MID AMERICA APARTMENT COMMUNITIES INC
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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FY2023 · Filed Feb 9, 2024
MAA$118.86-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the
Consolidated Statem ents of Cash Flows
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $567,831 | $654,776 | $550,702 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 565,857 | 544,004 | 534,415 |
| Loss (gain) on sale of depreciable real estate assets | 62 | (214,762) | (220,428) |
| Gain on sale of non-depreciable real estate assets | (54) | (809) | (811) |
| (Gain) loss on embedded derivative in preferred shares | (18,528) | 21,107 | 4,560 |
| Stock compensation expense | 15,699 | 18,798 | 16,665 |
| Amortization of debt issuance costs, discounts and premiums | 5,909 | 6,064 | 5,652 |
| (Gain) loss on investments | (4,449) | 45,357 | (51,713) |
| Net change in operating accounts and other operating activities | 4,860 | (16,056) | 55,925 |
| Net cash provided by operating activities | 1,137,187 | 1,058,479 | 894,967 |
| Cash flows from investing activities: | |||
| Purchases of real estate and other assets | (223,453) | (271,428) | (46,028) |
| Capital improvements and other | (341,224) | (296,176) | (279,635) |
| Development costs | (198,152) | (172,124) | (231,642) |
| Distributions from real estate joint venture | 312 | 538 | 497 |
| Contributions to affiliates | (16,636) | (13,849) | (4,669) |
| Proceeds from real estate asset dispositions | 2,946 | 320,491 | 293,071 |
| Net proceeds from insurance recoveries | 945 | 27,312 | 14,820 |
| Net cash used in investing activities | (775,262) | (405,236) | (253,586) |
| Cash flows from financing activities: | |||
| Net proceeds from (payments of) commercial paper | 475,000 | 20,000 | (172,000) |
| Proceeds from notes payable | — | — | 594,423 |
| Principal payments on notes payable | (353,861) | (126,401) | (467,153) |
| Payment of deferred financing costs | (2) | (5,516) | (5,940) |
| Distributions to noncontrolling interests | (17,671) | (14,927) | (15,497) |
| Dividends paid on common shares | (651,717) | (539,605) | (470,401) |
| Dividends paid on preferred shares | (3,688) | (3,688) | (3,688) |
| Proceeds from issuances of common shares | 205,070 | 1,083 | 645 |
| Acquisition of noncontrolling interests | (15,757) | (43,070) | — |
| Net change in other financing activities | (5,279) | (10,646) | (6,787) |
| Net cash used in financing activities | (367,905) | (722,770) | (546,398) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (5,980) | (69,527) | 94,983 |
| Cash, cash equivalents and restricted cash, beginning of period | 61,071 | 130,598 | 35,615 |
| Cash, cash equivalents and restricted cash, end of period | $55,091 | $61,071 | $130,598 |
| The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets: | |||
| Reconciliation of cash, cash equivalents and restricted cash at period end: | |||
| Cash and cash equivalents | $41,314 | $38,659 | $54,302 |
| Restricted cash | 13,777 | 22,412 | 76,296 |
| Total cash, cash equivalents and restricted cash | $55,091 | $61,071 | $130,598 |
| Supplemental information: | |||
| Interest paid | $157,566 | $157,497 | $158,630 |
| Income taxes paid | 4,002 | 3,490 | 2,543 |
| Non-cash transactions: | |||
| Distributions on common shares/ units declared and accrued | $176,162 | $166,103 | $128,916 |
| Accrued construction in progress | 23,345 | 16,484 | 15,123 |
| Interest capitalized | 12,376 | 8,728 | 9,720 |
| Conversion of OP Units to shares of common stock | 1,092 | 2,118 | 43,292 |
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