Company Quick10K Filing
Mid America Apartment
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 114 $13,556
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-05-01 Quarter: 2015-03-31
10-K 2015-02-25 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-02 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-K 2013-02-22 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
8-K 2020-01-17 Regulation FD, Exhibits
8-K 2019-11-26 Other Events, Exhibits
8-K 2019-11-18 Regulation FD, Other Events, Exhibits
8-K 2019-11-12 Regulation FD, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-09-09 Regulation FD, Exhibits
8-K 2019-08-20 Regulation FD, Exhibits
8-K 2019-08-07 Other Events, Exhibits
8-K 2019-08-05 Regulation FD, Other Events, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-21 Enter Agreement, Off-BS Arrangement, Enter Agreement, Other Events, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-05-13 Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-03-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-01 Regulation FD, Exhibits
8-K 2019-02-26 Enter Agreement, Regulation FD, Exhibits
8-K 2019-02-21 Other Events, Exhibits
8-K 2019-02-11 Regulation FD, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2019-01-18 Regulation FD, Exhibits
8-K 2018-11-06 Regulation FD, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-09-28 Enter Agreement, Exhibits
8-K 2018-09-26 Other Events, Exhibits
8-K 2018-09-19 Other Events
8-K 2018-09-11 Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-22 Shareholder Vote
8-K 2018-05-15 Regulation FD, Exhibits
8-K 2018-05-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-07 Enter Agreement, Regulation FD, Exhibits
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-04-26 Other Events
8-K 2018-03-13 Amend Bylaw, Exhibits
8-K 2018-02-27 Other Events, Exhibits
8-K 2018-02-07 Regulation FD, Exhibits
8-K 2018-01-31 Earnings, Exhibits
8-K 2018-01-19 Regulation FD, Exhibits
MAA 2019-09-30
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6.Exhibits.
EX-31.1 maa-ex311_13.htm
EX-31.2 maa-ex312_12.htm
EX-31.3 maa-ex313_11.htm
EX-31.4 maa-ex314_10.htm
EX-32.1 maa-ex321_9.htm
EX-32.2 maa-ex322_8.htm
EX-32.3 maa-ex323_7.htm
EX-32.4 maa-ex324_6.htm

Mid America Apartment Earnings 2019-09-30

MAA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
HCP 15,617 13,713 7,094 1,826 1,084 992 1,776 21,696 59% 12.2 7%
EXR 14,252 8,391 5,562 943 711 464 874 14,196 75% 16.2 6%
WPC 13,963 14,192 7,201 1,086 1,051 412 1,034 19,878 97% 19.2 3%
MAA 13,556 11,275 4,990 407 0 64 235 13,498 0% 57.5 1%
NLY 13,310 131,801 116,093 0 0 -4,495 -2,005 11,832 -5.9 -3%
HST 13,227 12,525 4,910 5,624 0 1,160 2,457 11,917 0% 4.9 9%
UDR 12,621 8,197 4,229 1,086 0 183 445 16,484 0% 37.1 2%
VNO 12,535 17,914 9,556 1,541 0 3,142 3,719 12,729 0% 3.4 18%
DRE 12,133 8,014 3,312 1,005 0 235 648 14,979 0% 23.1 3%
REG 11,683 10,947 4,594 560 0 53 183 15,325 0% 83.5 0%

maa-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-12762 (Mid-America Apartment Communities, Inc.)

Commission File Number: 333-190028-01 (Mid-America Apartments, L.P.)

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

 

Tennessee (Mid-America Apartment Communities, Inc.)

62-1543819

Tennessee (Mid-America Apartments, L.P.)

62-1543816

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

6815 Poplar Ave., Suite 500, Germantown, TN  38138

(Address of principal executive offices) (Zip Code)

(901) 682-6600

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)

MAA

New York Stock Exchange

8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)

MAA*I

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

 

Mid-America Apartment Communities, Inc.

YES

NO

Mid-America Apartments, L.P.

YES

NO

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Mid-America Apartment Communities, Inc.

YES

NO

Mid-America Apartments, L.P.

YES

NO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Mid-America Apartment Communities, Inc.

 

 

 

Large accelerated filer  

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Mid-America Apartments, L.P.

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Mid-America Apartment Communities, Inc.

YES

NO

Mid-America Apartments, L.P.

YES

NO

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

 

Mid-America Apartment Communities, Inc.

Number of Shares Outstanding at

Class

October 28, 2019

Common Stock, $0.01 par value

114,065,859

 

 

 


 

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

 

TABLE OF CONTENTS

 

 

 

 

Page

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements.

4

 

Mid-America Apartment Communities, Inc.

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018.

4

 

 

Condensed Consolidated Statements of Operations for the Three and Nine months ended September 30, 2019 and 2018.

5

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine months ended September 30, 2019 and 2018.

6

 

 

Condensed Consolidated Statements of Cash Flows for the Nine months ended September 30, 2019 and 2018.

7

 

Mid-America Apartments, L.P.

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018.

8

 

 

Condensed Consolidated Statements of Operations for the Three and Nine months ended September 30, 2019 and 2018.

9

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine months ended September 30, 2019 and 2018.

10

 

 

Condensed Consolidated Statements of Cash Flows for the Nine months ended September 30, 2019 and 2018.

11

 

 

Notes to Condensed Consolidated Financial Statements.

12

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

39

Item 4.

Controls and Procedures.

39

 

 

 

 

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings.

40

Item 1A.

Risk Factors.

40

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.

41

Item 6.

Exhibits.

42

 

Signatures.

43

 

1


 

Explanatory Note

This report combines the Quarterly Reports on Form 10-Q for the quarter ended September 30, 2019 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 96.6% 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 September 30, 2019, MAA owned 114,065,859 OP Units (96.6% of the total number of OP Units).  MAA conducts substantially all of its business and holds substantially all of its assets, directly or indirectly, through the Operating Partnership, and by virtue of its ownership of the OP Units and being the Operating Partnership's sole general partner, MAA has the ability to control all of the day-to-day operations of the Operating Partnership.

We believe combining the periodic reports of MAA and the Operating Partnership, including the notes to the condensed consolidated financial statements, into this report results in the following benefits:

 

 

enhances investors' understanding of MAA and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

 

eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this report applies to both MAA and the Operating Partnership; and

 

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

MAA is a multifamily focused, self-administered and self-managed real estate investment trust, or REIT.  Management operates MAA and the Operating Partnership as one business. We believe it is important to understand the few differences between MAA and the Operating Partnership in the context of how MAA and the Operating Partnership operate as a consolidated company. MAA and the Operating Partnership are structured as an umbrella partnership REIT, or UPREIT. MAA's interest in the Operating Partnership entitles MAA to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to MAA's percentage interest therein and entitles MAA to vote on substantially all matters requiring a vote of the partners. MAA's only material asset is its ownership of limited partnership interests in the Operating Partnership (other than cash held by MAA from time to time); therefore, MAA's primary function is acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. The Operating Partnership holds, directly or indirectly, all of the real estate assets. Except for net proceeds from public equity issuances by MAA, which are contributed to the Operating Partnership in exchange for limited partnership interests, the Operating Partnership generates the capital required by the Company's business through the Operating Partnership's operations, direct or indirect incurrence of indebtedness and issuance of OP Units.

The presentation of MAA's shareholders' equity and the Operating Partnership's capital are the principal areas of difference between the consolidated financial statements of MAA and those of the Operating Partnership.  MAA's shareholders' equity may include shares of preferred stock, shares of common stock, additional paid-in capital, cumulative earnings, cumulative distributions, noncontrolling interests, treasury shares, accumulated other comprehensive income and redeemable common stock.  The Operating Partnership's capital may include common capital and preferred capital of the general partner (MAA), limited partners' common capital and preferred capital, noncontrolling interests, accumulated other comprehensive income and redeemable common units.  Holders of OP Units (other than MAA) may require the Operating Partnership to redeem their OP Units from time to time, in which case the Operating Partnership may, at its option, pay the redemption price either in cash (in an amount per OP Unit equal, in general, to the average closing price of MAA’s common stock on the New York Stock Exchange, or NYSE, over a specified period prior to the redemption date) or by delivering one share of MAA's common stock (subject to adjustment under specified circumstances) for each OP Unit so redeemed.

2


 

In order to highlight the material differences between MAA and the Operating Partnership, this combined Quarterly Report on Form 10-Q includes sections that separately present and discuss areas that are materially different between MAA and the Operating Partnership, including:

 

the condensed consolidated financial statements in Item 1 of this Quarterly Report on Form 10-Q;

 

certain accompanying notes to the condensed consolidated financial statements, including Note 2 - Earnings per Common Share of MAA and Note 3 - Earnings per OP Unit of MAALP; Note 4 - MAA Equity and Note 5 - MAALP Capital; and Note 8 - Shareholders' Equity of MAA and Note 9 - Partners' Capital of MAALP;

 

the controls and procedures in Item 4 of this Quarterly Report on Form 10-Q; and

 

the certifications included as Exhibits 31 and 32 to this Quarterly Report on Form 10-Q.

In the sections that combine disclosures for MAA and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.  Although the Operating Partnership (directly or indirectly through one of its subsidiaries) is generally the entity that enters into contracts, holds assets and issues debt, management believes this presentation is appropriate for the reasons set forth above and because we operate the business through the Operating Partnership.  MAA, the Operating Partnership and its subsidiaries operate as one consolidated business, but MAA, the Operating Partnership and each of its subsidiaries are separate, distinct legal entities.

3


 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except share and per share data)

 

 

 

September 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

 

 

Land

 

$

1,898,509

 

 

$

1,868,828

 

Buildings and improvements and other

 

 

11,825,934

 

 

 

11,670,216

 

Development and capital improvements in progress

 

 

101,469

 

 

 

59,506

 

 

 

 

13,825,912

 

 

 

13,598,550

 

Less: Accumulated depreciation

 

 

(2,906,677

)

 

 

(2,549,287

)

 

 

 

10,919,235

 

 

 

11,049,263

 

Undeveloped land

 

 

41,149

 

 

 

58,257

 

Investment in real estate joint venture

 

 

43,816

 

 

 

44,181

 

Real estate assets, net

 

 

11,004,200

 

 

 

11,151,701

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

25,826

 

 

 

34,259

 

Restricted cash

 

 

16,856

 

 

 

17,414

 

Other assets

 

 

178,352

 

 

 

120,407

 

Assets held for sale

 

 

22,520

 

 

 

 

Total assets

 

$

11,247,754

 

 

$

11,323,781

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Unsecured notes payable

 

$

3,830,708

 

 

$

4,053,302

 

Secured notes payable

 

 

645,406

 

 

 

475,026

 

Accrued expenses and other liabilities

 

 

521,374

 

 

 

413,850

 

Total liabilities

 

 

4,997,488

 

 

 

4,942,178

 

 

 

 

 

 

 

 

 

 

Redeemable common stock

 

 

13,656

 

 

 

9,414

 

 

 

 

 

 

 

 

 

 

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 per share, 867,846

   shares issued and outstanding as of September 30, 2019 and December 31, 2018,

   respectively.

 

 

9

 

 

 

9

 

Common stock, $0.01 par value per share, 145,000,000 shares authorized;

   114,065,859 and 113,844,267 shares issued and outstanding as of September 30,

   2019 and December 31, 2018, respectively (1)

 

 

1,138

 

 

 

1,136

 

Additional paid-in capital

 

 

7,149,889

 

 

 

7,138,170

 

Accumulated distributions in excess of net income

 

 

(1,119,714

)

 

 

(989,263

)

Accumulated other comprehensive loss

 

 

(14,870

)

 

 

(212

)

Total MAA shareholders' equity

 

 

6,016,452

 

 

 

6,149,840

 

Noncontrolling interests - Operating Partnership units

 

 

213,547

 

 

 

220,043

 

Total Company's shareholders' equity

 

 

6,229,999

 

 

 

6,369,883

 

Noncontrolling interests - consolidated real estate entities

 

 

6,611

 

 

 

2,306

 

Total equity

 

 

6,236,610

 

 

 

6,372,189

 

Total liabilities and equity

 

$

11,247,754

 

 

$

11,323,781

 

 

(1)

Number of shares issued and outstanding represent total shares of common stock regardless of classification on the Condensed Consolidated Balance Sheets. The number of shares classified as redeemable common stock on the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 are 105,040 and 98,371, respectively.

See accompanying notes to condensed consolidated financial statements.

4


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

415,632

 

 

$

397,108

 

 

$

1,224,200

 

 

$

1,173,198

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense, excluding real estate taxes and insurance

 

 

100,319

 

 

 

97,703

 

 

 

286,284

 

 

 

279,831

 

Real estate taxes and insurance

 

 

59,220

 

 

 

57,037

 

 

 

176,774

 

 

 

168,043

 

Depreciation and amortization

 

 

124,684

 

 

 

124,549

 

 

 

371,417

 

 

 

368,218

 

Total property operating expenses

 

 

284,223

 

 

 

279,289

 

 

 

834,475

 

 

 

816,092

 

Property management expenses

 

 

13,899

 

 

 

11,303

 

 

 

41,195

 

 

 

35,579

 

General and administrative expenses

 

 

11,485

 

 

 

6,380

 

 

 

35,236

 

 

 

25,723

 

Merger and integration related expenses

 

 

 

 

 

1,878

 

 

 

 

 

 

8,503

 

Interest expense

 

 

44,513

 

 

 

44,650

 

 

 

136,149

 

 

 

129,140

 

(Gain) loss on sale of depreciable real estate assets

 

 

(1,000

)

 

 

23

 

 

 

(987

)

 

 

21

 

Gain on sale of non-depreciable real estate assets

 

 

 

 

 

(959

)

 

 

(9,260

)

 

 

(3,870

)

Other non-operating income

 

 

(20,060

)

 

 

(374

)

 

 

(25,770

)

 

 

(6,065

)

Income before income tax expense

 

 

82,572

 

 

 

54,918

 

 

 

213,162

 

 

 

168,075

 

Income tax expense

 

 

(1,491

)

 

 

(616

)

 

 

(2,814

)

 

 

(1,826

)

Income from continuing operations before real estate joint venture

   activity

 

 

81,081

 

 

 

54,302

 

 

 

210,348

 

 

 

166,249

 

Income from real estate joint venture

 

 

378

 

 

 

402

 

 

 

1,210

 

 

 

1,256

 

Net income

 

 

81,459

 

 

 

54,704

 

 

 

211,558

 

 

 

167,505

 

Net income attributable to noncontrolling interests

 

 

2,814

 

 

 

1,913

 

 

 

7,336

 

 

 

5,888

 

Net income available for shareholders

 

 

78,645

 

 

 

52,791

 

 

 

204,222

 

 

 

161,617

 

Dividends to MAA Series I preferred shareholders

 

 

922

 

 

 

922

 

 

 

2,766

 

 

 

2,766

 

Net income available for MAA common shareholders

 

$

77,723

 

 

$

51,869

 

 

$

201,456

 

 

$

158,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for MAA common shareholders

 

$

0.68

 

 

$

0.46

 

 

$

1.77

 

 

$

1.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for MAA common shareholders

 

$

0.68

 

 

$

0.46

 

 

$

1.77

 

 

$

1.40

 

 

See accompanying notes to condensed consolidated financial statements.

5


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

81,459

 

 

$

54,704

 

 

$

211,558

 

 

$

167,505

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain from derivative instruments

 

 

(5,562

)

 

 

4,245

 

 

 

(13,444

)

 

 

10,797

 

Adjustment for net gains reclassified into net income from

   derivative instruments

 

 

(411

)

 

 

(548

)

 

 

(1,734

)

 

 

(1,296

)

Total comprehensive income

 

 

75,486

 

 

 

58,401

 

 

 

196,380

 

 

 

177,006

 

Less: Comprehensive income attributable to noncontrolling

   interests

 

 

(2,619

)

 

 

(2,040

)

 

 

(6,816

)

 

 

(6,223

)

Comprehensive income attributable to MAA

 

$

72,867

 

 

$

56,361

 

 

$

189,564

 

 

$

170,783

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

 

 

 

Nine months ended September 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

211,558

 

 

$

167,505

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

372,210

 

 

 

369,223

 

(Gain) loss on sale of depreciable real estate assets

 

 

(987

)

 

 

21

 

Gain on sale of non-depreciable real estate assets

 

 

(9,260

)

 

 

(3,870

)

Stock compensation expense

 

 

11,550

 

 

 

9,877

 

Amortization of debt discounts, premiums and issuance costs

 

 

4,706

 

 

 

(4,318

)

Net change in operating accounts and other

 

 

31,761

 

 

 

62,618

 

Net cash provided by operating activities

 

 

621,538

 

 

 

601,056

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of real estate and other assets

 

 

(22,860

)

 

 

(112,656

)

Capital improvements, development and other

 

 

(219,670

)

 

 

(192,520

)

Distributions from real estate joint ventures

 

 

365

 

 

 

 

Contributions to affiliates

 

 

(4,500

)

 

 

(1,500

)

Proceeds from disposition of real estate assets

 

 

15,984

 

 

 

18,918

 

Net cash used in investing activities

 

 

(230,681

)

 

 

(287,758

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from lines of credit

 

 

565,000

 

 

 

780,000

 

Repayments of lines of credit

 

 

(1,105,000

)

 

 

(820,000

)

Net proceeds from commercial paper

 

 

200,000

 

 

 

 

Proceeds from notes payable

 

 

760,003

 

 

 

397,612

 

Principal payments on notes payable

 

 

(468,635

)

 

 

(346,239

)

Payment of deferred financing costs

 

 

(11,530

)

 

 

(3,741

)

Distributions to noncontrolling interests

 

 

(11,813

)

 

 

(11,286

)

Dividends paid on common shares

 

 

(328,239

)

 

 

(314,834

)

Dividends paid on preferred shares

 

 

(2,766

)

 

 

(2,766

)

Net change in other financing activities

 

 

3,132

 

 

 

(1,511

)

Net cash used in financing activities

 

 

(399,848

)

 

 

(322,765

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(8,991

)

 

 

(9,467

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

51,673

 

 

 

88,867

 

Cash, cash equivalents and restricted cash, end of period

 

$

42,682

 

 

$

79,400

 

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

25,826

 

 

$

46,139

 

Restricted cash

 

 

16,856

 

 

 

33,261

 

Total cash, cash equivalents and restricted cash

 

$

42,682

 

 

$

79,400

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

108,249

 

 

$

111,439

 

Income taxes paid

 

 

2,509

 

 

 

2,746

 

Supplemental disclosure of noncash investing and financing activities:

 

 

 

 

 

 

 

 

Conversion of OP Units to shares of common stock

 

$

1,993

 

 

$

4,282

 

Accrued construction in progress

 

 

14,652

 

 

 

19,476

 

Interest capitalized

 

 

1,847

 

 

 

1,640

 

Fair value adjustment on derivative instruments

 

 

11,248

 

 

 

7,956

 

 

See accompanying notes to condensed consolidated financial statements.

7


 

Mid-America Apartments, L.P.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except unit data)

 

 

 

September 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

 

 

Land

 

$

1,898,509