Mid America Apartment Communities Q2 2024 10-Q Filed

TL;DR

**MAAI files Q2 10-Q. Financials updated.**

AI Summary

Mid America Apartment Communities Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data and operational updates are provided for the second quarter of 2024.

Why It Matters

This filing provides investors with an update on the financial health and operational status of Mid America Apartment Communities Inc., crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• MID AMERICA APARTMENT COMMUNITIES INC. (company) — Filer
• Mid-America Apartments, L.P. (company) — Related Filer
• 20240630 (date) — Reporting Period End Date
• 20240801 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — Class July 29, 2024 Common Stock, $0.01 par value 116,876,199 MID-AMERICA A

Filing Documents

• maa-20240630.htm (10-Q) — 3323KB
• maa-ex31_1.htm (EX-31.1) — 18KB
• maa-ex31_2.htm (EX-31.2) — 19KB
• 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) — 10KB
• maa-ex32_3.htm (EX-32.3) — 11KB
• maa-ex32_4.htm (EX-32.4) — 10KB
• 0000950170-24-089308.txt ( ) — 14272KB
• maa-20240630.xsd (EX-101.SCH) — 1356KB
• maa-20240630_htm.xml (XML) — 3739KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 5 Mid-America Apartment Communities, Inc. Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. 5 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. 6 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023. 7 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. 8 Mid-America Apartments, L.P. Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. 9 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. 10 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023. 11 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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. 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 40 Item 4.

Controls and Procedures

Controls and Procedures. 40

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 41 Item 1A. Risk Factors. 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 41 Item 3. Defaults Upon Senior Securities. 41 Item 4. Mine Safety Disclosures. 41 Item 5. Other Information. 42 Item 6. Exhibits. 43 Signatures. 44 2 Explanatory Note This report combines the Quarterly Reports on Form 10-Q for the quarter ended June 30, 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 June 30, 2024, MAA owned 116,858,044 OP Units (97.4% of the tota

– 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) June 30, 2024 December 31, 2023 Assets Real estate assets: Land $ 2,050,760 $ 2,031,403 Buildings and improvements and other 13,846,434 13,515,949 Development and capital improvements in progress 391,366 385,405 16,288,560 15,932,757 Less: Accumulated depreciation ( 5,149,781 ) ( 4,864,690 ) 11,138,779 11,068,067 Undeveloped land 73,861 73,861 Investment in real estate joint venture 41,753 41,977 Real estate assets, net 11,254,393 11,183,905 Cash and cash equivalents 62,831 41,314 Restricted cash 13,669 13,777 Other assets 231,974 245,507 Total assets $ 11,562,867 $ 11,484,503 Liabilities and equity Liabilities: Unsecured notes payable $ 4,340,660 $ 4,180,084 Secured notes payable 360,204 360,141 Accrued expenses and other liabilities 655,984 645,156 Total liabilities 5,356,848 5,185,381 Redeemable common stock 19,787 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 June 30, 2024 and December 31, 2023, respectively 9 9 Common stock, $ 0.01 par value per share, 145,000,000 shares authorized; 116,858,044 and 116,694,124 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (1) 1,166 1,168 Additional paid-in capital 7,409,258 7,399,921 Accumulated distributions in excess of net income ( 1,398,993 ) ( 1,298,263 ) Accumulated other comprehensive loss ( 7,775 ) ( 8,764 ) Total MAA shareholders' equity 6,003,665 6,094,071 Noncontrolling interests - OP Units 157,905 163,128 Total Company's shareholders'

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