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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 June 30, 2022

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 the 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

 

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.

 

Mid-America Apartment Communities, Inc. ☐

Mid-America Apartments, L.P. ☐

 

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

July 25, 2022

Common Stock, $0.01 par value

115,438,832

 

 


 

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

 

TABLE OF CONTENTS

 

 

 

 

Page

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements.

5

 

Mid-America Apartment Communities, Inc.

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021.

5

 

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021.

6

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021.

7

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021.

8

 

Mid-America Apartments, L.P.

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021.

9

 

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021.

10

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021.

11

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021.

12

 

Notes to Condensed Consolidated Financial Statements.

13

Item 2.

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

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

38

Item 4.

Controls and Procedures.

38

 

 

 

 

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings.

39

Item 1A.

Risk Factors.

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

39

Item 3.

Defaults Upon Senior Securities.

39

Item 4.

Mine Safety Disclosures.

39

Item 5.

Other Information.

39

Item 6.

Exhibits.

40

 

Signatures.

41

 

2


 

Explanatory Note

This report combines the Quarterly Reports on Form 10-Q for the quarter ended June 30, 2022 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 97.3% 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, 2022, MAA owned 115,438,832 OP Units (97.3% 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, an S&P 500 company, 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 from time to time. 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 condensed 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 or loss 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 or loss 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.

3


 

In order to highlight the material differences between MAA and the Operating Partnership, this 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 Part 1, Item 1 of this report;
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 Part 1, Item 4 of this report; and
the certifications included as Exhibits 31 and 32 to this report.

In the sections that combine disclosures for MAA and the Operating Partnership, this Quarterly Report on Form 10-Q 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.

4


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

Land

 

$

1,971,660

 

 

$

1,977,813

 

Buildings and improvements and other

 

 

12,613,378

 

 

 

12,454,439

 

Development and capital improvements in progress

 

 

267,691

 

 

 

247,970

 

 

 

 

14,852,729

 

 

 

14,680,222

 

Less: Accumulated depreciation

 

 

(4,089,694

)

 

 

(3,848,161

)

 

 

 

10,763,035

 

 

 

10,832,061

 

Undeveloped land

 

 

41,298

 

 

 

24,015

 

Investment in real estate joint venture

 

 

42,476

 

 

 

42,827

 

Real estate assets, net

 

 

10,846,809

 

 

 

10,898,903

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

60,568

 

 

 

54,302

 

Restricted cash

 

 

161,134

 

 

 

76,296

 

Other assets

 

 

211,890

 

 

 

255,681

 

Total assets

 

$

11,280,401

 

 

$

11,285,182

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Unsecured notes payable

 

$

4,153,650

 

 

$

4,151,375

 

Secured notes payable

 

 

364,664

 

 

 

365,315

 

Accrued expenses and other liabilities

 

 

571,568

 

 

 

584,400

 

Total liabilities

 

 

5,089,882

 

 

 

5,101,090

 

 

 

 

 

 

 

 

Redeemable common stock

 

 

22,403

 

 

 

30,185

 

 

 

 

 

 

 

 

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, 2022
   and December 31, 2021, respectively

 

 

9

 

 

 

9

 

Common stock, $0.01 par value per share, 145,000,000 shares authorized;
   
115,438,832 and 115,336,876 shares issued and outstanding as of
   June 30, 2022 and December 31, 2021, respectively
(1)

 

 

1,152

 

 

 

1,151

 

Additional paid-in capital

 

 

7,191,920

 

 

 

7,230,956

 

Accumulated distributions in excess of net income

 

 

(1,199,216

)

 

 

(1,255,807

)

Accumulated other comprehensive loss

 

 

(10,591

)

 

 

(11,132

)

Total MAA shareholders’ equity

 

 

5,983,274

 

 

 

5,965,177

 

Noncontrolling interests - OP Units

 

 

165,062

 

 

 

165,116

 

Total Company’s shareholders’ equity

 

 

6,148,336

 

 

 

6,130,293

 

Noncontrolling interests - consolidated real estate entities

 

 

19,780

 

 

 

23,614

 

Total equity

 

 

6,168,116

 

 

 

6,153,907

 

Total liabilities and equity

 

$

11,280,401

 

 

$

11,285,182

 

(1)
Number of shares issued and outstanding represents 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 June 30, 2022 and December 31, 2021 are 132,944 and 131,559, respectively.

See accompanying notes to condensed consolidated financial statements.

5


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

495,040

 

 

$

436,927

 

 

$

971,118

 

 

$

861,932

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses, excluding real estate taxes and insurance

 

 

110,007

 

 

 

101,751

 

 

 

211,124

 

 

 

197,712

 

Real estate taxes and insurance

 

 

71,670

 

 

 

67,010

 

 

 

139,973

 

 

 

133,517

 

Depreciation and amortization

 

 

134,144

 

 

 

131,824

 

 

 

267,882

 

 

 

263,327

 

Total property operating expenses

 

 

315,821

 

 

 

300,585

 

 

 

618,979

 

 

 

594,556

 

Property management expenses

 

 

15,630

 

 

 

13,752

 

 

 

32,167

 

 

 

26,691

 

General and administrative expenses

 

 

15,580

 

 

 

13,114

 

 

 

31,903

 

 

 

26,093

 

Interest expense

 

 

38,905

 

 

 

38,867

 

 

 

78,026

 

 

 

78,539

 

Gain on sale of depreciable real estate assets

 

 

(131,965

)

 

 

(134,828

)

 

 

(131,964

)

 

 

(134,828

)

Gain on sale of non-depreciable real estate assets

 

 

(355

)

 

 

(32

)

 

 

(378

)

 

 

(32

)

Other non-operating expense (income)

 

 

28,325

 

 

 

(20,126

)

 

 

17,530

 

 

 

(4,213

)

Income before income tax benefit (expense)

 

 

213,099

 

 

 

225,595

 

 

 

324,855

 

 

 

275,126

 

Income tax benefit (expense)

 

 

3,052

 

 

 

(2,045

)

 

 

4,494

 

 

 

(3,044

)

Income from continuing operations before real estate joint
    venture activity

 

 

216,151

 

 

 

223,550

 

 

 

329,349

 

 

 

272,082

 

Income from real estate joint venture

 

 

409

 

 

 

325

 

 

 

788

 

 

 

657

 

Net income

 

 

216,560

 

 

 

223,875

 

 

 

330,137

 

 

 

272,739

 

Net income attributable to noncontrolling interests

 

 

5,858

 

 

 

7,397

 

 

 

8,633

 

 

 

9,068

 

Net income available for shareholders

 

 

210,702

 

 

 

216,478

 

 

 

321,504

 

 

 

263,671

 

Dividends to MAA Series I preferred shareholders

 

 

922

 

 

 

922

 

 

 

1,844

 

 

 

1,844

 

Net income available for MAA common shareholders

 

$

209,780

 

 

$

215,556

 

 

$

319,660

 

 

$

261,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for MAA common shareholders

 

$

1.82

 

 

$

1.88

 

 

$

2.77

 

 

$

2.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for MAA common shareholders

 

$

1.82

 

 

$

1.88

 

 

$

2.76

 

 

$

2.28

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

216,560

 

 

$

223,875

 

 

$

330,137

 

 

$

272,739

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for net losses reclassified to net income from
   derivative instruments

 

 

277

 

 

 

278

 

 

 

556

 

 

 

557

 

Total comprehensive income

 

 

216,837

 

 

 

224,153

 

 

 

330,693

 

 

 

273,296

 

Less: Comprehensive income attributable to
   noncontrolling interests

 

 

(5,866

)

 

 

(7,448

)

 

 

(8,648

)

 

 

(9,129

)

Comprehensive income attributable to MAA

 

$

210,971

 

 

$

216,705

 

 

$

322,045

 

 

$

264,167

 

 

See accompanying notes to condensed consolidated financial statements.

7


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

 

 

 

Six months ended June 30,

 

Cash flows from operating activities:

 

2022

 

 

2021

 

Net income

 

$

330,137

 

 

$

272,739

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

268,389

 

 

 

263,912

 

Gain on sale of depreciable real estate assets

 

 

(131,964

)

 

 

(134,828

)

Gain on sale of non-depreciable real estate assets

 

 

(378

)

 

 

(32

)

Loss on embedded derivative in preferred shares

 

 

9,939

 

 

 

1,940

 

Stock compensation expense

 

 

10,740

 

 

 

9,212

 

Amortization of debt issuance costs, discounts and premiums

 

 

3,018

 

 

 

2,674

 

Loss (gain) on investments

 

 

31,093

 

 

 

(7,901

)

Net change in operating accounts and other operating activities

 

 

(57,067

)

 

 

(10,398

)

Net cash provided by operating activities

 

 

463,907

 

 

 

397,318

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of real estate and other assets

 

 

(17,238

)

 

 

(46,028

)

Capital improvements and other

 

 

(132,849

)

 

 

(127,932

)

Development costs

 

 

(84,636

)

 

 

(119,612

)

Distributions from real estate joint venture

 

 

352

 

 

 

392

 

Contributions to affiliates

 

 

(9,300

)

 

 

(1,114

)

Proceeds from real estate asset dispositions

 

 

165,201

 

 

 

158,136

 

Proceeds from insurance recoveries

 

 

20,675

 

 

 

3,620

 

Net cash used in investing activities

 

 

(57,795

)

 

 

(132,538

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Net proceeds from commercial paper

 

 

 

 

 

108,000

 

Principal payments on notes payable

 

 

(691

)

 

 

(119,481

)

Distributions to noncontrolling interests

 

 

(6,965

)

 

 

(8,302

)

Dividends paid on common shares

 

 

(250,960

)

 

 

(234,591

)

Dividends paid on preferred shares

 

 

(1,844

)

 

 

(1,844

)

Acquisition of noncontrolling interests

 

 

(43,070

)

 

 

 

Net change in other financing activities

 

 

(11,478

)

 

 

(1,173

)

Net cash used in financing activities

 

 

(315,008

)

 

 

(257,391

)

 

 

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

91,104

 

 

 

7,389

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

130,598

 

 

 

35,615

 

Cash, cash equivalents and restricted cash, end of period

 

$

221,702

 

 

$

43,004

 

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

 

$

60,568

 

 

$

31,881

 

Restricted cash

 

 

161,134

 

 

 

11,123

 

Total cash, cash equivalents and restricted cash

 

$

221,702

 

 

$

43,004

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

Interest paid

 

$

79,201

 

 

$

81,122

 

Income taxes paid

 

 

2,635

 

 

 

2,474

 

Non-cash transactions:

 

 

 

 

 

 

Conversion of OP Units to shares of common stock

 

$

193

 

 

$

22,164

 

Accrued construction in progress

 

 

31,803

 

 

 

30,771

 

Interest capitalized

 

 

3,893

 

 

 

5,333

 

See accompanying notes to condensed consolidated financial statements.

8


 

Mid-America Apartments, L.P.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

Land

 

$

1,971,660

 

 

$

1,977,813

 

Buildings and improvements and other

 

 

12,613,378

 

 

 

12,454,439

 

Development and capital improvements in progress

 

 

267,691

 

 

 

247,970

 

 

 

 

14,852,729

 

 

 

14,680,222

 

Less: Accumulated depreciation

 

 

(4,089,694

)

 

 

(3,848,161

)

 

 

 

10,763,035

 

 

 

10,832,061

 

Undeveloped land

 

 

41,298

 

 

 

24,015

 

Investment in real estate joint venture

 

 

42,476

 

 

 

42,827

 

Real estate assets, net

 

 

10,846,809

 

 

 

10,898,903

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

60,568

 

 

 

54,302

 

Restricted cash

 

 

161,134

 

 

 

76,296

 

Other assets

 

 

211,890

 

 

 

255,681

 

Total assets