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  "documentTitle": "Mid-America Apartment Communities | Investor Conference Presentation Deck | 36 slides",
  "authorId": "mid-america-apartment-communities",
  "authorName": "MAA",
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  "presentationDate": "2023-06-01 00:00:00",
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      "text": "Amounts in thousands, except per share and unit data",
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      "kind": "paragraph",
      "text": "RECONCILIATION OF FFO, CORE FFO, CORE AFFO AND FAD TO NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS",
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      "text": "1) Included in Other non-operating income in the Consolidated Statements of Operations.\n2) For the three months ended March 31, 2023 and 2022, loss on investments are presented net of tax benefit of $0.2 million and $2.2 million, respectively.\n3) For the three months ended March 31, 2022, MAA recognized a gain of $7.6 million from the receipt of insurance proceeds that exceeded its casualty losses related to winter storm Uri.\n4) Included in Interest expense in the Consolidated Statements of Operations.\n5) For the three months ended March 31, 2022, $0.5 million of corporate related capital expenditures are excluded from other capital expenditures.",
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      "text": "Three months ended March 31,\n2023\n2022\nNet income available for MAA common shareholders\n$ 134,988\n$ 109,880\nDepreciation and amortization of real estate assets\n136,798\n132,010\n(Gain) loss on sale of depreciable real estate assets\n(15)\n1\nMAA's share of depreciation and amortization of real estate assets of real estate joint venture\n151\n154\nNet income attributable to noncontrolling interests\n3,664\n2,775\nFFO attributable to common shareholders and unitholders\n275,586\n244,820\nGain on embedded derivative in preferred shares (1)\n(4,435)\n(11,896)\nGain on sale of non-depreciable real estate assets\n(54)\n(23)\nLoss on investments, net of tax (1) (2)\n806\n8,077\nCasualty related charges (recoveries), net (1) (3)\n296\n(7,712)\nLegal costs and settlements, net (1)\n—\n537\nCOVID-19 related costs (1)\n—\n337\nMark-to-market debt adjustment (4)\n(13)\n36\nCore FFO attributable to common shareholders and unitholders\n272,186\n234,176\nRecurring capital expenditures\n(16,330)\n(14,717)\nCore AFFO attributable to common shareholders and unitholders\n255,856\n219,459\nRedevelopment capital expenditures\n(31,409)\n(11,114)\nRevenue enhancing capital expenditures\n(11,657)\n(8,756)\nCommercial capital expenditures\n(1,307)\n(921)\nOther capital expenditures (5)\n(6,988)\n(2,196)\nFAD attributable to common shareholders and unitholders\n$ 204,495\n$ 196,472\nDividends and distributions paid\n$ 166,112\n$ 128,916\nWeighted average common shares - diluted\n116,402\n115,718\nFFO weighted average common shares and units - diluted\n119,392\n118,660\nEarnings per common share - diluted:\nNet income available for common shareholders\n$ 1.16\n$ 0.95\nFFO per Share - diluted\n$ 2.31\n$ 2.06\nCore FFO per Share - diluted\n$ 2.28\n$ 1.97\nCore AFFO per Share - diluted\n$ 2.14\n$ 1.85",
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      "text": "Reconciliation of Non-GAAP Financial Measures",
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