$MAA
MID AMERICA APARTMENT COMMUNITIES INC.

2014 Q1 Form 10-K Financial Statement

#000091259514000003 Filed on February 21, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2012 Q4
Revenue $243.5M $118.3M
YoY Change 90.34% 16.54%
Cost Of Revenue $79.70M $39.50M
YoY Change 91.59% -24.04%
Gross Profit $164.5M $83.40M
YoY Change 90.61% 36.5%
Gross Profit Margin 67.56% 70.52%
Selling, General & Admin $29.30M $16.70M
YoY Change 70.35% 307.32%
% of Gross Profit 17.81% 20.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.50M $34.50M
YoY Change 193.38% 8.49%
% of Gross Profit 55.62% 41.37%
Operating Expenses $119.3M $48.20M
YoY Change 141.5% 42.18%
Operating Profit $45.20M $32.84M
YoY Change 30.76% 34.42%
Interest Expense -$31.80M $13.86M
YoY Change -325.34% 50.02%
% of Operating Profit -70.35% 42.21%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $10.60M $18.10M
YoY Change -46.09% 61.61%
Income Tax $300.0K $800.0K
% Of Pretax Income 2.83% 4.42%
Net Earnings $14.87M $22.31M
YoY Change -29.81% 18.92%
Net Earnings / Revenue 6.11% 18.86%
Basic Earnings Per Share $0.53
Diluted Earnings Per Share $198.7K $0.53
COMMON SHARES
Basic Shares Outstanding 74.97M shares 42.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.0M $9.000M
YoY Change 1425.0% -84.21%
Cash & Equivalents $122.0M $9.075M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $122.0M $9.000M
YoY Change 1425.0% -84.21%
LONG-TERM ASSETS
Property, Plant & Equipment $6.511B $2.689B
YoY Change 139.73% 11.72%
Goodwill $4.106M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $3.000M $5.000M
YoY Change 200.0% -70.59%
Other Assets $88.00M $15.00M
YoY Change 528.57% -6.25%
Total Long-Term Assets $6.664B $2.742B
YoY Change 161.59% 21.09%
TOTAL ASSETS
Total Short-Term Assets $122.0M $9.000M
Total Long-Term Assets $6.664B $2.742B
Total Assets $6.786B $2.751B
YoY Change 165.54% 18.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.00M $5.000M
YoY Change 150.0% 150.0%
Accrued Expenses $198.0M $95.00M
YoY Change 130.23% 3.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $223.0M $107.0M
YoY Change 125.25% 7.0%
LONG-TERM LIABILITIES
Long-Term Debt $3.463B $1.674B
YoY Change 104.79% 1.45%
Other Long-Term Liabilities $18.00M $21.00M
YoY Change 5.88% -36.36%
Total Long-Term Liabilities $3.481B $1.695B
YoY Change 103.81% 0.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.0M $107.0M
Total Long-Term Liabilities $3.481B $1.695B
Total Liabilities $3.867B $1.801B
YoY Change 113.85% 1.46%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.918B $914.1M
YoY Change
Total Liabilities & Shareholders Equity $6.786B $2.751B
YoY Change 165.56% 18.5%

Cashflow Statement

Concept 2014 Q1 2012 Q4
OPERATING ACTIVITIES
Net Income $14.87M $22.31M
YoY Change -29.81% 18.92%
Depreciation, Depletion And Amortization $91.50M $34.50M
YoY Change 193.38% 8.49%
Cash From Operating Activities $96.10M $53.00M
YoY Change 169.63% 22.97%
INVESTING ACTIVITIES
Capital Expenditures -$78.10M -$31.50M
YoY Change 38.72% -76.46%
Acquisitions
YoY Change
Other Investing Activities $106.4M $13.20M
YoY Change 2028.0% 2.33%
Cash From Investing Activities $28.30M -$18.20M
YoY Change -156.82% -84.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -91.80M -39.10M
YoY Change -782.58% -135.26%
NET CHANGE
Cash From Operating Activities 96.10M 53.00M
Cash From Investing Activities 28.30M -18.20M
Cash From Financing Activities -91.80M -39.10M
Net Change In Cash 32.60M -4.300M
YoY Change -4665.83% -113.03%
FREE CASH FLOW
Cash From Operating Activities $96.10M $53.00M
Capital Expenditures -$78.10M -$31.50M
Free Cash Flow $174.2M $84.50M
YoY Change 89.47% -52.23%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2013 us-gaap Debt Instrument Description Of Variable Rate Basis
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LIBOR
CY2012Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
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0.038
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CY2013 us-gaap Advertising Expense
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CY2013Q4 us-gaap Assets
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CY2012Q4 us-gaap Assets
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CY2012Q4 us-gaap Capital Leased Assets Gross
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CY2013Q4 us-gaap Common Stock Shares Outstanding
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CY2013 us-gaap Debt Instrument Maturity Date
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CY2013 us-gaap Defined Contribution Plan Cost Recognized
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CY2012Q4 us-gaap Derivative Asset Fair Value Net
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CY2013Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2012Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2013Q4 us-gaap Derivative Fair Value Gross Amount Not Offset Against Collateral Net
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2012Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
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CY2012Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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CY2012Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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CY2012 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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CY2013 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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CY2011 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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CY2012Q4 us-gaap Derivative Liability Fair Value Net1
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CY2012Q4 us-gaap General Partners Capital Account Units Outstanding
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CY2012Q4 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
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CY2012Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
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CY2013Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
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CY2012Q4 us-gaap Interest Rate Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
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CY2013Q4 us-gaap Interest Rate Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
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CY2013Q4 us-gaap Line Of Credit Facility Amount Outstanding
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CY2013Q4 us-gaap Notes Payable
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CY2013Q4 us-gaap Number Of Real Estate Properties
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CY2013Q4 us-gaap Number Of States In Which Entity Operates
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CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2013Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
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CY2013Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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CY2012 us-gaap Operating Leases Rent Expense Net
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CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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10684000 USD
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1138315000 USD
CY2011Q4 us-gaap Real Estate And Accumulated Depreciation Accumulated Depreciation
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973126000 USD
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873903000 USD
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1040473000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
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CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
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6753953000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
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CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements
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7689119000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
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5918067000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
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930334000 USD
CY2011 us-gaap Real Estate Cost Of Real Estate Sold
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24953000 USD
CY2012 us-gaap Real Estate Cost Of Real Estate Sold
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126066000 USD
CY2013 us-gaap Real Estate Cost Of Real Estate Sold
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114681000 USD
CY2013 us-gaap Other Information Pertaining To Income Taxes
OtherInformationPertainingToIncomeTaxes
No provision for federal income taxes has been made in the accompanying consolidated financial statements. MAA has made an election to be taxed as a Real Estate Investment Trust, or REIT, under Sections 856 through 860 of the Internal Revenue Code. As a REIT, MAA is generally not subject to federal income tax to the extent that we distribute 100% of our taxable income to our shareholders. We must meet certain requirements, including the requirement to distribute at least 90% of our taxable income, to maintain REIT status. If we fail to qualify as a REIT in any taxable year, MAA will be subject to the federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates. Even though we qualify for taxation as a REIT, MAA may be subject to certain federal, state and local taxes on our income and property and to federal income and excise tax on our undistributed income
CY2013 us-gaap Real Estate Accumulated Depreciation Depreciation Expense
RealEstateAccumulatedDepreciationDepreciationExpense
165885000 USD
CY2011 us-gaap Real Estate Accumulated Depreciation Depreciation Expense
RealEstateAccumulatedDepreciationDepreciationExpense
112726000 USD
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3379929000 USD
CY2010Q4 us-gaap Real Estate Gross At Carrying Value
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2941261000 USD
CY2012Q4 us-gaap Real Estate Gross At Carrying Value
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3729706000 USD
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
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7689119000 USD
CY2012 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
344869000 USD
CY2011 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
362745000 USD
CY2013 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
3999895000 USD
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
356143 shares
CY2013 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
31916765 shares
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2012Q4 maa Common Shares And Operating Partnership Units Outstanding
CommonSharesAndOperatingPartnershipUnitsOutstanding
44048070 shares
CY2013Q4 maa Common Shares And Operating Partnership Units Outstanding
CommonSharesAndOperatingPartnershipUnitsOutstanding
79058110 shares
CY2013Q4 maa Contractual Commitments Future Minimum Payments Due Current
ContractualCommitmentsFutureMinimumPaymentsDueCurrent
2100000 USD
CY2013Q4 maa Credit Risk Exposure Relating To Leasing Arrangements
CreditRiskExposureRelatingToLeasingArrangements
0 USD
CY2013 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5029 shares
CY2012 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
15565 shares
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses to prepare these financial statements and notes in conformity with GAAP. Actual results could differ from those estimates.</font></div></div>
CY2013Q4 maa Apartment Community Population
ApartmentCommunityPopulation
1000000 individual
CY2013Q4 maa Credit Risk Related Contingent Features Termination Value
CreditRiskRelatedContingentFeaturesTerminationValue
7000000 USD
CY2012Q4 maa Income Tax Examinations In Process
IncomeTaxExaminationsInProcess
0
CY2013Q4 maa Line Of Credit Average Interest Rate
LineOfCreditAverageInterestRate
0.0110
CY2013Q4 maa Percentage Of Total Public Multifamily Reit Units
PercentageOfTotalPublicMultifamilyReitUnits
0.01
CY2012 maa Number Of Properties Sold
NumberOfPropertiesSold
9 Property
CY2013 maa Number Of Properties Sold
NumberOfPropertiesSold
9 Property
CY2011 maa Number Of Properties Sold
NumberOfPropertiesSold
2 Property
CY2013Q4 maa Number Of Wholly Owned Real Estate Properties
NumberOfWhollyOwnedRealEstateProperties
270 Communities
CY2013Q4 maa Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
79058110 shares
CY2012Q4 maa Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
44048070 shares
CY2013Q4 maa Percentage Collateral To Loans
PercentageCollateralToLoans
1
CY2013 maa Period Properties Owned And Stabilized
PeriodPropertiesOwnedAndStabilized
P12M
CY2013Q4 maa Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements Net
RealEstateAndAccumulatedDepreciationCarryingAmountOfLandAndBuildingsAndImprovementsNet
6550804000 USD
CY2012 maa Real Estate Improvements And Developments
RealEstateImprovementsAndDevelopments
134118000 USD
CY2011 maa Real Estate Improvements And Developments
RealEstateImprovementsAndDevelopments
104705000 USD
CY2013 maa Real Estate Improvements And Developments
RealEstateImprovementsAndDevelopments
130824000 USD
CY2012Q4 maa Redeemable Capital Shares Par Or Stated Value Per Share
RedeemableCapitalSharesParOrStatedValuePerShare
64.75
CY2012Q1 maa Shares Sold On Underwritten Public Offering
SharesSoldOnUnderwrittenPublicOffering
1955000 shares
CY2013Q1 maa Shares Subject To Issuance Pursuant To Sales Agreement
SharesSubjectToIssuancePursuantToSalesAgreement
4500000 shares
CY2013 maa Units Issued During Period Acquisitions
UnitsIssuedDuringPeriodAcquisitions
34491396 shares
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0000912595
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
74969790 shares
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q2 dei Entity Public Float
EntityPublicFloat
2896227801.18 USD
CY2013 dei Entity Registrant Name
EntityRegistrantName
MID AMERICA APARTMENT COMMUNITIES INC
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Trading Symbol
TradingSymbol
MAA

Files In Submission

Name View Source Status
0000912595-14-000003-index-headers.html Edgar Link pending
0000912595-14-000003-index.html Edgar Link pending
0000912595-14-000003.txt Edgar Link pending
0000912595-14-000003-xbrl.zip Edgar Link pending
exhibit121-maaq42013.htm Edgar Link pending
exhibit122-maalpq42013.htm Edgar Link pending
exhibit21-listofsubsidiari.htm Edgar Link pending
exhibit231-eyconsentformaa.htm Edgar Link pending
exhibit232-eyconsentformaa.htm Edgar Link pending
exhibit311-maa2013.htm Edgar Link pending
exhibit312-maa2013.htm Edgar Link pending
exhibit313-maalp2013.htm Edgar Link pending
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maa-20131231.xml Edgar Link completed
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