Austin Texas cityscape skyline dszc/E+ via Getty Images On our last update on Mid-America Apartment Communities, Inc. (NYSE:MAA), we looked at the fundamentals and concluded that there was some more pain to be priced in on the funds from operations (FFO) estimates. But we think there will be more pain in that area and we expect 2025 estimates to ultimately move well below $9.00 per share. This does not make MAA a bad choice for longer-term investors. It just means that there are risks here and those risks ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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, ...

Financial Data and Key Metrics Changes - Core FFO for Q4 was reported at $2.32 per share, exceeding the midpoint of guidance by $0.03, contributing to a full-year core FFO of $9.17 per share, an approximate 8% increase year-over-year [83] - Same-store revenue growth for the quarter was slightly below expectations, with effective rent growth impacted by lower lease pricing [84] - Average physical occupancy was 95.5%, with collections remaining strong, and delinquency representing less than 0.5% of bill grants [73] Business Line Data and Key Metrics Changes - Same-store NOI growth was in line with expectations, with slightly lower operating expenses offsetting lower blended lease-over-lease pricing growth [71] - New lease rates declined by 7%, while renewal rates increased by 4.8%, resulting in a blended lease-over-lease pricing of -1.6% for the quarter [72] - The company completed nearly 1,400 interior unit upgrades in Q4, bringing the full-year total to just under 6,900 units [75] Market Data and Key Metrics Changes - Mid-tier markets such as Savannah, Richmond, Charleston, and Greenville performed well, while larger metros like Austin and Jacksonville faced more negative impacts from supply [74] - The company expects new supply to continue to pressure pricing for much of 2024, but believes the maximum impact on new lease pricing has likely been seen [78] - Job growth is expected to moderate in 2024 compared to 2023, but remains strongest in Sunbelt markets [80] Company Strategy and Development Direction - The company plans to start 3 to 4 projects in 2024, with a focus on ensuring costs are in line before proceeding [29] - The company is actively evaluating acquisition opportunities, forecasting $400 million in new acquisitions, likely in lease-up and dilutive until stabilization [56] - The company aims to enhance its leasing platform and technology initiatives to outperform local market leasing metrics during the supply cycle [68] Management's Comments on Operating Environment and Future Outlook - Management expressed a more positive outlook compared to the previous year, with expectations for new lease pricing performance to improve later in 2024 and into 2025 [52] - The company noted that inflation pressures on operating expenses are declining, and demand for apartment housing remains steady [60] - Management highlighted the importance of maintaining a strong balance sheet while monitoring public pricing for potential buybacks if conditions warrant [11] Other Important Information - The company has a buyback program in place and is prepared to act if market conditions become favorable [11] - The company has a strong balance sheet with low leverage, ending the year with nearly $792 million in combined cash and borrowing capacity [87] - The company has a history of never suspending or reducing quarterly dividends over the past 30 years, which is a key component of delivering long-term returns to shareholders [59] Q&A Session Summary Question: Can you provide details on same-store revenue growth outlook? - Management indicated that renewal rates have been steady, while new lease rates will determine the high and low ends of guidance, expecting new lease rates to be in the negative 3% to 3.25% range for the year [95][96] Question: What is the expected impact of acquisitions on earnings? - Management expects acquisitions to be similar to previous ones, with an assumed 4.5% NOI yield contribution at the time of closing, leading to some dilution in earnings over 2024 [101][102] Question: When do you expect new lease rate growth to turn positive? - Management believes new lease pricing may not turn positive until 2025, with expectations of it getting close to flat in the middle of 2024 [109]

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, 2023 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 ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for Mid-America Apartment Communities, Inc. (MAA) and Mid-America Apartments, L.P. (MAALP) for the three and six months ended June 30, 2023 [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The financial statements provide a snapshot of the company's financial position and performance, with MAA reporting total assets of **$11.39 billion** and total revenues of **$1.06 billion** for the six months ended June 30, 2023 MAA Key Financial Highlights (Six Months Ended June 30, 2023) | Metric | Amount (in thousands) | YoY Change | | :--- | :--- | :--- | | **Total Revenues** | $1,064,179 | +9.6% | | **Net Income Available for MAA Common Shareholders** | $279,754 | -12.5% | | **Total Assets (as of June 30, 2023)** | $11,391,170 | +1.3% (vs Dec 31, 2022) | | **Total Liabilities (as of June 30, 2023)** | $5,020,107 | -0.2% (vs Dec 31, 2022) | | **Net Cash Provided by Operating Activities** | $554,083 | +19.4% | - The decrease in Net Income for the six months ended June 30, 2023 compared to 2022 is primarily due to a significant gain on sale of depreciable real estate assets of **$132.0 million** recognized in 2022, which was not repeated in 2023[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide critical context to the financial statements, detailing the company's structure, accounting policies, debt, equity, and segment performance, with **290 apartment communities** owned and operated and total outstanding debt of approximately **$4.4 billion** as of June 30, 2023 - As of June 30, 2023, the company owned and operated **290 apartment communities** and had six development communities under construction with total expected costs of **$735.0 million**[38](index=38&type=chunk) Outstanding Debt Summary (as of June 30, 2023) | Debt Type | Balance (in thousands) | Weighted Avg. Effective Rate | | :--- | :--- | :--- | | Unsecured Debt | $4,033,091 | 3.4% | | Secured Debt | $363,302 | 4.4% | | **Total Outstanding Debt** | **$4,396,393** | **3.4%** | - The company is a defendant in the "RealPage Litigation," a series of class action lawsuits alleging conspiracy to artificially inflate apartment prices through revenue management software. The company believes the litigation is without merit[94](index=94&type=chunk) Segment Net Operating Income (NOI) (Six Months Ended June 30) | Segment | 2023 NOI (in thousands) | 2022 NOI (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Same Store | $652,375 | $590,324 | +10.5% | | Non-Same Store and Other | $34,668 | $29,697 | +16.7% | | **Total NOI** | **$687,043** | **$620,021** | **+10.8%** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial performance for Q2 2023, highlighting an **8.1%** increase in total property revenues driven by strong Same Store segment performance, despite a decrease in net income due to a large gain on asset sales in the prior year period [Overview and Trends](index=32&type=section&id=Overview%20and%20Trends) In Q2 2023, Same Store revenue growth was driven by a **9.3%** increase in average effective rent per unit, while average physical occupancy saw a slight decline to **95.5%**, with management monitoring inflation, economic conditions, and new housing supply Same Store Segment Key Metrics (Q2 2023 vs Q2 2022) | Metric | Q2 2023 | Q2 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Average Effective Rent per Unit | - | - | +9.3% | | Average Physical Occupancy | 95.5% | 95.7% | -0.2% | - The company believes its portfolio diversity across markets, submarkets, product types, and price points helps mitigate exposure to economic issues in any single geographic area[111](index=111&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) For Q2 2023, total property revenues increased **8.1%** to **$535.1 million**, while property operating expenses rose **7.0%** to **$194.3 million**, with net income available for common shareholders decreasing **31.0%** to **$144.8 million** due to a prior-year gain on asset sales Property Revenues by Segment (Three Months Ended June 30) | Segment | 2023 (in thousands) | 2022 (in thousands) | % Increase | | :--- | :--- | :--- | :--- | | Same Store | $505,505 | $467,805 | 8.1% | | Non-Same Store and Other | $29,641 | $27,235 | 8.8% | | **Total** | **$535,146** | **$495,040** | **8.1%** | Property Operating Expenses by Segment (Three Months Ended June 30) | Segment | 2023 (in thousands) | 2022 (in thousands) | % Increase | | :--- | :--- | :--- | :--- | | Same Store | $182,070 | $169,917 | 7.2% | | Non-Same Store and Other | $12,263 | $11,760 | 4.3% | | **Total** | **$194,333** | **$181,677** | **7.0%** | - Other non-operating income was **$17.0 million** in Q2 2023, a significant swing from a **$28.3 million** expense in Q2 2022, driven by gains on an embedded derivative and investments compared to prior-year losses[121](index=121&type=chunk) [Non-GAAP Financial Measures](index=35&type=section&id=Non-GAAP%20Financial%20Measures) This section provides definitions and reconciliations for key non-GAAP metrics, with Core Funds from Operations (Core FFO) attributable to common shareholders and unitholders increasing **14.0%** to **$273.3 million** for Q2 2023, and the net debt to trailing twelve-month Adjusted EBITDAre ratio improving to **3.41x** Core FFO Reconciliation Summary (in thousands) | Period | Net Income Available for MAA Common Shareholders | FFO | Core FFO | | :--- | :--- | :--- | :--- | | **Q2 2023** | $144,766 | $286,344 | $273,280 | | **Q2 2022** | $209,780 | $216,162 | $239,856 | - The Net Debt to Adjusted EBITDAre ratio improved from **3.71x** at December 31, 2022, to **3.41x** at June 30, 2023, due to higher Adjusted EBITDAre and lower net debt[143](index=143&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$1.4 billion** in combined unrestricted cash and available credit facility capacity as of June 30, 2023, and believes it has sufficient liquidity to fund its requirements for the next 12 months - As of June 30, 2023, the company had **$1.4 billion** of combined unrestricted cash and available capacity under its revolving credit facility[147](index=147&type=chunk) - In January 2023, MAA settled two forward sale agreements for **1.1 million shares**, generating net proceeds of **$203.7 million**, which will be used to fund development and redevelopment activities[160](index=160&type=chunk) Debt Maturity Schedule (Principal Balance, in thousands) | Year | Total Debt Maturing | | :--- | :--- | | 2023 | $349,846 | | 2024 | $399,251 | | 2025 | $401,384 | | 2026 | $297,587 | | 2027 | $596,941 | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's primary market risk exposure is to changes in interest rates, which is managed by utilizing fixed-rate debt, with **100%** of outstanding debt subject to fixed interest rates as of June 30, 2023 - As of June 30, 2023, **100.0%** of the company's outstanding debt was subject to fixed rates, effectively mitigating near-term interest rate risk[170](index=170&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, evaluated the disclosure controls and procedures for both MAA and MAALP as of June 30, 2023, concluding that these controls were effective with no material changes to internal controls over financial reporting during the quarter - Based on an evaluation as of June 30, 2023, the CEO and CFO of both MAA and MAALP concluded that the company's disclosure controls and procedures were effective[171](index=171&type=chunk)[173](index=173&type=chunk) - No changes occurred during the quarter ended June 30, 2023, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[172](index=172&type=chunk)[174](index=174&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings.) The company is a defendant in the "RealPage Litigation," a series of putative class action lawsuits alleging a conspiracy to artificially inflate apartment rental prices using revenue management software, which the company believes is without merit - The company is involved in the "RealPage Litigation," which alleges that lessors of multifamily real estate conspired to artificially inflate prices using RealPage's software[94](index=94&type=chunk) - The company believes the litigation is without merit and plans to defend the case vigorously. As of June 30, 2023, the company's accrual for loss contingencies for all unresolved legal matters was **$7.7 million**[94](index=94&type=chunk)[96](index=96&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022[177](index=177&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During the second quarter of 2023, the company repurchased **39,404 shares** of its common stock, which were shares surrendered by employees to satisfy tax obligations related to the vesting of restricted stock awards Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 39,404 | $150.24 | | May 2023 | — | — | | June 2023 | — | — | | **Total** | **39,404** | **-** | - The repurchased shares were surrendered by employees to satisfy statutory minimum tax obligations associated with the vesting of restricted shares[178](index=178&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information.) During the three months ended June 30, 2023, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2023[181](index=181&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed as part of the Form 10-Q report, including corporate governance documents, incentive plan forms, and certifications by the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act - The exhibits filed with this report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, as well as Interactive Data Files (Inline XBRL)[183](index=183&type=chunk)

Mid-America Apartment Communities, Inc. (NYSE:MAA) Q2 2023 Results Conference Call July 27, 2023 10:00 AM ET Company Participants Andrew Schaeffer - SVP, Treasurer & Director, Capital Markets Eric Bolton - President, CEO Tim Argo - Chief Strategy & Analysis Officer Al Campbell - CFO Rob DelPriore - CAO, General Counsel Brad Hill - CIO Conference Call Participants Eric Wolfe - Citi Alex Goldfarb - Piper Sandler Anthony Powell - Barclays Austin Wurschmidt - KeyBanc Brad Heffern - RBC Capital Markets Jamie F ...

Robust Redevelopment Program 276 40% 52% 8% A+, A A-, B+ B, B- Trend lines reflect top three MAA markets capturing migration from each of the following states: CA, NY, IL, NJ, MA and WA. Capital Markets Update May 2023 www.maac.com 2 The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements: inability to generate sufficient cash flows due to unfavorable economic and market conditions ...

Mid-America Apartment Communities, Inc. (NYSE:MAA) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET Company Participants Andrew Schaeffer - Senior Vice President, Treasurer & Director, Capital Markets Eric Bolton - Chairman & Chief Executive Officer Tim Argo - Executive Vice President, Chief Strategy & Analysis Officer Brad Hill - Executive Vice President & Chief Investment Officer Al Campbell - Executive Vice President, Chief Financial Officer Conference Call Participants John Kim - BMO Capital ...

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 March 31, 2023 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-AME ...

Part I [Business](index=6&type=section&id=Item%201.%20Business%2E) MAA is a REIT focused on owning, operating, acquiring, and developing apartment communities in the Southeast, Southwest, and Mid-Atlantic US regions - MAA's primary business objectives are to generate **sustainable and increasing cash flow** to fund dividends through intense property management, technology utilization, opportunistic portfolio management, market diversification, and active capital structure management[26](index=26&type=chunk)[29](index=29&type=chunk) - In 2022, the company disposed of **four multifamily communities** totaling **1,414 units** and two land parcels, redeploying proceeds into other strategic investments[34](index=34&type=chunk) - During 2022, MAA renovated **6,574 apartment units** at an average cost of **$6,109 per unit**, achieving average rental rate increases of **10.0%** above non-renovated units, and installed smart home technology in **24,029 units**[35](index=35&type=chunk)[36](index=36&type=chunk) - As of December 31, 2022, ethnic/cultural minorities represented approximately **50% of the workforce** and **40% of leadership positions**, while females represented approximately **46% of the workforce** and **56% of leadership positions**[42](index=42&type=chunk) - The company targets total debt, net of cash, to be in a range of **30% to 36%** of adjusted total assets, with actual total debt at **28.4%** as of December 31, 2022, well below the **60%** covenant limit[46](index=46&type=chunk) Portfolio Overview as of December 31, 2022 | Multifamily Portfolio | Communities | Units | | :--- | :--- | :--- | | Consolidated | 296 | 99,407 | | Unconsolidated | 1 | 269 | | **Total** | **297** | **99,676** | 2022 Multifamily Acquisitions | Property | Market | Units | Date Acquired | | :--- | :--- | :--- | :--- | | MAA Hampton Preserve II | Tampa, FL | 196 | July 2022 | | MAA LoSo | Charlotte, NC | 344 | September 2022 | Multifamily Projects Under Development as of December 31, 2022 | Project | Market | Total Units | Budgeted Cost (thousands) | Expected Completion | | :--- | :--- | :--- | :--- | :--- | | Novel West Midtown | Atlanta, GA | 340 | $89,500 | 3rd Quarter 2023 | | Novel Daybreak | Salt Lake City, UT | 400 | $94,000 | 4th Quarter 2023 | | Novel Val Vista | Phoenix, AZ | 317 | $77,200 | 1st Quarter 2024 | | MAA Milepost 35 | Denver, CO | 352 | $125,000 | 4th Quarter 2024 | | MAA Nixie | Raleigh, NC | 406 | $145,500 | 3rd Quarter 2025 | | MAA Breakwater | Tampa, FL | 495 | $197,500 | 4th Quarter 2025 | | **Total** | | **2,310** | **$728,700** | | [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors%2E) The company faces significant operational, financial, and regulatory risks, including economic downturns, geographic concentration, substantial indebtedness, and the potential loss of REIT status - Operational risks include potential impacts from public health events like COVID-19 on rent collection, leasing, and construction schedules[57](index=57&type=chunk) - Unfavorable economic conditions, such as inflation and unemployment, could adversely affect occupancy, rental revenues, and property values[61](index=61&type=chunk) - **41.1%** of the portfolio is concentrated in five markets (Atlanta, Dallas, Austin, Orlando, Charlotte), increasing vulnerability to regional economic downturns[65](index=65&type=chunk) - The company faces climate change risks, including physical risks from extreme weather events and transition risks from new regulations that could increase operating and development costs[72](index=72&type=chunk)[73](index=73&type=chunk) - Cybersecurity breaches pose a key risk, potentially compromising confidential information, causing operational disruptions, liability claims, and reputational damage[80](index=80&type=chunk)[82](index=82&type=chunk) - Financial risks stem from substantial indebtedness of **$4.4 billion** as of December 31, 2022, which could limit financial flexibility and increase borrowing costs due to rising interest rates[90](index=90&type=chunk)[92](index=92&type=chunk) - Tax-related risks include the potential failure to maintain **REIT** qualification, which would result in corporate income tax and reduced funds for shareholder distribution[116](index=116&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments%2E) The company reports that there are no unresolved staff comments from the SEC - None[124](index=124&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties%2E) As of December 31, 2022, MAA's portfolio comprised 296 consolidated communities with 99,407 units, concentrated in the Southeast, Southwest, and Mid-Atlantic, with a 95.3% average occupancy - The total portfolio of **296 consolidated communities** (**99,407 units**) had an average physical occupancy of **95.3%** for the year ended December 31, 2022[127](index=127&type=chunk) - As of December 31, 2022, the company had **$367.2 million** of outstanding mortgage indebtedness collateralized by its properties[129](index=129&type=chunk) Top 5 Markets by Number of Units (as of Dec 31, 2022) | Market | Number of Communities | Number of Units | Average Physical Occupancy | | :--- | :--- | :--- | :--- | | Atlanta, GA | 29 | 11,434 | 95.4% | | Dallas, TX | 27 | 9,767 | 95.6% | | Austin, TX | 20 | 6,829 | 95.2% | | Charlotte, NC | 20 | 5,867 | 95.8% | | Raleigh/Durham, NC | 15 | 5,350 | 95.6% | [Legal Proceedings](index=29&type=section&id=Item%203.%20Legal%20Proceedings%2E) The company is engaged in certain legal proceedings, with further details incorporated by reference from Note 11 to the consolidated financial statements - The company is a defendant in a **class-action lawsuit** alleging conspiracy to artificially inflate multifamily residential real estate prices, which it believes is without merit[85](index=85&type=chunk)[130](index=130&type=chunk)[402](index=402&type=chunk) [Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures%2E) This item is not applicable to the company - Not applicable[131](index=131&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=29&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities%2E) MAA's common stock trades on the NYSE, supported by dividend programs, an ATM offering program with **4.0 million** shares available, and a stock repurchase plan for up to **4.0 million** shares - MAA's common stock has been listed on the **NYSE** under the symbol "**MAA**" since February 1994[133](index=133&type=chunk) - The company has an ATM program with authority to issue up to **4.0 million shares**, with no sales in 2022 and **4.0 million shares** remaining available as of December 31, 2022[137](index=137&type=chunk)[138](index=138&type=chunk) - A stock repurchase plan authorized in December 2015 allows for the repurchase of up to **4.0 million shares**, with no shares repurchased as of December 31, 2022[139](index=139&type=chunk)[140](index=140&type=chunk) Comparison of Five-Year Cumulative Total Returns | Year Ended Dec 31 | Mid-America Apartment Communities, Inc. | S&P 500 Index | DJ US REIT Apartment Index | | :--- | :--- | :--- | :--- | | 2017 | $100.00 | $100.00 | $100.00 | | 2018 | $98.94 | $95.62 | $102.19 | | 2019 | $141.00 | $125.72 | $130.92 | | 2020 | $140.10 | $148.85 | $115.30 | | 2021 | $260.40 | $191.58 | $186.51 | | 2022 | $182.93 | $156.88 | $126.67 | [[Reserved]](index=30&type=section&id=Item%206.%20%5BReserved%5D%2E) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) In 2022, MAA's net income increased by **19.6%** to **$633.7 million**, driven by **13.6%** property revenue growth, with Core FFO reaching **$1.0 billion**, supported by **$1.3 billion** in liquidity and **$4.4 billion** in total debt - Key performance drivers for the Same Store segment in 2022 included a **14.6% increase** in average effective rent per unit, while average physical occupancy slightly decreased to **95.7%** from **96.1%**[148](index=148&type=chunk)[149](index=149&type=chunk) - As of December 31, 2022, the company maintained a strong liquidity position with **$1.3 billion** of combined unrestricted cash and available revolving credit facility capacity[170](index=170&type=chunk) - As of December 31, 2022, the company had obligations for future capital contributions up to **$45.2 million** to **five** technology-focused limited partnerships[186](index=186&type=chunk) - The company expects to pay quarterly dividends at an annual rate of **$5.60 per share** of common stock for the year ending December 31, 2023[190](index=190&type=chunk) Financial Highlights (Year Ended Dec 31) | Metric | 2022 (Millions) | 2021 (Millions) | % Change | | :--- | :--- | :--- | :--- | | Net Income available for MAA common shareholders | $633.7 | $530.1 | 19.6% | | Total Property Revenues | $2,019.9 | $1,778.1 | 13.6% | | Total Property Operating Expenses | $723.7 | $671.2 | 7.8% | Reconciliation of Net Income to Core FFO (in thousands) | | Year ended December 31, 2022 (thousands) | Year ended December 31, 2021 (thousands) | | :--- | :--- | :--- | | Net income available for MAA common shareholders | $633,748 | $530,103 | | Adjustments (Depreciation, Gain on sale, etc.) | $339,034 | $323,319 | | **FFO attributable to the Company** | **$972,782** | **$853,422** | | Core Adjustments (Loss on derivative, etc.) | $35,424 | ($22,807) | | **Core FFO** | **$1,008,206** | **$830,615** | Outstanding Debt as of December 31, 2022 (in thousands) | Debt Type | Principal Balance (thousands) | Average Years to Maturity | Effective Rate | | :--- | :--- | :--- | :--- | | Unsecured Debt | $4,050,910 | 6.3 | 3.4% | | Secured Debt | $363,993 | 25.8 | 4.4% | | **Total Debt** | **$4,414,903** | **7.9** | **3.4%** | [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) The company's primary market risk is interest rate exposure on borrowings, mitigated by a focus on fixed-rate debt, with **99.5%** of outstanding debt fixed as of December 31, 2022 - The company's main market risk is **interest rate fluctuation**, managed by utilizing **fixed-rate debt** and staggering maturity dates[202](index=202&type=chunk) - As of December 31, 2022, **99.5%** of the company's outstanding debt carried a fixed interest rate, significantly limiting exposure to short-term rate volatility[202](index=202&type=chunk) [Financial Statements and Supplementary Data](index=41&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%2E) This section indicates that the consolidated financial statements and related financial information are provided, starting on page F-1 of the Annual Report on Form 10-K - The consolidated financial statements and supplementary data are located in the financial section of the report, beginning on page **F-1**[203](index=203&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=41&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure%2E) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[204](index=204&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%209A.%20Controls%20and%20Procedures%2E) Management, including the CEO and CFO, concluded that both disclosure controls and internal control over financial reporting were effective for MAA and its Operating Partnership as of December 31, 2022, with no material changes during Q4 2022 - MAA's management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2022[206](index=206&type=chunk) - Based on the COSO framework, MAA's management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2022, attested to by Ernst & Young LLP[207](index=207&type=chunk)[208](index=208&type=chunk) - For the Operating Partnership (MAALP), management similarly concluded that both disclosure controls and internal controls over financial reporting were **effective** as of December 31, 2022[211](index=211&type=chunk)[212](index=212&type=chunk) - **No changes** occurred during the quarter ended December 31, 2022, that materially affected internal control over financial reporting for either MAA or the Operating Partnership[210](index=210&type=chunk)[214](index=214&type=chunk) [Other Information](index=43&type=section&id=Item%209B.%20Other%20Information%2E) The company reports no other information for this item - None[215](index=215&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=43&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections%2E) This item is not applicable to the company - Not applicable[216](index=216&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=43&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance%2E) The information required for this item, including details on directors, executive officers, and corporate governance, is incorporated by reference from MAA's 2023 Proxy Statement - Information regarding directors, executive officers, and corporate governance is **incorporated by reference** from the company's 2023 Proxy Statement[218](index=218&type=chunk) [Executive Compensation](index=43&type=section&id=Item%2011.%20Executive%20Compensation%2E) The information required for this item, including the Compensation Discussion and Analysis and executive compensation tables, is incorporated by reference from MAA's 2023 Proxy Statement - Information regarding executive compensation is **incorporated by reference** from the company's 2023 Proxy Statement[220](index=220&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=43&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters%2E) The information required for this item, including security ownership of management and certain beneficial owners, is incorporated by reference from MAA's 2023 Proxy Statement - Information regarding security ownership is **incorporated by reference** from the company's 2023 Proxy Statement[221](index=221&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=43&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence%2E) The information required for this item, including details on related party transactions and director independence, is incorporated by reference from MAA's 2023 Proxy Statement - Information regarding certain relationships, related transactions, and director independence is **incorporated by reference** from the company's 2023 Proxy Statement[222](index=222&type=chunk) [Principal Accountant Fees and Services](index=43&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services%2E) The information required for this item, including details on principal accountant fees and services, is incorporated by reference from MAA's 2023 Proxy Statement - Information regarding principal accountant fees and services is **incorporated by reference** from the company's 2023 Proxy Statement[223](index=223&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=44&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules%2E) This section lists all financial statements, schedules, and exhibits filed with the Annual Report, including auditor's reports, consolidated financial statements, and required Regulation S-K exhibits - This item lists **all financial statements, schedules, and exhibits** filed with the Annual Report, including the auditor's report, consolidated balance sheets, statements of operations, and Schedule III for Real Estate and Accumulated Depreciation[226](index=226&type=chunk) [Form 10-K Summary](index=48&type=section&id=Item%2016.%20Form%2010-K%20Summary%2E) The company indicates that there is no Form 10-K summary provided - None[233](index=233&type=chunk)