Mid-America Apartment Communities, Inc.

NYSE-MAA

Basic

Market Cap
$16.37B
EV
$21.15B
Shares Out
116.83M
Revenue
$2,163.06M
Employees
2,427

Margins

Gross
60.57%
EBITDA
57.84%
Operating
31.47%
Pre-Tax
26.88%
Net
25.92%
FCF
51.74%

Returns (5Yr Avg)

ROA
4.06%
ROTA
7.39%
ROE
7.39%
ROCE
4.95%
ROIC
4.51%

Valuation (TTM)

P/E
—
P/B
—
P/FFO
—
P/Adjusted FFO
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
$140.89
P/E
—
PEG
—
P/FFO
—
P/Adjusted FFO
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
$54.6M
Net Debt
$4,596.8M
Debt/Equity
0.74
EBIT/Interest
4.47

Growth (CAGR)

Rev 3Yr
8.68%
Rev 5Yr
6.4%
Rev 10Yr
11.17%
Dil EPS 3Yr
27.79%
Dil EPS 5Yr
18.36%
Dil EPS 10Yr
10.01%
Rev Fwd 2Yr
2.42%
EBITDA Fwd 2Yr
0.69%
EPS Fwd 2Yr
-5.39%
EPS LT Growth Est
1.98%

Dividends

Yield
—
Payout
118.79%
DPS
$5.67
DPS Growth 3Yr
12.1%
DPS Growth 5Yr
8.75%
DPS Growth 10Yr
7.25%
DPS Growth Fwd 2Yr
3.45%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Operating Revenues						1,641	1,678	1,778.1	2,019.9	2,148.5	2,163.1
Other Revenues, Total		—	—	—	—	—	—	—	—	—	—
Total Revenues						1,641	1,678	1,778.1	2,019.9	2,148.5	2,163.1
Total Revenues % Chg.						4.4%	2.3%	6%	13.6%	6.4%	4.4%
Cost of Goods Sold, Total						667.9	692.8	726.9	789.2	835.9	853
Gross Profit						973.2	985.2	1,051.2	1,230.7	1,312.5	1,310.1
Selling General & Admin Expenses, Total						43.8	46.9	52.9	58.8	58.6	59.7
Depreciation & Amortization						496.8	510.8	533.4	543	565.1	569.6
Other Operating Expenses, Total						540.7	557.7	586.3	601.8	623.6	629.3
Operating Income						432.5	427.5	464.9	628.9	688.9	680.8
Interest Expense, Total						-179.8	-167.6	-156.9	-154.7	-149.2	-152.3
Interest And Investment Income		—	—	—	—	—	—	—	—	—	—
Net Interest Expenses						-179.8	-167.6	-156.9	-154.7	-149.2	-152.3
Income (Loss) On Equity Invest.						1.7	1.5	1.2	1.6	1.7	1.8
Other Non Operating Income (Expenses)	—					23	-0.8	-17.8	-18.1	23.2	31.7
EBT, Excl. Unusual Items						277.3	260.7	291.4	457.6	564.6	562
Merger & Related Restructuring Charges		—				—	—	—	—	—	—
Gain (Loss) On Sale Of Investments	—	—	—	—	—	—	5.6	51.7	-45.4	4.4	10.6
Gain (Loss) On Sale Of Assets						93	1	221.2	215.6	-0	-0.1
Insurance Settlements	—	—	—	—	—	—	—	—	29.9	—	5.1
Legal Settlements	—	—	—	—	—	—	—	—	-8.5	4.5	4.5
Other Unusual Items		—	—	—	—	—	—	—	-0.6	-0.9	-0.6
EBT, Incl. Unusual Items						370.3	267.3	564.3	648.6	572.6	581.5
Income Tax Expense						3.7	3.3	13.6	-6.2	4.7	5.6
Earnings From Continuing Operations						366.6	264	550.7	654.8	567.8	575.9
Earnings Of Discontinued Operations		—	—	—	—	—	—	—	—	—	—
Minority Interest						-12.8	-9.1	-16.9	-17.3	-15	-15.2
Net Income						353.8	255	533.8	637.4	552.8	560.6
Preferred Dividend and Other Adjustments						4.2	4	4.2	4.1	3.9	3.9
Net Income to Common Incl Extra Items						349.6	250.9	529.6	633.3	548.9	556.7
Net Income to Common Excl. Extra Items						349.6	250.9	529.6	633.3	548.9	556.7
Total Shares Outstanding						114.2	114.4	115.3	115.5	116.7	116.7
Weighted Avg. Shares Outstanding						113.9	114.2	114.7	115.3	116.5	116.6
Weighted Avg. Shares Outstanding Dil						114.1	114.5	115	115.6	116.6	116.7
EPS						3.1	2.2	4.6	5.5	4.7	4.8
EPS Diluted						3.1	2.2	4.6	5.5	4.7	4.8
EBITDA						930.3	939.2	999.3	1,172.9	1,254.8	1,251.1
Effective Tax Rate						1%	1.2%	2.4%	-1%	0.8%	1%