Mid-America Apartment Communities, Inc. Financial Ratios — MAA

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	2.07	3.98	2.4	2.17	4.86	2.3	2.84	1.95	3.14	2.27	4.75	5.66	4.87	4.53	3.76
Return on Capital (%)	10.36	14.81	9.6	9.23	15.21	9.18	11.71	10.62	14.97	12.34	20.37	- -	20.89	19.87	17.06
Return on Invested Capital (%)	4.05	4.91	3.3	3.64	4.35	3.42	3.27	3.6	3.95	3.94	4.25	- -	6.26	5.83	5.4
Gross Margin (%)	26.9	29.26	27.03	26.71	30.36	30.65	27.14	27.96	29.03	28.27	29.12	34.05	34.79	32.55	30.52
EBITDA Margin (%)	51.6	54.15	54.43	55.01	56.18	56.8	56.86	56.74	56.69	55.97	56.2	58.07	58.4	56.74	56.24
Operating Margin (%)	22.48	26.37	24.58	24.61	27.9	28.07	24.51	25.49	26.35	25.48	26.14	31.13	32.06	29.97	28.04
Incremental Operating Margin (%)	14.63	50.48	19.26	24.64	92.65	30.27	14.58	60.78	45.88	-13.42	37.32	67.83	46.67	-75.57	-206.02
Pretax Margin (%)	7.33	13.08	6.02	14.81	33.8	20.07	22.35	14.75	22.47	15.84	31.67	32.03	26.57	24.87	20.78
Profit Margin (%)	11.91	22.11	18.14	14.91	31.87	18.86	21.48	14.19	21.56	15.19	30.02	31.56	25.73	24.08	20.23
Net Income to Common Margin (%)	11.91	22.11	18.14	14.91	31.87	18.83	21.24	13.95	21.34	14.97	29.81	31.38	25.56	23.91	20.06
Effective Tax Rate (%)	2.42	1.29	2.33	1.39	0.47	0.75	0.77	1.13	1	1.25	2.42	- -	0.83	0.96	1
Dvd Payout Ratio (%)	295.8	163.74	337.48	137.62	62.86	105.08	113.26	178.31	116.5	169.78	83.42	80.73	112.53	124.46	153.29
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	1,650	1,697	3,473	3,572	3,503	4,990	4,502	4,528	4,455	4,563	4,517	4,444	4,568	5,007	5,430
ST Debt	- -	23	- -	59	75	490	410	540	70	172	- -	20	495	250	676
LT Debt	1,650	1,674	3,473	3,513	3,428	4,500	4,092	3,988	4,385	4,391	4,517	4,424	4,073	4,757	4,754
Total Debt/EBITDA	7.8	6.59	10.04	6.54	5.98	7.81	5.18	5.08	4.79	4.86	4.52	3.79	3.64	4.03	4.37
Net Debt/EBITDA	7.53	6.55	9.78	6.49	5.91	7.75	5.17	5.04	4.77	4.83	4.47	3.73	3.59	3.97	4.3
Total Debt/EBIT	17.91	13.52	22.23	14.63	12.04	15.8	12.01	11.31	10.3	10.67	9.72	7.07	6.63	7.62	8.77
Net Debt/EBIT	17.29	13.45	21.66	14.52	11.91	15.69	11.98	11.22	10.25	10.61	9.6	6.96	6.53	7.52	8.63
EBITDA to Interest Expense	3.75	4.45	4.38	4.4	4.79	4.92	5.62	5.14	5.17	5.61	6.37	7.58	8.41	7.38	6.71
EBITDA-CapEx/Interest Expense	-2.91	4.45	4.38	4.4	4.79	4.92	5.62	5.14	5.17	5.61	6.37	7.58	8.41	7.38	6.71
EBIT to Interest Expense	1.63	2.17	1.98	1.97	2.38	2.43	2.42	2.31	2.4	2.55	2.96	4.06	4.62	3.9	3.34
Interest Expense	56	58	79	124	122	130	155	174	180	168	157	155	149	169	185
Common Equity/Total Assets	-24.4	-21.74	-9.47	-10.59	-9.13	-6	-6.73	-8.64	-9.53	-11.41	-10.85	-10.38	-11.13	-12.24	-14.31
Long-Term Debt/Equity (%)	220.7	176.23	111.36	114.88	108.26	67.64	62.15	62.5	69.56	71.93	73.04	71.23	64.65	77.38	81.4
Long-Term Debt/Capital (%)	159.81	152.35	122.93	123.28	119.12	104.8	109.73	112.36	129.55	133.66	137.19	135.01	123.8	133.59	127.92
Long-Term Debt/Total Assets (%)	65.2	60.84	50.76	51.49	50.05	38.78	35.61	35.22	39.04	39.22	40.02	39.35	35.46	40.27	39.7
Total Debt/Equity (%)	220.7	178.65	111.36	116.81	110.63	75.01	68.38	70.96	70.67	74.75	73.04	71.55	72.51	81.45	92.98
Total Debt/Capital (%)	159.81	154.45	122.93	125.35	121.73	116.22	120.73	127.57	131.62	138.89	137.19	135.62	138.85	140.61	146.11
Total Debt/Total Assets (%)	65.2	61.68	50.76	52.36	51.15	43	39.18	39.99	39.67	40.76	40.02	39.53	39.77	42.39	45.34
Net Debt to Equity	213.04	177.69	108.49	115.94	109.44	74.5	68.21	70.42	70.34	74.34	72.16	70.47	71.42	80.32	91.53
Net Debt/Capital (%)	163.32	154.9	123.68	125.59	122.01	116.34	120.79	127.84	131.81	139.19	137.82	135.16	138.5	140.37	146.2
EBITDA	211	258	346	546	586	639	869	892	930	939	999	1,173	1,255	1,243	1,242
EBITDA-CapEx	-164	258	346	546	586	639	869	892	930	939	999	1,173	1,255	1,243	1,242
Operating Income (Loss)	92	125	156	244	291	316	375	401	432	428	465	629	689	657	619

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.61	0.09	0.4	0.12	0.16	0.07	0.01	0.04	0.04	0.04	0.09	0.07	0.04	0.05	0.05
Current Ratio	0.63	0.1	0.78	0.24	0.27	0.27	0.12	0.05	0.13	0.05	0.22	0.11	0.05	0.08	0.09
Quick Ratio	0.61	0.09	0.4	0.12	0.16	0.07	0.01	0.04	0.04	0.04	0.09	0.07	0.04	0.05	0.05
CFO/Avg Current Liab	2.03	2.18	1.61	1.72	2.02	1.42	1.04	0.83	1.04	1.33	1.39	1.85	1.4	1.15	0.98
Common Equity/Total Assets	-24.4	-21.74	-9.47	-10.59	-9.13	-6	-6.73	-8.64	-9.53	-11.41	-10.85	-10.38	-11.13	-12.24	-14.31
Long-Term Debt/Equity (%)	220.7	176.23	111.36	114.88	108.26	67.64	62.15	62.5	69.56	71.93	73.04	71.23	64.65	77.38	81.4
Long-Term Debt/Capital (%)	159.81	152.35	122.93	123.28	119.12	104.8	109.73	112.36	129.55	133.66	137.19	135.01	123.8	133.59	127.92
Long-Term Debt/Total Assets (%)	65.2	60.84	50.76	51.49	50.05	38.78	35.61	35.22	39.04	39.22	40.02	39.35	35.46	40.27	39.7
Total Debt/Equity (%)	220.7	178.65	111.36	116.81	110.63	75.01	68.38	70.96	70.67	74.75	73.04	71.55	72.51	81.45	92.98
Total Debt/Capital (%)	159.81	154.45	122.93	125.35	121.73	116.22	120.73	127.57	131.62	138.89	137.19	135.62	138.85	140.61	146.11
Total Debt/Total Assets (%)	65.2	61.68	50.76	52.36	51.15	43	39.18	39.99	39.67	40.76	40.02	39.53	39.77	42.39	45.34
CFO/Total Liabilities	9.66	11.71	6.94	10.24	12.6	9.79	13.46	14.86	15.86	16.18	17.54	21.04	21.93	19.39	17.57
CFO/CapEx	0.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.7	0.86	0.76	0.98	1.25	1	1.46	1.36	1.92	1.75	3.19	2.32	1.93	2.03	1.62

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	153.38	100.84	47.19	61.99	101.44	87.24	186.14	- -	- -	- -	- -	26.12	14.26	14.2	13.83
Accounts Payable Turnover Days	2.38	3.62	7.73	5.89	3.6	4.18	1.96	- -	- -	- -	- -	13.97	25.59	25.71	26.39
Cash Conversion Cycle	-2.38	-3.62	-7.73	-5.89	-3.6	-4.18	-1.96	- -	- -	- -	- -	-13.97	-25.59	-25.71	-26.39
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	2,314	2,657	4,545	5,600	6,827	7,687	11,404	10,875	15,013	14,466	26,321	18,108	15,667	18,050	16,246
- Cash & Cash Equivalents	57	9	89	27	38	34	11	34	20	25	54	39	41	43	60
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,650	1,697	3,473	3,572	3,503	4,990	4,502	4,528	4,455	4,563	4,517	4,444	4,568	5,007	5,430
Enterprise Value	3,906	4,345	7,929	9,145	10,292	12,643	15,896	15,369	19,447	19,004	30,783	22,513	20,194	23,014	21,615
Total Capital	1,032	1,099	2,825	2,849	2,877	4,293	3,729	3,550	3,384	3,285	3,292	3,277	3,290	3,561	3,716
Total Debt/Capital (%)	159.81	154.45	122.93	125.35	121.73	116.22	120.73	127.57	131.62	138.89	137.19	135.62	138.85	140.61	146.11
Total Debt / EV	0.42	0.39	0.44	0.39	0.34	0.39	0.28	0.29	0.23	0.24	0.15	0.2	0.23	0.22	0.25
EV/Sales	9.53	9.13	12.48	9.22	9.87	11.23	10.4	9.78	11.85	11.33	17.31	11.15	9.4	10.5	9.78
EV/EBITDA	18.48	16.86	22.92	16.75	17.57	19.78	18.29	17.24	20.9	20.23	30.81	19.19	16.09	18.51	17.4
EV/EBIT	42.41	34.63	50.75	37.45	35.38	40.02	42.41	38.37	44.97	44.45	66.22	35.8	29.31	35.04	34.9
EV/Cash Flow to Firm	17.19	16.2	23.63	18.02	17.58	20.59	19.52	16.97	20.27	19.21	29.37	18.53	15.71	18.19	17.13
EV/Free Cash Flow to Firm	6.48	16.2	23.63	18.02	17.58	20.59	19.52	16.97	20.27	19.21	29.37	18.53	15.71	18.19	17.13
Diluted Market Cap	2,445	2,780	4,545	5,600	6,827	7,716	11,432	10,894	15,047	14,506	26,395	18,145	15,684	18,050	16,273
Diluted Enterprise Value	4,037	4,468	7,929	9,145	10,292	12,672	15,924	15,388	19,481	19,044	30,857	22,550	20,210	23,014	21,643
EV per Share	105.59	105.88	105.95	121.96	136.9	161.05	140.16	135.25	170.81	166.43	268.34	195.18	173.31	197.08	184.82
TTM Sales	410	476	635	992	1,043	1,125	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191	2,209
TTM EBITDA	211	258	346	546	586	639	869	892	930	939	999	1,173	1,255	1,243	1,242
TTM Operating Income	92	125	156	244	291	316	375	401	432	428	465	629	689	657	619
TTM Cash Flow to Firm	227	268	336	508	585	614	814	906	959	989	1,048	1,215	1,285	1,265	1,262
TTM Free Cash Flow to Firm	603	268	336	508	585	614	814	906	959	989	1,048	1,215	1,285	1,265	1,262

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	4.46	13.18	17.59	14.53	14.72	15.91	17.3	14.84	19.26	17.61	29.49	17.14	13.79	16.43	15.09
EV/EBIT	42.41	34.63	50.75	37.45	35.38	40.02	42.41	38.37	44.97	44.45	66.22	35.8	29.31	35.04	34.9
Enterprise Value	3,906	4,345	7,929	9,145	10,292	12,643	15,896	15,369	19,447	19,004	30,783	22,513	20,194	23,014	21,615
Low Price	55.1	57.96	59.23	60.47	70.67	82.91	92.5	85.16	92.19	82	122.15	141.13	115.56	121.51	125.75
EV/Sales	9.53	9.13	12.48	9.22	9.87	11.23	10.4	9.78	11.85	11.33	17.31	11.15	9.4	10.5	9.78
EV/EBITDA	18.48	16.86	22.92	16.75	17.57	19.78	18.29	17.24	20.9	20.23	30.81	19.19	16.09	18.51	17.4
Price/Earnings	47.4	25.25	39.43	37.84	20.54	36.27	35.12	49.61	42.88	57.57	49.65	28.57	28.53	34.46	36.65
Price/Earnings Average	48.39	25.55	42.73	35.34	18	35.68	35.85	49.79	38.56	54.65	37.42	32.88	30.78	31.93	39
Price/Earnings High	55.59	27.39	48.64	38.93	20.99	40.75	38.75	54.42	45.57	67.66	50.13	41.99	37.42	37.31	45.75
Price/Earnings Low	41.75	22.61	38.45	30.64	15.99	30.71	32.31	44.15	29.98	37.26	26.43	25.69	24.52	27.09	33.18
Price/Book Value	-3.75	-4.44	-7.02	-7.75	-10.92	-11.04	-14.75	-11.11	-14.03	-11.32	-21.5	-15.52	-12.26	-12.48	-9.48
Price/Book Value Average	-3.83	-4.49	-7.6	-7.24	-9.57	-10.86	-15.06	-11.15	-12.62	-10.75	-16.2	-17.85	-13.22	-11.57	-10.09
Price/Book Value High	-4.4	-4.82	-8.66	-7.97	-11.16	-12.4	-16.28	-12.19	-14.91	-13.31	-21.7	-22.8	-16.08	-13.52	-11.83
Price/Book Value Low	-3.3	-3.98	-6.84	-6.28	-8.5	-9.35	-13.57	-9.89	-9.81	-7.33	-11.44	-13.95	-10.54	-9.81	-8.58
Price/Tangible Book Value	3.12	2.81	1.48	1.84	2.16	1.16	1.73	1.71	2.38	2.37	4.26	2.92	2.49	2.94	2.78
Price/Tangible Book Value Average	3.19	2.85	1.61	1.72	1.89	1.14	1.77	1.71	2.14	2.25	3.21	3.36	2.68	2.72	2.96
Price/Tangible Book Value High	3.66	3.05	1.83	1.89	2.21	1.31	1.91	1.87	2.53	2.79	4.3	4.28	3.26	3.18	3.47
Price/Tangible Book Value Low	2.75	2.52	1.45	1.49	1.68	0.98	1.59	1.52	1.67	1.53	2.27	2.62	2.14	2.31	2.52
Price/Sales	5.65	5.58	7.15	5.64	6.55	6.83	7.46	6.92	9.15	8.62	14.8	8.96	7.29	8.24	7.35
Price/Sales Average	5.77	5.65	7.75	5.27	5.74	6.72	7.61	6.95	8.23	8.18	11.16	10.32	7.87	7.63	7.82
Price/Sales High	6.62	6.06	8.82	5.81	6.69	7.67	8.23	7.59	9.72	10.13	14.94	13.17	9.56	8.92	9.18
Price/Sales Low	4.97	5	6.97	4.57	5.09	5.78	6.86	6.16	6.4	5.58	7.88	8.06	6.27	6.48	6.66
Price/Cash Flow	13.43	12.6	17.59	14.53	14.72	15.85	17.26	14.81	19.21	17.56	29.41	17.11	13.78	16.43	15.07
Price/Cash Flow Average	13.71	12.74	19.06	13.57	12.9	15.59	17.62	14.87	17.28	16.67	22.17	19.69	14.86	15.23	16.03
Price/Cash Flow High	15.75	13.66	21.7	14.95	15.04	17.81	19.04	16.25	20.42	20.63	29.69	25.14	18.07	17.8	18.81
Price/Cash Flow Low	11.83	11.27	17.15	11.77	11.46	13.42	15.87	13.18	13.43	11.36	15.66	15.38	11.84	12.92	13.64
Price/Free Cash Flow Average	4.56	13.33	19.06	13.57	12.9	15.65	17.66	14.89	17.32	16.71	22.23	19.73	14.88	15.23	16.06
Price/Free Cash Flow High	5.24	14.29	21.7	14.95	15.04	17.87	19.09	16.27	20.47	20.69	29.77	25.19	18.09	17.8	18.84
Price/Free Cash Flow Low	3.93	11.8	17.15	11.77	11.46	13.47	15.91	13.2	13.46	11.4	15.7	15.41	11.85	12.92	13.66
EV/Sales Average	9.65	9.2	13.08	8.84	9.06	11.12	10.55	9.81	10.93	10.89	13.67	12.5	9.97	9.9	10.25
EV/Sales High	10.51	9.6	14.15	9.38	10.01	12.08	11.17	10.45	12.43	12.84	17.45	15.36	11.67	11.19	11.61
EV/Sales Low	8.86	8.54	12.3	8.14	8.42	10.19	9.8	9.02	9.1	8.28	10.39	10.24	8.37	8.74	9.09
EV/EBITDA Average	18.7	16.98	24.02	16.07	16.13	19.58	18.56	17.28	19.28	19.45	24.32	21.52	17.08	17.45	18.23
EV/EBITDA High	20.37	17.73	25.99	17.05	17.82	21.26	19.64	18.42	21.92	22.93	31.06	26.44	19.98	19.72	20.64
EV/EBITDA Low	17.17	15.78	22.6	14.8	14.98	17.94	17.23	15.9	16.05	14.8	18.49	17.63	14.34	15.41	16.16
EV/EBIT Average	42.94	34.87	53.19	35.94	32.48	39.62	43.05	38.47	41.47	42.73	52.27	40.14	31.1	33.03	36.57
EV/EBIT High	46.75	36.41	57.55	38.11	35.89	43.03	45.56	41.01	47.15	50.38	66.76	49.32	36.4	37.32	41.4
EV/EBIT Low	39.42	32.41	50.03	33.09	30.17	36.29	39.98	35.38	34.52	32.52	39.74	32.89	26.12	29.16	32.41
Last Price	62.55	64.75	60.74	74.68	90.81	97.92	100.56	95.7	131.86	126.69	229.44	156.99	134.46	154.57	138.91
High Price	73.36	70.22	74.94	76.83	92.8	110.01	110.95	104.98	140.15	148.88	231.63	230.71	176.36	167.39	173.38
Enterprise Value Average	3,955	4,376	8,309	8,775	9,448	12,516	16,133	15,410	17,935	18,270	24,300	25,242	21,425	21,692	22,653
Enterprise Value High	4,306	4,570	8,991	9,306	10,441	13,592	17,074	16,424	20,391	21,538	31,034	31,016	25,076	24,511	25,647
Enterprise Value Low	3,631	4,066	7,816	8,079	8,778	11,465	14,981	14,171	14,930	13,901	18,475	20,683	17,991	19,153	20,076

Shares Outstanding	39	42	75	75	75	114	114	114	114	114	115	115	117	117	117
Diluted Weighted Avg Shares	39	43	75	75	75	79	114	114	114	114	115	116	117	117	117
Basic Weighted Avg Shares	37	41	75	75	75	79	113	114	114	114	115	115	117	117	117
Revenue per Share	11.08	11.6	8.49	13.23	13.87	14.34	13.48	13.83	14.41	14.69	15.5	17.51	18.44	18.76	18.89
EBITDA per Share	5.72	6.28	4.62	7.28	7.79	8.14	7.67	7.85	8.17	8.22	8.71	10.17	10.77	10.65	10.62
Operating Income per Share	2.49	3.06	2.09	3.26	3.87	4.02	3.3	3.52	3.8	3.74	4.05	5.45	5.91	5.62	5.3
Basic EPS, GAAP	1.32	2.56	1.54	1.97	4.42	2.7	2.86	1.93	3.08	2.2	4.62	5.49	4.71	4.49	3.79
Basic EPS from Cont Ops	0.78	1.49	0.5	2.01	4.67	2.86	3	2.03	3.22	2.31	4.8	5.68	4.87	4.64	3.9
Diluted EPS, GAAP	1.25	2.45	1.54	1.97	4.42	2.69	2.86	1.93	3.07	2.19	4.61	5.48	4.71	4.49	3.78
Diluted EPS from Cont Ops	0.73	1.43	0.5	2.01	4.67	2.85	3	2.03	3.21	2.31	4.79	5.66	4.87	4.64	3.9
Dividend per Share	2.49	2.63	1.88	2.92	3.09	3.17	3.52	3.73	3.88	4.04	4.13	4.71	5.62	5.91	6.09
Cash Flow per Share	4.66	5.14	3.45	5.14	6.17	6.18	5.83	6.46	6.86	7.22	7.8	9.18	9.76	9.41	9.22
Free Cash Flow per Basic Share	-5.49	5.14	3.45	5.14	6.17	6.18	5.83	6.46	6.86	7.22	7.8	9.18	9.76	9.41	9.22
Cash & Equivalents per Share	1.55	0.22	1.19	0.36	0.5	0.43	0.09	0.3	0.18	0.22	0.47	0.34	0.35	0.37	0.52
Book Value per Share	-16.69	-14.58	-8.66	-9.63	-8.32	-8.87	-6.82	-8.61	-9.4	-11.19	-10.67	-10.12	-10.97	-12.38	-14.65
Tangible Book Value per Share	20.05	23.01	40.95	40.64	42.01	84.2	58	56.12	55.34	53.44	53.9	53.84	54.06	52.64	49.93

Mid-America Apartment Communities, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)