MID AMERICA APARTMENT COMMUNITIES INC

For the period ended Dec 31, 2024. Filed Feb 7, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 7, 2025

MAA$118.86-0.5%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows for the

Consolidated Statem ents of Cash Flows

	2024	2023	2022
Cash flows from operating activities:
Net income	$541,576	$567,831	$654,776
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	586,402	565,857	544,004
(Gain) loss on sale of depreciable real estate assets	(55,003)	62	(214,762)
Gain on sale of non-depreciable real estate assets	—	(54)	(809)
Gain on consolidation of third-party development	(11,239)	—	—
Loss (gain) on embedded derivative in preferred shares	18,751	(18,528)	21,107
Stock compensation expense	15,789	15,699	18,798
Amortization of debt issuance costs, discounts and premiums	6,036	5,909	6,064
(Gain) loss on investments	(7,809)	(4,449)	45,357
Net change in operating accounts and other operating activities	3,789	4,860	(16,056)
Net cash provided by operating activities	1,098,292	1,137,187	1,058,479
Cash flows from investing activities:
Purchases of real estate and other assets	(301,071)	(223,453)	(271,428)
Capital improvements and other	(322,372)	(341,224)	(296,176)
Development costs	(313,888)	(198,152)	(172,124)
Distributions from real estate joint venture	327	312	538
Contributions to affiliates	(2,874)	(16,636)	(13,849)
Proceeds from real estate asset dispositions	84,209	2,946	320,491
Proceeds from sale of markable equity securities	9,975	—	—
Net proceeds from insurance recoveries	20,195	945	27,312
Net cash used in investing activities	(825,499)	(775,262)	(405,236)
Cash flows from financing activities:
Net (payments of) proceeds from commercial paper	(245,000)	475,000	20,000
Proceeds from notes payable	1,091,646	—	—
Principal payments on notes payable	(400,000)	(353,861)	(126,401)
Payment of deferred financing costs	(10,317)	(2)	(5,516)
Distributions paid on common units	(705,160)	(669,388)	(554,532)
Distributions paid on preferred units	(3,688)	(3,688)	(3,688)
Proceeds from issuances of common units	1,230	205,070	1,083
Acquisition of noncontrolling interests	—	(15,757)	(43,070)
Net change in other financing activities	166	(5,279)	(10,646)
Net cash used in financing activities	(271,123)	(367,905)	(722,770)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,670	(5,980)	(69,527)
Cash, cash equivalents and restricted cash, beginning of period	55,091	61,071	130,598
Cash, cash equivalents and restricted cash, end of period	$56,761	$55,091	$61,071
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	$43,018	$41,314	$38,659
Restricted cash	13,743	13,777	22,412
Total cash, cash equivalents and restricted cash	$56,761	$55,091	$61,071
Supplemental information:
Interest paid	$164,883	$157,566	$157,497
Income taxes paid	3,343	4,002	3,490
Non-cash transactions:
Distributions on common units declared and accrued	$181,738	$176,162	$166,103
Accrued construction in progress	32,903	23,345	16,484
Interest capitalized	17,435	12,376	8,728

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