MAAI Files 2024 10-K: Full Year Financials Revealed

TL;DR

MAAI dropped its 2024 10-K. Full year financials are in. Check it out.

AI Summary

Mid-America Apartment Communities Inc. (MAAI) filed its 10-K for the fiscal year ending December 31, 2024. The filing provides comprehensive financial information and business operations details for the real estate investment trust. Key financial statements and disclosures are included, reflecting the company's performance and position in the apartment real estate market.

Why It Matters

This 10-K filing offers investors and analysts a detailed look into MAAI's financial health and strategic direction for the past year, crucial for understanding its market performance and future prospects.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing (10-K) that provides a comprehensive overview of the company's financial performance and position, without any immediate or specific new risk disclosures.

Key Numbers

• 1231 — Fiscal Year End (The filing covers the period ending December 31, 2024.)
• 20250207 — Filing Date (The 10-K was officially filed on February 7, 2025.)

Key Players & Entities

• MID AMERICA APARTMENT COMMUNITIES INC. (company) — Filer
• MAAI (company) — Ticker Symbol
• Mid-America Apartments, L.P. (company) — Related Filer
• 20241231 (date) — Fiscal Year End
• 20250207 (date) — Filing Date

FAQ

Key Financial Figures

• $142.61 — 0 billion based on the closing price of $142.61 as reported on the New York Stock Excha
• $313.9 million — ar ended December 31, 2024, we incurred $313.9 million in development costs and completed thre

Filing Documents

• maa-20241231.htm (10-K) — 13121KB
• maa-ex19.htm (EX-19) — 125KB
• maa-ex21_1.htm (EX-21.1) — 20KB
• maa-ex23_1.htm (EX-23.1) — 12KB
• maa-ex23_2.htm (EX-23.2) — 4KB
• maa-ex31_1.htm (EX-31.1) — 20KB
• maa-ex31_2.htm (EX-31.2) — 20KB
• maa-ex31_3.htm (EX-31.3) — 20KB
• maa-ex31_4.htm (EX-31.4) — 18KB
• maa-ex32_1.htm (EX-32.1) — 12KB
• maa-ex32_2.htm (EX-32.2) — 11KB
• maa-ex32_3.htm (EX-32.3) — 13KB
• maa-ex32_4.htm (EX-32.4) — 11KB
• img244482495_0.jpg (GRAPHIC) — 334KB
• 0000950170-25-016287.txt ( ) — 43407KB
• maa-20241231.xsd (EX-101.SCH) — 2906KB
• maa-20241231_htm.xml (XML) — 10798KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 30 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, 2024 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, 2024, MAA owned 116,883,421 OP Units (97.4% of the total number of OP

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, 2024, 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 300 (2) 102,079 (3) Unconsolidated 1 269 Total 301 102,348 (1) As of December 31, 2024, 35 of the Company's apartment communities included retail components. (2) Number of communities includes seven communities under development as of December 31, 2024. One of these developments is a phase II expansion of an existing apartment community. (3) Number of units excludes development units not yet delivered as of December 31, 2024. Our business is conducted principally through the Operating Partnership. MAA is the sole general partner of the Operating Partnership, holding 116,883,421 OP Units, comprising a 97.4% partnership interest in the Operating Partnership as of December 31, 2024. 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

View Full Filing

View this 10-K filing on SEC EDGAR