$MAA
MID AMERICA APARTMENT COMMUNITIES INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020048861 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $423.2M $415.6M
YoY Change 1.82% 4.66%
Cost Of Revenue $182.5M $173.4M
YoY Change 5.25% 4.46%
Gross Profit $240.7M $242.2M
YoY Change -0.62% 4.8%
Gross Profit Margin 56.88% 58.27%
Selling, General & Admin $11.40M $11.50M
YoY Change -0.87% 79.69%
% of Gross Profit 4.74% 4.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.8M $124.9M
YoY Change 2.32% 0.16%
% of Gross Profit 53.1% 51.57%
Operating Expenses $139.1M $136.2M
YoY Change 2.13% 3.97%
Operating Profit $101.6M $106.0M
YoY Change -4.15% 5.89%
Interest Expense $41.01M $44.51M
YoY Change -7.87% -0.31%
% of Operating Profit 40.36% 41.99%
Other Income/Expense, Net $242.0K $18.80M
YoY Change -98.71% 4926.74%
Pretax Income $62.27M $82.60M
YoY Change -24.61% 50.41%
Income Tax $665.0K $1.491M
% Of Pretax Income 1.07% 1.81%
Net Earnings $59.91M $78.60M
YoY Change -23.78% 48.89%
Net Earnings / Revenue 14.16% 18.91%
Basic Earnings Per Share $0.52 $0.68
Diluted Earnings Per Share $0.52 $0.68
COMMON SHARES
Basic Shares Outstanding 114.2M 113.9M
Diluted Shares Outstanding 114.5M 114.1M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.00M $26.00M
YoY Change -30.77% -43.48%
Cash & Equivalents $18.41M $25.83M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $35.00M $64.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $53.00M $90.00M
YoY Change -41.11% 3.45%
LONG-TERM ASSETS
Property, Plant & Equipment $10.90B $10.97B
YoY Change -0.66% -1.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $65.00M $44.00M
YoY Change 47.73% -2.22%
Other Assets $9.000M $17.00M
YoY Change -47.06% -48.48%
Total Long-Term Assets $11.08B $11.16B
YoY Change -0.74% -1.54%
TOTAL ASSETS
Total Short-Term Assets $53.00M $90.00M
Total Long-Term Assets $11.08B $11.16B
Total Assets $11.13B $11.25B
YoY Change -1.06% -1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $570.0M $511.0M
YoY Change 11.55% 7.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $570.0M $511.0M
YoY Change 11.55% 7.81%
LONG-TERM LIABILITIES
Long-Term Debt $4.426B $4.476B
YoY Change -1.12% -0.62%
Other Long-Term Liabilities $11.00M
YoY Change
Total Long-Term Liabilities $4.426B $4.487B
YoY Change -1.36% -0.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $570.0M $511.0M
Total Long-Term Liabilities $4.426B $4.487B
Total Liabilities $5.211B $4.997B
YoY Change 4.27% -3.93%
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 $5.918B $6.030B
YoY Change
Total Liabilities & Shareholders Equity $11.13B $11.25B
YoY Change -1.06% -1.5%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $59.91M $78.60M
YoY Change -23.78% 48.89%
Depreciation, Depletion And Amortization $127.8M $124.9M
YoY Change 2.32% 0.16%
Cash From Operating Activities $254.3M $253.0M
YoY Change 0.51% 6.71%
INVESTING ACTIVITIES
Capital Expenditures -$96.30M -$89.50M
YoY Change 7.6% 30.85%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$300.0K
YoY Change -433.33% -115.0%
Cash From Investing Activities -$95.40M -$89.90M
YoY Change 6.12% 35.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -167.0M -178.2M
YoY Change -6.29% 17.16%
NET CHANGE
Cash From Operating Activities 254.3M 253.0M
Cash From Investing Activities -95.40M -89.90M
Cash From Financing Activities -167.0M -178.2M
Net Change In Cash -8.100M -15.10M
YoY Change -46.36% -181.18%
FREE CASH FLOW
Cash From Operating Activities $254.3M $253.0M
Capital Expenditures -$96.30M -$89.50M
Free Cash Flow $350.6M $342.5M
YoY Change 2.36% 12.11%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
maa Gainon Saleof Non Depreciable Assets
GainonSaleofNonDepreciableAssets
995000
maa Gainon Saleof Non Depreciable Assets
GainonSaleofNonDepreciableAssets
9260000
CY2020Q3 us-gaap General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
114369812
CY2020Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
299
CY2020Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In order to present comparative financial statements, certain reclassifications have been made to the Condensed Consolidated Statements of Operations. Prior year amounts have been changed to conform to the Company’s current year presentation.  As a result of these <span style="color:#000000;">reclassifications, $1.3 million and $2.3 million of </span>expenses previously reported as “General and administrative expenses” for the three and nine months ended September 30, 2019, respectively, have been reclassified to <span style="color:#000000;">the “Other non-operating (income) expense” line </span>item of the Condensed Consolidated Statements of Operations in this report.</p>
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
50100000
CY2020Q3 us-gaap Real Estate Investments Joint Ventures
RealEstateInvestmentsJointVentures
21300000
maa Percentage Of Rental Revenue And Other Income From Leasing Of Apartment Homes
PercentageOfRentalRevenueAndOtherIncomeFromLeasingOfApartmentHomes
0.93
maa Percentage Of Reimbursable Revenue From Leasing Of Apartment Homes
PercentageOfReimbursableRevenueFromLeasingOfApartmentHomes
0.06
maa Percentageof Rental Revenueand Other Income From Nonleasing Activities
PercentageofRentalRevenueandOtherIncomeFromNonleasingActivities
0.01
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
53800000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
32200000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
33100000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P31Y
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
211558000
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
7336000
maa Income Loss From Continuing Operations Allocated To Unvested Restricted Shares
IncomeLossFromContinuingOperationsAllocatedToUnvestedRestrictedShares
302000
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
2766000
maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Basic
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersBasic
201154000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113814000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.77
maa Incomefrom Continuing Operations Including Portion Attributableto Noncontrolling Interest
IncomefromContinuingOperationsIncludingPortionAttributabletoNoncontrollingInterest
211558000
maa Incomefrom Continuing Operations Attributableto Noncontrolling Interest
IncomefromContinuingOperationsAttributabletoNoncontrollingInterest
-7336000
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
2766000
maa Adjusted Income Loss From Continuing Operations Available For Common Shareholders Diluted
AdjustedIncomeLossFromContinuingOperationsAvailableForCommonShareholdersDiluted
201456000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113814000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
238000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
114052000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
CY2020Q3 us-gaap Notes Payable
NotesPayable
4425594000
CY2020Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.037
CY2020Q3 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
50.00
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
114369812
CY2020Q3 maa Common Shares And Operating Partnership Units Outstanding
CommonSharesAndOperatingPartnershipUnitsOutstanding
118428070
CY2019Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
114065859
CY2019Q3 maa Common Shares And Operating Partnership Units Outstanding
CommonSharesAndOperatingPartnershipUnitsOutstanding
118140136
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000000.0
CY2020Q3 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
50.00
us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2026-10-01
CY2020Q3 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
50.00
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.0850
us-gaap Preferred Stock Dividend Rate Per Dollar Amount
PreferredStockDividendRatePerDollarAmount
4.25
CY2020Q3 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
43400000
CY2020Q3 maa Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
118428070
CY2020Q3 us-gaap General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
114369812
CY2020Q3 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
4058258
CY2019Q3 maa Operating Partnership Units Outstanding
OperatingPartnershipUnitsOutstanding
118140136
CY2019Q3 us-gaap General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
114065859
CY2019Q3 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
4074277
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
707000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2854000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2885000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2875000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2853000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
65863000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
78037000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
45856000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
32181000
CY2020Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
7400000
CY2019Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
8600000
CY2020Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
299
CY2020Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
maa Period Properties Owned And Stabilized
PeriodPropertiesOwnedAndStabilized
P12M
CY2020Q3 maa Occupancy Level For Stabilized Communities
OccupancyLevelForStabilizedCommunities
0.90
maa Period Properties Stabilized
PeriodPropertiesStabilized
P90D
CY2020Q3 us-gaap Revenues
Revenues
423199000
CY2019Q3 us-gaap Revenues
Revenues
415632000
us-gaap Revenues
Revenues
1254323000
CY2020Q3 maa Operating Income Before Depreciation
OperatingIncomeBeforeDepreciation
253385000
CY2019Q3 maa Operating Income Before Depreciation
OperatingIncomeBeforeDepreciation
256093000
maa Operating Income Before Depreciation
OperatingIncomeBeforeDepreciation
773866000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
127679000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
124684000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
381257000
CY2020Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
12691000
CY2019Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
13899000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
39064000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11360000
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10225000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
35181000
CY2020Q3 us-gaap Interest Expense
InterestExpense
41010000
CY2019Q3 us-gaap Interest Expense
InterestExpense
44513000
us-gaap Interest Expense
InterestExpense
126610000
CY2020Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
20000
CY2019Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1000000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-7000
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
995000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
242000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
18800000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-13647000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
665000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1491000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2532000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
428000
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
378000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1153000
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2126000
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2814000
CY2020Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
922000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6096000
CY2019Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
922000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2766000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
58988000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
77723000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
168854000
CY2020Q3 us-gaap Assets
Assets
11128704000
CY2019Q4 us-gaap Assets
Assets
11230450000

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