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Section 1: 10-Q (10-Q)

maa-10q_20200331.htm
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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 March 31, 2020

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

 

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 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  

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

May 4, 2020

Common Stock, $0.01 par value

114,351,140

 

 

 


 

MID-AMERICA APARTMENT COMMUNITIES, INC.

MID-AMERICA APARTMENTS, L.P.

 

TABLE OF CONTENTS

 

 

 

 

Page

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements.

4

 

Mid-America Apartment Communities, Inc.

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019.

4

 

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019.

5

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019.

6

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019.

7

 

Mid-America Apartments, L.P.

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019.

8

 

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019.

9

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019.

10

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019.

11

 

 

Notes to Condensed Consolidated Financial Statements.

12

Item 2.

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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

34

Item 4.

Controls and Procedures.

34

 

 

 

 

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings.

35

Item 1A.

Risk Factors.

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

37

Item 3.

Defaults Upon Senior Securities.

37

Item 4.

Mine Safety Disclosures.

37

Item 5.

Other Information.

37

Item 6.

Exhibits.

38

 

Signatures.

39

 

1


 

Explanatory Note

This report combines the Quarterly Reports on Form 10-Q for the quarter ended March 31, 2020 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 96.6% 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 March 31, 2020, MAA owned 114,279,662 OP Units (96.6% 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. 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 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 interest, treasury shares, accumulated other comprehensive income 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 interest, accumulated other comprehensive income 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.

2


 

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 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 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 report 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.

3


 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements.

Mid-America Apartment Communities, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except share and per share data)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

 

 

Land

 

$

1,910,637

 

 

$

1,905,757

 

Buildings and improvements and other

 

 

11,897,869

 

 

 

11,841,978

 

Development and capital improvements in progress

 

 

158,893

 

 

 

116,424

 

 

 

 

13,967,399

 

 

 

13,864,159

 

Less: Accumulated depreciation

 

 

(3,080,449

)

 

 

(2,955,253

)

 

 

 

10,886,950

 

 

 

10,908,906

 

Undeveloped land

 

 

34,548

 

 

 

34,548

 

Investment in real estate joint venture

 

 

43,686

 

 

 

43,674

 

Real estate assets, net

 

 

10,965,184

 

 

 

10,987,128

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

34,508

 

 

 

20,476

 

Restricted cash

 

 

14,539

 

 

 

50,065

 

Other assets

 

 

141,746

 

 

 

172,781

 

Total assets

 

$

11,155,977

 

 

$

11,230,450

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Unsecured notes payable

 

$

3,859,040

 

 

$

3,828,201

 

Secured notes payable

 

 

624,653

 

 

 

626,397

 

Accrued expenses and other liabilities

 

 

445,452

 

 

 

472,262

 

Total liabilities

 

 

4,929,145

 

 

 

4,926,860

 

 

 

 

 

 

 

 

 

 

Redeemable common stock

 

 

11,267

 

 

 

14,131

 

 

 

 

 

 

 

 

 

 

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 March 31, 2020

   and December 31, 2019, respectively.

 

 

9

 

 

 

9

 

Common stock, $0.01 par value per share, 145,000,000 shares authorized;

   114,279,662 and 114,246,393 shares issued and outstanding as of

   March 31, 2020 and December 31, 2019, respectively (1)

 

 

1,140

 

 

 

1,140

 

Additional paid-in capital

 

 

7,170,148

 

 

 

7,166,073

 

Accumulated distributions in excess of net income

 

 

(1,160,944

)

 

 

(1,085,479

)

Accumulated other comprehensive loss

 

 

(12,934

)

 

 

(13,178

)

Total MAA shareholders’ equity

 

 

5,997,419

 

 

 

6,068,565

 

Noncontrolling interests - Operating Partnership units

 

 

211,498

 

 

 

214,647

 

Total Company's shareholders’ equity

 

 

6,208,917

 

 

 

6,283,212

 

Noncontrolling interests - consolidated real estate entities

 

 

6,648

 

 

 

6,247

 

Total equity

 

 

6,215,565

 

 

 

6,289,459

 

Total liabilities and equity

 

$

11,155,977

 

 

$

11,230,450

 

 

(1)

Number of shares issued and outstanding represent 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 March 31, 2020 and December 31, 2019 are 109,354 and 107,162, respectively.

See accompanying notes to condensed consolidated financial statements.

4


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

418,098

 

 

$

401,178

 

Expenses:

 

 

 

 

 

 

 

 

Operating expense, excluding real estate taxes and insurance

 

 

91,368

 

 

 

89,793

 

Real estate taxes and insurance

 

 

61,804

 

 

 

59,584

 

Depreciation and amortization

 

 

126,388

 

 

 

122,789

 

Total property operating expenses

 

 

279,560

 

 

 

272,166

 

Property management expenses

 

 

14,643

 

 

 

13,842

 

General and administrative expenses

 

 

13,264

 

 

 

12,337

 

Interest expense

 

 

43,482

 

 

 

45,700

 

Loss on sale of depreciable real estate assets

 

 

29

 

 

 

13

 

Loss (gain) on sale of non-depreciable real estate assets

 

 

376

 

 

 

(8,963

)

Other non-operating expense (income)

 

 

28,532

 

 

 

(119

)

Income before income tax expense

 

 

38,212

 

 

 

66,202

 

Income tax expense

 

 

(667

)

 

 

(641

)

Income from continuing operations before real estate joint venture activity

 

 

37,545

 

 

 

65,561

 

Income from real estate joint venture

 

 

407

 

 

 

397

 

Net income

 

 

37,952

 

 

 

65,958

 

Net income attributable to noncontrolling interests

 

 

1,304

 

 

 

2,298

 

Net income available for shareholders

 

 

36,648

 

 

 

63,660

 

Dividends to MAA Series I preferred shareholders

 

 

922

 

 

 

922

 

Net income available for MAA common shareholders

 

$

35,726

 

 

$

62,738

 

 

 

 

 

 

 

 

 

 

Earnings per common share - basic:

 

 

 

 

 

 

 

 

Net income available for MAA common shareholders

 

$

0.31

 

 

$

0.55

 

 

 

 

 

 

 

 

 

 

Earnings per common share - diluted:

 

 

 

 

 

 

 

 

Net income available for MAA common shareholders

 

$

0.31

 

 

$

0.55

 

 

See accompanying notes to condensed consolidated financial statements.

5


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

37,952

 

 

$

65,958

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Unrealized loss from derivative instruments

 

 

 

 

 

(2,456

)

Adjustment for net losses (gains) reclassified to net income from

   derivative instruments

 

 

253

 

 

 

(745

)

Total comprehensive income

 

 

38,205

 

 

 

62,757

 

Less: Comprehensive income attributable to noncontrolling

   interests

 

 

(1,313

)

 

 

(2,185

)

Comprehensive income attributable to MAA

 

$

36,892

 

 

$

60,572

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

Mid-America Apartment Communities, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

 

 

Three months ended March 31,

 

Cash flows from operating activities:

 

2020

 

 

2019

 

Net income

 

$

37,952

 

 

$

65,958

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

126,657

 

 

 

123,082

 

Loss on sale of depreciable real estate assets

 

 

29

 

 

 

13

 

Loss (gain) on sale of non-depreciable real estate assets

 

 

376

 

 

 

(8,963

)

Loss on embedded derivative in preferred shares

 

 

27,638

 

 

 

524

 

Stock compensation expense

 

 

5,288

 

 

 

4,785

 

Amortization of debt issuance costs, discounts and premiums

 

 

1,157

 

 

 

1,747

 

Net change in operating accounts and other operating activities

 

 

(38,495

)

 

 

(32,468

)

Net cash provided by operating activities

 

 

160,602

 

 

 

154,678

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of real estate and other assets

 

 

(5,004

)

 

 

(13,595

)

Capital improvements, development and other

 

 

(84,610

)

 

 

(53,214

)

Distributions from real estate joint ventures

 

 

 

 

 

43

 

Contributions to affiliates

 

 

(900

)

 

 

 

Proceeds from disposition of real estate assets

 

 

525

 

 

 

13,882

 

Net cash used in investing activities

 

 

(89,989

)

 

 

(52,884

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from revolving credit facility

 

 

130,000

 

 

 

145,000

 

Repayments of revolving credit facility

 

 

(30,000

)

 

 

(610,000

)

Net repayments of commercial paper

 

 

(70,000

)

 

 

 

Proceeds from notes payable

 

 

 

 

 

490,435

 

Principal payments on notes payable

 

 

(1,740

)

 

 

(1,847

)

Payment of deferred financing costs

 

 

 

 

 

(4,705

)

Distributions to noncontrolling interests

 

 

(4,067

)

 

 

(3,947

)

Dividends paid on common shares

 

 

(114,270

)

 

 

(109,324

)

Dividends paid on preferred shares

 

 

(922

)

 

 

(922

)

Net change in other financing activities

 

 

(1,108

)

 

 

1,230

 

Net cash used in financing activities

 

 

(92,107

)

 

 

(94,080

)

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(21,494

)

 

 

7,714

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

70,541

 

 

 

51,673

 

Cash, cash equivalents and restricted cash, end of period

 

$

49,047

 

 

$

59,387

 

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

 

$

34,508

 

 

$

44,623

 

Restricted cash

 

 

14,539

 

 

 

14,764

 

Total cash, cash equivalents and restricted cash

 

$

49,047

 

 

$

59,387

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

25,730

 

 

$

18,322

 

Income taxes paid

 

 

34

 

 

 

59

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of noncash investing and financing activities:

 

 

 

 

 

 

 

 

Conversion of OP Units to shares of common stock

 

$

450

 

 

$

336

 

Accrued construction in progress

 

 

25,878

 

 

 

15,155

 

Interest capitalized

 

 

1,391

 

 

 

388

 

See accompanying notes to condensed consolidated financial statements.

7


 

Mid-America Apartments, L.P.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except unit data)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Real estate assets:

 

 

 

 

 

 

 

 

Land

 

$

1,910,637

 

 

$

1,905,757

 

Buildings and improvements and other

 

 

11,897,869

 

 

 

11,841,978

 

Development and capital improvements in progress

 

 

158,893

 

 

 

116,424

 

 

 

 

13,967,399

 

 

 

13,864,159

 

Less: Accumulated depreciation

 

 

(3,080,449

)

 

 

(2,955,253

)

 

 

 

10,886,950

 

 

 

10,908,906

 

Undeveloped land

 

 

34,548

 

 

 

34,548

 

Investment in real estate joint venture

 

 

43,686

 

 

 

43,674

 

Real estate assets, net

 

 

10,965,184

 

 

 

10,987,128

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

34,508

 

 

 

20,476

 

Restricted cash

 

 

14,539

 

 

 

50,065

 

Other assets

 

 

141,746

 

 

 

172,781

 

Total assets

 

$

11,155,977

 

 

$

11,230,450

 

 

 

 

 

 

 

 

 

 

Liabilities and capital

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Unsecured notes payable

 

$

3,859,040

 

 

$

3,828,201

 

Secured notes payable

 

 

624,653

 

 

 

626,397

 

Accrued expenses and other liabilities

 

 

445,452

 

 

 

472,262

 

Due to general partner

 

 

19

 

 

 

19

 

Total liabilities

 

 

4,929,164

 

 

 

4,926,879

 

 

 

 

 

 

 

 

 

 

Redeemable common units

 

 

11,267

 

 

 

14,131

 

 

 

 

 

 

 

 

 

 

Operating Partnership capital:

 

 

 

 

 

 

 

 

Preferred units, 867,846 preferred units outstanding as of March 31, 2020

   and December 31, 2019, respectively

 

 

66,840

 

 

 

66,840

 

General partner, 114,279,662 and 114,246,393 OP Units outstanding as of

   March 31, 2020 and December 31, 2019, respectively (1)

 

 

5,943,891

 

 

 

6,015,290

 

Limited partners, 4,058,657 and 4,067,174 OP Units outstanding as of

   March 31, 2020 and December 31, 2019, respectively (1)

 

 

211,498

 

 

 

214,647

 

Accumulated other comprehensive loss

 

 

(13,331

)

 

 

(13,584

)

Total operating partners’ capital

 

 

6,208,898

 

 

 

6,283,193

 

Noncontrolling interests - consolidated real estate entities

 

 

6,648

 

 

 

6,247

 

Total equity

 

 

6,215,546

 

 

 

6,289,440

 

Total liabilities and equity

 

$

11,155,977

 

 

$

11,230,450

 

 

(1)

Number of units outstanding represents total OP Units regardless of classification on the Condensed Consolidated Balance Sheets. The number of units classified as redeemable common units on the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 are 109,354 and 107,162, respectively.

See accompanying notes to condensed consolidated financial statements.

8


 

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per unit data)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Rental and other property revenues

 

$

418,098

 

 

$

401,178

 

Expenses:

 

 

 

 

 

 

 

 

Operating expense, excluding real estate taxes and insurance

 

 

91,368

 

 

 

89,793

 

Real estate taxes and insurance

 

 

61,804

 

 

 

59,584

 

Depreciation and amortization

 

 

126,388

 

 

 

122,789

 

Total property operating expenses

 

 

279,560

 

 

 

272,166

 

Property management expenses

 

 

14,643

 

 

 

13,842

 

General and administrative expenses

 

 

13,264

 

 

 

12,337

 

Interest expense

 

 

43,482

 

 

 

45,700

 

Loss on sale of depreciable real estate assets

 

 

29

 

 

 

13

 

Loss (gain) on sale of non-depreciable real estate assets

 

 

376

 

 

 

(8,963

)

Other non-operating expense (income)

 

 

28,532

 

 

 

(119

)

Income before income tax expense

 

 

38,212

 

 

 

66,202

 

Income tax expense

 

 

(667

)

 

 

(641

)

Income from continuing operations before real estate joint venture activity

 

 

37,545

 

 

 

65,561

 

Income from real estate joint venture

 

 

407

 

 

 

397

 

Net income

 

 

37,952

 

 

 

65,958

 

Distributions to MAALP preferred unitholders

 

 

922

 

 

 

922

 

Net income available for MAALP common unitholders

 

$

37,030

 

 

$

65,036

 

 

 

 

 

 

 

 

 

 

Earnings per common unit - basic:

 

 

 

 

 

 

 

 

Net income available for MAALP common unitholders

 

$

0.31

 

 

$

0.55

 

 

 

 

 

 

 

 

 

 

Earnings per common unit - diluted:

 

 

 

 

 

 

 

 

Net income available for MAALP common unitholders

 

$

0.31

 

 

$

0.55

 

 

See accompanying notes to condensed consolidated financial statements.

9


 

Mid-America Apartments, L.P.

 

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in thousands)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

37,952

 

 

$

65,958

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Unrealized loss from derivative instruments

 

 

 

 

 

(2,456

)

Adjustment for net losses (gains) reclassified to net income from

   derivative instruments

 

 

253

 

 

 

(745

)

Comprehensive income attributable to MAALP

 

$

38,205

 

 

$

62,757

 

 

See accompanying notes to condensed consolidated financial statements.

10


 

Mid-America Apartments, L.P.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

 

 

 

Three months ended March 31,

 

Cash flows from operating activities:

 

2020

 

 

2019

 

Net income

 

$

37,952

 

 

$

65,958

 

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