$MAA
MID AMERICA APARTMENT COMMUNITIES INC.

2021 Q1 Form 10-Q Financial Statement

#000156459021021961 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $425.0M $418.1M
YoY Change 1.65% 4.22%
Cost Of Revenue $175.4M $167.8M
YoY Change 4.53% 2.82%
Gross Profit $249.6M $250.3M
YoY Change -0.28% 5.17%
Gross Profit Margin 58.73% 59.87%
Selling, General & Admin $13.00M $13.30M
YoY Change -2.26% 0.76%
% of Gross Profit 5.21% 5.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $131.8M $126.7M
YoY Change 4.08% 2.9%
% of Gross Profit 52.81% 50.6%
Operating Expenses $144.5M $139.6M
YoY Change 3.51% 2.65%
Operating Profit $105.1M $110.7M
YoY Change -5.06% 8.53%
Interest Expense $39.67M $43.48M
YoY Change -8.76% -4.85%
% of Operating Profit 37.75% 39.28%
Other Income/Expense, Net -$15.91M -$28.53M
YoY Change -44.23% -24076.47%
Pretax Income $49.53M $38.21M
YoY Change 29.62% -42.28%
Income Tax $999.0K $667.0K
% Of Pretax Income 2.02% 1.75%
Net Earnings $47.19M $36.65M
YoY Change 28.77% -42.43%
Net Earnings / Revenue 11.1% 8.77%
Basic Earnings Per Share $0.40 $0.31
Diluted Earnings Per Share $0.40 $0.31
COMMON SHARES
Basic Shares Outstanding 114.3M 114.1M
Diluted Shares Outstanding 114.6M 114.5M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.00M $35.00M
YoY Change -5.71% -22.22%
Cash & Equivalents $32.62M $34.51M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $35.00M $35.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $68.00M $70.00M
YoY Change -2.86% -32.04%
LONG-TERM ASSETS
Property, Plant & Equipment $10.93B $10.94B
YoY Change -0.07% -0.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $68.00M $58.00M
YoY Change 17.24% 31.82%
Other Assets $11.00M $15.00M
YoY Change -26.67% 0.0%
Total Long-Term Assets $11.12B $11.09B
YoY Change 0.35% -1.03%
TOTAL ASSETS
Total Short-Term Assets $68.00M $70.00M
Total Long-Term Assets $11.12B $11.09B
Total Assets $11.19B $11.16B
YoY Change 0.33% -1.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $497.0M $445.0M
YoY Change 11.69% 6.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $497.0M $445.0M
YoY Change 11.69% 6.21%
LONG-TERM LIABILITIES
Long-Term Debt $4.658B $4.484B
YoY Change 3.88% -1.41%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.658B $4.484B
YoY Change 3.88% -1.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $497.0M $445.0M
Total Long-Term Liabilities $4.658B $4.484B
Total Liabilities $5.370B $5.147B
YoY Change 4.33% -0.85%
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 $5.823B $6.009B
YoY Change
Total Liabilities & Shareholders Equity $11.19B $11.16B
YoY Change 0.32% -1.31%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $47.19M $36.65M
YoY Change 28.77% -42.43%
Depreciation, Depletion And Amortization $131.8M $126.7M
YoY Change 4.08% 2.9%
Cash From Operating Activities $148.1M $160.6M
YoY Change -7.78% 3.83%
INVESTING ACTIVITIES
Capital Expenditures -$113.5M -$89.60M
YoY Change 26.67% 34.13%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$400.0K
YoY Change -350.0% -102.88%
Cash From Investing Activities -$112.5M -$89.99M
YoY Change 25.01% 70.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.85M -92.11M
YoY Change -69.76% -2.1%
NET CHANGE
Cash From Operating Activities 148.1M 160.6M
Cash From Investing Activities -112.5M -89.99M
Cash From Financing Activities -27.85M -92.11M
Net Change In Cash 7.760M -21.49M
YoY Change -136.1% -378.64%
FREE CASH FLOW
Cash From Operating Activities $148.1M $160.6M
Capital Expenditures -$113.5M -$89.60M
Free Cash Flow $261.6M $250.2M
YoY Change 4.56% 12.97%

Facts In Submission

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2885000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2862000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2872000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
62913000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
76582000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
45170000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
31412000
CY2021Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
5200000
CY2020Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
5300000
CY2021Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
299
CY2021Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q1 maa Period Properties Owned And Stabilized
PeriodPropertiesOwnedAndStabilized
P12M
CY2021Q1 maa Occupancy Level For Stabilized Communities
OccupancyLevelForStabilizedCommunities
0.90
CY2021Q1 maa Period Properties Stabilized
PeriodPropertiesStabilized
P90D
CY2021Q1 us-gaap Revenues
Revenues
425005000
CY2020Q1 us-gaap Revenues
Revenues
418098000
CY2021Q1 maa Operating Income Before Depreciation
OperatingIncomeBeforeDepreciation
262537000
CY2020Q1 maa Operating Income Before Depreciation
OperatingIncomeBeforeDepreciation
264926000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
131503000
CY2021Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
12939000
CY2020Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
14643000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12979000
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13264000
CY2021Q1 us-gaap Interest Expense
InterestExpense
39672000
CY2020Q1 us-gaap Interest Expense
InterestExpense
43482000
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-29000
CY2020Q1 maa Gain Loss On Sale Of Non Depreciable Real Estate Assets
GainLossOnSaleOfNonDepreciableRealEstateAssets
-376000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15913000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-28532000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
999000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
667000
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
332000
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
407000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1671000
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1304000
CY2021Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
922000
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
922000
CY2021Q1 us-gaap Assets
Assets
11192378000
CY2020Q4 us-gaap Assets
Assets
11194791000

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