MID AMERICA APARTMENT COMMUNITIES INC.

10-K & 10-Q Filings

Mid-America Apartment Communities, Inc. (MAA) is a multifamily-focused real estate investment trust (REIT) headquartered in Tennessee. The company operates through its sole ownership of limited partnership interests in Mid-America Apartments, L.P. (MAALP), which holds all of the real estate assets. MAA's primary business objective is to generate a sustainable, stable, and increasing cash flow to fund dividends and distributions. The company's strategy includes effective property management, technology utilization, acquisitions and development, and diversification. MAA operates in the Southeast, Southwest, and Mid-Atlantic regions of the U.S., with a portfolio of 296 multifamily communities and 100,894 units as of December 31, 2023. For more information, visit the company's website at www.maac.com or follow MAA on social media using the ticker symbol MAA.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$448.99
497.17
1269.47
1978.59
2085.56
2250.70
3057.97
3142.69
1641.02
1677.98
1778.08
2019.87
2148.47
529.03
543.62
13.94%2.76%Cost of Revenue (-)
$44.75
40.94
161.51
133.88
118.97
213.77
207.54
446.99
235.39
252.50
266.88
Gross Profit (+)
$324.04
363.81
930.02
1459.67
1484.84
1608.72
2545.72
2695.71
1405.63
1425.48
1511.21
Selling, General & Administrative (-)
$72.72
70.95
167.63
244.92
257.43
271.57
80.39
69.57
46.12
46.86
52.88
58.83
58.58
15.92
17.05
-1.79%7.05%Depreciation & Amortization (-)
$118.51
129.69
380.08
612.60
589.04
645.92
987.42
979.52
496.84
510.84
533.43
543.00
565.06
138.50
143.02
13.90%3.26%Non-recurring Operating Expenses (-)
$3.32
1.58
2.79
4.78
5.55
5.86
Operating Expenses (-)
$307.12
329.46
880.59
1388.28
1390.33
1492.63
2140.88
2168.69
1109.69
1151.31
1204.60
1266.69
1333.20
321.30
340.82
13.01%6.07%Costs & Expenses (Total) (-)
$351.87
370.40
1042.10
1522.16
1509.30
1706.40
2348.42
2615.68
1345.08
1403.82
1471.47
1175.42
1459.57
355.09
377.86
12.59%6.41%Operating Income/Loss (+)
$99.73
130.28
233.78
456.43
576.26
544.30
709.55
527.01
295.94
274.17
306.61
842.87
687.16
173.56
165.28
17.45%-4.77%Non-operating Income/Expense (+)
$-0.77
-0.45
0.80
8.66
-7.94
1.76
31.45
14.53
26.93
6.36
35.11
-41.13
32.91
3.85
24.01
523.26%Interest Expense (-)
$58.61
58.75
151.83
238.93
244.69
259.89
309.50
347.19
179.85
167.56
156.88
154.75
149.23
37.28
40.36
8.10%8.26%Earnings before Tax (+)
$38.33
67.79
75.66
290.22
704.84
451.72
683.57
463.60
368.66
265.84
563.13
646.99
570.85
140.13
148.92
25.24%6.27%Tax Expense (-)
$
3.70
3.33
13.64
-6.21
4.74
0.94
1.79
90.15%Income/Loss (Continuing Operations) (+)
$37.73
67.56
37.28
298.14
701.49
448.80
681.07
462.04
364.96
262.51
549.49
653.20
566.10
139.19
147.13
25.32%5.70%Income/Loss (Discontinued Operations) (+)
$13.50
42.26
152.27
14.42
Profit/Loss (+)
$51.23
109.83
226.82
312.55
701.49
448.80
681.07
462.04
366.62
264.01
550.70
654.78
567.83
139.57
147.61
22.20%5.76%Net Income/Loss (NCI) (-)
$2.41
4.60
4.00
8.30
18.46
12.18
12.16
8.12
12.81
9.05
16.91
17.34
15.03
3.66
3.86
16.48%5.38%Net Income/Loss (+)
$48.82
105.22
115.28
147.98
332.29
211.91
324.69
219.21
353.81
254.96
533.79
637.44
552.81
135.91
143.75
22.41%5.77%Preferred & Other Distributions (-)
$
0.31
3.69
3.69
3.69
3.69
3.69
3.69
3.69
0.92
0.92
0.00%Net Income/Loss (Common) (+)
$48.82
105.22
222.82
147.98
332.29
211.91
324.69
219.21
350.12
251.27
530.10
633.75
549.12
134.99
142.83
22.35%5.81%EPS (Basic)
$1.32
2.56
2.27
1.97
4.41
2.70
2.86
1.93
3.07
2.20
4.62
5.49
4.71
1.16
1.22
11.18%5.17%EPS (Diluted)
$1.31
2.56
2.25
1.97
4.41
2.70
2.86
1.93
3.07
2.19
4.61
5.48
4.71
1.16
1.22
11.25%5.17%Weighted Avg Shares (Basic)
38.97
42.35
74.97
75.30
75.43
113.55
113.69
113.89
114.27
114.39
115.34
116.60
116.72
116.66
116.83
9.57%0.14%Cash
$57.32
9.07
178.67
25.40
37.56
33.54
10.75
34.26
20.48
25.20
54.30
38.66
41.31
142.41
54.60
-2.69%-61.66%Securities & Long-term Investments
$2397.37
2679.96
12958.86
6606.80
6655.96
11213.13
11159.68
11049.26
10908.91
10862.80
10832.06
10879.60
11068.07
10883.54
11028.47
13.60%1.33%Property, Plant & Equipment (Net)
$3025.25
3320.91
13298.60
7057.60
7211.80
11053.19
116.83
59.51
116.42
283.48
247.97
332.04
385.40
391.44
380.09
-15.78%-2.90%Goodwill & Intangibles
$4.11
4.11
8.21
2.32
1.61
1.24
Other Assets
$70.37
56.72
332.89
112.81
114.17
285.13
204.65
180.75
184.64
23.32
150.85
13164.85
13817.21
13176.60
7.57
55.27%-99.94%Assets (Total)
$2530.47
2751.07
6841.93
6831.03
6847.78
11604.49
11491.92
11323.78
11230.45
11194.79
11285.18
11241.17
11484.50
11352.31
11470.73
13.43%1.04%Accounts Payable
$93.81
99.30
442.51
224.87
232.16
426.21
405.56
413.85
472.26
528.27
584.40
615.84
645.16
566.08
569.79
17.43%0.66%Debt (Non-current)
$1649.76
1673.85
6945.44
3524.51
3427.57
4499.71
4502.06
4528.33
4454.60
4562.71
4516.69
4414.90
4540.22
4395.65
4624.46
8.80%5.21%Other Liabilities
$39.40
28.09
23.92
21.98
26.39
0.00
0.00
0.00
-92.70%Liabilities (Total)
$1782.97
1801.24
3728.39
3773.31
3681.71
4952.32
4907.62
4942.18
4926.86
5090.99
5101.09
5030.75
5185.38
4961.73
5194.25
9.30%4.69%AOCI
$-35.85
-26.05
0.11
-0.41
-1.59
1.14
2.16
-0.21
-13.18
-12.13
-11.13
-10.05
-8.76
-9.79
-8.26
15.61%Shareholder's Equity
$743.46
945.11
3113.54
3051.81
3157.82
6639.80
6571.59
6369.88
6289.46
6088.41
6153.91
6189.75
6279.95
6371.00
6257.39
19.46%-1.78%Liabilities & Equity
$2530.47
2751.07
6841.93
6831.03
6847.78
11604.49
11491.92
11323.78
11230.45
11194.79
11285.18
11241.17
11484.50
11352.31
11470.73
13.43%1.04%Net Income/Loss
$51.23
109.83
226.82
312.55
701.49
448.80
681.07
462.04
366.62
264.01
550.70
654.78
567.83
139.57
147.61
22.20%5.76%Depreciation & Amortization
$118.97
131.40
403.17
664.06
622.99
666.51
1008.70
991.97
503.57
516.64
540.07
550.07
571.77
140.28
144.79
13.98%3.22%Increase/Decrease in Working Capital
$-7.12
-6.07
-60.96
-12.40
-34.88
-41.43
Share-based Compensation
$5.52
2.23
4.54
8.45
12.29
22.97
21.14
24.89
13.65
14.33
16.66
18.80
15.70
5.58
5.87
9.10%5.22%Adjustments to Reconcile Net Income
$120.91
100.59
298.13
455.70
225.95
519.27
635.95
1006.54
414.80
559.93
344.26
403.70
569.36
78.74
52.65
13.78%-33.13%Net Cash (Operating)
$172.29
210.97
528.71
768.25
927.44
968.08
1317.03
1468.58
781.42
823.95
894.97
1058.48
1137.19
218.31
200.26
17.03%-8.27%Capital Expenditure
$52.14
121.43
86.51
321.98
254.43
1134.17
687.78
509.43
308.49
432.29
515.95
482.15
556.01
129.72
98.36
21.80%-24.17%Net Cash (Investing)
$-442.16
-329.22
-184.18
-407.53
-272.43
-1420.97
-566.87
-732.70
-238.27
-484.73
-253.59
-405.24
-775.26
-138.38
-93.01
32.79%Increase/Decrease in Debt
$149.92
-8.01
57.31
-41.35
-128.03
977.95
47.85
82.04
-68.33
108.49
-44.73
-106.40
121.14
-20.36
86.57
-1.76%525.14%Increase/Decrease in Equity
$228.55
190.72
36.79
16.13
-14.25
-6.23
-11.52
-12.04
-14.27
-4.22
-5.94
-5.52
205.07
204.08
-3.15
-0.90%-101.54%Interest Expenses
$59.66
60.95
167.26
292.40
281.62
289.69
333.51
369.67
169.74
165.10
158.63
157.50
157.57
29.52
32.78
8.43%11.08%Dividends Paid
$97.23
112.70
147.25
231.45
244.98
261.50
409.95
434.93
457.37
477.29
489.59
558.22
673.08
167.03
177.11
17.50%6.03%Net Cash (Financing)
$281.25
70.01
-183.87
-488.59
-633.20
444.85
-795.73
-810.27
-524.28
-374.14
-546.40
-722.77
-367.90
15.02
-94.26
-727.52%Cash Taxes Paid
$
1.61
3.19
4.21
3.16
4.73
5.10
2.55
2.55
2.54
3.49
4.00
0.03
Increase/Decrease in Cash
$11.38
-48.24
160.66
-127.86
21.81
-8.05
-45.57
-74.39
18.87
-34.93
94.98
-69.53
-5.98
94.95
12.98
-86.32%Cash (Beginning)
$45.94
57.32
18.01
178.67
53.31
75.12
67.07
21.50
51.67
70.54
35.62
130.60
61.07
61.07
55.09
2.40%-9.79%Cash (Ending)
$57.32
9.07
178.67
50.80
75.12
67.07
21.50
68.52
70.54
35.62
130.60
61.07
55.09
298.43
68.08
-0.33%-77.19%NOPAT
$99.73
130.28
233.78
456.43
576.26
544.30
709.55
527.01
295.94
274.17
306.61
842.87
687.16
173.56
165.28
17.45%-4.77%Gross Margin %
72.17%
73.18%
73.26%
73.77%
71.20%
71.48%
83.25%
85.78%
85.66%
84.95%
84.99%
Operating Margin %
22.21%
26.20%
18.42%
23.07%
27.63%
24.18%
23.20%
16.77%
18.03%
16.34%
17.24%
41.73%
31.98%
32.81%
30.40%
NOPAT Margin %
22.21%
26.20%
18.42%
23.07%
27.63%
24.18%
23.20%
16.77%
18.03%
16.34%
17.24%
41.73%
31.98%
32.81%
30.40%
Net Margin %
10.87%
21.16%
9.08%
7.48%
15.93%
9.42%
10.62%
6.98%
21.56%
15.19%
30.02%
31.56%
25.73%
25.69%
26.44%
ROA
3.94%
4.74%
3.42%
6.68%
8.42%
4.69%
6.17%
4.65%
2.64%
2.45%
2.72%
7.50%
5.98%
1.53%
1.44%
ROE
13.41%
13.78%
7.51%
14.96%
18.25%
8.20%
10.80%
8.27%
4.71%
4.50%
4.98%
13.62%
10.94%
2.72%
2.64%
Equity Multiplier
3.40
2.91
2.20
2.24
2.17
1.75
1.75
1.78
1.79
1.84
1.83
1.82
1.83
1.78
1.83
Debt/Equity Ratio
2.22
1.77
2.23
1.15
1.09
0.68
0.69
0.71
0.71
0.75
0.73
0.71
0.72
0.69
0.74
Dividend Payout Ratio %
97.49%
86.51%
62.98%
50.71%
42.51%
48.04%
57.78%
82.53%
154.55%
174.09%
159.68%
66.23%
97.95%
96.24%
107.16%
Total Payout
$-221.59
-9.06
220.40
549.08
668.89
-420.53
707.14
734.60
709.72
538.12
698.89
827.63
504.44
12.83
126.48
885.41%Payout Ratio %
-222.19%
-6.96%
94.28%
120.30%
116.07%
-77.26%
99.66%
139.39%
239.82%
196.27%
227.94%
98.19%
73.41%
7.40%
76.53%