$MAA
MID AMERICA APARTMENT COMMUNITIES INC.

2021 Q4 Form 10-Q Financial Statement

#000095017021002470 Filed on October 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $463.6M $452.6M $423.2M
YoY Change 9.41% 6.94% 1.82%
Cost Of Revenue $182.3M $186.7M $182.5M
YoY Change 5.2% 2.28% 5.25%
Gross Profit $281.3M $265.9M $240.7M
YoY Change 12.33% 10.47% -0.62%
Gross Profit Margin 60.67% 58.75% 56.88%
Selling, General & Admin $14.12M $12.67M $11.40M
YoY Change 20.69% 11.14% -0.87%
% of Gross Profit 5.02% 4.76% 4.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $135.7M $134.8M $127.8M
YoY Change 4.57% 5.45% 2.32%
% of Gross Profit 48.26% 50.68% 53.1%
Operating Expenses $149.6M $147.3M $139.1M
YoY Change 5.96% 5.88% 2.13%
Operating Profit $131.7M $118.6M $101.6M
YoY Change 20.56% 16.76% -4.15%
Interest Expense -$28.52M $39.23M $41.01M
YoY Change 23.45% -4.33% -7.87%
% of Operating Profit -21.66% 33.07% 40.36%
Other Income/Expense, Net $7.212M $10.34M $242.0K
YoY Change 1703.0% 4174.38% -98.71%
Pretax Income $198.4M $89.59M $62.27M
YoY Change 128.85% 43.87% -24.61%
Income Tax $7.790M $2.803M $665.0K
% Of Pretax Income 3.93% 3.13% 1.07%
Net Earnings $185.6M $84.48M $59.91M
YoY Change 122.86% 41.01% -23.78%
Net Earnings / Revenue 40.05% 18.67% 14.16%
Basic Earnings Per Share $0.73 $0.52
Diluted Earnings Per Share $1.607M $0.73 $0.52
COMMON SHARES
Basic Shares Outstanding 115.1M 114.9M 114.2M
Diluted Shares Outstanding 115.2M 114.5M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.30M $29.81M $18.00M
YoY Change 117.21% 65.62% -30.77%
Cash & Equivalents $54.30M $29.81M $18.41M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $24.02M $29.12M $35.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $78.32M $58.93M $53.00M
YoY Change -8.93% 11.18% -41.11%
LONG-TERM ASSETS
Property, Plant & Equipment $10.88B $10.91B $10.90B
YoY Change -0.3% 0.08% -0.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $122.2M $85.84M $65.00M
YoY Change 85.19% 32.06% 47.73%
Other Assets $76.30M $11.71M $9.000M
YoY Change 662.96% 30.11% -47.06%
Total Long-Term Assets $11.21B $11.20B $11.08B
YoY Change 0.88% 1.08% -0.74%
TOTAL ASSETS
Total Short-Term Assets $78.32M $58.93M $53.00M
Total Long-Term Assets $11.21B $11.20B $11.08B
Total Assets $11.29B $11.25B $11.13B
YoY Change 0.81% 1.13% -1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $584.4M $598.6M $570.0M
YoY Change 10.68% 5.02% 11.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $584.4M $598.6M $570.0M
YoY Change 10.68% 5.02% 11.55%
LONG-TERM LIABILITIES
Long-Term Debt $4.517B $4.541B $4.426B
YoY Change -1.01% 2.6% -1.12%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.517B $4.541B $4.426B
YoY Change -1.01% 2.6% -1.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $584.4M $598.6M $570.0M
Total Long-Term Liabilities $4.517B $4.541B $4.426B
Total Liabilities $5.101B $5.139B $5.211B
YoY Change 0.2% -1.37% 4.27%
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 $5.965B $5.897B $5.918B
YoY Change
Total Liabilities & Shareholders Equity $11.29B $11.25B $11.13B
YoY Change 0.81% 1.12% -1.06%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $185.6M $84.48M $59.91M
YoY Change 122.86% 41.01% -23.78%
Depreciation, Depletion And Amortization $135.7M $134.8M $127.8M
YoY Change 4.57% 5.45% 2.32%
Cash From Operating Activities $216.7M $280.9M $254.3M
YoY Change 20.4% 10.47% 0.51%
INVESTING ACTIVITIES
Capital Expenditures -$122.9M -$140.8M -$96.30M
YoY Change -35.55% 46.24% 7.6%
Acquisitions
YoY Change
Other Investing Activities $139.0M $3.712M $1.000M
YoY Change -17471.62% 271.2% -433.33%
Cash From Investing Activities $16.07M -$137.1M -$95.40M
YoY Change -108.39% 43.73% 6.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -143.7M -145.3M -167.0M
YoY Change -833.21% -13.0% -6.29%
NET CHANGE
Cash From Operating Activities 216.7M 280.9M 254.3M
Cash From Investing Activities 16.07M -137.1M -95.40M
Cash From Financing Activities -143.7M -145.3M -167.0M
Net Change In Cash 89.08M -1.483M -8.100M
YoY Change 999.72% -81.69% -46.36%
FREE CASH FLOW
Cash From Operating Activities $216.7M $280.9M $254.3M
Capital Expenditures -$122.9M -$140.8M -$96.30M
Free Cash Flow $339.6M $421.8M $350.6M
YoY Change -8.38% 20.3% 2.36%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
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dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2021-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-12762
dei Entity Registrant Name
EntityRegistrantName
MID-AMERICA APARTMENT COMMUNITIES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
TN
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
62-1543819
dei Entity Address Address Line1
EntityAddressAddressLine1
6815 Poplar Ave
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 500
dei Entity Address City Or Town
EntityAddressCityOrTown
Germantown
dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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dei Entity Filer Category
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareBasic
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EarningsPerShareDiluted
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CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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ProfitLoss
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CY2020Q3 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CY2021Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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maa Payments To Acquire Real Estate And Other Assets
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q3 us-gaap Restricted Cash
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CY2020Q3 us-gaap Restricted Cash
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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41521000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27589000
us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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us-gaap Conversion Of Stock Amount Converted1
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us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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CY2021Q3 us-gaap Number Of States In Which Entity Operates
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CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q3 us-gaap Real Estate Investments Joint Ventures
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CY2021Q3 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q3 us-gaap Operating Lease Liability
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CY2021Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2021Q3 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
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CY2020Q3 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
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CY2021Q3 maa Income Loss From Continuing Operations Allocated To Unvested Restricted Shares
IncomeLossFromContinuingOperationsAllocatedToUnvestedRestrictedShares
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maa Income Loss From Continuing Operations Allocated To Unvested Restricted Shares
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maa Income Loss From Continuing Operations Allocated To Unvested Restricted Shares
IncomeLossFromContinuingOperationsAllocatedToUnvestedRestrictedShares
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CY2021Q3 us-gaap Dividends Preferred Stock Cash
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CY2020Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
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us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
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us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
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CY2021Q3 maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Basic
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersBasic
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CY2020Q3 maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Basic
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersBasic
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maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Basic
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersBasic
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maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Basic
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersBasic
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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CY2021Q3 maa Incomefrom Continuing Operations Including Portion Attributableto Noncontrolling Interest
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CY2020Q3 maa Incomefrom Continuing Operations Including Portion Attributableto Noncontrolling Interest
IncomefromContinuingOperationsIncludingPortionAttributabletoNoncontrollingInterest
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maa Incomefrom Continuing Operations Including Portion Attributableto Noncontrolling Interest
IncomefromContinuingOperationsIncludingPortionAttributabletoNoncontrollingInterest
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maa Incomefrom Continuing Operations Including Portion Attributableto Noncontrolling Interest
IncomefromContinuingOperationsIncludingPortionAttributabletoNoncontrollingInterest
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CY2021Q3 maa Incomefrom Continuing Operations Attributableto Noncontrolling Interest
IncomefromContinuingOperationsAttributabletoNoncontrollingInterest
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CY2020Q3 maa Incomefrom Continuing Operations Attributableto Noncontrolling Interest
IncomefromContinuingOperationsAttributabletoNoncontrollingInterest
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maa Incomefrom Continuing Operations Attributableto Noncontrolling Interest
IncomefromContinuingOperationsAttributabletoNoncontrollingInterest
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maa Incomefrom Continuing Operations Attributableto Noncontrolling Interest
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CY2021Q3 us-gaap Dividends Preferred Stock Cash
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CY2020Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
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us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
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us-gaap Dividends Preferred Stock Cash
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CY2021Q3 maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Diluted
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CY2020Q3 maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Diluted
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersDiluted
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maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Diluted
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersDiluted
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maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Diluted
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersDiluted
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q3 us-gaap Common Stock Shares Outstanding
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CY2020Q3 maa Common Shares And Operating Partnership Units Outstanding
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2026-10-01
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CY2020Q3 maa Operating Partnership Units Outstanding
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CY2020Q3 us-gaap General Partners Capital Account Units Outstanding
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CY2020Q3 us-gaap Limited Partners Capital Account Units Outstanding
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021Q3 us-gaap Operating Lease Liability
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us-gaap Number Of Reportable Segments
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maa Period Properties Owned And Stabilized
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OccupancyLevelForStabilizedCommunities
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maa Period Properties Stabilized
PeriodPropertiesStabilized
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us-gaap Revenues
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us-gaap Revenues
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CY2021Q3 maa Operating Income Before Depreciation
OperatingIncomeBeforeDepreciation
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CY2020Q3 maa Operating Income Before Depreciation
OperatingIncomeBeforeDepreciation
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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IncomeLossFromEquityMethodInvestments
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CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2020Q3 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
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CY2021Q3 us-gaap Other Cost And Expense Operating
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CY2020Q3 us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
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CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12670000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11360000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
38763000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
35181000
CY2021Q3 us-gaap Interest Expense
InterestExpense
39234000
CY2020Q3 us-gaap Interest Expense
InterestExpense
41010000
us-gaap Interest Expense
InterestExpense
117773000
us-gaap Interest Expense
InterestExpense
126610000
CY2021Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-313000
CY2020Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
20000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
134515000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-7000
CY2021Q3 maa Gain Loss On Sale Of Non Depreciable Real Estate Assets
GainLossOnSaleOfNonDepreciableRealEstateAssets
170000
CY2020Q3 maa Gain Loss On Sale Of Non Depreciable Real Estate Assets
GainLossOnSaleOfNonDepreciableRealEstateAssets
1366000
maa Gain Loss On Sale Of Non Depreciable Real Estate Assets
GainLossOnSaleOfNonDepreciableRealEstateAssets
202000
maa Gain Loss On Sale Of Non Depreciable Real Estate Assets
GainLossOnSaleOfNonDepreciableRealEstateAssets
995000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
10344000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
242000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
14557000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-13647000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2803000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
665000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6096000
CY2021Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
922000
CY2020Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
922000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2766000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2766000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
83557000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
58988000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
345384000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
168854000
CY2021Q3 us-gaap Assets
Assets
11254132000
CY2020Q4 us-gaap Assets
Assets
11194791000

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