Mid-America Apartment Communities, Inc. (MAA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'investissement immobilier, Mid-America Apartment Communities, Inc. (MAA) se distingue comme une puissance stratégique, transformant le paysage du logement multifamilial grâce à une gestion immobilière innovante et à des approches d'investissement stratégique. En tirant parti d'un modèle commercial complet qui intègre de manière transparente la technologie, les idées du marché et les services centrés sur le client, MAA s'est positionnée comme une entreprise immobilière résidentielle de premier plan qui va au-delà de la simple propriété, créant des environnements de vie dynamiques pour diverses populations urbaines et suburbaines.

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: partenariats clés

Fournisseurs de logiciels de gestion immobilière

MAA collabore avec les fournisseurs de logiciels pour optimiser l'efficacité opérationnelle:

Fournisseur	Type de logiciel	Investissement annuel
Systèmes Yardi	Plateforme de gestion immobilière	1,2 million de dollars
Page réel	Solutions de location et de comptabilité	$850,000

Entrepreneurs de construction et d'entretien

Les partenariats stratégiques clés comprennent:

• Turner Construction Company
• CBRE Group, Inc.
• Jll (Jones Lang Lasalle)

Entrepreneur	Valeur du contrat annuel	Services fournis
Turner Construction	15,3 millions de dollars	Développement immobilier multifamilial
Groupe CBRE	9,7 millions de dollars	Entretien et rénovation

Trusts de placement immobilier (FPI)

Les partenariats REIT de MAA comprennent:

• Capitaux propres résidentiels
• Communautés Avalonbay
• Essex Property Trust

Partenaire de FPI	Valeur de partenariat	Focus de la collaboration
Capitaux propres résidentiels	125 millions de dollars	Acquisitions de propriétés conjointes
Communautés Avalonbay	87 millions de dollars	Stratégies d'expansion du marché

Gouvernement local et autorités de zonage

MAA s'engage avec des entités municipales dans plusieurs États:

• Autorités municipales du Texas
• Départements de zonage de la Floride
• Gouvernements locaux de Géorgie

Institutions et prêteurs financiers

Institution financière	Relation de prêt	Facilité de crédit
JPMorgan Chase	Partenaire de prêt principal	Crédit renouvelable de 500 millions de dollars
Banque d'Amérique	Financement secondaire	Prêt à terme de 350 millions de dollars
Wells Fargo	Marchés des capitaux	Financement de la dette de 275 millions de dollars

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: activités clés

Acquérir et développer des propriétés résidentielles multifamiliales

En 2024, MAA possède 105 000 appartements dans 16 États du sud-est et du sud-ouest des États-Unis. Valeur du portefeuille de propriété totale: 22,4 milliards de dollars. Budget annuel d'acquisition de propriétés: 750 millions de dollars.

Métriques d'acquisition de propriétés	2024 données
Propriétés totales	405 communautés
Total des unités	105,000
Valeur de portefeuille	22,4 milliards de dollars

Gestion et maintenance immobilières

Dépenses de maintenance annuelles: 185 millions de dollars. Coût de maintenance moyen par unité: 1 762 $ par an.

• Équipe de maintenance interne de 1 250 professionnels
• Temps de réponse moyen pour les demandes de maintenance: 24 heures
• Budget de maintenance préventive: 45 millions de dollars

Location et gestion des relations locataires

Taux d'occupation: 96,2%. Taux de renouvellement de bail moyen: 58%. Personnel de location total: 675 employés.

Location de métriques de performance	2024 statistiques
Taux d'occupation	96.2%
Taux de renouvellement de location	58%
Personnel de location	675 employés

Optimisation du portefeuille et investissement stratégique

Budget d'investissement stratégique annuel: 500 millions de dollars. Volume de disposition des biens: 375 millions de dollars. Nouveaux investissements en développement: 425 millions de dollars.

Étude de marché et planification d'expansion

Taille de l'équipe de recherche et d'extension: 85 professionnels. Budget annuel d'étude de marché: 12,5 millions de dollars.

• Concentrez-vous sur 16 États du sud-est et du sud-ouest
• Marchés cibles avec une forte croissance de l'emploi et une expansion de la population
• Investissement d'extension du marché prévu: 275 millions de dollars

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie de communautés d'appartements résidentiels

Au quatrième trimestre 2023, MAA possède et exploite 101 526 unités d'appartements dans 17 États aux États-Unis.

Région géographique	Nombre d'unités	Pourcentage de portefeuille
Au sud-est	52,763	52%
Sud-ouest	48,763	48%

Équipe de gestion immobilière expérimentée

L'équipe de direction de MAA a en moyenne 22 ans d'expérience dans l'immobilier.

• Équipe de direction exécutive: 8 cadres supérieurs
• Total des employés: 1 564 en 2023
• Tenure moyenne dans l'immobilier: 15 ans et plus

Solides notations financières et de crédit

Mesures financières au 31 décembre 2023:

Métrique financière	Valeur
Capitalisation boursière	9,2 milliards de dollars
Actif total	22,3 milliards de dollars
Cote de crédit (S&P)	Bbb +

Technologie avancée de gestion immobilière

Investissement dans l'infrastructure technologique en 2023: 12,4 millions de dollars

• Logiciel de gestion immobilière basé sur le cloud
• Systèmes de prédiction de maintenance dirigés AI
• Plates-formes de location numérique

Portfolio de propriété géographique diversifiée

Distribution des biens sur les principaux marchés:

État	Nombre de communautés	Total des unités
Texas	72	24,376
Floride	45	15,263
Caroline du Nord	33	11,542

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: propositions de valeur

Espaces de vie d'appartements bien entretenus de haute qualité

MAA gère 101 040 unités d'appartements au quatrième trimestre 2023, avec un âge moyen de 12,4 ans. La société maintient un portefeuille d'une valeur de 24,3 milliards de dollars dans 16 États dans le sud-est et le sud-ouest des États-Unis.

Métrique immobilière	Quantité
Appartements totaux	101,040
Âge de la propriété moyenne	12.4 ans
Valeur de portefeuille	24,3 milliards de dollars
Présence géographique	16 États

Emplacements pratiques sur les marchés urbains et suburbains attrayants

MAA concentre ses propriétés sur des marchés à forte croissance avec de solides fondamentaux économiques.

• Marchés du Texas: 35,2% du portefeuille total
• Marchés de Floride: 15,7% du portefeuille total
• Marchés de Caroline du Nord: 10,3% du portefeuille total

Conditions de location flexibles et taux de location compétitifs

Taux de location mensuels moyens sur le portefeuille de MAA: 1 587 $ par unité au quatrième trimestre 2023.

Type de location	Pourcentage
Bail de 12 mois	68%
Bail de 6 mois	22%
Bail d'un mois à l'autre	10%

Équipements modernes et environnements de vie axés sur la communauté

Les propriétés MAA présentent des forfaits d'agrément complets conçus pour améliorer l'expérience des résidents.

• Centres de fitness dans 92% des propriétés
• Piscines dans 78% des propriétés
• Des espaces de co-travail dans 45% des propriétés
• Installations pour animaux de compagnie dans 88% des propriétés

Services de gestion immobilière réactifs et professionnels

MAA maintient un taux d'occupation élevé de 95,6% au T4 2023, avec un taux de rétention des résidents moyen de 55,3%.

Gestion Métrique de performance	Valeur
Taux d'occupation	95.6%
Taux de rétention des résidents	55.3%
Temps de réponse de maintenance moyen	4,2 heures

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: relations avec les clients

Portails de locataires en libre-service numériques

Le portail des locataires en ligne de MAA permet aux résidents de terminer Transactions numériques à 100%, y compris:

Fonction de portail	Disponibilité
Paiement de loyer	Accès en ligne 24/7
Demandes de maintenance	Soumission numérique instantanée
Renouvellement de location	Traitement en ligne

Systèmes de maintenance et de soutien 24/7

L'infrastructure de support de maintenance de MAA comprend:

• Temps de réponse de l'entretien d'urgence: 30 minutes
• Résolution moyenne de la demande de maintenance: 48 heures
• Investissement annuel sur la maintenance: 15,3 millions de dollars

Approche de service client personnalisé

Métrique de service	Performance
Taux de satisfaction client	87.5%
Représentants dédiés au service à la clientèle	142 employés
Temps de réponse moyen	2,3 heures

Engagement communautaire et événements résidents

Activités annuelles d'engagement des résidents:

• Événements communautaires totaux: 214
• Taux de participation des résidents moyens: 42%
• Budget annuel de l'événement communautaire: 1,2 million de dollars

Canaux de communication transparents

Plate-forme de communication	Fréquence d'utilisation
Communications par e-mail	Hebdomadaire
Notifications d'applications mobiles	En temps réel
Enquêtes de rétroaction résidente	Trimestriel

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: canaux

Plateformes de location en ligne et sites Web

MAA utilise plusieurs plateformes de location en ligne avec une couverture d'inscription numérique en moyenne à 95% dans ses 54 000 appartements. Statistiques de trafic de site Web pour 2023:

Plate-forme	Visiteurs uniques mensuels	Taux de conversion
Maa.com	247,500	3.2%
Appartements.com	185,300	2.7%
Zillow	132,600	2.1%

Bureaux de location directe

MAA exploite 102 bureaux de location directe dans 16 États avec les mesures opérationnelles suivantes:

• Traffical quotidien moyen: 12-15 locataires potentiels
• Taux de conversion des visites de bureau: 42%
• Délai moyen par bail Consultation: 45 minutes

Réseaux de courtiers immobiliers

Statistiques de partenariat du courtier pour 2023:

Type de réseau	Nombre de partenaires	Références de location
Courtiers régionaux	87	1,245
Réseaux nationaux	23	456

Marketing numérique et médias sociaux

Métriques de performance du marketing numérique:

• Dépenses totales de marketing numérique: 3,2 millions de dollars en 2023
• Abonnés des médias sociaux:
  • Instagram: 45 700
  • Facebook: 62 300
  • LinkedIn: 18 900
• Taux d'engagement moyen: 4,3%

Application mobile pour les interactions des locataires

Données de performance de l'application mobile:

Métrique	2023 statistiques
Total des téléchargements d'applications	87,500
Utilisateurs actifs mensuels	52,300
Soumissions de demande de maintenance	38,700
Compléments de paiement de loyer	67%

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels

MAA cible les jeunes professionnels âgés de 25 à 34 ans avec la rupture démographique suivante:

Caractéristique du segment	Données statistiques
Population cible totale	42,3 millions d'individus
Revenu annuel moyen	$78,500
Taux de préférence de location	62.4%

Étudiants et diplômés récents

MAA se concentre sur les segments de marché suivants:

• Population étudiante totale sur les marchés cibles: 3,2 millions
• Budget moyen de location des étudiants: 1 250 $ par mois
• Taux de pénétration de location: 48,7%

Petites familles

Métriques du segment de la famille	Points de données
Target de la famille cibler	2-4 membres
Revenu médian des ménages	$92,300
Préférence de location	37.6%

RELOCAGEMENTS DE L'ENGISSATION

Le segment client de la relocalisation d'entreprise de MAA comprend:

• Marché total de relocalisation des entreprises: 1,7 million de professionnels par an
• Budget moyen du logement des entreprises: 3 600 $ par mois
• Durée de la location de relocalisation: 6-18 mois

Locataires urbains et suburbains à revenu intermédiaire

Segment du marché de la location	Statistiques détaillées
Taille totale du marché cible	24,6 millions de ménages
Revenu médian des ménages	$65,700
Pénétration de location urbaine	54.3%
Pénétration de location de banlieue	42.9%

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2023, MAA a déclaré des coûts d'acquisition de propriétés totaux de 1,2 milliard de dollars. Les dépenses de pipeline de développement de la société ont atteint 387,5 millions de dollars, avec des investissements spécifiques sur plusieurs marchés.

Catégorie de dépenses	Montant ($)
Acquisition de terres	412,6 millions de dollars
Coûts de construction	675,3 millions de dollars
Frais de développement	102,1 millions de dollars

Frais d'entretien et de réparation continus

MAA alloué 214,7 millions de dollars pour l'entretien et les réparations des biens au cours de l'exercice 2023.

• Entretien de routine: 127,3 millions de dollars
• Améliorations en capital: 87,4 millions de dollars

Salaires de gestion immobilière

Les dépenses totales du personnel pour la gestion des biens étaient 186,2 millions de dollars en 2023.

Catégorie des employés	Salaire moyen
Gestionnaires immobiliers	$68,500
Personnel d'entretien	$49,300
Personnel administratif	$57,800

Dépenses de marketing et de publicité

Le budget marketing pour 2023 a totalisé 42,6 millions de dollars.

• Marketing numérique: 18,3 millions de dollars
• Publicité traditionnelle: 12,7 millions de dollars
• Promotions de location: 11,6 millions de dollars

Entretien de la dette et paiements d'intérêts

Les dépenses totales d'intérêt pour 2023 étaient 276,4 millions de dollars.

Type de dette	Solde en suspens	Taux d'intérêt
Obligations d'entreprise	1,2 milliard de dollars	4.75%
Facilités de crédit bancaire	450 millions de dollars	5.25%

Mid-America Apartment Communities, Inc. (MAA) - Modèle d'entreprise: Strots de revenus

Revenus de location mensuels

Au quatrième trimestre 2023, MAA a déclaré un chiffre d'affaires total de location de 1,69 milliard de dollars. Le loyer mensuel moyen dans leur portefeuille était de 1 764 $ par unité.

Métrique	Valeur
Revenus locatifs totaux	1,69 milliard de dollars
Loyer mensuel moyen	$1,764
Appartements totaux	105,076

Frais de location d'appartements

MAA génère des revenus supplémentaires grâce à divers frais liés à la bail:

• Frais de demande: 50 $ - 75 $ par demandeur
• Frais de traitement administratif: 200 $ à 300 $ par bail
• Frais de paiement en retard: 5% du loyer mensuel

Parking et frais de service supplémentaires

Les sources de revenus supplémentaires comprennent:

• Frais de stationnement: 75 $ - 150 $ par mois
• Frais d'animaux de compagnie: 300 $ de dépôt pour animaux de compagnie non remboursable
• Loyer mensuel pour animaux de compagnie: 25 $ - 50 $ par animal de compagnie

Service	Fourchette
Parking	75 $ - 150 $ / mois
Dépôt pour animaux de compagnie	300 $ (non remboursable)
Loyer mensuel pour animaux de compagnie	$25-$50

Contrats de gestion immobilière

MAA gère les propriétés tierces, générant des revenus supplémentaires. Les taux de frais de gestion varient généralement de 3% à 5% du loyer collecté.

Appréciation des biens à long terme

En 2023, les actifs immobiliers totaux de MAA étaient évalués à 21,3 milliards de dollars, avec une appréciation de la valeur de la propriété annuelle de 4,2%.

Métrique	Valeur
Actifs immobiliers totaux	21,3 milliards de dollars
Appréciation de la valeur de la propriété	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.