Mid-America Apartment Communities Inc or MAA, is a real estate investment trust engaged in the acquisition, operation, and development of multifamily apartment communities located in the southeastern and southwestern United States. The company operates two reportable segments; Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year and Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a casualty loss and stabilized communities that do not meet the requirements to be Same Store communities.
P/FFO (Price to Funds From Operations) is calculated by adding amortization and depreciation to the net income and then deducting the gains on the sale of properties. P/FFO can be quoted as the entire entity's figure in full or on a per-share basis.
In REITs, as the accounting net income is distorted, it ends up being inefficient to use the Earnings per share (EPS), so the FFO is used in the formula instead of the Net Income.
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