Financials Mid-America Apartment Community, Inc.

Equities

MAA

US59522J1034

Residential REITs

Real-time Estimate Cboe BZX Other stock markets 01:04:16 2024-12-02 pm EST			5-day change	1st Jan Change
161.96 ^USD	-1.34%		+0.13%	+20.62%

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

Projected Income Statement: Mid-America Apartment Community, Inc.

income-statement-evolution-chart MID-AMERICA-APARTMENT-COM

Fiscal Period: Diciembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,641	1,678	1,778	2,020	2,148	2,193	2,249	2,368
Change	-	2.25%	5.97%	13.6%	6.37%	2.06%	2.58%	5.28%
EBITDA ¹	952.2	943.1	1,013	1,178	1,262	1,249	1,274	1,330
Change	-	-0.95%	7.38%	16.29%	7.13%	-0.99%	1.99%	4.36%
EBIT ¹	430.2	427.5	464.9	628.9	688.9	668.6	681.7	722.5
Change	-	-0.62%	8.74%	35.28%	9.54%	-2.95%	1.96%	5.99%
Interest Paid ¹	-179.8	-167.6	-156.9	-154.7	-149.2	-167.8	-183.5	-197.8
Earnings before Tax (EBT) ¹	368.7	265.8	563.1	647	570.8	508.3	498.7	516.5
Change	-	-27.89%	111.83%	14.89%	-11.77%	-10.95%	-1.9%	3.58%
Net income ¹	350.1	251.3	530.1	633.7	549.1	486.5	481.6	500
Change	-	-28.23%	110.97%	19.55%	-13.35%	-11.41%	-1.01%	3.83%
Announcement Date	1/29/20	2/3/21	2/2/22	2/1/23	2/7/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	416.8	418.1	413	423.2	423.7	425	436.9	452.6	463.6	476.1	495	520.8	528	529	535.1	542	542.2	543.6	546.4	551.1	553.6	556.2	561.7	567.3	571.4	583.5	592.2	602.1
Change	-	0.31%	-1.21%	2.46%	0.11%	0.32%	2.81%	3.58%	2.43%	2.7%	3.98%	5.2%	1.38%	0.2%	1.16%	1.29%	0.04%	0.25%	0.52%	0.86%	0.45%	0.46%	0.99%	1.01%	0.71%	2.12%	1.5%	1.67%
EBITDA ¹	241.3	238	234.8	230.4	239.9	238	243.6	256.2	275	274.7	278.6	301.6	316.5	313.5	313.8	315.2	319.3	309.8	311.6	310.8	316.2	314.1	316.6	318.3	326.4	317.2	322.6	326.3
Change	-	-1.38%	-1.34%	-1.87%	4.13%	-0.81%	2.35%	5.2%	7.34%	-0.12%	1.43%	8.23%	4.94%	-0.95%	0.1%	0.48%	1.27%	-2.97%	0.59%	-0.25%	1.72%	-0.68%	0.81%	0.55%	2.55%	-2.83%	1.71%	1.12%
EBIT ¹	116.9	110.6	102	101.7	109.1	105.1	109.5	118.6	131.7	140.1	148	164	176.8	173.9	171.9	166.3	176.9	165.8	165.7	162.8	172.5	166.4	170.1	170.9	178.7	163.2	172.9	177.4
Change	-	-5.37%	-7.79%	-0.35%	7.37%	-3.69%	4.15%	8.36%	10.98%	6.39%	5.68%	10.83%	7.77%	-1.64%	-1.16%	-3.24%	6.35%	-6.28%	-0.01%	-1.75%	5.92%	-3.55%	2.23%	0.51%	4.51%	-8.67%	5.96%	2.58%
Charge d'intérêts ¹	-43.7	-43.48	-42.12	-41.01	-40.95	-39.67	-38.87	-39.23	-39.11	-39.12	-38.9	-38.64	-38.08	-37.28	-36.72	-36.65	-38.58	-40.36	-41.26	-42.73	-43.47	-45.06	-45.75	-47.08	-46.97	-44.89	-45.52	-46.17
Earnings before Tax (EBT) ¹	155.5	38.21	78.61	62.27	86.75	49.53	225.6	89.59	198.4	111.8	213.1	124.1	198	140.1	152.1	113.1	165.5	148.9	105.2	118.4	125.8	120	122.8	121.3	130.3	122.1	129.9	132.1
Change	-	-75.43%	105.72%	-20.78%	39.3%	-42.9%	355.46%	-60.29%	121.46%	-43.67%	90.68%	-41.76%	59.56%	-29.24%	8.57%	-25.67%	46.36%	-10.02%	-29.35%	12.58%	6.22%	-4.62%	2.33%	-1.25%	7.46%	-6.3%	6.36%	1.72%
Net income ¹	148.7	35.73	74.14	58.99	82.42	46.27	215.6	83.56	184.7	109.9	209.8	121.4	192.7	135	144.8	109.8	159.6	142.8	101	114.3	121.5	116.7	117.9	117.6	125.1	122.9	129.5	133.1
Change	-	-75.97%	107.52%	-20.44%	39.72%	-43.86%	365.86%	-61.24%	121.07%	-40.52%	90.92%	-42.14%	58.75%	-29.95%	7.24%	-24.15%	45.3%	-10.48%	-29.26%	13.11%	6.37%	-3.97%	0.99%	-0.25%	6.43%	-1.8%	5.38%	2.82%
Announcement Date	1/29/20	5/6/20	7/29/20	10/28/20	2/3/21	4/28/21	7/28/21	10/27/21	2/2/22	4/27/22	7/27/22	10/26/22	2/1/23	4/26/23	7/26/23	10/25/23	2/7/24	5/1/24	7/31/24	10/30/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Mid-America Apartment Community, Inc.

balance-sheet-analysis-chart MID-AMERICA-APARTMENT-COM

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,400	4,538	4,462	4,376	4,499	4,993	5,272	5,520
Change	-	3.14%	-1.67%	-1.93%	2.81%	10.98%	5.59%	4.7%
Announcement Date	1/29/20	2/3/21	2/2/22	2/1/23	2/7/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Mid-America Apartment Community, Inc.

Fiscal Period: December	2022	2023	2024	2025	2026
CAPEX ¹	271.4	223.5	645.6	282	270
Change	-	-17.68%	188.94%	-56.32%	-4.24%
Free Cash Flow (FCF) ¹	787.1	913.7	-	-	-
Change	-	16.1%	-100%	-	-
Announcement Date	2/1/23	2/7/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Mid-America Apartment Community, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	58.02%	56.21%	56.96%	58.31%	58.73%	56.97%	56.64%	56.15%
EBIT Margin (%)	26.22%	25.48%	26.14%	31.13%	32.06%	30.49%	30.31%	30.51%
EBT Margin (%)	22.47%	15.84%	31.67%	32.03%	26.57%	23.18%	22.17%	21.81%
Net margin (%)	21.34%	14.97%	29.81%	31.38%	25.56%	22.19%	21.41%	21.12%
FCF margin (%)	-	-	-	38.97%	42.53%	-	-	-
FCF / Net Income (%)	-	-	-	124.19%	166.4%	-	-	-
Profitability
ROA	-	-	-	-	4.83%	4.18%	4.35%	4.91%
ROE	-	-	8.58%	10.59%	9.08%	8.02%	8.29%	9.28%
Financial Health
Leverage (Debt/EBITDA)	4.62x	4.81x	4.41x	3.72x	3.57x	4x	4.14x	4.15x
Debt / Free cash flow	-	-	-	5.56x	4.92x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	13.44%	10.4%	29.45%	12.54%	11.4%
CAPEX / EBITDA (%)	-	-	-	23.05%	17.71%	51.68%	22.13%	20.31%
CAPEX / FCF (%)	-	-	-	34.49%	24.45%	-	-	-
Items per share
Cash flow per share ¹	-	-	-	8.923	9.749	9.17	9.387	9.832
Change	-	-	-	-	9.25%	-5.94%	2.37%	4.73%
Dividend per Share ¹	3.88	4.025	4.162	4.675	5.67	5.913	6.058	6.22
Change	-	3.74%	3.42%	12.31%	21.28%	4.28%	2.46%	2.68%
Book Value Per Share ¹	-	-	-	52	50.85	49.16	47.25	45.59
Change	-	-	-	-	-2.21%	-3.33%	-3.88%	-3.51%
EPS ¹	3.07	2.19	4.61	5.48	4.71	4.105	4.107	4.387
Change	-	-28.66%	110.5%	18.87%	-14.05%	-12.84%	0.04%	6.83%
Nbr of stocks (in thousands)	114,066	114,370	115,138	115,477	116,688	116,880	116,880	116,880
Announcement Date	1/29/20	2/3/21	2/2/22	2/1/23	2/7/24	-	-	-