Mid America Apartment Communities Inc. Files 10-Q for Q1 2024

TL;DR

<b>Mid America Apartment Communities Inc. filed its Q1 2024 10-Q, detailing financial positions and operations.</b>

AI Summary

MID AMERICA APARTMENT COMMUNITIES INC. (MAA-PI) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Filed a 10-Q for the period ending March 31, 2024. Company is Mid America Apartment Communities Inc., SIC code 6798 (Real Estate Investment Trusts). Principal business address is 6815 Poplar Avenue, Suite 500, Germantown, TN 38138. The filing includes data related to MAA LP, a related entity. References accounting standards updates and specific financial instruments like commercial paper and revolving credit facilities.

Why It Matters

For investors and stakeholders tracking MID AMERICA APARTMENT COMMUNITIES INC., this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational status of MAA, a major REIT. Key financial data and disclosures in this 10-Q are crucial for understanding the company's current health and future outlook in the real estate market.

Risk Assessment

Risk Level: medium — MID AMERICA APARTMENT COMMUNITIES INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the real estate sector can be sensitive to economic shifts, making ongoing monitoring important.

Analyst Insight

Monitor MAA's subsequent filings for trends in revenue, net income, and debt levels to assess its performance in the current real estate market.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-02 — Filing Date (10-Q filing)
• 6798 — SIC Code (Real Estate Investment Trusts)

Key Players & Entities

• MID AMERICA APARTMENT COMMUNITIES INC. (company) — Filer
• MAA (company) — Ticker symbol
• Mid-America Apartments, L.P. (company) — Related entity
• 6815 POPLAR AVENUE (location) — Business address
• Germantown, TN (location) — Business address city and state

FAQ

Industry Context

Mid America Apartment Communities Inc. operates within the Real Estate Investment Trusts (REIT) sector, specifically focusing on apartment communities. This sector is influenced by housing demand, interest rates, and economic conditions.

Regulatory Implications

As a publicly traded company, MAA is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Analyze management's discussion and analysis (MD&A) for insights into operational performance and future outlook.
3. Compare key financial metrics from this filing to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and condition between annual reports.)

REIT

Real Estate Investment Trust, a company that owns, operates, or finances income-generating real estate. (MAA operates as a REIT, making this classification central to understanding its business model and financial reporting.)

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing the most recent quarterly update compared to previous filings.

Key Financial Figures

• $0.01 — Class April 29, 2024 Common Stock, $0.01 par value 116,826,006 MID-AMERICA A

Filing Documents

• maa-20240331.htm (10-Q) — 2329KB
• maa-ex31_1.htm (EX-31.1) — 18KB
• maa-ex31_2.htm (EX-31.2) — 19KB
• maa-ex31_3.htm (EX-31.3) — 17KB
• maa-ex31_4.htm (EX-31.4) — 15KB
• maa-ex32_1.htm (EX-32.1) — 11KB
• maa-ex32_2.htm (EX-32.2) — 10KB
• maa-ex32_3.htm (EX-32.3) — 11KB
• maa-ex32_4.htm (EX-32.4) — 10KB
• 0000950170-24-052131.txt (&nbsp;) — 10308KB
• maa-20240331.xsd (EX-101.SCH) — 1425KB
• maa-20240331_htm.xml (XML) — 2137KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 5 Mid-America Apartment Communities, Inc. Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. 5 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. 6 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023. 7 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. 8 Mid-America Apartments, L.P. Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. 9 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023. 10 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023. 11 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. 12 Notes to Condensed Consolidated Financial Statements. 13 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 35 Item 4.

Controls and Procedures

Controls and Procedures. 36

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 36 Item 1A. Risk Factors. 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 37 Item 3. Defaults Upon Senior Securities. 37 Item 4. Mine Safety Disclosures. 37 Item 5. Other Information. 38 Item 6. Exhibits. 39 Signatures. 40 2 Explanatory Note This report combines the Quarterly Reports on Form 10-Q for the quarter ended March 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 quarterly reports under the Securities Exchange Act of 1934, as amended. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q 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 March 31, 2024, MAA owned 116,728,052 OP Units (97.4% of the to

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION

Financi al Statements

Item 1. Financi al Statements. Mid-America Apartment Communities, Inc. Condensed Consolida ted Balance Sheets (Unaudited) (Dollars in thousands, except per share data) March 31, 2024 December 31, 2023 Assets Real estate assets: Land $ 2,031,406 $ 2,031,403 Buildings and improvements and other 13,623,207 13,515,949 Development and capital improvements in progress 380,087 385,405 16,034,700 15,932,757 Less: Accumulated depreciation ( 5,006,226 ) ( 4,864,690 ) 11,028,474 11,068,067 Undeveloped land 73,861 73,861 Investment in real estate joint venture 41,877 41,977 Real estate assets, net 11,144,212 11,183,905 Cash and cash equivalents 54,601 41,314 Restricted cash 13,475 13,777 Other assets 258,444 245,507 Total assets $ 11,470,732 $ 11,484,503 Liabilities and equity Liabilities: Unsecured notes payable $ 4,264,290 $ 4,180,084 Secured notes payable 360,173 360,141 Accrued expenses and other liabilities 569,790 645,156 Total liabilities 5,194,253 5,185,381 Redeemable common stock 19,089 19,167 Shareholders' equity: Preferred stock, $ 0.01 par value per share, 20,000,000 shares authorized; 8.50 % Series I Cumulative Redeemable Shares, liquidation preference $ 50.00 per share, 867,846 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 9 9 Common stock, $ 0.01 par value per share, 145,000,000 shares authorized; 116,728,052 and 116,694,124 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively (1) 1,168 1,168 Additional paid-in capital 7,406,189 7,399,921 Accumulated distributions in excess of net income ( 1,326,654 ) ( 1,298,263 ) Accumulated other comprehensive loss ( 8,263 ) ( 8,764 ) Total MAA shareholders' equity 6,072,449 6,094,071 Noncontrolling interests - OP Units 161,909 163,128 Total Company's shareholde

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