filings.toolsItem 6. Selected Financial Data.
12K characters. Original on sec.gov · Markdown
Item 6. Selected Financial Data.
The following tables set forth selected financial data on a historical basis for MAA and the Operating Partnership. This data should be read in conjunction with the consolidated financial statements and notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this Annual Report on Form 10-K.
Mid-America Apartment Communities, Inc.
Selected Financial Data
(In thousands, except per share data)
| Year Ended December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Operating Data: | |||||||||||||||||||
| Rental and other property revenues | $ | 1,571,346 | $ | 1,528,987 | $ | 1,125,348 | $ | 1,042,779 | $ | 992,332 | |||||||||
| Income from continuing operations | 231,022 | 340,536 | 224,402 | 350,745 | 150,946 | ||||||||||||||
| Discontinued operations: | |||||||||||||||||||
| Loss from discontinued operations before gain on sale | — | — | — | — | (63 | ) | |||||||||||||
| Gain on sale of discontinued operations | — | — | — | — | 5,394 | ||||||||||||||
| Net income | 231,022 | 340,536 | 224,402 | 350,745 | 156,277 | ||||||||||||||
| Net income attributable to noncontrolling interests | 8,123 | 12,157 | 12,180 | 18,458 | 8,297 | ||||||||||||||
| Dividends to MAA Series I preferred shareholders | 3,688 | 3,688 | 307 | — | — | ||||||||||||||
| Net income available for MAA common shareholders | $ | 219,211 | $ | 324,691 | $ | 211,915 | $ | 332,287 | $ | 147,980 | |||||||||
| Per Common Share Data: | |||||||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||
| Basic | 113,638 | 113,407 | 78,502 | 75,176 | 74,982 | ||||||||||||||
| Effect of dilutive securities (1) | 198 | 280 | 298 | — | — | ||||||||||||||
| Diluted | 113,836 | 113,687 | 78,800 | 75,176 | 74,982 | ||||||||||||||
| Earnings per common share - basic: | |||||||||||||||||||
| Income from continuing operations available for common shareholders | $ | 1.93 | $ | 2.86 | $ | 2.69 | $ | 4.41 | $ | 1.90 | |||||||||
| Discontinued property operations | — | — | — | — | 0.07 | ||||||||||||||
| Net income available for common shareholders | $ | 1.93 | $ | 2.86 | $ | 2.69 | $ | 4.41 | $ | 1.97 | |||||||||
| Earnings per common share - diluted: | |||||||||||||||||||
| Income from continuing operations available for common shareholders | $ | 1.93 | $ | 2.86 | $ | 2.69 | $ | 4.41 | $ | 1.90 | |||||||||
| Discontinued property operations | — | — | — | — | 0.07 | ||||||||||||||
| Net income available for common shareholders | $ | 1.93 | $ | 2.86 | $ | 2.69 | $ | 4.41 | $ | 1.97 | |||||||||
| Dividends declared per common share(2) | $ | 3.7275 | $ | 3.5325 | $ | 3.3300 | $ | 3.1300 | $ | 2.9600 | |||||||||
| Balance Sheet Data: | |||||||||||||||||||
| Real estate owned, at cost | $ | 13,700,988 | $ | 13,336,995 | $ | 13,016,663 | $ | 8,217,579 | $ | 8,071,187 | |||||||||
| Real estate assets, net | 11,151,701 | 11,261,924 | 11,341,862 | 6,718,366 | 6,697,508 | ||||||||||||||
| Total assets | 11,323,781 | 11,491,919 | 11,604,491 | 6,847,781 | 6,821,778 | ||||||||||||||
| Total debt | 4,528,328 | 4,502,057 | 4,499,712 | 3,427,568 | 3,512,699 | ||||||||||||||
| Noncontrolling interest | 222,349 | 233,982 | 238,282 | 165,726 | 161,287 | ||||||||||||||
| Total MAA shareholders' equity and redeemable stock | 6,159,254 | 6,350,320 | 6,413,892 | 3,000,347 | 2,896,435 | ||||||||||||||
| Other Data (at end of period): | |||||||||||||||||||
| Funds from operations | $ | 712,690 | $ | 699,561 | $ | 463,385 | $ | 452,372 | $ | 404,087 | |||||||||
| Market capitalization (shares and units) (3) | $ | 11,288,348 | $ | 11,849,463 | $ | 11,528,965 | $ | 7,225,894 | $ | 5,933,985 | |||||||||
| Ratio of total debt to total capitalization (4) | 28.6 | % | 27.5 | % | 28.1 | % | 32.2 | % | 37.3 | % | |||||||||
| Number of multifamily apartment communities, including joint venture ownership interest (5) | 304 | 302 | 303 | 254 | 268 | ||||||||||||||
| Number of multifamily units, including joint venture ownership interest (5) | 100,864 | 99,792 | 99,393 | 79,496 | 82,316 |
(1) See Note 3 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
(2) Beginning in 2006, at their regularly scheduled meetings, our Board of Directors began routinely declaring dividends for payment in the following quarter. This can result in dividends declared during a calendar year being different from dividends paid during a calendar year.
(3) Market capitalization includes all shares of common stock, regardless of classification on the balance sheet, as well as OP Units (value based on common stock equivalency).
(4) Total capitalization is market capitalization plus total debt.
(5) Multifamily apartment communities and unit totals have not been adjusted to exclude properties held for sale.
Mid-America Apartments, L.P.
Selected Financial Data
(In thousands, except per unit data)
| Year Ended December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Operating Data: | |||||||||||||||||||
| Rental and other property revenues | $ | 1,571,346 | $ | 1,528,987 | $ | 1,125,348 | $ | 1,042,779 | $ | 992,332 | |||||||||
| Income from continuing operations | 231,022 | 340,536 | 224,402 | 350,745 | 150,946 | ||||||||||||||
| Discontinued operations: | |||||||||||||||||||
| Loss from discontinued operations before gain on sale | — | — | — | — | (63 | ) | |||||||||||||
| Gain on sale of discontinued operations | — | — | — | — | 5,394 | ||||||||||||||
| Net income | 231,022 | 340,536 | 224,402 | 350,745 | 156,277 | ||||||||||||||
| Dividends to preferred unitholders | 3,688 | 3,688 | 307 | — | — | ||||||||||||||
| Net income available for MAALP common unitholders | $ | 227,334 | $ | 336,848 | $ | 224,095 | $ | 350,745 | $ | 156,277 | |||||||||
| Per Common Unit Data: | |||||||||||||||||||
| Weighted average units outstanding: | |||||||||||||||||||
| Basic | 117,777 | 117,617 | 82,661 | 79,361 | 79,188 | ||||||||||||||
| Effect of dilutive securities(1) | 198 | 280 | 298 | — | — | ||||||||||||||
| Diluted | 117,975 | 117,897 | 82,959 | 79,361 | 79,188 | ||||||||||||||
| Earnings per common unit - basic: | |||||||||||||||||||
| Income from continuing operations available for common unitholders | $ | 1.93 | $ | 2.86 | $ | 2.70 | $ | 4.41 | $ | 1.90 | |||||||||
| Discontinued property operations | — | — | — | — | 0.07 | ||||||||||||||
| Net income available for common unitholders | $ | 1.93 | $ | 2.86 | $ | 2.70 | $ | 4.41 | $ | 1.97 | |||||||||
| Earnings per common unit - diluted: | |||||||||||||||||||
| Income from continuing operations available for common unitholders | $ | 1.93 | $ | 2.86 | $ | 2.70 | $ | 4.41 | $ | 1.90 | |||||||||
| Discontinued property operations | — | — | — | — | 0.07 | ||||||||||||||
| Net income available for common unitholders | $ | 1.93 | $ | 2.86 | $ | 2.70 | $ | 4.41 | $ | 1.97 | |||||||||
| Distributions declared per common unit (2) | $ | 3.7275 | $ | 3.5325 | $ | 3.3300 | $ | 3.1300 | $ | 2.9600 | |||||||||
| Balance Sheet Data: | |||||||||||||||||||
| Real estate owned, at cost | $ | 13,700,988 | $ | 13,336,995 | $ | 13,016,663 | $ | 8,217,579 | $ | 8,071,187 | |||||||||
| Real estate assets, net | 11,151,701 | 11,261,924 | 11,341,862 | 6,718,366 | 6,697,508 | ||||||||||||||
| Total assets | 11,323,781 | 11,491,919 | 11,604,491 | 6,847,781 | 6,821,778 | ||||||||||||||
| Total debt | 4,528,328 | 4,502,057 | 4,499,712 | 3,427,568 | 3,512,699 | ||||||||||||||
| Total Operating Partnership capital and redeemable units | 6,379,278 | 6,581,977 | 6,649,849 | 3,166,054 | 3,057,703 | ||||||||||||||
| Other Data (at end of period): | |||||||||||||||||||
| Number of multifamily apartment communities, including joint venture ownership interest (3) | 304 | 302 | 303 | 254 | 268 | ||||||||||||||
| Number of multifamily units, including joint venture ownership interest (3) | 100,864 | 99,792 | 99,393 | 79,496 | 82,316 |
(1) See Note 4 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
(2) Beginning in 2006, at their regularly scheduled meetings, the Board of Directors began routinely declaring distributions for payment in the following quarter. This can result in distributions declared during a calendar year being different from distributions paid during a calendar year.
(3) Multifamily apartment communities and unit totals have not been adjusted to exclude properties held for sale.
As previously discussed, the consolidated assets, liabilities, and results of operations of Post Properties are included in MAA's selected financial data from the closing date of the merger, December 1, 2016, through the end of MAA's fiscal year, December 31, 2018. Likewise, the consolidated assets, liabilities, and results of operations of Post Properties’ primary operating partnership are included in the Operating Partnership's selected financial data from the closing date of the merger, December 1, 2016, through the end of the Operating Partnership's fiscal year, December 31, 2018.
Previous: Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. · Next: Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.