Mid-America Apartment Communities (MAA) Financials

$160.34 -1.00 (-0.62%)

As of 05/20/2025 03:59 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	524	549	634	530	251	350	219	325	212	-997
Consolidated Net Income / (Loss)	542	568	655	551	264	367	231	341	224	-1,311
Net Income / (Loss) Continuing Operations	540	566	653	551	264	367	231	339	224	-1,311
Total Pre-Tax Income	545	571	647	563	266	369	232	342	226	-1,309
Total Operating Income	712	689	844	685	428	513	401	375	275	-1,370
Total Gross Profit	2,191	2,148	2,020	1,778	1,678	1,641	1,571	1,529	702	772
Total Revenue	2,191	2,148	2,020	1,778	1,678	1,641	1,571	1,529	1,125	1,043
Operating Revenue	2,191	2,148	2,020	1,778	1,678	1,641	1,571	1,529	1,125	1,043
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	423	271
Total Operating Expenses	1,479	1,460	1,176	1,093	1,250	1,128	1,171	1,154	427	2,142
Selling, General & Admin Expense	129	126	124	109	99	99	86	84	63	1,416
Depreciation Expense	586	565	543	533	511	497	490	494	323	295
Other Operating Expenses / (Income)	820	768	724	671	640	613	595	577	-	432
Other Special Charges / (Income)	-55	0.06	-215	-220	-0.01	-81	-	-	-	-
Total Other Income / (Expense), net	-167	-118	-197	-122	-162	-145	-169	-33	-49	62
Interest Expense	169	149	155	157	168	180	174	155	130	122
Other Income / (Expense), net	1.66	31	-42	35	5.88	35	4.88	122	81	184
Income Tax Expense	5.24	4.74	-6.21	14	3.33	3.70	2.61	2.62	1.70	1.67
Other Gains / (Losses), net	1.95	1.73	1.58	1.21	1.50	1.65	1.83	-	-	-0.00
Preferred Stock Dividends Declared	3.69	3.69	3.69	3.69	3.69	3.69	3.69	3.69	0.31	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	14	15	17	17	9.05	13	8.12	12	12	18
Basic Earnings per Share	$4.49	$4.71	$5.49	$4.62	$2.20	$3.07	$1.93	$2.86	$2.70	$4.41
Weighted Average Basic Shares Outstanding	116.90M	116.72M	116.60M	115.34M	114.39M	114.27M	113.89M	113.69M	113.55M	75.43M
Diluted Earnings per Share	$4.49	$4.71	$5.48	$4.61	$2.19	$3.07	$1.93	$2.86	$2.70	$4.41
Weighted Average Diluted Shares Outstanding	116.90M	116.72M	116.60M	115.34M	114.39M	114.27M	113.89M	113.69M	113.55M	75.43M
Weighted Average Basic & Diluted Shares Outstanding	116.90M	116.72M	116.60M	115.34M	114.39M	114.27M	113.89M	113.69M	113.55M	75.43M
Cash Dividends to Common per Share	$5.88	$5.60	$4.68	$4.10	$4.00	$3.84	$3.69	$3.48	$3.28	$3.13

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	181	166	114	101	143	160	110	145	135	193	121
Consolidated Net Income / (Loss)	186	171	118	105	148	165	114	150	140	199	126
Net Income / (Loss) Continuing Operations	186	170	118	104	148	164	113	149	140	197	126
Total Pre-Tax Income	187	172	118	105	149	166	113	152	140	198	124
Total Operating Income	159	217	163	166	166	177	166	172	174	260	164
Total Gross Profit	549	550	551	546	544	542	542	535	529	528	521
Total Revenue	549	550	551	546	544	542	542	535	529	528	521
Operating Revenue	549	550	551	546	544	542	542	535	529	528	521
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	390	332	388	381	378	365	376	363	355	268	357
Selling, General & Admin Expense	36	32	30	30	37	33	30	30	34	32	28
Depreciation Expense	152	151	147	145	143	141	147	139	139	138	137
Other Operating Expenses / (Income)	201	205	212	206	198	192	199	194	183	181	191
Total Other Income / (Expense), net	28	-45	-44	-61	-17	-11	-53	-20	-34	-62	-40
Interest Expense	45	44	43	41	40	39	37	37	37	38	39
Other Income / (Expense), net	73	-0.93	-1.68	-19	24	27	-17	17	3.52	-23	-1.29
Income Tax Expense	1.04	1.76	0.67	1.02	1.80	1.15	-0.21	2.86	0.94	-0.46	-1.26
Other Adjustments to Consolidated Net Income / (Loss)	0.47	-	0.45	0.47	-	-	0.45	0.38	-	-	-
Preferred Stock Dividends Declared	0.92	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	4.73	4.43	3.04	2.71	3.86	4.39	3.00	3.97	3.66	5.32	3.39
Basic Earnings per Share	$1.55	$1.43	$0.98	$0.86	$1.22	$1.37	$0.94	$1.24	$1.16	$1.67	$1.05
Weighted Average Basic Shares Outstanding	117.06M	116.90M	116.88M	116.88M	116.83M	116.72M	116.69M	116.68M	116.66M	116.60M	115.48M
Diluted Earnings per Share	$1.54	$1.43	$0.98	$0.86	$1.22	$1.37	$0.94	$1.24	$1.16	$1.66	$1.05
Weighted Average Diluted Shares Outstanding	117.06M	116.90M	116.88M	116.88M	116.83M	116.72M	116.69M	116.68M	116.66M	116.60M	115.48M
Weighted Average Basic & Diluted Shares Outstanding	117.06M	116.90M	116.88M	116.88M	116.83M	116.72M	116.69M	116.68M	116.66M	116.60M	115.48M

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1.67	-5.98	-70	95	-35	19	-37	-33	116	11
Net Cash From Operating Activities	1,098	1,137	1,058	895	824	781	734	661	970	464
Net Cash From Continuing Operating Activities	1,098	1,137	1,058	895	824	781	734	661	973	460
Net Income / (Loss) Continuing Operations	542	568	655	551	264	367	231	341	449	351
Consolidated Net Income / (Loss)	542	568	655	551	264	367	231	341	449	351
Depreciation Expense	586	566	544	534	512	498	491	495	647	295
Amortization Expense	6.04	5.91	6.06	5.65	4.96	5.78	-4.99	-9.81	20	16
Non-Cash Adjustments To Reconcile Net Income	-40	-7.27	-130	-252	5.13	-101	11	-117	-142	-202
Changes in Operating Assets and Liabilities, net	3.79	4.86	-16	56	38	12	6.74	-48	-	-
Net Cash From Investing Activities	-825	-775	-405	-254	-485	-238	-366	-294	-1,298	-136
Net Cash From Continuing Investing Activities	-825	-775	-405	-254	-485	-238	-366	-294	-1,298	-136
Purchase of Property, Plant & Equipment	-322	-341	-296	-326	-226	-190	-255	-344	-1,046	-494
Acquisitions	-2.87	-17	-186	-236	-5.35	-5.39	-2.91	-1.50	-848	0.00
Sale of Property, Plant & Equipment	84	2.95	320	293	2.62	175	20	187	593	358
Sale and/or Maturity of Investments	10	0.31	0.54	0.50	0.35	0.51	0.78	0.00	3.56	-
Other Investing Activities, net	-595	-421	-244	15	-257	-218	-129	-136	0.00	-0.02
Net Cash From Financing Activities	-271	-368	-723	-546	-374	-524	-405	-400	445	-317
Net Cash From Continuing Financing Activities	-271	-368	-722	-546	-374	-524	-405	-400	446	-317
Repayment of Debt	-655	-359	-143	-652	-446	-1,691	-2,376	-1,388	-897	-468
Payment of Dividends	-709	-689	-601	-490	-477	-457	-439	-414	-523	-245
Issuance of Debt	1,092	475	20	594	550	1,624	2,410	1,402	1,870	396
Issuance of Common Equity	1.23	205	2.17	0.65	-	-	-	-	0.58	0.62
Cash Interest Paid	182	158	157	168	165	173	185	174	294	142
Cash Income Taxes Paid	3.34	4.00	3.49	2.54	2.55	2.55	2.55	2.37	3.16	2.10

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	13	-7.30	-12	8.42	13	-120	12	7.71	95	7.52	-168
Net Cash From Operating Activities	197	239	310	349	200	265	318	336	218	251	343
Net Cash From Continuing Operating Activities	197	239	310	349	200	265	318	336	218	251	343
Net Income / (Loss) Continuing Operations	186	171	118	105	148	165	114	150	140	199	126
Consolidated Net Income / (Loss)	186	171	118	105	148	165	114	150	140	199	126
Depreciation Expense	153	151	147	145	143	141	147	139	139	139	137
Amortization Expense	1.62	1.47	1.51	1.53	1.53	1.37	1.50	1.52	1.52	1.52	1.53
Non-Cash Adjustments To Reconcile Net Income	-67	-52	11	14	-12	-21	21	-10	2.10	-62	12
Changes in Operating Assets and Liabilities, net	-77	-33	32	84	-80	-22	35	56	-64	-26	67
Net Cash From Investing Activities	-61	-174	-322	-237	-93	-347	-136	-154	-138	9.38	-357
Net Cash From Continuing Investing Activities	-61	-174	-322	-237	-93	-347	-136	-154	-138	9.38	-357
Purchase of Property, Plant & Equipment	-73	103	-283	-90	-52	-80	-87	-99	-76	-77	-86
Acquisitions	-70	254	-256	-0.37	-0.75	-9.13	102	-56	-54	-175	-1.80
Sale of Property, Plant & Equipment	81	84	-	-	0.00	-0.00	-0.08	-	3.02	155	0.63
Sale and/or Maturity of Investments	0.00	0.04	10	0.12	0.10	0.31	-	-	0.00	0.15	0.03
Other Investing Activities, net	0.00	-615	207	-147	-40	-258	-151	-0.07	-12	106	-269
Net Cash From Financing Activities	-123	-73	-0.22	-104	-94	-38	-171	-174	15	-253	-155
Net Cash From Continuing Financing Activities	-123	-73	-0.22	-104	-94	-38	-171	-174	15	-252	-155
Repayment of Debt	-0.21	-243	-2.31	-406	-4.02	-349	-2.51	-5.28	-2.02	0.88	-131
Payment of Dividends	-183	-177	-177	-177	-177	-184	-169	-169	-167	-149	-149
Issuance of Debt	60	347	179	479	87	495	-	-	-20	-105	125
Issuance of Common Equity	0.38	0.28	0.34	0.31	0.30	0.33	0.35	0.31	204	1.41	-0.12
Cash Interest Paid	52	44	64	42	33	52	29	47	30	48	31

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	11,812	11,485	11,241	11,285	11,195	11,230	11,324	11,492	11,604	0.00
Total Current Assets	43	41	39	54	25	20	52	94	122	0.00
Cash & Equivalents	43	41	39	54	25	20	34	11	34	0.00
Plant, Property, & Equipment, net	11,400	11,068	10,880	10,856	10,863	10,943	11,049	11,160	11,226	0.00
Plant, Property & Equipment, gross	16,728	15,933	15,182	14,704	14,278	13,899	13,599	13,235	12,901	0.00
Accumulated Depreciation	5,328	4,865	4,303	3,848	3,415	2,955	2,549	2,075	1,675	0.00
Total Noncurrent Assets	361	375	323	375	307	267	223	238	257	0.00
Long-Term Investments	115	116	107	43	43	44	44	45	44	0.00
Other Noncurrent Operating Assets	246	259	216	332	263	223	179	193	212	0.00
Total Liabilities & Shareholders' Equity	11,812	11,485	11,241	11,285	11,195	11,230	11,324	11,492	11,604	0.00
Total Liabilities	5,665	5,185	5,031	5,101	5,091	4,927	4,942	4,908	4,952	0.00
Total Current Liabilities	684	645	616	584	528	491	414	406	453	0.00
Accrued Expenses	684	645	616	584	528	472	414	406	453	0.00
Total Noncurrent Liabilities	4,981	4,540	4,415	4,517	4,563	4,455	4,528	4,502	4,500	0.00
Long-Term Debt	4,981	4,540	4,415	4,517	4,563	4,455	4,528	4,502	4,500	0.00
Redeemable Noncontrolling Interest	22	19	21	30	15	14	9.41	13	12	0.00
Total Equity & Noncontrolling Interests	6,125	6,280	6,190	6,154	6,088	6,289	6,372	6,572	6,640	0.00
Total Preferred & Common Equity	5,942	6,094	6,005	5,965	5,872	6,069	6,150	6,340	6,404	0.00
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00
Total Common Equity	5,942	6,094	6,005	5,965	5,872	6,069	6,150	6,340	6,404	0.00
Common Stock	7,419	7,401	7,204	7,232	7,178	7,167	7,139	7,122	7,110	0.00
Accumulated Other Comprehensive Income / (Loss)	-6.94	-8.76	-10	-11	-12	-13	-0.21	2.16	1.14	0.00
Other Equity Adjustments	-1,470	-1,298	-1,189	-1,256	-1,294	-1,085	-989	-785	-707	0.00
Noncontrolling Interest	183	186	185	189	217	221	222	232	236	0.00

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	11,812	11,812	11,756	11,563	11,471	11,485	11,382	11,391	11,352	11,241	11,338
Total Current Assets	56	43	50	63	55	41	162	150	142	39	106
Cash & Equivalents	56	43	50	63	55	41	162	150	142	39	39
Plant, Property, & Equipment, net	11,391	11,400	11,324	11,139	11,028	11,068	10,875	10,901	10,884	10,880	10,896
Plant, Property & Equipment, gross	16,869	16,728	16,542	16,289	16,035	15,933	15,600	15,480	15,324	15,182	15,077
Accumulated Depreciation	5,478	5,328	5,218	5,150	5,006	4,865	4,725	4,579	4,441	4,303	4,181
Total Noncurrent Assets	365	361	367	361	388	375	345	340	326	323	337
Long-Term Investments	115	115	116	116	116	116	116	116	116	107	107
Other Noncurrent Operating Assets	250	246	251	246	272	259	229	224	210	216	230
Total Liabilities & Shareholders' Equity	11,812	11,812	11,756	11,563	11,471	11,485	11,382	11,391	11,352	11,241	11,338
Total Liabilities	5,654	5,665	5,602	5,357	5,194	5,185	5,061	5,020	4,962	5,031	5,166
Total Current Liabilities	612	684	726	656	570	645	666	624	566	616	647
Accrued Expenses	612	684	726	656	570	645	666	624	566	616	647
Total Noncurrent Liabilities	5,042	4,981	4,876	4,701	4,624	4,540	4,394	4,396	4,396	4,415	4,519
Long-Term Debt	5,042	4,981	4,876	4,701	4,624	4,540	4,394	4,396	4,396	4,415	4,519
Redeemable Noncontrolling Interest	24	22	23	20	19	19	18	21	20	21	20
Total Equity & Noncontrolling Interests	6,133	6,125	6,132	6,186	6,257	6,280	6,304	6,350	6,371	6,190	6,152
Total Preferred & Common Equity	5,950	5,942	5,949	6,004	6,072	6,094	6,117	6,162	6,183	6,005	5,968
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	5,950	5,942	5,949	6,004	6,072	6,094	6,117	6,162	6,183	6,005	5,968
Common Stock	7,424	7,419	7,415	7,410	7,407	7,401	7,411	7,407	7,409	7,204	7,198
Accumulated Other Comprehensive Income / (Loss)	-6.52	-6.94	-7.36	-7.78	-8.26	-8.76	-9.24	-9.51	-9.79	-10	-10
Other Equity Adjustments	-1,468	-1,470	-1,459	-1,399	-1,327	-1,298	-1,285	-1,235	-1,216	-1,189	-1,220
Noncontrolling Interest	184	183	183	183	185	186	187	188	188	185	184

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.04%	1.40%	1.68%	2.11%	2.76%	2.71%	4.08%	8.10%	11.12%	13.89%	15.07%
EBITDA Growth	15.63%	6.49%	3.86%	-11.04%	5.16%	-7.90%	-1.06%	-15.04%	10.94%	0.39%	13.67%
EBIT Growth	22.64%	6.07%	7.64%	-22.44%	6.69%	-13.57%	-8.00%	-25.06%	17.59%	-0.59%	26.33%
NOPAT Growth	-3.21%	22.57%	-2.81%	-2.67%	-5.19%	-32.52%	0.55%	-40.62%	21.75%	24.47%	44.57%
Net Income Growth	26.28%	3.76%	3.95%	-30.07%	5.76%	-17.13%	-9.52%	-30.89%	22.89%	4.20%	44.41%
EPS Growth	26.23%	4.38%	4.26%	-30.65%	5.17%	-17.47%	-10.48%	-31.87%	22.11%	0.00%	43.84%
Operating Cash Flow Growth	-1.82%	-9.74%	-2.71%	4.05%	-8.27%	5.48%	-7.35%	18.11%	21.54%	15.89%	22.24%
Free Cash Flow Firm Growth	-257.11%	-146.27%	-190.93%	-127.24%	-121.73%	-106.93%	34.82%	-31.81%	-20.03%	88.71%	612.26%
Invested Capital Growth	2.78%	2.63%	3.94%	2.17%	1.93%	1.93%	-1.02%	-0.60%	-0.07%	-1.17%	-0.36%
Revenue Q/Q Growth	-0.10%	-0.23%	0.86%	0.52%	0.25%	0.04%	1.29%	1.16%	0.20%	1.38%	5.20%
EBITDA Q/Q Growth	4.68%	19.19%	5.60%	-12.24%	-3.59%	16.24%	-9.55%	3.73%	-15.56%	24.87%	-22.33%
EBIT Q/Q Growth	7.24%	34.31%	10.03%	-22.61%	-7.25%	36.30%	-20.72%	6.45%	-24.86%	45.08%	-35.42%
NOPAT Q/Q Growth	-26.34%	32.89%	-1.35%	0.23%	-6.76%	5.38%	-1.21%	-2.37%	-33.61%	57.03%	-41.66%
Net Income Q/Q Growth	8.96%	44.70%	12.96%	-29.10%	-10.47%	44.96%	-24.00%	7.22%	-29.84%	58.26%	-41.95%
EPS Q/Q Growth	7.69%	45.92%	13.95%	-29.51%	-10.95%	45.74%	-24.19%	6.90%	-30.12%	58.10%	-42.31%
Operating Cash Flow Q/Q Growth	-17.78%	-22.75%	-11.40%	74.46%	-24.41%	-16.73%	-5.24%	53.81%	-13.08%	-26.86%	20.80%
Free Cash Flow Firm Q/Q Growth	-113.94%	73.74%	-294.27%	-61.19%	-47.97%	-109.70%	18.11%	28.60%	-52.98%	88.79%	-40.26%
Invested Capital Q/Q Growth	0.60%	1.05%	1.12%	-0.02%	0.45%	2.34%	-0.60%	-0.25%	0.45%	-0.62%	-0.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	70.32%	67.11%	56.17%	53.65%	61.45%	63.90%	54.99%	61.58%	60.05%	71.26%	57.85%
Operating Margin	29.02%	39.54%	29.55%	30.33%	30.49%	32.60%	30.68%	32.12%	32.87%	49.17%	31.50%
EBIT Margin	42.26%	39.37%	29.24%	26.81%	34.82%	37.64%	27.62%	35.29%	33.54%	44.72%	31.25%
Profit (Net Income) Margin	33.94%	31.11%	21.45%	19.15%	27.15%	30.40%	20.98%	27.97%	26.38%	37.68%	24.14%
Tax Burden Percent	99.69%	99.30%	99.82%	99.48%	99.12%	99.62%	100.58%	98.37%	99.60%	100.46%	101.29%
Interest Burden Percent	80.55%	79.59%	73.49%	71.83%	78.68%	81.10%	75.52%	80.56%	78.99%	83.87%	76.26%
Effective Tax Rate	0.56%	1.02%	0.57%	0.97%	1.21%	0.69%	-0.18%	1.88%	0.67%	-0.23%	-1.01%
Return on Invested Capital (ROIC)	5.83%	7.92%	6.03%	6.15%	6.13%	6.57%	6.25%	6.32%	6.43%	9.44%	5.89%
ROIC Less NNEP Spread (ROIC-NNEP)	6.42%	6.96%	5.04%	4.78%	5.75%	6.33%	5.01%	5.88%	5.65%	8.03%	4.98%
Return on Net Nonoperating Assets (RNNOA)	4.82%	5.15%	3.56%	3.29%	3.90%	4.38%	3.40%	3.98%	3.85%	5.63%	3.59%
Return on Equity (ROE)	10.64%	13.07%	9.58%	9.44%	10.03%	10.95%	9.65%	10.30%	10.28%	15.07%	9.48%
Cash Return on Invested Capital (CROIC)	3.69%	3.92%	2.39%	4.17%	4.43%	4.55%	8.34%	7.88%	8.45%	9.25%	7.92%
Operating Return on Assets (OROA)	7.97%	7.41%	5.52%	5.08%	6.60%	7.12%	5.19%	6.58%	6.16%	8.02%	5.41%
Return on Assets (ROA)	6.40%	5.85%	4.05%	3.63%	5.15%	5.75%	3.94%	5.21%	4.85%	6.76%	4.18%
Return on Common Equity (ROCE)	10.29%	12.64%	9.27%	9.13%	9.71%	10.59%	9.34%	9.96%	9.94%	14.56%	9.15%
Return on Equity Simple (ROE_SIMPLE)	9.75%	0.00%	9.00%	8.84%	9.48%	0.00%	9.84%	9.96%	11.01%	0.00%	10.84%
Net Operating Profit after Tax (NOPAT)	159	215	162	164	164	176	167	169	173	260	166
NOPAT Margin	28.86%	39.14%	29.38%	30.04%	30.12%	32.38%	30.74%	31.51%	32.65%	49.28%	31.82%
Net Nonoperating Expense Percent (NNEP)	-0.60%	0.96%	0.99%	1.37%	0.38%	0.25%	1.25%	0.45%	0.78%	1.41%	0.90%
Return On Investment Capital (ROIC_SIMPLE)	1.42%	1.94%	-	-	-	1.62%	-	-	-	2.45%	-
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%	0.00%
SG&A Expenses to Revenue	6.59%	5.76%	5.44%	5.47%	6.81%	6.03%	5.50%	5.60%	6.40%	6.02%	5.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.98%	60.46%	70.45%	69.67%	69.51%	67.40%	69.32%	67.88%	67.13%	50.83%	68.50%
Earnings before Interest and Taxes (EBIT)	232	216	161	146	189	204	150	189	177	236	163
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	386	369	310	293	334	347	298	330	318	376	301
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.25	3.00	3.08	2.74	2.50	2.44	2.33	2.73	2.71	2.76	2.80
Price to Tangible Book Value (P/TBV)	3.25	3.00	3.08	2.74	2.50	2.44	2.33	2.73	2.71	2.76	2.80
Price to Revenue (P/Rev)	8.81	8.14	8.40	7.57	7.01	6.92	6.67	7.95	8.07	8.20	8.55
Price to Earnings (P/E)	34.45	34.06	35.45	32.06	27.24	27.09	24.43	28.30	25.40	26.14	26.71
Dividend Yield	3.57%	3.84%	3.69%	4.07%	4.36%	4.39%	4.47%	3.68%	3.48%	3.26%	3.07%
Earnings Yield	2.90%	2.94%	2.82%	3.12%	3.67%	3.69%	4.09%	3.53%	3.94%	3.83%	3.74%
Enterprise Value to Invested Capital (EV/IC)	2.22	2.09	2.14	1.97	1.85	1.82	1.78	2.01	2.00	2.01	2.02
Enterprise Value to Revenue (EV/Rev)	11.12	10.44	10.66	9.74	9.17	9.06	8.69	10.01	10.17	10.42	10.89
Enterprise Value to EBITDA (EV/EBITDA)	17.99	17.51	18.13	16.65	15.16	15.07	14.03	15.96	15.24	15.56	15.77
Enterprise Value to EBIT (EV/EBIT)	32.31	32.06	33.19	30.71	27.09	27.03	24.66	27.63	25.45	26.24	26.51
Enterprise Value to NOPAT (EV/NOPAT)	34.91	32.45	34.97	31.62	29.41	28.49	24.16	27.58	23.88	24.70	26.64
Enterprise Value to Operating Cash Flow (EV/OCF)	22.32	20.82	20.70	18.70	17.72	17.12	16.51	18.41	19.21	19.88	20.79
Enterprise Value to Free Cash Flow (EV/FCFF)	60.86	53.91	91.52	47.86	42.09	40.47	21.20	25.47	23.68	21.57	25.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.82	0.81	0.79	0.76	0.74	0.72	0.70	0.69	0.69	0.71	0.73
Long-Term Debt to Equity	0.82	0.81	0.79	0.76	0.74	0.72	0.70	0.69	0.69	0.71	0.73
Financial Leverage	0.75	0.74	0.71	0.69	0.68	0.69	0.68	0.68	0.68	0.70	0.72
Leverage Ratio	1.87	1.87	1.85	1.83	1.80	1.82	1.82	1.80	1.80	1.82	1.84
Compound Leverage Factor	1.51	1.49	1.36	1.31	1.42	1.47	1.37	1.45	1.42	1.52	1.40
Debt to Total Capital	45.02%	44.76%	44.21%	43.10%	42.42%	41.89%	41.01%	40.83%	40.75%	41.55%	42.27%
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%	0.00%
Long-Term Debt to Total Capital	45.02%	44.76%	44.21%	43.10%	42.42%	41.89%	41.01%	40.83%	40.75%	41.55%	42.27%
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%	0.00%
Noncontrolling Interests to Total Capital	1.86%	1.85%	1.86%	1.86%	1.87%	1.89%	1.91%	1.94%	1.92%	1.93%	1.91%
Common Equity to Total Capital	53.12%	53.40%	53.93%	55.04%	55.71%	56.22%	57.08%	57.23%	57.33%	56.52%	55.82%
Debt to EBITDA	3.71	3.81	3.80	3.70	3.53	3.51	3.33	3.32	3.18	3.27	3.35
Net Debt to EBITDA	3.59	3.69	3.67	3.56	3.40	3.39	3.11	3.12	2.99	3.16	3.24
Long-Term Debt to EBITDA	3.71	3.81	3.80	3.70	3.53	3.51	3.33	3.32	3.18	3.27	3.35
Debt to NOPAT	7.20	7.07	7.33	7.02	6.86	6.65	5.72	5.73	4.98	5.18	5.66
Net Debt to NOPAT	6.96	6.84	7.08	6.75	6.61	6.42	5.36	5.39	4.69	5.01	5.47
Long-Term Debt to NOPAT	7.20	7.07	7.33	7.02	6.86	6.65	5.72	5.73	4.98	5.18	5.66
Altman Z-Score	2.25	2.07	2.13	2.01	1.94	1.90	1.86	2.20	2.21	2.16	2.10
Noncontrolling Interest Sharing Ratio	3.32%	3.30%	3.29%	3.27%	3.25%	3.28%	3.28%	3.31%	3.33%	3.42%	3.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.09	0.06	0.07	0.10	0.10	0.06	0.24	0.24	0.25	0.06	0.16
Quick Ratio	0.09	0.06	0.07	0.10	0.10	0.06	0.24	0.24	0.25	0.06	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-140	-65	-249	-63	-39	-27	274	232	180	384	203
Operating Cash Flow to CapEx	0.00%	0.00%	109.31%	389.60%	384.36%	330.52%	366.55%	340.12%	300.71%	0.00%	400.49%
Free Cash Flow to Firm to Interest Expense	-3.10	-1.48	-5.83	-1.53	-0.97	-0.69	7.48	6.32	4.84	10.08	5.26
Operating Cash Flow to Interest Expense	4.35	5.41	7.24	8.47	4.96	6.87	8.68	9.14	5.86	6.60	8.89
Operating Cash Flow Less CapEx to Interest Expense	4.54	9.64	0.62	6.29	3.67	4.79	6.31	6.46	3.91	8.64	6.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.18	0.18	0.17
Accounts Receivable Turnover	0.00	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	0.00
Fixed Asset Turnover	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.19	0.19	0.18
Accounts Payable Turnover	0.00	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	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	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	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	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,029	10,963	10,849	10,728	10,731	10,682	10,438	10,501	10,528	10,480	10,545
Invested Capital Turnover	0.20	0.20	0.21	0.20	0.20	0.20	0.20	0.20	0.20	0.19	0.19
Increase / (Decrease) in Invested Capital	299	281	411	227	203	202	-107	-63	-7.71	-124	-38
Enterprise Value (EV)	24,432	22,871	23,266	21,179	19,829	19,464	18,548	21,143	21,076	21,041	21,291
Market Capitalization	19,353	17,842	18,350	16,454	15,171	14,875	14,226	16,804	16,732	16,566	16,714
Book Value per Share	$50.89	$50.84	$50.90	$51.39	$51.98	$52.23	$52.42	$52.82	$53.03	$52.00	$51.70
Tangible Book Value per Share	$50.89	$50.84	$50.90	$51.39	$51.98	$52.23	$52.42	$52.82	$53.03	$52.00	$51.70
Total Capital	11,200	11,129	11,030	10,907	10,901	10,839	10,716	10,767	10,786	10,625	10,691
Total Debt	5,042	4,981	4,876	4,701	4,624	4,540	4,394	4,396	4,396	4,415	4,519
Total Long-Term Debt	5,042	4,981	4,876	4,701	4,624	4,540	4,394	4,396	4,396	4,415	4,519
Net Debt	4,871	4,823	4,710	4,522	4,454	4,383	4,116	4,130	4,137	4,270	4,373
Capital Expenditures (CapEx)	-8.49	-187	283	90	52	80	87	99	73	-78	86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-612	-684	-726	-656	-570	-645	-666	-624	-566	-616	-581
Debt-free Net Working Capital (DFNWC)	-556	-641	-676	-593	-515	-604	-505	-474	-424	-577	-542
Net Working Capital (NWC)	-556	-641	-676	-593	-515	-604	-505	-474	-424	-577	-542
Net Nonoperating Expense (NNE)	-28	44	44	59	16	11	53	19	33	61	40
Net Nonoperating Obligations (NNO)	4,871	4,815	4,695	4,522	4,454	4,383	4,116	4,130	4,137	4,270	4,373
Total Depreciation and Amortization (D&A)	154	153	148	147	145	142	148	141	140	140	139
Debt-free, Cash-free Net Working Capital to Revenue	-27.86%	-31.21%	-33.26%	-30.17%	-26.34%	-30.03%	-31.23%	-29.52%	-27.31%	-30.49%	-29.69%
Debt-free Net Working Capital to Revenue	-25.32%	-29.24%	-30.96%	-27.28%	-23.82%	-28.11%	-23.64%	-22.41%	-20.44%	-28.58%	-27.70%
Net Working Capital to Revenue	-25.32%	-29.24%	-30.96%	-27.28%	-23.82%	-28.11%	-23.64%	-22.41%	-20.44%	-28.58%	-27.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.55	$1.43	$0.98	$0.86	$1.22	$1.37	$0.94	$1.24	$1.16	$1.67	$1.05
Adjusted Weighted Average Basic Shares Outstanding	117.06M	116.90M	116.88M	116.88M	116.83M	116.72M	116.69M	116.68M	116.66M	116.60M	115.48M
Adjusted Diluted Earnings per Share	$1.54	$1.43	$0.98	$0.86	$1.22	$1.37	$0.94	$1.24	$1.16	$1.66	$1.05
Adjusted Weighted Average Diluted Shares Outstanding	117.06M	116.90M	116.88M	116.88M	116.83M	116.72M	116.69M	116.68M	116.66M	116.60M	115.48M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	117.06M	116.90M	116.88M	116.88M	116.83M	116.72M	116.69M	116.68M	116.66M	116.60M	115.48M
Normalized Net Operating Profit after Tax (NOPAT)	159	215	162	164	164	176	116	169	173	124	115
Normalized NOPAT Margin	28.86%	39.14%	29.38%	30.04%	30.12%	32.38%	21.48%	31.51%	32.65%	23.44%	22.05%
Pre Tax Income Margin	34.04%	31.33%	21.49%	19.25%	27.39%	30.52%	20.86%	28.43%	26.49%	37.51%	23.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.14	4.90	3.77	3.55	4.69	5.29	4.09	5.14	4.76	6.20	4.21
NOPAT to Interest Expense	3.51	4.87	3.79	3.98	4.06	4.55	4.55	4.59	4.63	6.83	4.29
EBIT Less CapEx to Interest Expense	5.33	9.13	-2.86	1.38	3.40	3.21	1.72	2.45	2.81	8.24	1.99
NOPAT Less CapEx to Interest Expense	3.70	9.10	-2.84	1.80	2.77	2.47	2.18	1.90	2.69	8.87	2.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	123.10%	130.89%	133.75%	133.27%	121.37%	121.31%	108.59%	103.30%	87.46%	91.83%	88.83%
Augmented Payout Ratio	123.10%	130.89%	133.75%	133.27%	121.37%	121.31%	108.59%	103.30%	87.46%	91.83%	88.83%

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. See where experts think Mid-America Apartment Communities is headed by visiting Mid-America Apartment Communities' forecast page.

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 5/21/2025 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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