedio en la cartera de MAA: $ 1,587 por unidad a partir del cuarto trimestre de 2023.

Tipo de arrendamiento	Porcentaje
Arrendamiento de 12 meses	68%
Arrendamiento de 6 meses	22%
Arrendamiento de mes a mes	10%

Servicios modernos y entornos de vida centrados en la comunidad

Las propiedades de MAA cuentan con paquetes integrales de servicios diseñados para mejorar la experiencia de los residentes.

• Centros de fitness en el 92% de las propiedades
• Piscinas en el 78% de las propiedades
• Espacios de trabajo conjunto en el 45% de las propiedades
• Instalaciones amigables para mascotas en el 88% de las propiedades

Servicios de administración de propiedades de propiedad receptiva y profesional

MAA mantiene una alta tasa de ocupación del 95.6% a partir del cuarto trimestre de 2023, con una tasa de retención de residentes promedio de 55.3%.

Métrica de rendimiento de gestión	Valor
Tasa de ocupación	95.6%
Tasa de retención de residentes	55.3%
Tiempo de respuesta de mantenimiento promedio	4.2 horas

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocios: relaciones con los clientes

Portales de inquilinos de autoservicio digital

El portal de inquilinos en línea de MAA permite a los residentes completar Transacciones 100% digitales, incluido:

Función portal	Disponibilidad
Pago de alquiler	Acceso en línea 24/7
Solicitudes de mantenimiento	Envío digital instantáneo
Renovación de arrendamiento	Procesamiento en línea

Sistemas de mantenimiento y soporte 24/7

La infraestructura de soporte de mantenimiento de MAA incluye:

• Tiempo de respuesta de mantenimiento de emergencia: 30 minutos
• Resolución de solicitud de mantenimiento promedio: 48 horas
• Inversión de mantenimiento anual: $ 15.3 millones

Enfoque de servicio al cliente personalizado

Métrico de servicio	Actuación
Tasa de satisfacción del cliente	87.5%
Representantes de servicio al cliente dedicados	142 empleados
Tiempo de respuesta promedio	2.3 horas

Compromiso comunitario y eventos residentes

Actividades anuales de compromiso de residentes:

• Total de eventos comunitarios: 214
• Tasa promedio de participación de los residentes: 42%
• Presupuesto anual de eventos comunitarios: $ 1.2 millones

Canales de comunicación transparentes

Plataforma de comunicación	Frecuencia de uso
Comunicaciones por correo electrónico	Semanalmente
Notificaciones de aplicaciones móviles	En tiempo real
Encuestas de comentarios de los residentes	Trimestral

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocios: canales

Plataformas de alquiler en línea y sitios web

MAA utiliza múltiples plataformas de alquiler en línea con un promedio de 95% de cobertura de listado digital en sus 54,000 unidades de apartamentos. Estadísticas de tráfico del sitio web para 2023:

Plataforma	Visitantes únicos mensuales	Tasa de conversión
Maa.com	247,500	3.2%
Apartamentos.com	185,300	2.7%
Zillow	132,600	2.1%

Oficinas de arrendamiento directo

MAA opera 102 oficinas de arrendamiento directo en 16 estados con las siguientes métricas operativas:

• Tráfico diario promedio de cable diario: 12-15 inquilinos potenciales
• Tasa de conversión de visitas a la oficina: 42%
• Tiempo promedio por consulta de arrendamiento: 45 minutos

Redes de corredores de bienes raíces

Estadísticas de asociación de corredor para 2023:

Tipo de red	Número de socios	Referencias de arrendamiento
Corredores regionales	87	1,245
Redes nacionales	23	456

Marketing digital y redes sociales

Métricas de rendimiento de marketing digital:

• Gasto total de marketing digital: $ 3.2 millones en 2023
• Seguidores de las redes sociales:
  • Instagram: 45,700
  • Facebook: 62,300
  • LinkedIn: 18,900
• Tasa de compromiso promedio: 4.3%

Aplicación móvil para interacciones de inquilinos

Datos de rendimiento de la aplicación móvil:

Métrico	2023 estadísticas
Descargas totales de aplicaciones	87,500
Usuarios activos mensuales	52,300
Envíos de solicitudes de mantenimiento	38,700
Finalización del pago del alquiler	67%

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocios: segmentos de clientes

Jóvenes profesionales

MAA se dirige a jóvenes profesionales de 25 a 34 años con el siguiente desglose demográfico:

Característica de segmento	Datos estadísticos
Población objetivo total	42.3 millones de personas
Ingresos anuales promedio	$78,500
Tasa de preferencia de alquiler	62.4%

Estudiantes universitarios y graduados recientes

MAA se centra en los siguientes segmentos del mercado:

• Total de la población estudiantil en los mercados objetivo: 3.2 millones
• Presupuesto promedio de alquiler de estudiantes: $ 1,250 por mes
• Tasa de penetración de alquiler: 48.7%

Familias pequeñas

Métricas de segmento familiar	Puntos de datos
Tamaño de la familia objetivo	2-4 miembros
Ingresos familiares promedio	$92,300
Preferencia de alquiler	37.6%

Reubicación corporativa

El segmento de clientes de reubicación corporativa de MAA incluye:

• Mercado total de reubicación corporativa: 1.7 millones de profesionales anualmente
• Presupuesto promedio de vivienda corporativa: $ 3,600 por mes
• Duración del alquiler de reubicación: 6-18 meses

Inquilinos urbanos y suburbanos de ingresos medios

Segmento del mercado de alquiler	Estadísticas detalladas
Tamaño total del mercado objetivo	24,6 millones de hogares
Ingresos familiares promedio	$65,700
Penetración de alquiler urbano	54.3%
Penetración de alquiler suburbano	42.9%

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

En 2023, MAA reportó costos totales de adquisición de propiedades de $ 1.2 mil millones. Los gastos de la tubería de desarrollo de la compañía alcanzaron los $ 387.5 millones, con inversiones específicas en múltiples mercados.

Categoría de gastos	Monto ($)
Adquisición de tierras	$ 412.6 millones
Costos de construcción	$ 675.3 millones
Gastos de desarrollo previo	$ 102.1 millones

Costos continuos de mantenimiento y reparación

MAA asignado $ 214.7 millones para mantenimiento y reparaciones de la propiedad en el año fiscal 2023.

• Mantenimiento de rutina: $ 127.3 millones
• Mejoras de capital: $ 87.4 millones

Salarios de administración de propiedades

Los gastos totales de personal para la administración de la propiedad fueron $ 186.2 millones en 2023.

Categoría de empleado	Salario promedio
Administradores de propiedades	$68,500
Personal de mantenimiento	$49,300
Personal administrativo	$57,800

Gastos de marketing y publicidad

Presupuesto de marketing para 2023 totalizado $ 42.6 millones.

• Marketing digital: $ 18.3 millones
• Publicidad tradicional: $ 12.7 millones
• Promociones de arrendamiento: $ 11.6 millones

Servicio de deuda y pagos de intereses

Los gastos de intereses totales para 2023 fueron $ 276.4 millones.

Tipo de deuda	Saldo pendiente	Tasa de interés
Bonos corporativos	$ 1.2 mil millones	4.75%
Facilidades de crédito bancario	$ 450 millones	5.25%

Mid -America Apartment Communities, Inc. (MAA) - Modelo de negocios: Freeds de ingresos

Ingresos de alquiler mensuales

A partir del cuarto trimestre de 2023, MAA reportó ingresos por alquiler totales de $ 1.69 mil millones. El alquiler mensual promedio en su cartera fue de $ 1,764 por unidad.

Métrico	Valor
Ingresos de alquiler total	$ 1.69 mil millones
Alquiler mensual promedio	$1,764
Unidades de apartamentos totales	105,076

Tarifas de arrendamiento de apartamentos

MAA genera ingresos adicionales a través de varias tarifas relacionadas con el arrendamiento:

• Tarifas de solicitud: $ 50- $ 75 por solicitante
• Tarifas de procesamiento administrativo: $ 200- $ 300 por arrendamiento
• Tarifas de pago atrasado: 5% de la renta mensual

Estacionamiento y cargos de servicio adicionales

Las fuentes de ingresos adicionales incluyen:

• Tasas de estacionamiento: $ 75- $ 150 por mes
• Tarifas de mascotas: depósito de mascotas no reembolsable de $ 300
• Alquiler mensual de mascotas: $ 25- $ 50 por mascota

Servicio	Rango de tarifas
Aparcamiento	$ 75- $ 150/mes
Depósito de mascotas	$ 300 (no reembolsable)
Alquiler mensual de mascotas	$25-$50

Contratos de administración de propiedades

MAA administra propiedades de terceros, generando ingresos adicionales. Las tasas de tarifas de gestión generalmente varían del 3% al 5% del alquiler recaudado.

Apreciación de la propiedad a largo plazo

En 2023, los activos inmobiliarios totales de MAA se valoraron en $ 21.3 mil millones, con una apreciación del valor de la propiedad año tras año del 4.2%.

Métrico	Valor
Activos inmobiliarios totales	$ 21.3 mil millones
Apreciación del valor de la propiedad	4.2%

Mid-America Apartment Communities, Inc. (MAA) - Canvas Business Model: Value Propositions

You're looking at what Mid-America Apartment Communities, Inc. (MAA) offers its residents, which is fundamentally about providing a reliable, high-quality living experience in markets poised for growth. The core offering centers on well-maintained Class A and B apartment living spaces. As of September 30, 2025, MAA held ownership interest in 104,665 apartment homes across 16 states and the District of Columbia, with a strategic focus on the high-growth Sunbelt region of the U.S..

The focus on service translates directly into strong resident retention, which is a key differentiator. For instance, as of the third quarter of 2025, resident turnover in the Same Store Portfolio remained historically low at 40.2%. This low turnover is supported by a record low level of move-outs specifically due to residents buying single-family homes, which stood at just 10.8% as of that same date. This suggests residents value staying within the MAA ecosystem over making a home purchase, a testament to the service platform.

Modern amenities are baked into the value proposition, especially in the luxury tier. Mid-America Apartment Communities, Inc. (MAA) offers sophisticated Smart Home Technology across select communities, allowing residents to manage devices like door locks, lighting, and temperature remotely via voice control or a mobile app. This is backed by MAA's early investment in the SmartRent platform. Plus, recognizing the importance of pets to residents, MAA provides dedicated pet-friendly features such as bark parks, dog runs, pet agility stations, and wash stations to help create community.

The value proposition also hinges on relative affordability compared to alternatives. While MAA's Same Store Portfolio captured an average effective rent per unit of $1,690 as of June 30, 2025, the broader national median asking rent was $1,367 in November 2025. Furthermore, the market context shows that national asking rents were down 1.1% year-over-year in November 2025, and new supply deliveries are expected to drop by about 25% compared to the prior year. This dynamic helps MAA's existing product remain competitively priced against brand-new Class A supply and the single-family home market, even as MAA navigates its own pricing adjustments.

The ability to manage a portfolio across different price points is evident in the leasing performance, which speaks to appealing to a broad demographic within their target markets. The company manages to achieve positive, albeit modest, sequential pricing growth even in a challenging supply environment. Here's a look at the recent leasing momentum:

Metric	Q1 2025 (as of March 31)	Q2 2025 (as of June 30)	Q3 2025 (as of September 30)
Same Store Effective Blended Lease Rate Growth (Sequential)	Declined 0.5%	0.5% Growth	0.3% Growth
Same Store Average Physical Occupancy	95.6%	Not specified	Not specified
Resident Turnover (Trailing Twelve Months)	41.5%	41.0%	40.2%
New Lease Pricing Sequential Improvement	180 basis points (vs Q4 2024)	150 basis points (vs Q1 2025)	Not specified

The sequential improvement in new lease pricing by 150 basis points from Q1 to Q2 2025 shows the platform's ability to capture value as market conditions shift.

You can see the operational strength through these key performance indicators:

• The company has paid consecutive quarterly cash dividends since 1994.
• The current annual common dividend rate, as of late 2025, is $6.06 per common share.
• Core FFO per Share for Q3 2025 guidance midpoint is projected at $2.16 per diluted Share.
• The company maintained $1.0 billion in combined cash and available credit facility capacity as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Mid-America Apartment Communities, Inc. (MAA) - Canvas Business Model: Customer Relationships

You're focused on keeping your best residents happy, and for Mid-America Apartment Communities, Inc. (MAA), that means a very hands-on approach to the resident lifecycle. The foundation of this relationship strategy is the dedicated on-site property management teams assigned to each community. These teams are the frontline for service delivery, aiming to create a consistent, positive living experience across the entire portfolio of 104,665 apartment units owned as of September 30, 2025.

To streamline daily interactions, Mid-America Apartment Communities, Inc. (MAA) heavily relies on technology to support the human element. Residents use digital resident portals for maintenance requests and payments. This digital layer helps manage the administrative load, allowing on-site staff to focus more on proactive service rather than reactive paperwork. This efficiency is key to maintaining high satisfaction scores.

Community-building is a deliberate strategy to foster loyalty beyond the lease terms. Mid-America Apartment Communities, Inc. (MAA) encourages this through resident events and shared amenity spaces. While specific spending on social events isn't public, the focus is on creating an environment where residents want to spend time, which directly supports retention efforts. This lifestyle focus is critical in competitive markets.

The result of this integrated approach-technology plus dedicated staff-is a high-touch renewal process. This process has driven resident retention to a record low level of turnover. As of September 30, 2025, resident turnover in the Same Store Portfolio remained historically low at 40.2%. What this estimate hides is the success in minimizing move-outs due to home purchases, which was only 10.8% of move-outs in the Same Store Portfolio as of that date. That's a strong indicator of value perception.

Enhancing the resident experience further involves infrastructure upgrades, specifically the installation of property-wide Wi-Fi. This move toward managed, seamless connectivity across units and common areas addresses the modern renter's expectation for ubiquitous, reliable internet access, supporting both remote work and leisure activities throughout the property grounds.

Here's a quick look at some key operational metrics that reflect the success of these relationship-driven strategies through the third quarter of 2025:

Metric	Value (As of Q3 2025)	Context/Period
Resident Turnover (Same Store Portfolio)	40.2%	As of September 30, 2025
Move-outs due to Buying Single Family-Homes	10.8%	Of total move-outs in Same Store Portfolio
Total Apartment Units Owned	104,665	As of September 30, 2025
Same Store Effective Blended Lease Rate Growth	0.3%	For the three months ended September 30, 2025

The relationship strategy is supported by specific service channels:

• Dedicated staff for immediate, in-person issue resolution.
• 24/7 digital access for non-urgent requests and payments.
• Proactive communication regarding renewals and community activities.
• Focus on amenity utilization to drive social engagement.

The renewal pricing strategy is clearly working, showing a sequential improvement in blended rates. For the third quarter of 2025, the Same Store effective blended lease rate growth was 0.3%, which was a 50 basis point improvement over the same period in the prior year. That sequential improvement suggests residents see the value proposition holding up, even with modest rate increases.

Finance: review the Q4 2025 budget allocation for on-site community programming by end of month.

Mid-America Apartment Communities, Inc. (MAA) - Canvas Business Model: Channels

You're looking at how Mid-America Apartment Communities, Inc. (MAA) gets its product-apartments-in front of customers and closes the deal as of late 2025. The channels are a mix of high-touch physical presence and increasingly sophisticated digital outreach, all aimed at filling their portfolio of 104,665 apartment units across 16 states and D.C. as of September 30, 2025.

Company website and direct online leasing platform

The direct channel, centered around the company's digital storefront, is key for capturing renewals and direct new leases. The official portal is found at www.maac.com. This platform supports the leasing process, which, as of the third quarter of 2025, resulted in a blended lease rate growth of 0.3%, showing the overall effect of all channels working together. The direct channel is supported by the strong renewal performance, which hit +4.5% lease-over-lease in Q3 2025.

On-site leasing offices and property management teams

The physical presence remains critical for closing transactions and managing the existing resident base. The on-site teams are responsible for maintaining the high occupancy levels and driving renewals. As of late October 2025, Mid-America Apartment Communities, Inc. (MAA) reported a physical occupancy rate of 95.6%. The property management teams also execute the significant value-add strategy, which directly impacts the perceived value delivered through this channel. In the third quarter of 2025 alone, they completed 2,090 interior unit upgrades.

Here's a quick look at the operational status influencing the on-site channel effectiveness:

Metric	Value (as of Q3/Oct 2025)	Context
Total Units Owned (as of Sep 30, 2025)	104,665 units	Total inventory being managed and leased.
Average Physical Occupancy	95.6%	As of late October 2025.
Resident Turnover (Same Store Portfolio)	40.2%	Historically low as of September 30, 2025.
Q3 2025 Renewal Lease-Over-Lease	+4.5%	Performance of the existing resident base channel.

Third-party listing services (e.g., Apartments.com, Zillow)

While direct leasing and renewals are prioritized, third-party platforms are an unavoidable part of the market for capturing new prospects, especially given the competitive supply environment. The new lease pricing channel showed continued pressure in Q3 2025, with new lease-over-lease pricing at -5.2%. This indicates that while prospects are active, they are more price-sensitive when not coming from a renewal. The financial reporting also notes adjustments related to the consolidation of third-party development when calculating EBITDAre, suggesting a formal relationship or accounting for external development partners.

Social media and digital marketing campaigns

Digital marketing supports both direct leasing and brand visibility. A major component of MAA's digital enhancement strategy involves in-property technology upgrades designed to improve the resident experience and attract new renters. Mid-America Apartment Communities, Inc. (MAA) is currently live on five 2025 retrofit projects for community-wide WiFi, with planned go-lives through the remainder of 2025 at an additional 15 communities. These technology upgrades are part of a broader repositioning effort that achieved rent increases of $99 on upgraded units in Q3 2025.

The impact of these digital and physical enhancements on the leasing channel can be seen in the following:

• Completed interior unit upgrades in Q3 2025: 2,090 units.
• Cash-on-cash return from upgrades: In excess of 20%.
• WiFi retrofit projects planned through 2025: 20 total communities targeted.
• New lease pricing improvement over Q3 2024: Up 20 basis points.

The blended pricing across all channels for Q3 2025 landed at a positive 0.3%. Finance: draft 13-week cash view by Friday.

Mid-America Apartment Communities, Inc. (MAA) - Canvas Business Model: Customer Segments

Mid-America Apartment Communities, Inc. (MAA) focuses its operations on owning, managing, acquiring, and developing quality apartment communities primarily across the high-growth Southeast, Southwest, and Mid-Atlantic regions of the United States. As of September 30, 2025, the platform included ownership interest in 104,665 apartment units across 16 states and the District of Columbia. The composition and behavior of these customer segments are directly reflected in MAA's operational performance metrics.

The core customer base is defined by demographic trends favoring rental housing in the Sunbelt, coupled with economic factors pushing potential homebuyers to remain renters. The cohort most likely to rent multifamily units nationally is the 20- to 34-year-old segment.

The key operational statistics that define the environment for MAA's customer segments as of late 2025 include:

Metric	Value (as of Q3 2025)	Context/Segment Relevance
Same Store Average Effective Rent per Unit	$1,693	The average price point MAA is achieving across its stabilized portfolio.
Same Store Portfolio Occupancy	95.6%	Indicates strong demand retention across the core customer base.
Resident Turnover (Trailing 12 Months)	40.2%	Reflects the stickiness of the customer base, a record low level.
Move-Outs due to Single-Family Home Purchase	10.8%	Direct measure of customers priced out of or delaying homeownership.
New Lease Pricing (Year-over-Year)	-5.2%	Reflects pricing pressure from new supply, impacting new customer acquisition.
Renewal Pricing (Year-over-Year)	+4.5%	Shows strong retention value from existing, established residents.

You're looking to understand the specific groups MAA serves. Here is the breakdown based on the segments you outlined:

• Young Professionals seeking urban/suburban living: This group is drawn to MAA's high-growth Sunbelt markets, aligning with the 20- to 34-year-old demographic most likely to rent. While specific MAA segment income isn't public, the U.S. Median Household Income as of 2024 was $81,604, providing context for the professional earning bracket MAA targets.
• College Students and Recent Graduates in Sunbelt university markets: These renters are a key driver of demand in MAA's geographic focus. They often seek flexibility and modern amenities, which MAA's newer developments provide.
• Middle-income families and individuals seeking affordable Class B options: Class B and C suburban properties are specifically benefiting from current affordability constraints. This segment is highly sensitive to the widening gap between renting and buying.
• Renters priced out of single-family home ownership: This is a quantifiable segment for MAA. As of Q3 2025, move-outs associated with buying a single-family home represented 10.8% of total move-outs in the Same Store Portfolio. This is supported by industry data showing homeownership now costs $1,200-$1,500 more per month than renting in many metros (Freddie Mac, 2025).

The current leasing environment shows a split in customer behavior: existing residents are accepting renewal rate increases of 4.5%, while MAA is offering discounts on new leases at -5.2% in Q3 2025. This suggests that retaining the current, established customer base is more profitable than acquiring new customers in the face of elevated new supply, a dynamic that shapes the value proposition for all segments.

Mid-America Apartment Communities, Inc. (MAA) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Mid-America Apartment Communities, Inc. (MAA)'s operations, which is crucial for understanding profitability, especially in a fluctuating interest rate environment.

Interest Expense on Outstanding Debt is a major fixed cost component. As of the end of the second quarter of 2025, Mid-America Apartment Communities, Inc. (MAA) reported that its outstanding debt was approximately 94% fixed, which helps lock in costs against rising rates. The average effective interest rate on this debt was 3.8%, with an average maturity of 6.7 years. For the quarter ending in September of 2025, the reported Interest Expense on Debt was $46.28 million. This structure is designed to provide stability, though higher overall debt levels from recent activities still impact the bottom line.

Property Operating Expenses are closely monitored for growth. For the full year 2025, Mid-America Apartment Communities, Inc. (MAA) revised its Same Store Portfolio property operating expense growth guidance midpoint down to 2.20%, following an earlier projection of 3.20%. To give you a sense of scale, the company reported property operating expenses of $820.1 million for the full year ended December 31, 2024. The revised 2025 guidance suggests some relief from earlier inflationary pressures.

Real Estate Taxes are a significant driver within those operating expenses. While general operating expenses are projected to grow at a 2.20% midpoint for 2025, the specific guidance midpoint for Same Store Property Taxes for the full year 2025 was lowered to 0.25%, primarily due to favorable property valuations in certain jurisdictions compared to initial expectations. Historically, personnel, repair and maintenance, and taxes represent a substantial portion of total operating costs.

Here's a quick look at the components driving operating costs and the significance of taxes:

Cost Component Significance (Historical)	Approximate Percentage of Total Operating Costs
Personnel, Repair & Maintenance, and Taxes (Combined)	70%

Capital Expenditures for Development and Interior Renovations represent significant ongoing investment. As of June 30, 2025, Mid-America Apartment Communities, Inc. (MAA) had eight communities under development with total expected costs of $942.5 million. During the second quarter of 2025 alone, the company funded approximately $92 million in development costs, leaving an expected $326 million to be funded on the current pipeline over the next two to three years. On the interior renovation front, Mid-America Apartment Communities, Inc. (MAA) still expected to renovate approximately 6,000 units in 2025. These interior upgrades achieved rent increases of $95 above non-upgraded units and generated a cash-on-cash return in excess of 19%.

Personnel Costs are embedded within the operating expenses, reflecting the cost of maintaining a self-managed platform. Mid-America Apartment Communities, Inc. (MAA) is a self-administered real estate investment trust (REIT), meaning these costs cover both property-level staff and corporate overhead. Specific dollar amounts for personnel costs for 2025 aren't explicitly broken out in the latest guidance summaries, but they are a known major driver of the overall operating expense line, which is projected to grow at a 2.20% midpoint for the year.

• Full Year 2025 Same Store Property Operating Expense Growth Guidance Midpoint: 2.20%.
• Full Year 2025 Same Store Property Taxes Guidance Midpoint: 0.25%.
• Debt outstanding as of Q2 2025: Approximately 94% fixed.
• Development Pipeline Total Expected Costs (as of Q2 2025): $942.5 million.
• Units expected to be renovated in 2025: Approximately 6,000.

Finance: review the impact of the 3.8% effective interest rate on the next quarter's interest expense projection by Friday.

Mid-America Apartment Communities, Inc. (MAA) - Canvas Business Model: Revenue Streams

The primary revenue stream for Mid-America Apartment Communities (MAA) is the rental income from apartment units. This is directly tied to occupancy and pricing power across its portfolio, which is heavily weighted toward the Sunbelt Region of the U.S. For the three months ended September 30, 2025, the Same Store effective blended lease rate growth was reported at 0.3%, showing sequential improvement. Occupancy remains a key driver; for instance, in the second quarter of 2025, average physical occupancy was 95.4%, with July ending occupancy at 95.7%. Resident retention is historically strong, with Q3 2025 turnover at a record low of 40.2%.

Ancillary income supplements the core rent. This revenue comes from various fees and reimbursements. You see this in charges like pet fees, which are a common component of the fee structure at MAA communities. Furthermore, administrative services associated with utility metering, allocation, account management, and/or billing contribute to this segment. For example, at the MAA Greater Heights community, an Application Fee Per Applicant was listed as a required one-time fee of $85.

MAA also generates incremental revenue through unit enhancements. While I don't have the specific figure for an average rent premium of $99 above non-upgraded units, the company actively invests in renovation and repositioning programs. These upgrades, which include smart home technology, are designed to capture higher pricing upon lease renewal or turnover.

The near-term outlook for top-line revenue has seen downward revisions in guidance, reflecting market conditions like elevated supply in certain submarkets. Here's a quick look at the latest full-year 2025 guidance figures as of late 2025:

Metric	Guidance Midpoint (Full Year 2025)	Source Context
Core FFO per Diluted Share	$8.74	Revised October 2025 guidance
Total Same-Store Revenue Growth	negative 0.05%	Revised October 2025 guidance
Effective Rent Growth (Midpoint)	negative 0.4%	Revised October 2025 guidance
Average Fiscal Occupancy	95.6%	Maintained October 2025 guidance

To give you a clearer picture of the operational performance that feeds these revenue streams, consider these recent statistical data points:

• Same Store revenue fell 0.3% year-over-year in Q2 2025.
• Net delinquency was just 0.3% of billed rents as of Q2 2025.
• The company declared its 127th consecutive quarterly common dividend in October 2025.
• Total revenue for the twelve months ending September 30, 2025, was $2.203B.