Mid-America Apartment Communities (MAA) Financials

$158.18 +3.88 (+2.51%)

As of 04/14/2025 03:58 PM Eastern

Annual Income Statements for Mid-America Apartment Communities

This table shows Mid-America Apartment Communities' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-997	212	325	219	350	251	530	634	549	524
Consolidated Net Income / (Loss)	-1,311	224	341	231	367	264	551	655	568	542
Net Income / (Loss) Continuing Operations	-1,311	224	339	231	367	264	551	653	566	540
Total Pre-Tax Income	-1,309	226	342	232	369	266	563	647	571	545
Total Operating Income	-1,370	275	375	401	513	428	685	844	689	712
Total Gross Profit	772	702	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191
Total Revenue	1,043	1,125	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191
Operating Revenue	1,043	1,125	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191
Total Cost of Revenue	271	423	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	2,142	427	1,154	1,171	1,128	1,250	1,093	1,176	1,460	1,479
Selling, General & Admin Expense	1,416	63	84	86	99	99	109	124	126	129
Depreciation Expense	295	323	494	490	497	511	533	543	565	586
Other Operating Expenses / (Income)	432	-	577	595	613	640	671	724	768	820
Other Special Charges / (Income)	-	-	-	-	-81	-0.01	-220	-215	0.06	-55
Total Other Income / (Expense), net	62	-49	-33	-169	-145	-162	-122	-197	-118	-167
Interest Expense	122	130	155	174	180	168	157	155	149	169
Other Income / (Expense), net	184	81	122	4.88	35	5.88	35	-42	31	1.66
Income Tax Expense	1.67	1.70	2.62	2.61	3.70	3.33	14	-6.21	4.74	5.24
Other Gains / (Losses), net	-0.00	-	-	1.83	1.65	1.50	1.21	1.58	1.73	1.95
Preferred Stock Dividends Declared	0.00	0.31	3.69	3.69	3.69	3.69	3.69	3.69	3.69	3.69
Net Income / (Loss) Attributable to Noncontrolling Interest	18	12	12	8.12	13	9.05	17	17	15	14
Basic Earnings per Share	$4.41	$2.70	$2.86	$1.93	$3.07	$2.20	$4.62	$5.49	$4.71	$4.49
Weighted Average Basic Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M
Diluted Earnings per Share	$4.41	$2.70	$2.86	$1.93	$3.07	$2.19	$4.61	$5.48	$4.71	$4.49
Weighted Average Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M
Weighted Average Basic & Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M
Cash Dividends to Common per Share	$3.13	$3.28	$3.48	$3.69	$3.84	$4.00	$4.10	$4.68	$5.60	$5.88

This table shows Mid-America Apartment Communities' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	121	193	135	145	110	160	143	101	114	166
Consolidated Net Income / (Loss)	126	199	140	150	114	165	148	105	118	171
Net Income / (Loss) Continuing Operations	126	197	140	149	113	164	148	104	118	170
Total Pre-Tax Income	124	198	140	152	113	166	149	105	118	172
Total Operating Income	164	260	174	172	166	177	166	166	163	217
Total Gross Profit	521	528	529	535	542	542	544	546	551	550
Total Revenue	521	528	529	535	542	542	544	546	551	550
Operating Revenue	521	528	529	535	542	542	544	546	551	550
Total Operating Expenses	357	268	355	363	376	365	378	381	388	332
Selling, General & Admin Expense	28	32	34	30	30	33	37	30	30	32
Depreciation Expense	137	138	139	139	147	141	143	145	147	151
Other Operating Expenses / (Income)	191	181	183	194	199	192	198	206	212	205
Total Other Income / (Expense), net	-40	-62	-34	-20	-53	-11	-17	-61	-44	-45
Interest Expense	39	38	37	37	37	39	40	41	43	44
Other Income / (Expense), net	-1.29	-23	3.52	17	-17	27	24	-19	-1.68	-0.93
Income Tax Expense	-1.26	-0.46	0.94	2.86	-0.21	1.15	1.80	1.02	0.67	1.76
Preferred Stock Dividends Declared	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92	0.92
Net Income / (Loss) Attributable to Noncontrolling Interest	3.39	5.32	3.66	3.97	3.00	4.39	3.86	2.71	3.04	4.43
Basic Earnings per Share	$1.05	$1.67	$1.16	$1.24	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43
Weighted Average Basic Shares Outstanding	115.48M	116.60M	116.66M	116.68M	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M
Diluted Earnings per Share	$1.05	$1.66	$1.16	$1.24	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43
Weighted Average Diluted Shares Outstanding	115.48M	116.60M	116.66M	116.68M	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M
Weighted Average Basic & Diluted Shares Outstanding	115.48M	116.60M	116.66M	116.68M	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M

This table details how cash moves in and out of Mid-America Apartment Communities' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	11	116	-33	-37	19	-35	95	-70	-5.98	1.67
Net Cash From Operating Activities	464	970	661	734	781	824	895	1,058	1,137	1,098
Net Cash From Continuing Operating Activities	460	973	661	734	781	824	895	1,058	1,137	1,098
Net Income / (Loss) Continuing Operations	351	449	341	231	367	264	551	655	568	542
Consolidated Net Income / (Loss)	351	449	341	231	367	264	551	655	568	542
Depreciation Expense	295	647	495	491	498	512	534	544	566	586
Amortization Expense	16	20	-9.81	-4.99	5.78	4.96	5.65	6.06	5.91	6.04
Non-Cash Adjustments To Reconcile Net Income	-202	-142	-117	11	-101	5.13	-252	-130	-7.27	-40
Changes in Operating Assets and Liabilities, net	-	-	-48	6.74	12	38	56	-16	4.86	3.79
Net Cash From Investing Activities	-136	-1,298	-294	-366	-238	-485	-254	-405	-775	-825
Net Cash From Continuing Investing Activities	-136	-1,298	-294	-366	-238	-485	-254	-405	-775	-825
Purchase of Property, Plant & Equipment	-494	-1,046	-344	-255	-190	-226	-326	-296	-341	-322
Acquisitions	0.00	-848	-1.50	-2.91	-5.39	-5.35	-236	-186	-17	-2.87
Sale of Property, Plant & Equipment	358	593	187	20	175	2.62	293	320	2.95	84
Sale and/or Maturity of Investments	-	3.56	0.00	0.78	0.51	0.35	0.50	0.54	0.31	10
Other Investing Activities, net	-0.02	0.00	-136	-129	-218	-257	15	-244	-421	-595
Net Cash From Financing Activities	-317	445	-400	-405	-524	-374	-546	-723	-368	-271
Net Cash From Continuing Financing Activities	-317	446	-400	-405	-524	-374	-546	-722	-368	-271
Repayment of Debt	-468	-897	-1,388	-2,376	-1,691	-446	-652	-143	-359	-655
Payment of Dividends	-245	-523	-414	-439	-457	-477	-490	-601	-689	-709
Issuance of Debt	396	1,870	1,402	2,410	1,624	550	594	20	475	1,092
Issuance of Common Equity	0.62	0.58	-	-	-	-	0.65	2.17	205	1.23
Cash Interest Paid	142	294	174	185	173	165	168	157	158	182
Cash Income Taxes Paid	2.10	3.16	2.37	2.55	2.55	2.55	2.54	3.49	4.00	3.34

This table details how cash moves in and out of Mid-America Apartment Communities' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-168	7.52	95	7.71	12	-120	13	8.42	-12	-7.30
Net Cash From Operating Activities	343	251	218	336	318	265	200	349	310	239
Net Cash From Continuing Operating Activities	343	251	218	336	318	265	200	349	310	239
Net Income / (Loss) Continuing Operations	126	199	140	150	114	165	148	105	118	171
Consolidated Net Income / (Loss)	126	199	140	150	114	165	148	105	118	171
Depreciation Expense	137	139	139	139	147	141	143	145	147	151
Amortization Expense	1.53	1.52	1.52	1.52	1.50	1.37	1.53	1.53	1.51	1.47
Non-Cash Adjustments To Reconcile Net Income	12	-62	2.10	-10	21	-21	-12	14	11	-52
Changes in Operating Assets and Liabilities, net	67	-26	-64	56	35	-22	-80	84	32	-33
Net Cash From Investing Activities	-357	9.38	-138	-154	-136	-347	-93	-237	-322	-174
Net Cash From Continuing Investing Activities	-357	9.38	-138	-154	-136	-347	-93	-237	-322	-174
Purchase of Property, Plant & Equipment	-86	-77	-76	-99	-87	-80	-52	-90	-283	103
Acquisitions	-1.80	-175	-54	-56	102	-9.13	-0.75	-0.37	-256	254
Sale of Property, Plant & Equipment	0.63	155	3.02	-	-0.08	-0.00	0.00	-	-	84
Sale and/or Maturity of Investments	0.03	0.15	0.00	-	-	0.31	0.10	0.12	10	0.04
Other Investing Activities, net	-269	106	-12	-0.07	-151	-258	-40	-147	207	-615
Net Cash From Financing Activities	-155	-253	15	-174	-171	-38	-94	-104	-0.22	-73
Net Cash From Continuing Financing Activities	-155	-252	15	-174	-171	-38	-94	-104	-0.22	-73
Repayment of Debt	-131	0.88	-2.02	-5.28	-2.51	-349	-4.02	-406	-2.31	-243
Payment of Dividends	-149	-149	-167	-169	-169	-184	-177	-177	-177	-177
Issuance of Debt	125	-105	-20	-	-	495	87	479	179	347
Issuance of Common Equity	-0.12	1.41	204	0.31	0.35	0.33	0.30	0.31	0.34	0.28
Cash Interest Paid	31	48	30	47	29	52	33	42	64	44
Cash Income Taxes Paid	0.83	0.03	0.03	3.30	0.50	0.18	0.00	3.18	0.09	0.07

This table presents Mid-America Apartment Communities' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	11,604	11,492	11,324	11,230	11,195	11,285	11,241	11,485	11,812
Total Current Assets	122	94	52	20	25	54	39	41	43
Cash & Equivalents	34	11	34	20	25	54	39	41	43
Plant, Property, & Equipment, net	11,226	11,160	11,049	10,943	10,863	10,856	10,880	11,068	11,400
Plant, Property & Equipment, gross	12,901	13,235	13,599	13,899	14,278	14,704	15,182	15,933	16,728
Accumulated Depreciation	1,675	2,075	2,549	2,955	3,415	3,848	4,303	4,865	5,328
Total Noncurrent Assets	257	238	223	267	307	375	323	375	361
Long-Term Investments	44	45	44	44	43	43	107	116	115
Other Noncurrent Operating Assets	212	193	179	223	263	332	216	259	246
Total Liabilities & Shareholders' Equity	11,604	11,492	11,324	11,230	11,195	11,285	11,241	11,485	11,812
Total Liabilities	4,952	4,908	4,942	4,927	5,091	5,101	5,031	5,185	5,665
Total Current Liabilities	453	406	414	491	528	584	616	645	684
Accrued Expenses	453	406	414	472	528	584	616	645	684
Total Noncurrent Liabilities	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981
Long-Term Debt	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981
Redeemable Noncontrolling Interest	12	13	9.41	14	15	30	21	19	22
Total Equity & Noncontrolling Interests	6,640	6,572	6,372	6,289	6,088	6,154	6,190	6,280	6,125
Total Preferred & Common Equity	6,404	6,340	6,150	6,069	5,872	5,965	6,005	6,094	5,942
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	6,404	6,340	6,150	6,069	5,872	5,965	6,005	6,094	5,942
Common Stock	7,110	7,122	7,139	7,167	7,178	7,232	7,204	7,401	7,419
Accumulated Other Comprehensive Income / (Loss)	1.14	2.16	-0.21	-13	-12	-11	-10	-8.76	-6.94
Other Equity Adjustments	-707	-785	-989	-1,085	-1,294	-1,256	-1,189	-1,298	-1,470
Noncontrolling Interest	236	232	222	221	217	189	185	186	183

This table presents Mid-America Apartment Communities' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	11,338	11,241	11,352	11,391	11,382	11,485	11,471	11,563	11,756	11,812
Total Current Assets	106	39	142	150	162	41	55	63	50	43
Cash & Equivalents	39	39	142	150	162	41	55	63	50	43
Plant, Property, & Equipment, net	10,896	10,880	10,884	10,901	10,875	11,068	11,028	11,139	11,324	11,400
Plant, Property & Equipment, gross	15,077	15,182	15,324	15,480	15,600	15,933	16,035	16,289	16,542	16,728
Accumulated Depreciation	4,181	4,303	4,441	4,579	4,725	4,865	5,006	5,150	5,218	5,328
Total Noncurrent Assets	337	323	326	340	345	375	388	361	367	361
Long-Term Investments	107	107	116	116	116	116	116	116	116	115
Other Noncurrent Operating Assets	230	216	210	224	229	259	272	246	251	246
Total Liabilities & Shareholders' Equity	11,338	11,241	11,352	11,391	11,382	11,485	11,471	11,563	11,756	11,812
Total Liabilities	5,166	5,031	4,962	5,020	5,061	5,185	5,194	5,357	5,602	5,665
Total Current Liabilities	647	616	566	624	666	645	570	656	726	684
Accrued Expenses	647	616	566	624	666	645	570	656	726	684
Total Noncurrent Liabilities	4,519	4,415	4,396	4,396	4,394	4,540	4,624	4,701	4,876	4,981
Long-Term Debt	4,519	4,415	4,396	4,396	4,394	4,540	4,624	4,701	4,876	4,981
Redeemable Noncontrolling Interest	20	21	20	21	18	19	19	20	23	22
Total Equity & Noncontrolling Interests	6,152	6,190	6,371	6,350	6,304	6,280	6,257	6,186	6,132	6,125
Total Preferred & Common Equity	5,968	6,005	6,183	6,162	6,117	6,094	6,072	6,004	5,949	5,942
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	5,968	6,005	6,183	6,162	6,117	6,094	6,072	6,004	5,949	5,942
Common Stock	7,198	7,204	7,409	7,407	7,411	7,401	7,407	7,410	7,415	7,419
Accumulated Other Comprehensive Income / (Loss)	-10	-10	-9.79	-9.51	-9.24	-8.76	-8.26	-7.78	-7.36	-6.94
Other Equity Adjustments	-1,220	-1,189	-1,216	-1,235	-1,285	-1,298	-1,327	-1,399	-1,459	-1,470
Noncontrolling Interest	184	185	188	188	187	186	185	183	183	183

This table displays calculated financial ratios and metrics derived from Mid-America Apartment Communities' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.08%	7.92%	35.87%	2.77%	4.43%	2.25%	5.97%	13.60%	6.37%	1.98%
EBITDA Growth	-247.51%	216.64%	-7.97%	-18.32%	18.03%	-9.70%	32.63%	7.28%	-4.44%	1.08%
EBIT Growth	-537.95%	129.99%	39.55%	-36.71%	35.30%	-20.99%	66.13%	11.35%	-10.19%	-0.93%
NOPAT Growth	-522.56%	128.46%	180.29%	161.00%	28.36%	-16.95%	58.40%	27.37%	-19.80%	3.19%
Net Income Growth	-938.65%	117.12%	51.75%	-64.32%	58.69%	-27.99%	108.59%	18.90%	-13.28%	-4.62%
EPS Growth	123.86%	-38.78%	5.93%	-65.04%	59.07%	-28.66%	110.50%	18.87%	-14.05%	-4.67%
Operating Cash Flow Growth	27.06%	109.18%	-31.88%	22.24%	6.42%	5.44%	8.62%	18.27%	7.44%	-3.42%
Free Cash Flow Firm Growth	4,080.09%	-292.40%	213.46%	200.57%	21.12%	-22.88%	32.82%	47.10%	-50.69%	-11.79%
Invested Capital Growth	-100.00%	0.00%	-0.30%	-1.26%	-1.29%	-0.72%	0.05%	-1.17%	1.93%	2.63%
Revenue Q/Q Growth	36.94%	1.95%	5.20%	0.99%	1.15%	0.41%	2.30%	3.29%	0.67%	0.35%
EBITDA Q/Q Growth	-399.85%	260.64%	-19.36%	-11.95%	10.11%	-0.25%	4.24%	0.11%	-2.25%	1.75%
EBIT Q/Q Growth	-1,798.21%	138.12%	22.82%	-25.76%	19.89%	-1.54%	6.68%	-0.18%	-4.26%	1.77%
NOPAT Q/Q Growth	-518.43%	139.72%	158.56%	-1.08%	20.11%	-5.54%	5.78%	6.59%	-11.01%	5.94%
Net Income Q/Q Growth	-1,205.12%	121.13%	33.76%	-21.82%	33.28%	-20.66%	23.45%	1.24%	-5.66%	1.16%
EPS Q/Q Growth	29.33%	-5.92%	62.39%	-44.35%	34.06%	0.00%	0.00%	0.00%	-5.80%	1.35%
Operating Cash Flow Q/Q Growth	-36.17%	97.39%	-83.89%	112.73%	3.53%	2.51%	4.27%	3.36%	1.23%	-2.30%
Free Cash Flow Firm Q/Q Growth	2,327.20%	-1,248.27%	220.07%	-131.13%	121.71%	-14.57%	21.42%	16.57%	-45.04%	66.89%
Invested Capital Q/Q Growth	-100.00%	67.95%	1.36%	99.18%	0.38%	0.96%	0.20%	-0.62%	2.34%	1.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.01%	62.38%	100.00%	200.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-84.02%	90.82%	64.18%	113.46%	64.11%	56.62%	70.87%	66.93%	60.13%	59.60%
Operating Margin	-131.42%	24.44%	24.51%	25.49%	31.29%	25.48%	38.54%	41.77%	32.06%	32.49%
EBIT Margin	-113.79%	31.62%	32.47%	25.80%	33.42%	25.83%	40.49%	39.69%	33.52%	32.56%
Profit (Net Income) Margin	-125.68%	19.94%	22.27%	14.70%	22.34%	15.73%	30.97%	32.42%	26.43%	24.72%
Tax Burden Percent	100.13%	99.35%	199.27%	199.33%	99.45%	99.31%	97.79%	101.20%	99.47%	99.40%
Interest Burden Percent	110.31%	63.48%	137.67%	171.91%	67.21%	61.34%	78.21%	80.70%	79.28%	76.37%
Effective Tax Rate	0.00%	0.75%	1.53%	1.13%	1.00%	1.25%	2.42%	-0.96%	0.83%	0.96%
Return on Invested Capital (ROIC)	-29.39%	4.97%	3.39%	9.38%	4.73%	3.97%	6.31%	8.08%	6.46%	6.51%
ROIC Less NNEP Spread (ROIC-NNEP)	-49.65%	2.73%	2.67%	-0.22%	1.51%	0.40%	3.66%	3.55%	3.79%	2.96%
Return on Net Nonoperating Assets (RNNOA)	-56.33%	1.78%	1.76%	-0.15%	1.05%	0.29%	2.66%	2.49%	2.62%	2.19%
Return on Equity (ROE)	-85.72%	6.75%	0.00%	7.13%	5.78%	4.26%	8.96%	10.57%	9.08%	8.70%
Cash Return on Invested Capital (CROIC)	170.61%	-195.03%	7.38%	0.00%	6.02%	4.69%	6.25%	9.25%	4.55%	3.92%
Operating Return on Assets (OROA)	-34.79%	6.13%	4.30%	7.11%	4.86%	3.87%	6.41%	7.12%	6.34%	6.12%
Return on Assets (ROA)	-38.42%	3.87%	2.95%	4.05%	3.25%	2.35%	4.90%	5.81%	5.00%	4.65%
Return on Common Equity (ROCE)	-81.04%	6.49%	9.91%	6.87%	5.57%	4.10%	8.63%	10.20%	8.78%	8.42%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.50%	10.74%	7.51%	6.04%	4.50%	9.23%	10.90%	9.32%	9.11%
Net Operating Profit after Tax (NOPAT)	-959	273	372	396	508	422	669	852	683	705
NOPAT Margin	-92.00%	24.26%	24.32%	25.20%	30.98%	25.16%	37.61%	42.17%	31.80%	32.17%
Net Nonoperating Expense Percent (NNEP)	20.25%	2.24%	1.44%	15.44%	3.22%	3.57%	2.65%	4.53%	2.66%	3.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.03%	6.31%	6.35%
Cost of Revenue to Revenue	25.99%	37.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	135.80%	5.61%	5.48%	11.01%	6.02%	5.91%	6.11%	6.15%	5.88%	5.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	205.43%	37.94%	75.49%	149.02%	68.71%	74.52%	61.46%	58.23%	67.94%	67.51%
Earnings before Interest and Taxes (EBIT)	-1,187	356	497	405	549	433	720	802	720	713
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-876	1,022	981	891	1,052	950	1,260	1,352	1,292	1,306
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.90	1.45	1.48	2.14	2.21	4.06	2.76	2.44	3.00
Price to Tangible Book Value (P/TBV)	0.00	0.90	3.00	3.09	2.14	2.21	4.06	2.76	2.44	3.00
Price to Revenue (P/Rev)	4.93	5.11	6.01	12.00	7.92	7.72	13.63	8.20	6.92	8.14
Price to Earnings (P/E)	0.00	27.11	28.28	86.00	37.13	51.54	45.71	26.14	27.09	34.06
Dividend Yield	4.52%	4.31%	8.61%	9.23%	3.37%	3.53%	1.95%	3.26%	4.39%	3.84%
Earnings Yield	0.00%	3.69%	7.07%	4.82%	2.69%	1.94%	2.19%	3.83%	3.69%	2.94%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.94	2.59	2.61	1.65	1.67	2.72	2.01	1.82	2.09
Enterprise Value to Revenue (EV/Rev)	4.93	9.18	9.02	17.93	10.74	10.53	16.24	10.42	9.06	10.44
Enterprise Value to EBITDA (EV/EBITDA)	0.00	10.10	28.78	394.00	16.75	18.61	22.91	15.56	15.07	17.51
Enterprise Value to EBIT (EV/EBIT)	0.00	29.02	27.78	33.96	32.13	40.79	40.10	26.24	27.03	32.06
Enterprise Value to NOPAT (EV/NOPAT)	0.00	37.83	37.10	71.16	34.67	41.87	43.17	24.70	28.49	32.45
Enterprise Value to Operating Cash Flow (EV/OCF)	11.08	10.65	20.88	38.38	22.55	21.45	32.26	19.88	17.12	20.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.92	0.00	34.07	59.44	27.23	35.41	43.54	21.57	40.47	53.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.68	1.37	0.00	0.71	0.75	0.73	0.71	0.72	0.81
Long-Term Debt to Equity	0.00	0.68	1.37	1.42	0.71	0.75	0.73	0.71	0.72	0.81
Financial Leverage	1.13	0.65	1.31	1.36	0.69	0.71	0.73	0.70	0.69	0.74
Leverage Ratio	2.23	1.74	3.49	3.52	1.78	1.81	1.83	1.82	1.82	1.87
Compound Leverage Factor	2.46	1.11	1.20	3.03	1.20	1.11	1.43	1.47	1.44	1.43
Debt to Total Capital	0.00%	40.35%	40.61%	83.01%	41.41%	42.78%	42.21%	41.55%	41.89%	44.76%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	40.35%	81.22%	83.01%	41.41%	42.78%	42.21%	41.55%	41.89%	44.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	2.23%	4.41%	4.25%	2.18%	2.18%	2.05%	1.93%	1.89%	1.85%
Common Equity to Total Capital	0.00%	57.42%	114.37%	112.74%	56.41%	55.05%	55.75%	56.52%	56.22%	53.40%
Debt to EBITDA	0.00	4.40	9.18	124.01	4.23	4.80	3.58	3.27	3.51	3.81
Net Debt to EBITDA	0.00	4.24	8.90	121.39	4.17	4.73	3.51	3.16	3.39	3.69
Long-Term Debt to EBITDA	0.00	4.40	9.18	124.01	4.23	4.80	3.58	3.27	3.51	3.81
Debt to NOPAT	0.00	16.48	24.21	22.87	8.76	10.81	6.75	5.18	6.65	7.07
Net Debt to NOPAT	0.00	15.87	23.49	11.19	8.64	10.65	6.61	5.01	6.42	6.84
Long-Term Debt to NOPAT	0.00	16.48	24.21	22.87	8.76	10.81	6.75	5.18	6.65	7.07
Altman Z-Score	0.00	0.86	2.73	2.73	1.84	1.75	3.16	2.33	2.05	2.21
Noncontrolling Interest Sharing Ratio	5.47%	3.73%	7.45%	7.35%	3.68%	3.77%	3.67%	3.42%	3.28%	3.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.27	0.23	0.25	0.04	0.05	0.09	0.06	0.06	0.06
Quick Ratio	0.00	0.07	0.05	0.17	0.04	0.05	0.09	0.06	0.06	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,568	-10,713	405	534	647	499	663	975	481	424
Operating Cash Flow to CapEx	340.48%	213.89%	421.85%	312.82%	5,077.45%	369.67%	2,745.97%	0.00%	336.17%	461.15%
Free Cash Flow to Firm to Interest Expense	45.51	-82.44	5.23	7.47	3.60	2.98	4.23	6.30	3.22	2.52
Operating Cash Flow to Interest Expense	3.79	7.46	4.27	12.69	4.34	4.92	5.70	6.84	7.62	6.52
Operating Cash Flow Less CapEx to Interest Expense	2.68	3.97	6.52	8.63	4.26	3.59	5.50	7.00	5.35	5.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.19	0.13	0.30	0.15	0.15	0.16	0.18	0.19	0.19
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.14	0.30	0.15	0.15	0.16	0.19	0.20	0.20
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	10,986	10,953	10,814	10,675	10,598	10,604	10,480	10,682	10,963
Invested Capital Turnover	0.32	0.20	0.14	0.31	0.15	0.16	0.17	0.19	0.20	0.20
Increase / (Decrease) in Invested Capital	-6,527	10,986	-33	-138	-139	-77	5.66	-124	202	281
Enterprise Value (EV)	5,137	10,327	13,796	28,181	17,624	17,676	28,871	21,041	19,464	22,871
Market Capitalization	5,137	5,745	9,184	18,852	12,999	12,950	24,232	16,566	14,875	17,842
Book Value per Share	$0.00	$84.77	$55.80	$54.02	$53.20	$51.34	$51.81	$52.00	$52.23	$50.84
Tangible Book Value per Share	$0.00	$84.77	$55.80	$54.02	$53.20	$51.34	$51.81	$52.00	$52.23	$50.84
Total Capital	0.00	11,152	11,086	10,910	10,758	10,667	10,701	10,625	10,839	11,129
Total Debt	0.00	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981
Total Long-Term Debt	0.00	4,500	4,502	4,528	4,455	4,563	4,517	4,415	4,540	4,981
Net Debt	0.00	4,333	4,368	4,432	4,390	4,494	4,420	4,270	4,383	4,823
Capital Expenditures (CapEx)	136	454	157	235	15	223	33	-24	338	238
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-453	-400	-414	-491	-528	-584	-616	-645	-684
Debt-free Net Working Capital (DFNWC)	0.00	-331	-311	-362	-471	-503	-530	-577	-604	-641
Net Working Capital (NWC)	0.00	-331	-311	-362	-471	-503	-530	-577	-604	-641
Net Nonoperating Expense (NNE)	351	49	31	165	142	158	118	197	115	163
Net Nonoperating Obligations (NNO)	0.00	4,333	4,368	4,432	4,371	4,494	4,420	4,270	4,383	4,815
Total Depreciation and Amortization (D&A)	310	666	485	486	504	517	540	550	572	592
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-40.22%	-26.18%	-49.30%	-29.94%	-31.48%	-32.87%	-30.49%	-30.03%	-31.21%
Debt-free Net Working Capital to Revenue	0.00%	-29.40%	-20.36%	-23.05%	-28.69%	-29.98%	-29.81%	-28.58%	-28.11%	-29.24%
Net Working Capital to Revenue	0.00%	-29.40%	-20.36%	-23.05%	-28.69%	-29.98%	-29.81%	-28.58%	-28.11%	-29.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.41	$2.69	$2.86	$1.93	$3.07	$2.20	$4.62	$5.49	$4.71	$4.49
Adjusted Weighted Average Basic Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M
Adjusted Diluted Earnings per Share	$4.41	$2.69	$2.86	$1.93	$3.07	$2.19	$4.61	$5.48	$4.71	$4.49
Adjusted Weighted Average Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	75.43M	113.55M	113.69M	113.89M	114.27M	114.39M	115.34M	116.60M	116.72M	116.90M
Normalized Net Operating Profit after Tax (NOPAT)	-959	314	372	396	428	422	454	440	683	650
Normalized NOPAT Margin	-92.00%	27.86%	24.32%	25.20%	26.09%	25.16%	25.51%	21.79%	31.80%	29.69%
Pre Tax Income Margin	-125.52%	20.07%	22.35%	29.50%	22.47%	15.84%	31.67%	32.03%	26.57%	24.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.70	2.74	3.21	4.67	3.05	2.59	4.59	5.18	4.83	4.23
NOPAT to Interest Expense	-7.84	2.10	2.40	5.88	2.83	2.52	4.26	5.50	4.58	4.18
EBIT Less CapEx to Interest Expense	-10.81	-0.75	2.20	1.97	2.96	1.26	4.38	5.34	2.56	2.82
NOPAT Less CapEx to Interest Expense	-8.95	-1.39	1.39	3.17	2.74	1.19	4.05	5.66	2.31	2.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-18.69%	233.07%	242.93%	379.72%	124.75%	180.78%	88.90%	91.83%	121.31%	130.89%
Augmented Payout Ratio	-18.76%	234.87%	242.93%	379.72%	124.75%	180.78%	88.90%	91.83%	121.31%	130.89%

This table displays calculated financial ratios and metrics derived from Mid-America Apartment Communities' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.07%	13.89%	11.12%	8.10%	4.08%	2.71%	2.76%	2.11%	1.68%	1.40%
EBITDA Growth	13.67%	0.39%	10.94%	-15.04%	-1.06%	-7.90%	5.16%	-11.04%	3.86%	6.49%
EBIT Growth	26.33%	-0.59%	17.59%	-25.06%	-8.00%	-13.57%	6.69%	-22.44%	7.64%	6.07%
NOPAT Growth	44.57%	24.47%	21.75%	-40.62%	0.55%	-32.52%	-5.19%	-2.67%	-2.81%	22.57%
Net Income Growth	44.41%	4.20%	22.89%	-30.89%	-9.52%	-17.13%	5.76%	-30.07%	3.95%	3.76%
EPS Growth	43.84%	0.00%	22.11%	-31.87%	-10.48%	-17.47%	5.17%	-30.65%	4.26%	4.38%
Operating Cash Flow Growth	22.24%	15.89%	21.54%	18.11%	-7.35%	5.48%	-8.27%	4.05%	-2.71%	-9.74%
Free Cash Flow Firm Growth	612.26%	88.71%	-20.03%	-31.81%	34.82%	-106.93%	-121.73%	-127.24%	-190.93%	-146.27%
Invested Capital Growth	-0.36%	-1.17%	-0.07%	-0.60%	-1.02%	1.93%	1.93%	2.17%	3.94%	2.63%
Revenue Q/Q Growth	5.20%	1.38%	0.20%	1.16%	1.29%	0.04%	0.25%	0.52%	0.86%	-0.23%
EBITDA Q/Q Growth	-22.33%	24.87%	-15.56%	3.73%	-9.55%	16.24%	-3.59%	-12.24%	5.60%	19.19%
EBIT Q/Q Growth	-35.42%	45.08%	-24.86%	6.45%	-20.72%	36.30%	-7.25%	-22.61%	10.03%	34.31%
NOPAT Q/Q Growth	-41.66%	57.03%	-33.61%	-2.37%	-1.21%	5.38%	-6.76%	0.23%	-1.35%	32.89%
Net Income Q/Q Growth	-41.95%	58.26%	-29.84%	7.22%	-24.00%	44.96%	-10.47%	-29.10%	12.96%	44.70%
EPS Q/Q Growth	-42.31%	58.10%	-30.12%	6.90%	-24.19%	45.74%	-10.95%	-29.51%	13.95%	45.92%
Operating Cash Flow Q/Q Growth	20.80%	-26.86%	-13.08%	53.81%	-5.24%	-16.73%	-24.41%	74.46%	-11.40%	-22.75%
Free Cash Flow Firm Q/Q Growth	-40.26%	88.79%	-52.98%	28.60%	18.11%	-109.70%	-47.97%	-61.19%	-294.27%	73.74%
Invested Capital Q/Q Growth	-0.18%	-0.62%	0.45%	-0.25%	-0.60%	2.34%	0.45%	-0.02%	1.12%	1.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	57.85%	71.26%	60.05%	61.58%	54.99%	63.90%	61.45%	53.65%	56.17%	67.11%
Operating Margin	31.50%	49.17%	32.87%	32.12%	30.68%	32.60%	30.49%	30.33%	29.55%	39.54%
EBIT Margin	31.25%	44.72%	33.54%	35.29%	27.62%	37.64%	34.82%	26.81%	29.24%	39.37%
Profit (Net Income) Margin	24.14%	37.68%	26.38%	27.97%	20.98%	30.40%	27.15%	19.15%	21.45%	31.11%
Tax Burden Percent	101.29%	100.46%	99.60%	98.37%	100.58%	99.62%	99.12%	99.48%	99.82%	99.30%
Interest Burden Percent	76.26%	83.87%	78.99%	80.56%	75.52%	81.10%	78.68%	71.83%	73.49%	79.59%
Effective Tax Rate	-1.01%	-0.23%	0.67%	1.88%	-0.18%	0.69%	1.21%	0.97%	0.57%	1.02%
Return on Invested Capital (ROIC)	5.89%	9.44%	6.43%	6.32%	6.25%	6.57%	6.13%	6.15%	6.03%	7.92%
ROIC Less NNEP Spread (ROIC-NNEP)	4.98%	8.03%	5.65%	5.88%	5.01%	6.33%	5.75%	4.78%	5.04%	6.96%
Return on Net Nonoperating Assets (RNNOA)	3.59%	5.63%	3.85%	3.98%	3.40%	4.38%	3.90%	3.29%	3.56%	5.15%
Return on Equity (ROE)	9.48%	15.07%	10.28%	10.30%	9.65%	10.95%	10.03%	9.44%	9.58%	13.07%
Cash Return on Invested Capital (CROIC)	7.92%	9.25%	8.45%	7.88%	8.34%	4.55%	4.43%	4.17%	2.39%	3.92%
Operating Return on Assets (OROA)	5.41%	8.02%	6.16%	6.58%	5.19%	7.12%	6.60%	5.08%	5.52%	7.41%
Return on Assets (ROA)	4.18%	6.76%	4.85%	5.21%	3.94%	5.75%	5.15%	3.63%	4.05%	5.85%
Return on Common Equity (ROCE)	9.15%	14.56%	9.94%	9.96%	9.34%	10.59%	9.71%	9.13%	9.27%	12.64%
Return on Equity Simple (ROE_SIMPLE)	10.84%	0.00%	11.01%	9.96%	9.84%	0.00%	9.48%	8.84%	9.00%	0.00%
Net Operating Profit after Tax (NOPAT)	166	260	173	169	167	176	164	164	162	215
NOPAT Margin	31.82%	49.28%	32.65%	31.51%	30.74%	32.38%	30.12%	30.04%	29.38%	39.14%
Net Nonoperating Expense Percent (NNEP)	0.90%	1.41%	0.78%	0.45%	1.25%	0.25%	0.38%	1.37%	0.99%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	-	2.45%	-	-	-	1.62%	-	-	-	1.94%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.46%	6.02%	6.40%	5.60%	5.50%	6.03%	6.81%	5.47%	5.44%	5.76%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	68.50%	50.83%	67.13%	67.88%	69.32%	67.40%	69.51%	69.67%	70.45%	60.46%
Earnings before Interest and Taxes (EBIT)	163	236	177	189	150	204	189	146	161	216
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	301	376	318	330	298	347	334	293	310	369
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.80	2.76	2.71	2.73	2.33	2.44	2.50	2.74	3.08	3.00
Price to Tangible Book Value (P/TBV)	2.80	2.76	2.71	2.73	2.33	2.44	2.50	2.74	3.08	3.00
Price to Revenue (P/Rev)	8.55	8.20	8.07	7.95	6.67	6.92	7.01	7.57	8.40	8.14
Price to Earnings (P/E)	26.71	26.14	25.40	28.30	24.43	27.09	27.24	32.06	35.45	34.06
Dividend Yield	3.07%	3.26%	3.48%	3.68%	4.47%	4.39%	4.36%	4.07%	3.69%	3.84%
Earnings Yield	3.74%	3.83%	3.94%	3.53%	4.09%	3.69%	3.67%	3.12%	2.82%	2.94%
Enterprise Value to Invested Capital (EV/IC)	2.02	2.01	2.00	2.01	1.78	1.82	1.85	1.97	2.14	2.09
Enterprise Value to Revenue (EV/Rev)	10.89	10.42	10.17	10.01	8.69	9.06	9.17	9.74	10.66	10.44
Enterprise Value to EBITDA (EV/EBITDA)	15.77	15.56	15.24	15.96	14.03	15.07	15.16	16.65	18.13	17.51
Enterprise Value to EBIT (EV/EBIT)	26.51	26.24	25.45	27.63	24.66	27.03	27.09	30.71	33.19	32.06
Enterprise Value to NOPAT (EV/NOPAT)	26.64	24.70	23.88	27.58	24.16	28.49	29.41	31.62	34.97	32.45
Enterprise Value to Operating Cash Flow (EV/OCF)	20.79	19.88	19.21	18.41	16.51	17.12	17.72	18.70	20.70	20.82
Enterprise Value to Free Cash Flow (EV/FCFF)	25.45	21.57	23.68	25.47	21.20	40.47	42.09	47.86	91.52	53.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.71	0.69	0.69	0.70	0.72	0.74	0.76	0.79	0.81
Long-Term Debt to Equity	0.73	0.71	0.69	0.69	0.70	0.72	0.74	0.76	0.79	0.81
Financial Leverage	0.72	0.70	0.68	0.68	0.68	0.69	0.68	0.69	0.71	0.74
Leverage Ratio	1.84	1.82	1.80	1.80	1.82	1.82	1.80	1.83	1.85	1.87
Compound Leverage Factor	1.40	1.52	1.42	1.45	1.37	1.47	1.42	1.31	1.36	1.49
Debt to Total Capital	42.27%	41.55%	40.75%	40.83%	41.01%	41.89%	42.42%	43.10%	44.21%	44.76%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	42.27%	41.55%	40.75%	40.83%	41.01%	41.89%	42.42%	43.10%	44.21%	44.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.91%	1.93%	1.92%	1.94%	1.91%	1.89%	1.87%	1.86%	1.86%	1.85%
Common Equity to Total Capital	55.82%	56.52%	57.33%	57.23%	57.08%	56.22%	55.71%	55.04%	53.93%	53.40%
Debt to EBITDA	3.35	3.27	3.18	3.32	3.33	3.51	3.53	3.70	3.80	3.81
Net Debt to EBITDA	3.24	3.16	2.99	3.12	3.11	3.39	3.40	3.56	3.67	3.69
Long-Term Debt to EBITDA	3.35	3.27	3.18	3.32	3.33	3.51	3.53	3.70	3.80	3.81
Debt to NOPAT	5.66	5.18	4.98	5.73	5.72	6.65	6.86	7.02	7.33	7.07
Net Debt to NOPAT	5.47	5.01	4.69	5.39	5.36	6.42	6.61	6.75	7.08	6.84
Long-Term Debt to NOPAT	5.66	5.18	4.98	5.73	5.72	6.65	6.86	7.02	7.33	7.07
Altman Z-Score	2.10	2.16	2.21	2.20	1.86	1.90	1.94	2.01	2.13	2.07
Noncontrolling Interest Sharing Ratio	3.43%	3.42%	3.33%	3.31%	3.28%	3.28%	3.25%	3.27%	3.29%	3.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.16	0.06	0.25	0.24	0.24	0.06	0.10	0.10	0.07	0.06
Quick Ratio	0.06	0.06	0.25	0.24	0.24	0.06	0.10	0.10	0.07	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	203	384	180	232	274	-27	-39	-63	-249	-65
Operating Cash Flow to CapEx	400.49%	0.00%	300.71%	340.12%	366.55%	330.52%	384.36%	389.60%	109.31%	0.00%
Free Cash Flow to Firm to Interest Expense	5.26	10.08	4.84	6.32	7.48	-0.69	-0.97	-1.53	-5.83	-1.48
Operating Cash Flow to Interest Expense	8.89	6.60	5.86	9.14	8.68	6.87	4.96	8.47	7.24	5.41
Operating Cash Flow Less CapEx to Interest Expense	6.67	8.64	3.91	6.46	6.31	4.79	3.67	6.29	0.62	9.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.18	0.18	0.19	0.19	0.19	0.19	0.19	0.19	0.19
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.18	0.19	0.19	0.20	0.20	0.20	0.20	0.20	0.20	0.20
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,545	10,480	10,528	10,501	10,438	10,682	10,731	10,728	10,849	10,963
Invested Capital Turnover	0.19	0.19	0.20	0.20	0.20	0.20	0.20	0.20	0.21	0.20
Increase / (Decrease) in Invested Capital	-38	-124	-7.71	-63	-107	202	203	227	411	281
Enterprise Value (EV)	21,291	21,041	21,076	21,143	18,548	19,464	19,829	21,179	23,266	22,871
Market Capitalization	16,714	16,566	16,732	16,804	14,226	14,875	15,171	16,454	18,350	17,842
Book Value per Share	$51.70	$52.00	$53.03	$52.82	$52.42	$52.23	$51.98	$51.39	$50.90	$50.84
Tangible Book Value per Share	$51.70	$52.00	$53.03	$52.82	$52.42	$52.23	$51.98	$51.39	$50.90	$50.84
Total Capital	10,691	10,625	10,786	10,767	10,716	10,839	10,901	10,907	11,030	11,129
Total Debt	4,519	4,415	4,396	4,396	4,394	4,540	4,624	4,701	4,876	4,981
Total Long-Term Debt	4,519	4,415	4,396	4,396	4,394	4,540	4,624	4,701	4,876	4,981
Net Debt	4,373	4,270	4,137	4,130	4,116	4,383	4,454	4,522	4,710	4,823
Capital Expenditures (CapEx)	86	-78	73	99	87	80	52	90	283	-187
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-581	-616	-566	-624	-666	-645	-570	-656	-726	-684
Debt-free Net Working Capital (DFNWC)	-542	-577	-424	-474	-505	-604	-515	-593	-676	-641
Net Working Capital (NWC)	-542	-577	-424	-474	-505	-604	-515	-593	-676	-641
Net Nonoperating Expense (NNE)	40	61	33	19	53	11	16	59	44	44
Net Nonoperating Obligations (NNO)	4,373	4,270	4,137	4,130	4,116	4,383	4,454	4,522	4,695	4,815
Total Depreciation and Amortization (D&A)	139	140	140	141	148	142	145	147	148	153
Debt-free, Cash-free Net Working Capital to Revenue	-29.69%	-30.49%	-27.31%	-29.52%	-31.23%	-30.03%	-26.34%	-30.17%	-33.26%	-31.21%
Debt-free Net Working Capital to Revenue	-27.70%	-28.58%	-20.44%	-22.41%	-23.64%	-28.11%	-23.82%	-27.28%	-30.96%	-29.24%
Net Working Capital to Revenue	-27.70%	-28.58%	-20.44%	-22.41%	-23.64%	-28.11%	-23.82%	-27.28%	-30.96%	-29.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$1.67	$1.16	$1.24	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43
Adjusted Weighted Average Basic Shares Outstanding	115.48M	116.60M	116.66M	116.68M	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M
Adjusted Diluted Earnings per Share	$1.05	$1.66	$1.16	$1.24	$0.94	$1.37	$1.22	$0.86	$0.98	$1.43
Adjusted Weighted Average Diluted Shares Outstanding	115.48M	116.60M	116.66M	116.68M	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	115.48M	116.60M	116.66M	116.68M	116.69M	116.72M	116.83M	116.88M	116.88M	116.90M
Normalized Net Operating Profit after Tax (NOPAT)	115	124	173	169	116	176	164	164	162	215
Normalized NOPAT Margin	22.05%	23.44%	32.65%	31.51%	21.48%	32.38%	30.12%	30.04%	29.38%	39.14%
Pre Tax Income Margin	23.83%	37.51%	26.49%	28.43%	20.86%	30.52%	27.39%	19.25%	21.49%	31.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.21	6.20	4.76	5.14	4.09	5.29	4.69	3.55	3.77	4.90
NOPAT to Interest Expense	4.29	6.83	4.63	4.59	4.55	4.55	4.06	3.98	3.79	4.87
EBIT Less CapEx to Interest Expense	1.99	8.24	2.81	2.45	1.72	3.21	3.40	1.38	-2.86	9.13
NOPAT Less CapEx to Interest Expense	2.07	8.87	2.69	1.90	2.18	2.47	2.77	1.80	-2.84	9.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	88.83%	91.83%	87.46%	103.30%	108.59%	121.31%	121.37%	133.27%	133.75%	130.89%
Augmented Payout Ratio	88.83%	91.83%	87.46%	103.30%	108.59%	121.31%	121.37%	133.27%	133.75%	130.89%

Frequently Asked Questions About Mid-America Apartment Communities' Financials

When does Mid-America Apartment Communities's fiscal year end?

According to the most recent income statement we have on file, Mid-America Apartment Communities' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Mid-America Apartment Communities' net income changed over the last 9 years?

Mid-America Apartment Communities' net income appears to be on an upward trend, with a most recent value of $541.58 million in 2024, falling from -$1.31 billion in 2015. The previous period was $567.83 million in 2023.

What is Mid-America Apartment Communities's operating income?

Mid-America Apartment Communities's total operating income in 2024 was $711.75 million, based on the following breakdown:

Total Gross Profit: $2.19 billion
Total Operating Expenses: $1.48 billion

How has Mid-America Apartment Communities revenue changed over the last 9 years?

Over the last 9 years, Mid-America Apartment Communities' total revenue changed from $1.04 billion in 2015 to $2.19 billion in 2024, a change of 110.1%.

How much debt does Mid-America Apartment Communities have?

Mid-America Apartment Communities' total liabilities were at $5.66 billion at the end of 2024, a 9.2% increase from 2023, and a 566,470,500,000.0% increase since 2015.

How much cash does Mid-America Apartment Communities have?

In the past 9 years, Mid-America Apartment Communities' cash and equivalents has ranged from $0.00 in 2015 to $54.30 million in 2021, and is currently $43.02 million as of their latest financial filing in 2024.

How has Mid-America Apartment Communities' book value per share changed over the last 9 years?

Over the last 9 years, Mid-America Apartment Communities' book value per share changed from 0.00 in 2015 to 50.84 in 2024, a change of 5,083.9%.

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This page (NYSE:MAA) was last updated on 4/15/2025 by MarketBeat.com Staff

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Mid-America Apartment Communities (MAA) Financials

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Mid-America Apartment Communities (MAA) Financials

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