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  "documentTitle": "Mid-America Apartment Communities | Investor Conference Presentation Deck | 36 slides",
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  "authorName": "MAA",
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  "presentationDate": "2023-06-01 00:00:00",
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      "text": "Preferred Stock 0.2%, Secured Debt 1.6%, Unsecured Debt 17.9%, Common Equity 80.3%",
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      "text": "Upgrade by Moody's¹ to A3, Stable\nOne of Eight Public REITs to be A- Rated or Above",
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      "text": "Well laddered debt with manageable maturities in 2023 and 2024\nFull capacity available on $1.25B revolving credit facility & $625M commercial paper program; supports increasing development pipeline and acquisition opportunities\n$142M Cash on hand (as of March 31, 2023)\n100% fixed debt to protect against rising interest rates",
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      "text": "$4.44B Total Debt + Preferred",
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      "text": "$18.09B Common Equity",
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      "text": "1 Credit rating upgrade by Moody's on 2/23/2023\n2 Corporate credit rating assigned to MAA and MAALP\n3 Corporate credit rating assigned to MAALP, the operating partnership of MAA",
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      "text": "Note: Total Capitalization is defined here as common shares and units outstanding multiplied by the closing stock price on 3/31/2023, plus total debt outstanding at 3/31/2023, plus Preferred stock ($50 redeemable stock price multiplied by total shares outstanding).",
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      "text": "DEBT + PREFERRED/TOTAL CAPITALIZATION: 19.7%",
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      "text": "CREDIT RATINGS\nStandard & Poor's Ratings Services²: SHORT TERM A-2, LONG TERM A-, OUTLOOK STABLE\nMoody's Investors Service³: SHORT TERM P-2, LONG TERM A3, OUTLOOK STABLE\nFitch Ratings²: SHORT TERM F1, LONG TERM A-, OUTLOOK STABLE",
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      "text": "Strong, Investment-Grade Balance Sheet",
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