Mid-America Apartment Communities (MAA) FY2019 results: revenue $1.6 billion, up 4.4% on the year
Mid-America Apartment Communities, Inc. (MAA) reported revenue of $1.6 billion for fiscal 2019, the year ended 31 December 2019, up 4.4% on the year before. Net income was $354 million, up 58.7%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$1.6 billion
+4.4% on the year
FY2008FY2019
Operating margin
n/a
FY2008FY2019
Net income
$354 million
+58.7% on the year
FY2008FY2019
Diluted EPS
$3.07
+59.1% on the year
FY2008FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,641
1,571
1,529
+4.4%
Interest expense
180
174
155
+3.6%
Pre-tax income
369
232
342
+59.0%
Income tax
3.7
2.6
2.6
+41.6%
Effective tax rate
1.0%
1.1%
0.8%
Net income
354
223
328
+58.7%
Net margin
21.6%
14.2%
21.5%
Diluted EPS
$3.07
$1.93
$2.86
+59.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
781
734
661
+6.4%
Capital expenditure
190
255
344
-25.3%
Free cash flow
591
480
317
+23.3%
Free cash flow margin
36.0%
30.5%
20.7%
Cash from investing
-238
-366
-294
Cash from financing
-524
-405
-400
Depreciation and amortisation
498
491
495
+1.4%
Share-based compensation
13.7
12.4
10.6
+9.7%
Dividends paid
438
420
395
+4.3%
Dividend per share
$3.88
$3.73
$3.53
+4.1%
Diluted shares, weighted
114m
114m
114m
+0.2%
Shares outstanding at period end
114m
114m
114m
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,069
6,150
6,574
-1.3%
Non-controlling interest
221
222
n/a
-0.7%
Redeemable equity
14.1
9.4
n/a
+50.1%
Debt
4,455
4,530
4,500
-1.7%
Other liabilities
472
412
n/a
+14.6%
Total liabilities and equity
11,230
11,324
n/a
-0.8%
Cash and equivalents
20.5
34.3
10.8
-40.2%
Other assets
11,210
11,290
n/a
-0.7%
Total assets
11,230
11,324
n/a
-0.8%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.