Cash flow Mid-America Apartment Communities, Inc.

Equities

MAA

US59522J1034

Residential REITs

Market Closed - Nyse Other stock markets 04:00:02 2026-02-06 pm EST			5-day change	1st Jan Change
132.13 ^USD	+1.08%		-1.62%	-4.88%

Feb. 06	RBC Trims Price Target on Mid-America Apartment Communities to $136 From $138, Keeps Sector Perform Rating	MT
Feb. 06	Goldman Sachs Adjusts Mid-America Apartment Communities PT to $137 From $139, Maintains Neutral Rating	MT

e3b36a89981a36b8a25.Egcq6NrF08g0P2okzryRAsG3RgESZjSCI4UUaG-fqcE.d2JSru2ht5x7Rx1xvc_zSqfnF1tzB1LHZOYjJQT9zLhrNEGO64uFqUdvBQ

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

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	1.68B	1.78B	2.02B	2.15B	2.19B
Other Revenues, Total	-	-	-	-	-
Total Revenues	1.68B	1.78B	2.02B	2.15B	2.19B
Property Expenses	693M	727M	789M	836M	892M
Selling General & Admin Expenses, Total	46.86M	52.88M	58.83M	58.58M	56.52M
Depreciation & Amortization - (IS) - (Collected)	511M	533M	543M	565M	586M
Total Operating Expenses	1.25B	1.31B	1.39B	1.46B	1.53B
Operating Income (REIT / Utility Template)	428M	465M	629M	689M	657M
Interest Expense, Total	-168M	-157M	-155M	-149M	-169M
Interest and Investment Income	-	-	-	-	-
Net Interest Expenses	-168M	-157M	-155M	-149M	-169M
Income (Loss) on Equity Invest.	7.1M	52.92M	1.58M	1.73M	15.05M
Other Non Operating Income (Expenses)	3.58M	-3.76M	-18.13M	23.2M	-22.14M
EBT, Excl. Unusual Items	271M	357M	458M	565M	481M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-45.36M	4.45M	10.81M
Gain (Loss) on Sale of Assets	1.03M	221M	216M	-8K	55M
Insurance Settlements	-	-	-	-	9.33M
Legal Settlements	38K	2.17M	-8.54M	4.45M	-9.44M
Other Unusual Items	-4.36M	-16.22M	29.31M	-923K	-
EBT, Incl. Unusual Items	267M	564M	649M	573M	547M
Income Tax Expense	3.33M	13.64M	-6.21M	4.74M	5.24M
Earnings From Continuing Operations	264M	551M	655M	568M	542M
Net Income to Company	264M	551M	655M	568M	542M
Minority Interest	-9.05M	-16.91M	-17.34M	-15.02M	-14.03M
Net Income - (IS)	255M	534M	637M	553M	528M
Preferred Dividend and Other Adjustments	4.03M	4.23M	4.13M	3.91M	3.76M
Net Income to Common Incl Extra Items	251M	530M	633M	549M	524M
Net Income to Common Excl. Extra Items	251M	530M	633M	549M	524M
Per Share Items
Net EPS - Basic	2.2	4.62	5.49	4.71	4.49
Basic EPS - Continuing Operations	2.2	4.62	5.49	4.71	4.49
Basic Weighted Average Shares Outstanding	114M	115M	115M	117M	117M
Net EPS - Diluted	2.19	4.61	5.48	4.71	4.49
Diluted EPS - Continuing Operations	2.19	4.61	5.48	4.71	4.49
Diluted Weighted Average Shares Outstanding	114M	115M	116M	117M	117M
Normalized Basic EPS	1.4	1.8	2.33	2.9	2.45
Normalized Diluted EPS	1.4	1.79	2.32	2.9	2.45
Dividend Per Share	4	4.1	4.68	5.6	5.88
Payout Ratio	180.83	88.82	85.23	118.56	130.91
Supplemental Items
EBITDA	939M	999M	1.17B	1.25B	1.24B
EBITA	428M	465M	629M	689M	657M
EBIT	428M	465M	629M	689M	657M
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	1.24	2.42	-0.96	0.83	0.96
Normalized Net Income	160M	206M	269M	338M	287M
Interest Capitalized	6.91M	9.72M	8.73M	12.38M	17.44M
Supplemental Operating Expense Items
Advertising Expense	23.9M	23.9M	24.4M	26.6M	31.7M
General and Administrative Expenses	46.86M	52.88M	58.83M	58.58M	56.52M
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	14.33M	16.66M	18.8M	15.7M	15.79M
Total Stock-Based Compensation	14.33M	16.66M	18.8M	15.7M	15.79M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	14.33B	14.73B	15.23B	15.98B	16.77B
Accumulated Depreciation	-3.42B	-3.85B	-4.3B	-4.86B	-5.33B
Net Property Plant And Equipment	10.91B	10.88B	10.92B	11.11B	11.44B
Land Held For Development Or Sale	60.99M	24.02M	64.31M	73.86M	73.36M
Total Real Estate Assets	10.97B	10.9B	10.99B	11.18B	11.51B
Cash And Equivalents	25.2M	54.3M	38.66M	41.31M	43.02M
Investment In Debt and Equity Securities	-	-	-	18.6M	3.3M
Goodwill	-	-	-	-	-
Other Intangibles, Total	1.3M	900K	-	-	1M
Restricted Cash	10.42M	76.3M	22.41M	13.78M	13.74M
Other Current Assets, Total	39M	34.5M	13.4M	31.9M	20.96M
Trading Asset Securities, Total	-	-	-	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	146M	216M	178M	194M	216M
Total Assets	11.19B	11.29B	11.24B	11.48B	11.81B
Liabilities
Current Portion of Long-Term Debt	192M	125M	350M	400M	399M
Current Portion of Leases	2.86M	2.89M	2.88M	2.95M	3.04M
Short-Term Borrowings	172M	-	20M	495M	250M
Long-Term Debt	4.2B	4.39B	4.05B	3.65B	4.33B
Long-Term Leases	28.88M	27.36M	25.79M	24.39M	23.05M
Accounts Payable, Total	-	104M	-	-	-
Accrued Expenses, Total	299M	198M	188M	207M	203M
Unearned Revenue, Current	48.8M	59.94M	65.13M	65.18M	64.63M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	148M	193M	334M	346M	390M
Other Non Current Liabilities	15.4M	30.18M	20.67M	19.17M	22.23M
Total Liabilities	5.11B	5.13B	5.05B	5.2B	5.69B
Preferred Stock Redeemable	9K	9K	9K	9K	9K
Total Preferred Equity	9K	9K	9K	9K	9K
Common Stock, Total	1.14M	1.15M	1.15M	1.17M	1.17M
Additional Paid In Capital	7.18B	7.23B	7.2B	7.4B	7.42B
Distributions In Excess Of Earnings	-1.29B	-1.26B	-1.19B	-1.3B	-1.47B
Comprehensive Income and Other	-12.13M	-11.13M	-10.05M	-8.76M	-6.94M
Total Common Equity	5.87B	5.97B	6.01B	6.09B	5.94B
Minority Interest	217M	189M	185M	186M	183M
Total Equity	6.09B	6.15B	6.19B	6.28B	6.13B
Total Liabilities And Equity	11.19B	11.29B	11.24B	11.48B	11.81B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	114M	115M	117M	117M	117M
ECS Total Common Shares Outstanding	114M	115M	115M	117M	117M
Book Value / Share	51.34	51.72	52	52.22	50.84
Tangible Book Value	5.87B	5.96B	6.01B	6.09B	5.94B
Tangible Book Value Per Share	51.33	51.71	52	52.22	50.83
Total Debt	4.59B	4.55B	4.44B	4.57B	5.01B
Net Debt	4.57B	4.49B	4.4B	4.53B	4.96B
Minority Interest, Total (Incl. Fin. Div)	217M	189M	185M	186M	183M
Equity Method Investments, Total	66.32M	122M	78.99M	88.48M	104M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.93B	1.98B	2.01B	2.03B	2.1B
Buildings, Total	12.07B	12.45B	12.84B	13.52B	14.16B
Machinery, Total	-	-	-	-	-
Full Time Employees	2.53K	2.43K	2.39K	2.43K	2.53K
Part Time Employees	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	255M	534M	637M	553M	528M
Depreciation, Depletion & Amortization	512M	534M	544M	566M	586M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	512M	534M	544M	566M	586M
Amortization of Deferred Charges, Total	4.96M	5.65M	6.06M	5.91M	6.04M
(Gain) Loss On Sale of Asset - (CF)	-1.03M	-221M	-216M	8K	-55M
(Gain) Loss on Sale of Investments - (CF)	-	-	45.36M	-4.45M	-7.81M
(Income) Loss On Equity Investments - (CF)	-	-51.71M	-	-	-
Stock-Based Compensation (CF)	14.33M	16.66M	18.8M	15.7M	15.79M
Change in Accounts Payable	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	32.56M	55.92M	-16.06M	4.86M	3.79M
Other Operating Activities	6.49M	21.47M	38.45M	-3.5M	21.54M
Cash from Operations	824M	895M	1.06B	1.14B	1.1B
Acquisition of Real Estate Assets, Total	-484M	-557M	-740M	-763M	-937M
Sale of Real Estate Assets, Total	4.18M	308M	320M	2.95M	84.21M
Net Sale / Acquisition of Real Estate Assets	-480M	-249M	-419M	-760M	-853M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-5M	-4.17M	-13.31M	-16.32M	7.43M
Other Investing Activities, Total	-	-	27.31M	945K	20.2M
Cash from Investing	-485M	-254M	-405M	-775M	-825M
Short Term Debt Issued, Total	102M	-	20M	475M	-
Long-Term Debt Issued, Total	703M	594M	-	-	1.09B
Total Debt Issued	805M	594M	20M	475M	1.09B
Short Term Debt Repaid, Total	-	-172M	-	-	-245M
Long-Term Debt Repaid, Total	-696M	-467M	-126M	-354M	-400M
Total Debt Repaid	-696M	-639M	-126M	-354M	-645M
Issuance of Common Stock	-	-	-	205M	1.23M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-457M	-470M	-540M	-652M	-687M
Preferred Dividends Paid	-3.69M	-3.69M	-3.69M	-3.69M	-3.69M
Common & Preferred Stock Dividends Paid	-461M	-474M	-543M	-655M	-691M
Other Financing Activities, Total	-21.59M	-27.58M	-73.08M	-38.71M	-28.41M
Cash from Financing	-374M	-546M	-723M	-368M	-271M
Net Change in Cash	-34.93M	94.98M	-69.53M	-5.98M	1.67M
Supplemental Items
Cash Interest Paid	165M	159M	157M	158M	165M
Cash Income Tax Paid (Refund)	2.55M	2.54M	3.49M	4M	3.34M
Net Debt Issued / Repaid	108M	-44.73M	-106M	121M	447M
Levered Free Cash Flow	788M	745M	973M	946M	964M
Unlevered Free Cash Flow	888M	838M	1.06B	1.03B	1.06B
Change In Net Working Capital	-94.52M	3.76M	-108M	-20.78M	-50.82M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.38	2.58	3.49	3.79	3.52
Return on Total Capital	2.49	2.72	3.68	4.01	3.73
Return On Equity %	4.27	9	10.61	9.11	8.73
Return on Common Equity	4.2	8.95	10.58	9.07	8.7
Margin Analysis
Gross Profit Margin %	58.71	59.12	60.93	61.09	59.28
SG&A Margin	2.79	2.97	2.91	2.73	2.58
EBITDA Margin %	55.97	56.2	58.07	58.4	56.74
EBITA Margin %	25.48	26.14	31.13	32.06	29.97
EBIT Margin %	25.48	26.14	31.13	32.06	29.97
Income From Continuing Operations Margin %	15.73	30.97	32.42	26.43	24.72
Net Income Margin %	15.19	30.02	31.56	25.73	24.08
Net Avail. For Common Margin %	14.95	29.78	31.35	25.55	23.91
Normalized Net Income Margin	9.54	11.6	13.3	15.73	13.08
Levered Free Cash Flow Margin	46.96	41.92	48.18	44.01	44.01
Unlevered Free Cash Flow Margin	52.9	47.12	52.67	48.08	48.54
Asset Turnover
Asset Turnover	0.15	0.16	0.18	0.19	0.19
Fixed Assets Turnover	0.15	0.16	0.19	0.2	0.19
Short Term Liquidity
Current Ratio	0.09	0.24	0.08	0.06	0.06
Quick Ratio	0.03	0.08	0.04	0.03	0.03
Operating Cash Flow to Current Liabilities	0.95	1.31	1.1	0.75	0.84
Average Days Payable Outstanding	-	47.74	-	-	-
Long Term Solvency
Total Debt/Equity	75.46	73.89	71.79	72.73	81.74
Total Debt / Total Capital	43.01	42.49	41.79	42.11	44.98
LT Debt/Equity	69.44	71.81	65.77	58.44	71.09
Long-Term Debt / Total Capital	39.58	41.3	38.29	33.83	39.12
Total Liabilities / Total Assets	45.61	45.47	44.94	45.32	48.14
EBIT / Interest Expense	2.55	2.96	4.06	4.62	3.9
EBITDA / Interest Expense	5.61	6.37	7.58	8.41	7.38
(EBITDA - Capex) / Interest Expense	5.61	6.37	7.58	8.41	7.38
Total Debt / EBITDA	4.89	4.55	3.79	3.64	4.03
Net Debt / EBITDA	4.87	4.5	3.76	3.61	3.99
Total Debt / (EBITDA - Capex)	4.89	4.55	3.79	3.64	4.03
Net Debt / (EBITDA - Capex)	4.87	4.5	3.76	3.61	3.99
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.25	5.97	13.6	6.37	1.98
Gross Profit, 1 Yr. Growth %	1.24	6.7	17.08	6.65	-1.04
EBITDA, 1 Yr. Growth %	0.96	6.4	17.37	6.98	-0.92
EBITA, 1 Yr. Growth %	-1.15	8.74	35.28	9.54	-4.67
EBIT, 1 Yr. Growth %	-1.15	8.74	35.28	9.54	-4.67
Earnings From Cont. Operations, 1 Yr. Growth %	-27.99	108.59	18.9	-13.28	-4.62
Net Income, 1 Yr. Growth %	-27.94	109.36	19.42	-13.28	-4.57
Diluted EPS Before Extra, 1 Yr. Growth %	-28.48	109.98	18.99	-14.14	-4.72
Normalized Net Income, 1 Yr. Growth %	0.09	28.87	54.41	25.76	-14.69
Net Property, Plant and Equip., 1 Yr. Growth %	-0.46	-0.3	0.41	1.71	2.97
Total Assets, 1 Yr. Growth %	-0.32	0.81	-0.39	2.16	2.85
Common Equity, 1 Yr. Growth %	-3.25	1.59	0.67	1.48	-2.49
Tangible Book Value, 1 Yr. Growth %	-3.23	1.6	0.67	1.48	-2.48
Cash From Operations, 1 Yr. Growth %	5.44	8.62	18.27	7.44	-3.42
Levered Free Cash Flow, 1 Yr. Growth %	20.27	-5.39	30.55	-2.84	1.97
Unlevered Free Cash Flow, 1 Yr. Growth %	16.53	-5.62	26.97	-2.91	2.96
Dividend Per Share, 1 Yr. Growth %	4.17	2.5	14.02	19.79	5
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.34	4.09	9.72	9.92	4.15
Gross Profit, 2 Yr. CAGR %	2.97	3.93	11.77	11.74	2.73
EBITDA, 2 Yr. CAGR %	2.64	3.64	11.75	12.06	2.95
EBITA, 2 Yr. CAGR %	3.32	3.68	21.29	21.73	2.19
EBIT, 2 Yr. CAGR %	3.32	3.68	21.29	21.73	2.19
Earnings From Cont. Operations, 2 Yr. CAGR %	6.9	22.56	57.48	1.54	-9.05
Net Income, 2 Yr. CAGR %	6.95	22.83	58.12	1.77	-9.03
Diluted EPS Before Extra, 2 Yr. CAGR %	6.75	22.55	58.07	1.07	-9.55
Normalized Net Income, 2 Yr. CAGR %	6.64	13.38	32.13	43	5.1
Net Property, Plant and Equip., 2 Yr. CAGR %	-0.62	-0.38	0.05	1.06	2.34
Total Assets, 2 Yr. CAGR %	-0.57	0.24	0.21	0.88	2.51
Common Equity, 2 Yr. CAGR %	-2.29	-0.86	1.13	1.07	-0.53
Tangible Book Value, 2 Yr. CAGR %	-2.27	-0.84	1.14	1.07	-0.53
Cash From Operations, 2 Yr. CAGR %	5.93	7.02	13.34	12.72	1.86
Levered Free Cash Flow, 2 Yr. CAGR %	5.11	6.67	11.14	12.62	-0.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	3.63	4.87	9.47	11.03	-0.02
Dividend Per Share, 2 Yr. CAGR %	4.12	3.33	8.11	16.87	12.09
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.15	4.21	7.17	8.59	7.21
Gross Profit, 3 Yr. CAGR %	2.73	4.2	8.14	10.03	7.31
EBITDA, 3 Yr. CAGR %	2.61	3.88	8.03	10.14	7.55
EBITA, 3 Yr. CAGR %	4.49	5.09	13.29	17.24	12.21
EBIT, 3 Yr. CAGR %	4.49	5.09	13.29	17.24	12.21
Earnings From Cont. Operations, 3 Yr. CAGR %	-8.13	33.58	21.33	29.08	-0.56
Net Income, 3 Yr. CAGR %	-8.09	33.79	21.68	29.43	-0.39
Diluted EPS Before Extra, 3 Yr. CAGR %	-8.41	33.76	21.35	28.97	-0.9
Normalized Net Income, 3 Yr. CAGR %	5.8	13.58	18.73	29.97	20.17
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.74	-0.52	-0.12	0.6	1.69
Total Assets, 3 Yr. CAGR %	-0.87	-0.11	0.03	0.86	1.53
Common Equity, 3 Yr. CAGR %	-2.53	-1.01	-0.35	1.25	-0.13
Tangible Book Value, 3 Yr. CAGR %	-2.5	-1	-0.34	1.25	-0.13
Cash From Operations, 3 Yr. CAGR %	7.63	6.82	10.65	11.34	7.06
Levered Free Cash Flow, 3 Yr. CAGR %	11.52	1.49	14.1	6.27	8.95
Unlevered Free Cash Flow, 3 Yr. CAGR %	9.58	0.45	11.78	5.18	8.27
Dividend Per Share, 3 Yr. CAGR %	4.75	3.57	6.78	11.87	12.77
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.98	9.58	5.73	6.46	5.95
Gross Profit, 5 Yr. CAGR %	10.02	9.49	6.26	7.15	5.94
EBITDA, 5 Yr. CAGR %	9.9	9.35	6.17	7.07	5.97
EBITA, 5 Yr. CAGR %	7.64	8.03	10.91	11.46	8.71
EBIT, 5 Yr. CAGR %	8	8.03	10.91	11.46	8.71
Earnings From Cont. Operations, 5 Yr. CAGR %	-5.52	19.67	13.97	19.71	8.12
Net Income, 5 Yr. CAGR %	-5.16	20.26	14.19	19.92	8.32
Diluted EPS Before Extra, 5 Yr. CAGR %	-13.03	11.37	13.93	19.58	7.89
Normalized Net Income, 5 Yr. CAGR %	14.05	14.89	14.72	19.13	12.3
Net Property, Plant and Equip., 5 Yr. CAGR %	10.36	-0.63	-0.43	0.11	0.86
Total Assets, 5 Yr. CAGR %	10.33	-0.56	-0.44	0.28	1.02
Common Equity, 5 Yr. CAGR %	14.43	-1.41	-1.08	-0.18	-0.42
Tangible Book Value, 5 Yr. CAGR %	14.49	-1.28	-1.06	-0.17	-0.42
Cash From Operations, 5 Yr. CAGR %	12.18	13.03	9.88	9.14	7.05
Levered Free Cash Flow, 5 Yr. CAGR %	13.72	4.52	11.37	5.8	8.03
Unlevered Free Cash Flow, 5 Yr. CAGR %	12.58	4.3	9.54	4.55	6.9
Dividend Per Share, 5 Yr. CAGR %	5.37	4.56	6.08	8.7	8.9