Cash flow Mid-America Apartment Community, Inc.

Equities

MAA

US59522J1034

Residential REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-12-02 pm EST			5-day change	1st Jan Change
162.30 ^USD	-1.13%		+0.20%	+20.71%

Nov. 14	Scotiabank Adjusts Mid-America Apartment Communities Price Target to $173 From $174, Maintains Sector Perform Rating	MT
Nov. 13	Baird Adjusts Price Target on Mid-America Apartment Communities to $160 From $158, Maintains Neutral	MT

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Published financial data: MID-AMERICA APARTMENT COMMUNITY, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	1.64B	1.68B	1.78B	2.02B	2.15B
Property Management Fee	-	-	-	-	-
Other Revenues, Total	-	-	-	-	-
Total Revenues	1.64B	1.68B	1.78B	2.02B	2.15B
Property Expenses	668M	693M	727M	789M	836M
Selling General & Admin Expenses, Total	46.12M	46.86M	52.88M	58.83M	58.58M
Depreciation & Amortization - (IS) - (Collected)	497M	511M	533M	543M	565M
Total Operating Expenses	1.21B	1.25B	1.31B	1.39B	1.46B
Operating Income (REIT / Utility Template)	430M	428M	465M	629M	689M
Interest Expense, Total	-180M	-168M	-157M	-155M	-149M
Interest and Investment Income	-	-	-	-	-
Net Interest Expenses	-180M	-168M	-157M	-155M	-149M
Income (Loss) on Equity Invest.	1.65M	7.1M	52.92M	1.58M	1.73M
Other Non Operating Income (Expenses)	25.28M	3.58M	-3.76M	-18.13M	23.2M
EBT, Excl. Unusual Items	277M	271M	357M	458M	565M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-45.36M	4.45M
Gain (Loss) on Sale of Assets	93.04M	1.03M	221M	216M	-8K
Insurance Settlements	-	-	-	-	-
Legal Settlements	-	38K	2.17M	-8.54M	4.45M
Other Unusual Items	-	-4.36M	-16.22M	29.31M	-923K
EBT, Incl. Unusual Items	370M	267M	564M	649M	573M
Income Tax Expense	3.7M	3.33M	13.64M	-6.21M	4.74M
Earnings From Continuing Operations	367M	264M	551M	655M	568M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	367M	264M	551M	655M	568M
Minority Interest	-12.81M	-9.05M	-16.91M	-17.34M	-15.02M
Net Income - (IS)	354M	255M	534M	637M	553M
Preferred Dividend and Other Adjustments	4.21M	4.03M	4.23M	4.13M	3.91M
Net Income to Common Incl Extra Items	350M	251M	530M	633M	549M
Net Income to Common Excl. Extra Items	350M	251M	530M	633M	549M
Per Share Items
Net EPS - Basic	3.07	2.2	4.62	5.49	4.71
Basic EPS - Continuing Operations	3.07	2.2	4.62	5.49	4.71
Basic Weighted Average Shares Outstanding	114M	114M	115M	115M	117M
Net EPS - Diluted	3.07	2.19	4.61	5.48	4.71
Diluted EPS - Continuing Operations	3.07	2.19	4.61	5.48	4.71
Diluted Weighted Average Shares Outstanding	114M	114M	115M	116M	117M
Normalized Basic EPS	1.41	1.4	1.8	2.33	2.9
Normalized Diluted EPS	1.41	1.4	1.79	2.32	2.9
Dividend Per Share	3.84	4	4.1	4.68	5.6
Payout Ratio	124.76	180.83	88.82	85.23	118.56
Supplemental Items
EBITDA	928M	939M	999M	1.17B	1.25B
EBITA	430M	428M	465M	629M	689M
EBIT	430M	428M	465M	629M	689M
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	1	1.24	2.42	-0.96	0.83
Normalized Net Income	160M	160M	206M	269M	338M
Interest Capitalized	2.89M	6.91M	9.72M	8.73M	12.38M
Supplemental Operating Expense Items
Advertising Expense	20.8M	23.9M	23.9M	24.4M	26.6M
General and Administrative Expenses	46.12M	46.86M	52.88M	58.83M	58.58M
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	13.65M	14.33M	16.66M	18.8M	15.7M
Total Stock-Based Compensation	13.65M	14.33M	16.66M	18.8M	15.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	13.92B	14.33B	14.73B	15.23B	15.98B
Accumulated Depreciation	-2.96B	-3.42B	-3.85B	-4.3B	-4.86B
Net Property Plant And Equipment	10.96B	10.91B	10.88B	10.92B	11.11B
Land Held For Development Or Sale	34.55M	60.99M	24.02M	64.31M	73.86M
Total Real Estate Assets	11B	10.97B	10.9B	10.99B	11.18B
Cash And Equivalents	20.48M	25.2M	54.3M	38.66M	41.31M
Investment In Debt and Equity Securities	-	-	-	-	18.6M
Goodwill	-	-	-	-	-
Other Intangibles, Total	2.6M	1.3M	900K	-	-
Restricted Cash	50.06M	10.42M	76.3M	22.41M	13.78M
Other Current Assets, Total	36.5M	39M	34.5M	13.4M	31.9M
Trading Asset Securities, Total	100K	-	-	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	123M	146M	216M	178M	194M
Total Assets	11.23B	11.19B	11.29B	11.24B	11.48B
Liabilities
Current Portion of Long-Term Debt	138M	192M	125M	350M	400M
Current Portion of Leases	2.82M	2.86M	2.89M	2.88M	2.95M
Short-Term Borrowings	70M	172M	-	20M	495M
Long-Term Debt	4.25B	4.2B	4.39B	4.05B	3.65B
Long-Term Leases	30.29M	28.88M	27.36M	25.79M	24.39M
Accounts Payable, Total	-	-	104M	-	-
Accrued Expenses, Total	251M	299M	198M	188M	207M
Unearned Revenue, Current	42M	48.8M	59.94M	65.13M	65.18M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	146M	148M	193M	334M	346M
Other Non Current Liabilities	14.13M	15.4M	30.18M	20.67M	19.17M
Total Liabilities	4.94B	5.11B	5.13B	5.05B	5.2B
Preferred Stock Redeemable	9K	9K	9K	9K	9K
Total Preferred Equity	9K	9K	9K	9K	9K
Common Stock, Total	1.14M	1.14M	1.15M	1.15M	1.17M
Additional Paid In Capital	7.17B	7.18B	7.23B	7.2B	7.4B
Distributions In Excess Of Earnings	-1.09B	-1.29B	-1.26B	-1.19B	-1.3B
Comprehensive Income and Other	-13.18M	-12.13M	-11.13M	-10.05M	-8.76M
Total Common Equity	6.07B	5.87B	5.97B	6.01B	6.09B
Minority Interest	221M	217M	189M	185M	186M
Total Equity	6.29B	6.09B	6.15B	6.19B	6.28B
Total Liabilities And Equity	11.23B	11.19B	11.29B	11.24B	11.48B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	114M	114M	115M	117M	117M
ECS Total Common Shares Outstanding	114M	114M	115M	115M	117M
Book Value / Share	53.12	51.34	51.72	52	52.22
Tangible Book Value	6.07B	5.87B	5.96B	6.01B	6.09B
Tangible Book Value Per Share	53.1	51.33	51.71	52	52.22
Total Debt	4.49B	4.59B	4.55B	4.44B	4.57B
Net Debt	4.47B	4.57B	4.49B	4.4B	4.53B
Minority Interest, Total (Incl. Fin. Div)	221M	217M	189M	185M	186M
Equity Method Investments, Total	56.77M	66.32M	122M	78.99M	88.48M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.91B	1.93B	1.98B	2.01B	2.03B
Buildings, Total	11.84B	12.07B	12.45B	12.84B	13.52B
Machinery, Total	-	-	-	-	-
Full Time Employees	2.48K	2.53K	2.43K	2.39K	2.43K
Part Time Employees	37	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	354M	255M	534M	637M	553M
Depreciation, Depletion & Amortization	498M	512M	534M	544M	566M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	498M	512M	534M	544M	566M
Amortization of Deferred Charges, Total	5.78M	4.96M	5.65M	6.06M	5.91M
(Gain) Loss On Sale of Asset - (CF)	-93.04M	-1.03M	-221M	-216M	8K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	45.36M	-4.45M
(Income) Loss On Equity Investments - (CF)	-	-	-51.71M	-	-
Stock-Based Compensation (CF)	13.65M	14.33M	16.66M	18.8M	15.7M
Change in Accounts Payable	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-9.38M	32.56M	55.92M	-16.06M	4.86M
Other Operating Activities	12.81M	6.49M	21.47M	38.45M	-3.5M
Net Cash From Discontinued Operations	-	-	-	-	-
Cash from Operations	781M	824M	895M	1.06B	1.14B
Acquisition of Real Estate Assets, Total	-408M	-484M	-557M	-740M	-763M
Sale of Real Estate Assets, Total	175M	4.18M	308M	320M	2.95M
Net Sale / Acquisition of Real Estate Assets	-233M	-480M	-249M	-419M	-760M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-4.88M	-5M	-4.17M	-13.31M	-16.32M
Other Investing Activities, Total	-	-	-	27.31M	945K
Cash from Investing	-238M	-485M	-254M	-405M	-775M
Short Term Debt Issued, Total	70M	102M	-	20M	475M
Long-Term Debt Issued, Total	1.62B	703M	594M	-	-
Total Debt Issued	1.69B	805M	594M	20M	475M
Short Term Debt Repaid, Total	-	-	-172M	-	-
Long-Term Debt Repaid, Total	-1.76B	-696M	-467M	-126M	-354M
Total Debt Repaid	-1.76B	-696M	-639M	-126M	-354M
Issuance of Common Stock	-	-	-	-	205M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-438M	-457M	-470M	-540M	-652M
Preferred Dividends Paid	-3.69M	-3.69M	-3.69M	-3.69M	-3.69M
Common & Preferred Stock Dividends Paid	-441M	-461M	-474M	-543M	-655M
Other Financing Activities, Total	-14.52M	-21.59M	-27.58M	-73.08M	-38.71M
Cash from Financing	-524M	-374M	-546M	-723M	-368M
Net Change in Cash	18.87M	-34.93M	94.98M	-69.53M	-5.98M
Supplemental Items
Cash Interest Paid	170M	165M	159M	157M	158M
Cash Income Tax Paid (Refund)	2.55M	2.55M	2.54M	3.49M	4M
Net Debt Issued / Repaid	-68.33M	108M	-44.73M	-106M	121M
Levered Free Cash Flow	654M	788M	745M	973M	946M
Unlevered Free Cash Flow	760M	888M	838M	1.06B	1.03B
Change In Net Working Capital	19.96M	-94.52M	3.76M	-108M	-20.78M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.38	2.38	2.58	3.49	3.79
Return on Total Capital	2.48	2.49	2.72	3.68	4.01
Return On Equity %	5.79	4.27	9	10.61	9.11
Return on Common Equity	5.72	4.2	8.95	10.58	9.07
Margin Analysis
Gross Profit Margin %	59.3	58.71	59.12	60.93	61.09
SG&A Margin	2.81	2.79	2.97	2.91	2.73
EBITDA Margin %	56.55	55.97	56.2	58.07	58.4
EBITA Margin %	26.22	25.48	26.14	31.13	32.06
EBIT Margin %	26.22	25.48	26.14	31.13	32.06
Income From Continuing Operations Margin %	22.34	15.73	30.97	32.42	26.43
Net Income Margin %	21.56	15.19	30.02	31.56	25.73
Net Avail. For Common Margin %	21.3	14.95	29.78	31.35	25.55
Normalized Net Income Margin	9.78	9.54	11.6	13.3	15.73
Levered Free Cash Flow Margin	39.84	46.96	41.92	48.18	44.01
Unlevered Free Cash Flow Margin	46.33	52.9	47.12	52.67	48.08
Asset Turnover
Asset Turnover	0.15	0.15	0.16	0.18	0.19
Fixed Assets Turnover	0.15	0.15	0.16	0.19	0.2
Short Term Liquidity
Current Ratio	0.16	0.09	0.24	0.08	0.06
Quick Ratio	0.03	0.03	0.08	0.04	0.03
Operating Cash Flow to Current Liabilities	1.2	0.95	1.31	1.1	0.75
Average Days Payable Outstanding	-	-	47.74	-	-
Long Term Solvency
Total Debt/Equity	71.35	75.46	73.89	71.79	72.73
Total Debt / Total Capital	41.64	43.01	42.49	41.79	42.11
LT Debt/Equity	68	69.44	71.81	65.77	58.44
Long-Term Debt / Total Capital	39.69	39.58	41.3	38.29	33.83
Total Liabilities / Total Assets	44	45.61	45.47	44.94	45.32
EBIT / Interest Expense	2.39	2.55	2.96	4.06	4.62
EBITDA / Interest Expense	5.16	5.61	6.37	7.58	8.41
(EBITDA - Capex) / Interest Expense	5.16	5.61	6.37	7.58	8.41
Total Debt / EBITDA	4.84	4.89	4.55	3.79	3.64
Net Debt / EBITDA	4.81	4.87	4.5	3.76	3.61
Total Debt / (EBITDA - Capex)	4.84	4.89	4.55	3.79	3.64
Net Debt / (EBITDA - Capex)	4.81	4.87	4.5	3.76	3.61
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.43	2.25	5.97	13.6	6.37
Gross Profit, 1 Yr. Growth %	4.74	1.24	6.7	17.08	6.65
EBITDA, 1 Yr. Growth %	3.62	0.96	6.4	17.37	6.98
EBITA, 1 Yr. Growth %	6.33	-1.15	8.74	35.28	9.54
EBIT, 1 Yr. Growth %	6.33	-1.15	8.74	35.28	9.54
Earnings From Cont. Operations, 1 Yr. Growth %	58.69	-27.99	108.59	18.9	-13.28
Net Income, 1 Yr. Growth %	58.73	-27.94	109.36	19.42	-13.28
Diluted EPS Before Extra, 1 Yr. Growth %	59.33	-28.48	109.98	18.99	-14.14
Normalized Net Income, 1 Yr. Growth %	14	0.09	28.87	54.41	25.76
Net Property, Plant and Equip., 1 Yr. Growth %	-0.78	-0.46	-0.3	0.41	1.71
Total Assets, 1 Yr. Growth %	-0.82	-0.32	0.81	-0.39	2.16
Common Equity, 1 Yr. Growth %	-1.32	-3.25	1.59	0.67	1.48
Tangible Book Value, 1 Yr. Growth %	-1.3	-3.23	1.6	0.67	1.48
Cash From Operations, 1 Yr. Growth %	6.42	5.44	8.62	18.27	7.44
Levered Free Cash Flow, 1 Yr. Growth %	-8.66	20.27	-5.39	30.55	-2.84
Unlevered Free Cash Flow, 1 Yr. Growth %	-8.3	16.53	-5.62	26.97	-2.91
Dividend Per Share, 1 Yr. Growth %	4.06	4.17	2.5	14.02	19.79
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.6	3.34	4.09	9.72	9.92
Gross Profit, 2 Yr. CAGR %	3.49	2.97	3.93	11.77	11.74