MAA · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
MID AMERICA APARTMENT COMMUNITIES INC. · 2026-10-29 · Importance 43 · Surprise 32 · Contradicted
At September 30, 2026, total debt was $5.839 billion, net debt was $5.814 billion, and cash and cash equivalents were $25.7 million; net debt had increased $468.5 million from December 31, 2025. Net debt to trailing-twelve-month Adjusted EBITDAre rose to 4.7x from 4.3x, primarily as development funding increased unsecured notes payable and cash declined. MAA had $660.7 million of combined unrestricted cash and available revolving-credit capacity, and $1.2 billion of variable-rate borrowings comprising $750.0 million of commercial paper, $350.0 million of term loans, and $110.0 million under its revolver. During the nine months, MAA issued $200.0 million of unsecured senior notes and $350.0 million of variable-rate term loans, retired $300.0 million of senior notes, and had $4.3 billion of publicly issued senior notes outstanding at quarter-end.
Key facts
- MAA's revolving credit facility has $1.5 billion of borrowing capacity, with an option to expand to $2.0 billion, and matures in January 2030 with two six-month extension options.
- MAA issued $350.0 million of unsecured variable rate term loans and $200.0 million of unsecured senior notes in the nine months ended September 30, 2026, with no such issuances in 2025.
- MAA retired $300.0 million of unsecured senior notes in the nine months ended September 30, 2026, with no senior note retirements in 2025.
- In June 2026, MAALP entered into an unsecured delayed draw term loan facility with aggregate commitments of up to $350.0 million, scheduled to mature in November 2030.
- MAA sold 0.3 million common shares under its ATM program upon settlement of a forward sale agreement at a forward sale price of $130.34 per share in the nine months ended September 30, 2026; there were no ATM common share issuances in 2025.
- The DDTL Facility has an uncommitted accordion feature that can increase its total unsecured indebtedness to $550.0 million.
- MAA net cash provided by operating activities was $739.6 million for the nine months ended September 30, 2026, down $76.9 million from 2025, primarily due to payment timing.
- MAA had $74.0 million of net proceeds from commercial paper for the nine months ended September 30, 2026, compared with $213.0 million in 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -6.2% | As of September 30, 2026, $883.2 million of debt and debt service obligations were payable during the year ending December 31, 2026. |
| cash | positive | realized | +4.6% | MAA issued $350.0 million of unsecured variable rate term loans and $200.0 million of unsecured senior notes in the nine months ended… |
| liability | negative | realized | -4.6% | MAA issued $350.0 million of unsecured variable rate term loans and $200.0 million of unsecured senior notes in the nine months ended… |
| cash | negative | realized | -2.5% | MAA retired $300.0 million of unsecured senior notes in the nine months ended September 30, 2026, with no senior note retirements in 2025. |
| liability | positive | realized | +2.5% | MAA retired $300.0 million of unsecured senior notes in the nine months ended September 30, 2026, with no senior note retirements in 2025. |
| cash | negative | realized | -1.1% | MAA had $74.0 million of net proceeds from commercial paper for the nine months ended September 30, 2026, compared with $213.0 million in… |
| liability | positive | realized | +1.1% | MAA had $74.0 million of net proceeds from commercial paper for the nine months ended September 30, 2026, compared with $213.0 million in… |
| cash | negative | realized | -0.6% | MAA net cash provided by operating activities was $739.6 million for the nine months ended September 30, 2026, down $76.9 million from… |
| cash | positive | realized | +0.3% | MAA sold 0.3 million common shares under its ATM program upon settlement of a forward sale agreement at a forward sale price of $130.34… |
| cash | negative | committed | -0.1% | As of September 30, 2026, MAA had committed to make up to $16.9 million of additional capital contributions to five technology-focused… |