{ "docId": "019de518-55a1-7279-84a4-f9ca05edc6f0", "docSlug": "d4ca2f7a14a60c1cfe2ad9a454c7b3bc", "documentTitle": "Mid-America Apartment Communities | Results Presentation Deck | 37 slides", "authorId": "mid-america-apartment-communities", "authorName": "MAA", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-03-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 36, "pageCount": 37, "prevPage": 35, "nextPage": 37, "slideType": "appendix_disclosure", "function": "appendix", "density": "balanced", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-55a1-7279-84a4-f9ca05edc6f0/36", "deckHref": "/decks/019de518-55a1-7279-84a4-f9ca05edc6f0", "deckJsonHref": "/decks/019de518-55a1-7279-84a4-f9ca05edc6f0.json", "deckAnchorHref": "/decks/019de518-55a1-7279-84a4-f9ca05edc6f0#slide-36", "components": [ { "bbox": { "h": 0.669, "w": 0.773, "x": 0.107, "y": 0.198 }, "kind": "list", "text": "Funds Available for Distribution (FAD)\nFAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.\nFunds From Operations (FFO)\nFFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties and asset impairment, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests, and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.\nGross Assets\nGross Assets represents Total assets plus Accumulated depreciation. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.\nGross Real Estate Assets\nGross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.\nNet Debt\nNet Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.\nNet Operating Income (NOI)\nNet Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.\nNon-Same Store and Other NOI\nNon-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes all storm-related expenses related to hurricanes. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5ee3700d-c715-42ad-81ce-36693ff0c73e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.59, "x": 0.107, "y": 0.11 }, "kind": "title", "text": "Definitions of Non-GAAP Financial Measures", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "80c2237f-ee31-4d0e-bd8b-cd09a734e7b0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "List presentation", "slug": "list-presentation", "agent": null, "layer": "slide", "matchId": "b14f4449-9857-4ceb-acd0-1fe90fe945c7", "evidence": "The slide presents additional definitions of non-GAAP financial measures in a list/bullet format.", "confidence": 0.8 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }