Mid-America Apartment Communities Inc. Files 2023 Annual Report

TL;DR

<b>Mid America Apartment Communities Inc. has filed its 2023 10-K annual report, detailing its financial performance and business operations.</b>

AI Summary

MID AMERICA APARTMENT COMMUNITIES INC. (MAA-PI) filed a Annual Report (10-K) with the SEC on February 9, 2024. The filing is a 10-K annual report for Mid America Apartment Communities Inc. for the fiscal year ending December 31, 2023. The company's primary business address is 6815 Poplar Avenue, Suite 500, Germantown, TN 38138. The filing includes information related to Mid-America Apartments, L.P. with a Central Index Key of 0001581776. The Standard Industrial Classification code for the company is Real Estate Investment Trusts [6798]. The filing was submitted on February 9, 2024.

Why It Matters

For investors and stakeholders tracking MID AMERICA APARTMENT COMMUNITIES INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. As a Real Estate Investment Trust (REIT), the detailed financial information within this report is essential for understanding its property portfolio, rental income, and overall market position within the real estate sector.

Risk Assessment

Risk Level: low — MID AMERICA APARTMENT COMMUNITIES INC. shows low risk based on this filing. The risk is low as this is a standard annual filing (10-K) providing historical financial data and business overview, without immediate new material events or significant negative trends indicated in the header information.

Analyst Insight

Investors should review the full 10-K filing to understand Mid America Apartment Communities Inc.'s financial performance, operational details, and strategic initiatives for the fiscal year 2023.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240209 — Filing Date (Date of submission)
• 6798 — SIC Code (Standard Industrial Classification)
• 0000912595 — Central Index Key (Primary filer's identifier)
• 0001581776 — Central Index Key (Related entity's identifier)

Key Players & Entities

• MID AMERICA APARTMENT COMMUNITIES INC. (company) — Filer name
• MAA (company) — Ticker symbol
• Mid-America Apartments, L.P. (company) — Related entity
• 6815 POPLAR AVENUE (company) — Business address street
• Germantown (company) — Business address city
• TN (company) — Business address state
• 38138 (company) — Business address zip
• February 9, 2024 (date) — Filing date

Forward-Looking Statements

• MAA will continue to focus on apartment real estate investments in the coming year. (MID AMERICA APARTMENT COMMUNITIES INC.) — high confidence, target: 2024-12-31
• The company's financial performance will be significantly influenced by interest rate trends. (MID AMERICA APARTMENT COMMUNITIES INC.) — medium confidence, target: 2024-12-31

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-09: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $151.86 — 7 billion based on the closing price of $151.86 as reported on the New York Stock Excha
• $198.2 million — ar ended December 31, 2023, we incurred $198.2 million in development costs and completed one

Filing Documents

• maa-20231231.htm (10-K) — 10114KB
• maa-ex21_1.htm (EX-21.1) — 19KB
• maa-ex23_1.htm (EX-23.1) — 11KB
• maa-ex23_2.htm (EX-23.2) — 4KB
• maa-ex31_1.htm (EX-31.1) — 18KB
• maa-ex31_2.htm (EX-31.2) — 17KB
• maa-ex31_3.htm (EX-31.3) — 18KB
• maa-ex31_4.htm (EX-31.4) — 16KB
• maa-ex32_1.htm (EX-32.1) — 11KB
• maa-ex32_2.htm (EX-32.2) — 9KB
• maa-ex32_3.htm (EX-32.3) — 11KB
• maa-ex32_4.htm (EX-32.4) — 10KB
• maa-ex97.htm (EX-97) — 63KB
• img243558974_0.jpg (GRAPHIC) — 136KB
• 0000950170-24-013275.txt (&nbsp;) — 35054KB
• maa-20231231.xsd (EX-101.SCH) — 2884KB
• maa-20231231_htm.xml (XML) — 8579KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 31 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 42 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 42 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 42 9A.

Controls and Procedures

Controls and Procedures. 42 9B. Other Information. 43 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 43 PART III 10. Directors, Executive Officers and Corporate Governance. 44 11.

Executive Compensation

Executive Compensation. 44 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 44 13. Certain Relationships and Related Transactions, and Director Independence. 44 14. Principal Accountant Fees and Services. 44 PART IV 15. Exhibits and Financial Statement Schedules. 45 16. Form 10-K Summary . 49 Explanatory Note This report combines the Annual Reports on Form 10-K for the year ended December 31, 2023 of Mid-America Apartment Communities, Inc., a Tennessee corporation, and Mid-America Apartments, L.P., a Tennessee limited partnership, of which Mid-America Apartment Communities, Inc. is the sole general partner. Mid-America Apartment Communities, Inc. and its 97.4% owned subsidiary, Mid-America Apartments, L.P., are both required to file annual reports under the Securities Exchange Act of 1934, as amended. Unless the context otherwise requires, all references in this Annual Report on Form 10-K to "MAA" refer only to Mid-America Apartment Communities, Inc., and not any of its consolidated subsidiaries. Unless the context otherwise requires, all references in this report to "we," "us," "our," or the "Company" refer collectively to Mid-America Apartment Communities, Inc., together with its consolidated subsidiaries, including Mid-America Apartments, L.P. Unless the context otherwise requires, all references in this report to the "Operating Partnership" or "MAALP" refer to Mid-America Apartments, L.P. together with its consolidated subsidiaries. "Common stock" refers to the common stock of MAA, "preferred stock" refers to the preferred stock of MAA, and "shareholders" refers to the holders of shares of MAA's common stock or preferred stock, as applicable. The common units of limited partnership interest in the Operating Partnership are referred to as "OP Units" and the holders of the OP Units are referred to as "common unitholders." As of December 31, 2023, MAA owned 116,694,124 OP Units (97.4% of the total number of OP U

B usiness

Item 1. B usiness. Overview MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2023, we maintained full or partial ownership of apartment communities, including communities currently in development, across 16 states and the District of Columbia, summarized as follows: Multifamily Communities (1) Units Consolidated 295 (2) 100,625 (3) Unconsolidated 1 269 Total 296 100,894 (1) As of December 31, 2023, 34 of the Company's apartment communities included retail components. (2) Number of communities includes five communities under development as of December 31, 2023. (3) Number of units excludes development units not yet delivered as of December 31, 2023. Our business is conducted principally through the Operating Partnership. MAA is the sole general partner of the Operating Partnership, holding 116,694,124 OP Units, comprising a 97.4% partnership interest in the Operating Partnership as of December 31, 2023. MAA and MAALP were formed in Tennessee in 1993. 3 Business Objectives Our primary business objectives are to generate a sustainable, stable and increasing cash flow that will fund our dividends and distributions through all parts of the real estate investment cycle. To achieve these objectives, we intend to continue to pursue the following goals and strategies: create value for our shareholders, residents, associates and the communities in which our properties are located; effectively operate our existing properties with an intense property and asset management focus; utilize technology to provide services desired by our residents and create efficiencies and performance advantages in our operations; take an opportunistic approach to buying, selling, developing and renova

View Full Filing

View this 10-K filing on SEC EDGAR