2017 Q4 Form 10-Q Financial Statement
#000091259517000021 Filed on October 26, 2017
Income Statement
| Concept | 2017 Q4 |
|---|---|
| Revenue | $382.7M |
| YoY Change | 24.58% |
| Cost Of Revenue | $151.9M |
| YoY Change | 62.81% |
| Gross Profit | $230.8M |
| YoY Change | 7.9% |
| Gross Profit Margin | 60.31% |
| Selling, General & Admin | $9.500M |
| YoY Change | -74.46% |
| % of Gross Profit | 4.12% |
| Research & Development | |
| YoY Change | |
| % of Gross Profit | |
| Depreciation & Amortization | $119.6M |
| YoY Change | 25.63% |
| % of Gross Profit | 51.82% |
| Operating Expenses | $128.9M |
| YoY Change | -2.57% |
| Operating Profit | $101.9M |
| YoY Change | 24.88% |
| Interest Expense | -$39.70M |
| YoY Change | 20.3% |
| % of Operating Profit | -38.96% |
| Other Income/Expense, Net | $3.300M |
| YoY Change | -1200.0% |
| Pretax Income | $128.4M |
| YoY Change | 203.55% |
| Income Tax | $700.0K |
| % Of Pretax Income | 0.55% |
| Net Earnings | $123.5M |
| YoY Change | 213.45% |
| Net Earnings / Revenue | 32.27% |
| Basic Earnings Per Share | |
| Diluted Earnings Per Share | $1.085M |
| COMMON SHARES | |
| Basic Shares Outstanding | 113.6M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q4 |
|---|---|
| SHORT-TERM ASSETS | |
| Cash & Short-Term Investments | $11.00M |
| YoY Change | -67.65% |
| Cash & Equivalents | $10.75M |
| Short-Term Investments | |
| Other Short-Term Assets | |
| YoY Change | |
| Inventory | |
| Prepaid Expenses | |
| Receivables | |
| Other Receivables | |
| Total Short-Term Assets | $11.00M |
| YoY Change | -67.65% |
| LONG-TERM ASSETS | |
| Property, Plant & Equipment | $11.22B |
| YoY Change | -0.71% |
| Goodwill | |
| YoY Change | |
| Intangibles | |
| YoY Change | |
| Long-Term Investments | $45.00M |
| YoY Change | 2.27% |
| Other Assets | $83.00M |
| YoY Change | -10.75% |
| Total Long-Term Assets | $11.48B |
| YoY Change | -0.77% |
| TOTAL ASSETS | |
| Total Short-Term Assets | $11.00M |
| Total Long-Term Assets | $11.48B |
| Total Assets | $11.49B |
| YoY Change | -0.97% |
| SHORT-TERM LIABILITIES | |
| YoY Change | |
| Accounts Payable | |
| YoY Change | |
| Accrued Expenses | $406.0M |
| YoY Change | -1.93% |
| Deferred Revenue | |
| YoY Change | |
| Short-Term Debt | $0.00 |
| YoY Change | |
| Long-Term Debt Due | |
| YoY Change | |
| Total Short-Term Liabilities | $406.0M |
| YoY Change | -8.76% |
| LONG-TERM LIABILITIES | |
| Long-Term Debt | $4.502B |
| YoY Change | 0.04% |
| Other Long-Term Liabilities | |
| YoY Change | |
| Total Long-Term Liabilities | $4.502B |
| YoY Change | -0.13% |
| TOTAL LIABILITIES | |
| Total Short-Term Liabilities | $406.0M |
| Total Long-Term Liabilities | $4.502B |
| Total Liabilities | $5.142B |
| YoY Change | -0.94% |
| 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 | $6.350B |
| YoY Change | |
| Total Liabilities & Shareholders Equity | $11.49B |
| YoY Change | -0.97% |
Cashflow Statement
| Concept | 2017 Q4 |
|---|---|
| OPERATING ACTIVITIES | |
| Net Income | $123.5M |
| YoY Change | 213.45% |
| Depreciation, Depletion And Amortization | $119.6M |
| YoY Change | 25.63% |
| Cash From Operating Activities | $103.3M |
| YoY Change | 7.83% |
| INVESTING ACTIVITIES | |
| Capital Expenditures | -$147.8M |
| YoY Change | 25.47% |
| Acquisitions | |
| YoY Change | |
| Other Investing Activities | $96.60M |
| YoY Change | -130.65% |
| Cash From Investing Activities | -$51.10M |
| YoY Change | -88.2% |
| FINANCING ACTIVITIES | |
| Cash Dividend Paid | |
| YoY Change | |
| Common Stock Issuance & Retirement, Net | |
| YoY Change | |
| Debt Paid & Issued, Net | |
| YoY Change | |
| Cash From Financing Activities | -91.40M |
| YoY Change | -122.56% |
| NET CHANGE | |
| Cash From Operating Activities | 103.3M |
| Cash From Investing Activities | -51.10M |
| Cash From Financing Activities | -91.40M |
| Net Change In Cash | -39.20M |
| YoY Change | -157.65% |
| FREE CASH FLOW | |
| Cash From Operating Activities | $103.3M |
| Capital Expenditures | -$147.8M |
| Free Cash Flow | $251.1M |
| YoY Change | 17.56% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| dei |
Amendment Flag
AmendmentFlag
|
false | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--09-30 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | ||
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-09-30 | ||
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000912595 | ||
| CY2017Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
113627014 | shares |
| dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
MID AMERICA APARTMENT COMMUNITIES INC | ||
| dei |
Entity Voluntary Filers
EntityVoluntaryFilers
|
No | ||
| dei |
Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
|
Yes | ||
| dei |
Trading Symbol
TradingSymbol
|
MAA | ||
| CY2016Q4 | maa |
Business Combinations Other Consideration
BusinessCombinationsOtherConsideration
|
2000000 | USD |
| CY2016Q3 | maa |
Common Shares And Operating Partnership Units Outstanding
CommonSharesAndOperatingPartnershipUnitsOutstanding
|
79685786 | shares |
| CY2017Q3 | maa |
Common Shares And Operating Partnership Units Outstanding
CommonSharesAndOperatingPartnershipUnitsOutstanding
|
117827046 | shares |
| maa |
Limited Liability Ll Cor Limited Partnership Lp Managing Memberor General Partner Ownership Interest
LimitedLiabilityLLCorLimitedPartnershipLPManagingMemberorGeneralPartnerOwnershipInterest
|
0.964 | ||
| CY2017Q3 | maa |
Occupancy Levelfor Stabilized Communities
OccupancyLevelforStabilizedCommunities
|
0.9 | |
| CY2017Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
867846 | shares |
| CY2017Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
867846 | shares |
| us-gaap |
Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
|
19727 | shares | |
| us-gaap |
Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
|
47956 | shares | |
| CY2016Q3 | maa |
Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
|
79685786 | shares |
| CY2017Q3 | maa |
Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
|
117827046 | shares |
| CY2017Q3 | maa |
Percentage Of Ownership Interests
PercentageOfOwnershipInterests
|
1.00 | |
| maa |
Period Properties Owned And Stabilized
PeriodPropertiesOwnedAndStabilized
|
P12M | ||
| maa |
Period Properties Stabilized
PeriodPropertiesStabilized
|
P90D | ||
| CY2017Q3 | us-gaap |
Business Acquisitions Purchase Price Allocation Subsequent Years Remaining Adjustments
BusinessAcquisitionsPurchasePriceAllocationSubsequentYearsRemainingAdjustments
|
1600000 | USD |
| CY2016Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
75542583 | shares |
| CY2017Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
113627014 | shares |
| CY2017Q3 | us-gaap |
Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
|
0.035 | |
| us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2022-02-13 | ||
| CY2017Q3 | us-gaap |
Embedded Derivative Fair Value Of Embedded Derivative Asset
EmbeddedDerivativeFairValueOfEmbeddedDerivativeAsset
|
18190000 | USD |
| CY2016Q4 | us-gaap |
Embedded Derivative Fair Value Of Embedded Derivative Asset
EmbeddedDerivativeFairValueOfEmbeddedDerivativeAsset
|
10800000 | USD |
| us-gaap |
Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
|
5800000 | USD | |
| CY2016Q3 | us-gaap |
General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
|
75542583 | shares |
| CY2017Q3 | us-gaap |
General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
|
113627014 | shares |
| us-gaap |
Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
|
0.948 | ||
| CY2017Q3 | us-gaap |
Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
|
4200032 | shares |
| CY2016Q4 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
42100000 | USD |
| CY2017Q3 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
35100000 | USD |
| CY2017Q3 | us-gaap |
Notes Payable
NotesPayable
|
4492834000 | USD |
| CY2017Q3 | us-gaap |
Number Of Real Estate Properties
NumberOfRealEstateProperties
|
302 | Communities |
| CY2017Q3 | us-gaap |
Number Of Real Estate Properties
NumberOfRealEstateProperties
|
303 | Property |
| CY2017Q3 | us-gaap |
Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
|
17 | States |
| us-gaap |
Preferred Stock Dividend Rate Per Dollar Amount
PreferredStockDividendRatePerDollarAmount
|
4.25 | ||
| us-gaap |
Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
|
0.0850 | ||
| CY2017Q3 | us-gaap |
Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
|
50.00 | |
| CY2017Q3 | us-gaap |
Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
|
43400000 | USD |
| us-gaap |
Preferred Stock Redemption Date
PreferredStockRedemptionDate
|
2026-10-01 | ||
| CY2017Q3 | us-gaap |
Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
|
50 | |
| CY2017Q3 | us-gaap |
Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
|
50.00 | |
| maa |
New Accounting Pronouncements
NewAccountingPronouncements
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:41%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:32%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Standard</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Date of Adoption</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Effect on the Financial Statements or Other Significant Matters</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ASU 2014-09,  </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Revenue from Contracts with Customers</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services as outlined in a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. Income from lease contracts is specifically excluded from this ASU.</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU is effective for annual reporting periods beginning after December 15, 2017, as a result of a deferral of the effective date arising from the issuance of ASU 2015-14, </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Revenue from Contracts with Customers - Deferral of the Effective Date</font><font style="font-family:inherit;font-size:9pt;">. Early adoption is permitted.</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The amendments may be applied using the full retrospective transition method or by using the modified retrospective transition method with a cumulative effect recognized as of the date of initial application. We will adopt ASU 2014-09 effective January 1, 2018, using the modified retrospective approach. The majority of our revenue is derived from real estate lease contracts, which falls under ASU 2016-02, </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:9pt;">. Our analysis on non-lease related revenues, which comprise approximately 10% of consolidated revenues, indicates the adoption of this ASU will not have a material impact on our consolidated financial statements and internal accounting policies. </font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ASU 2016-02,  </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Leases</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU amends existing accounting standards for lease accounting and establishes the principles for lease accounting for both the lessee and lessor. The amendment requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendment also requires certain quantitative and qualitative disclosures about leasing arrangements.</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU is effective for annual reporting periods beginning after December 15, 2018; however, early adoption is permitted. </font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The standard must be adopted using a modified retrospective transition and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are currently evaluating the impact this standard may have on our consolidated financial statements and related disclosures upon adoption.</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ASU 2016-09,</font><font style="font-family:inherit;font-size:9pt;font-style:italic;">  Improvements to Employee Share-Based Payment Accounting</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU amends existing accounting standards for certain aspects of share-based payments to employees. The new guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU is effective for annual reporting periods beginning after December 15, 2016. We adopted this guidance effective January 1, 2017.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">We adopted this standard effective January 1, 2017, using the modified retrospective transition method, with a cumulative-effect adjustment to retained earnings, and there was no material effect on our consolidated financial position or results of operations taken as a whole.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:41%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:32%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Standard</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Description</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Date of Adoption</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Effect on the Financial Statements or Other Significant Matters</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ASU 2016-15, </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU clarifies how several specific cash receipts and cash payments are to be presented and classified on the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration made after a business combination, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of predominance principle.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Each amendment in this standard must be applied prospectively, retrospectively, or as of the beginning of the earliest comparative period presented in the year of adoption, depending on the type of amendment. We expect to adopt ASU 2016-15 as of January 1, 2018. We have determined that three of the eight transactions in the update are relevant to MAA and its cash flows, including: 1) debt prepayment or debt extinguishment costs, 2) proceeds from the settlement of insurance claims and 3) distributions received from equity method investees. We performed an analysis and determined that only the change in classification of debt prepayment or debt extinguishment costs, which we currently report in operating activities, will have a material impact on the statement of cash flows. Upon adoption in Q1 2018, $1.6 million of cash outflows for debt prepayment or extinguishment costs currently reported in net cash provided by operating activities for the nine months ended September 30, 2017, will be re-classified to and reported in net cash used in financing activities. </font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ASU 2016-18, </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Statement of Cash Flows (Topic 230):Restricted Cash (A Consensus of the FASB Emerging Issues Task Force)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. </font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The update should be applied retrospectively to each period presented. We expect to adopt ASU 2016-18 as of January 1, 2018. We currently report the change in restricted cash within the operating and investing activities in our consolidated statement of cash flows. Upon adoption in Q1 2018, cash and cash equivalents reported in our consolidated statements of cash flows for the nine months ended September 30, 2017 will increase by approximately $80.3 million to reflect the restricted cash balances. Additionally, net cash used in investing activities will decrease by $10.6 million for the nine months ended September 30, 2017. </font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ASU 2017-01, </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Clarifying the Definition of a Business (Topic 805)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU is effective for interim and annual periods beginning after December 15, 2017. We early adopted this standard effective January 1, 2017.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">We adopted this standard as of January 1, 2017 and the adoption did not require any additional disclosures. We believe most of our future acquisitions of operating properties will qualify as asset acquisitions and most future transaction costs associated with these acquisitions will be capitalized. Through the third quarter of 2017, acquisition costs totaling $0.6 million related to our acquisition of Charlotte at Midtown were capitalized and allocated to the assets acquired based on the relative fair market value of those underlying assets. </font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ASU 2017-12, </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Derivatives and Hedging (Topic 815)</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU clarifies hedge accounting requirements, improves disclosure of hedging arrangements, and better aligns risk management activities and financial reporting for hedging relationships.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The standard should be adopted using a modified retrospective approach. We are currently evaluating the impact this standard may have on our consolidated financial statements and related disclosures upon adoption.</font></div></td></tr></table></div></div></div> |
