MAA · 10-Q · 2026Q3 · Full report

Capital Expenditure Program

MID AMERICA APARTMENT COMMUNITIES INC. · 2026-10-29 · Importance 43 · Surprise 32

MAA used $468.4 million of net cash in investing activities during the first nine months of 2026, including $275.7 million for capital improvements and other spending and $213.8 million for development costs. Capital-improvement outflows increased $18.5 million year over year, primarily because of increased property redevelopment and repositioning spending, while development outflows increased $6.5 million as development activity rose. MAA acquired land parcels for four developments and no apartment communities during the period, compared with one land parcel and one apartment community in the first nine months of 2025.

Key facts

• MAA depreciation and amortization expense was $166.7 million for the three months ended September 30, 2026, an increase of $10.1 million from 2025.
• MAA depreciation and amortization expense was $491.2 million for the nine months ended September 30, 2026, an increase of $28.6 million from 2025.
• MAA net cash used in investing activities was $468.4 million for the nine months ended September 30, 2026, a decrease of $24.3 million from 2025.
• For the year ending December 31, 2026, MAA expects total capital expenditures for development, property redevelopment and repositioning, and recurring capital replacements to be in line with total capital expenditures for the year ended December 31, 2025.
• MAA spent $275.712 million on capital improvements and other for the nine months ended September 30, 2026, versus $257.163 million in 2025.
• MAA expects its primary cash uses to include operating needs, capital spending for development, redevelopment and property repositioning, debt repayment, future asset acquisitions, common share repurchases and shareholder dividends.
• MAA's three-month depreciation increase primarily reflected completed development communities, acquisitions, and capital spending after September 30, 2025 through September 30, 2026.
• MAA's nine-month depreciation increase primarily reflected completed development communities, acquisitions, and capital spending after September 30, 2025 through September 30, 2026.