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Arphra AIPlain-English read on Mid-America Apartment Communities, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.78B | $2.02B | $2.15B | $2.19B | $2.21B | $2.24B | $2.3B | $2.4B | $2.52B |
| Cost of revenue | $1.26B | $1.33B | $1.4B | $1.48B | $1.51B | $1.51B | $1.56B | $1.63B | $1.72B |
| Gross profit | $517.75M | $687.71M | $747.48M | $713.27M | $703.07M | $735.9M | $784.06M | $787.06M | $846.92M |
| Gross margin | +29.12% | +34.05% | +34.79% | +32.55% | +31.83% | +32.88% | +34.03% | +32.76% | +33.60% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $52.88M | $58.83M | $58.58M | $56.52M | $54.81M | $58.88M | $60.1M | $61.38M | $67.27M |
| Total operating expenses | $52.88M | $58.83M | $58.58M | $56.52M | $83.63M | $68.78M | $71.63M | $73.3M | $78.17M |
| Operating income | $464.87M | $628.88M | $688.9M | $656.75M | $619.44M | $655.71M | $696.82M | $737.59M | $774.36M |
| Operating margin | +26.14% | +31.13% | +32.06% | +29.97% | +28.04% | +29.30% | +30.24% | +30.70% | +30.72% |
| EBITDA | $1.25B | $1.35B | $1.29B | $1.3B | $1.32B | $1.33B | $1.34B | $1.47B | $1.47B |
| EBIT | $720.01M | $801.74M | $720.08M | $713.41M | $695.97M | $739.19M | $760.92M | $771.43M | $796.47M |
| Below the line | |||||||||
| Interest expense | $156.88M | $154.75M | $149.23M | $168.54M | $185.26M | $172.08M | $181.56M | $185.65M | $196.78M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $98.26M | $18.11M | -$118.06M | -$111.89M | -$159.27M | — | — | — | — |
| Pre-tax income | $563.13M | $646.99M | $570.85M | $544.87M | $460.17M | $548.7M | $541.6M | $595.45M | $615.57M |
| Income tax expense | $13.64M | -$6.21M | $4.74M | $5.24M | $4.6M | $5.03M | $5.29M | $5.5M | $5.56M |
| Earnings | |||||||||
| Net income | $533.79M | $637.44M | $552.81M | $527.54M | $446.91M | $522.67M | $529.35M | $544.08M | $594.86M |
| Net income · continuing ops | $549.49M | $653.2M | $566.1M | $539.63M | $455.57M | $543.07M | $560.58M | $556.53M | $597.91M |
| Net margin | +30.02% | +31.56% | +25.73% | +24.08% | +20.23% | +23.35% | +22.97% | +22.65% | +23.60% |
| EPS · basic | $4.62 | $5.49 | $4.71 | $4.49 | $3.79 | $3.41 | $3.36 | $3.68 | $4.24 |
| EPS · diluted | $4.61 | $5.48 | $4.71 | $4.49 | $3.78 | $3.41 | $3.41 | $3.71 | $4.28 |
| EPS · low estimate | — | — | — | — | — | $3.38 | $3.36 | $1.11 | $4.20 |
| EPS · high estimate | — | — | — | — | — | $3.44 | $3.49 | $6.32 | $4.36 |
| Shares · basic | 114.72M | 115.34M | 116.52M | 116.78M | 116.99M | 117.96M | 116.96M | 116.28M | 117.49M |
| Shares · diluted | 115.04M | 115.58M | 116.65M | 116.78M | 117.11M | 116.53M | 116.04M | 117.45M | 116.83M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 6 | 8 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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