MAA-I Mid America Apartment Communities Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 30, 2024

 

MID-AMERICA APARTMENT COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

 

Tennessee	001-12762	62-1543819
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

 

 

MID-AMERICA APARTMENTS, L.P.

(Exact name of registrant as specified in its charter)

 

Tennessee	333-190028-01	62-1543816
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

 

6815 Poplar Avenue, Suite 500
Germantown, Tennessee	38138
(Address of Principal Executive Offices)	(Zip Code)

 

(901) 682-6600

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share (Mid-America Apartment Communities, Inc.)	MAA	New York Stock Exchange
8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share (Mid-America Apartment Communities, Inc.)	MAA*I	New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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ITEM 2.02. Results of Operations and Financial Condition.

On October 30, 2024, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of September 30, 2024 and for the three and nine months then ended (the “Press Release”). Copies of the Press Release and supplemental data schedules are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

The information in this Current Report under this Item 2.02 (including Exhibits 99.1 and 99.2) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or Mid-America Apartments, L.P. (“MAALP”), under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).

ITEM 7.01 Regulation FD Disclosure.

In the Press Release, MAA provided information with respect to its same store portfolio lease pricing and occupancy for the month of October 2024 (through October 28, 2024), as well as certain acquisition and disposition activities in October 2024. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report.

The information in this Current Report under this Item 7.01 (including Exhibit 99.1) is being “furnished” and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any previous or future filings by MAA or MAALP under the Exchange Act or the Securities Act.

 

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release dated October 30, 2024
99.2		Supplemental Data Schedules dated October 30, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

			MID-AMERICA APARTMENT COMMUNITIES, INC.
Date:	October 30, 2024		/s/ A. Clay Holder
			A. Clay Holder
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

 

			MID-AMERICA APARTMENTS, L.P.
			By: Mid-America Apartment Communities, Inc., its general partner
Date:	October 30, 2024		/s/ A. Clay Holder
			A. Clay Holder
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

 

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TABLE OF CONTENTS
Earnings Release	3
Financial Highlights	8
Consolidated Statements of Operations/Share and Unit Data	9
Consolidated Balance Sheets	10
Reconciliation of Non-GAAP Financial Measures	11
Non-GAAP Financial Measures	14
Other Key Definitions	15
Portfolio Statistics	S-1
Components of Net Operating Income/Components of Same Store Portfolio Property Operating Expenses	S-3
Multifamily Same Store Portfolio NOI Contribution Percentage	S-4
Multifamily Same Store Portfolio Comparisons	S-5
Multifamily Development Pipeline/Multifamily Lease-up Communities/Multifamily Interior Redevelopment Pipeline	S-8
Acquisition Activity/Debt and Debt Covenants as of September 30, 2024	S-9
2024 Guidance/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2024 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

 

 

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EARNINGS RELEASE

MAA REPORTS THIRD QUARTER 2024 RESULTS

GERMANTOWN, TN, October 30, 2024/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended September 30, 2024.

 

Third Quarter 2024 Operating Results		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Earnings per common share - diluted		$	0.98			$	0.94			$	3.07			$	3.34
Funds from operations (FFO) per Share - diluted		$	2.10			$	2.16			$	6.57			$	6.85
Core FFO per Share - diluted		$	2.21			$	2.29			$	6.65			$	6.85

 

A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO, and discussion of the components of FFO and Core FFO, can be found later in this release. FFO per Share – diluted and Core FFO per Share – diluted include diluted common shares and units.

Eric Bolton, Chairman and Chief Executive Officer, said, “We continue to see strong demand for apartment housing, which is contributing to the steady absorption of the high volume of new supply delivered in the third quarter, which we believe has now peaked. Resident turnover is at record low levels, lease renewal pricing is strong, occupancy is steady, and collections also remain strong. We are confident that in calendar year 2025 we will see a meaningful decline in the amount of new supply impacting our portfolio, and we will enter a new multi-year cycle with demand outpacing supply. The upside opportunity within our current portfolio from these changing market conditions, coupled with the growing contribution from our new development and acquisitions pipeline, has MAA very well positioned.”

Highlights

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year. Same Store Portfolio results for the three and nine months ended September 30, 2024 as compared to the same periods in the prior year are summarized below:

 

		Three months ended September 30, 2024 vs. 2023										Nine months ended September 30, 2024 vs. 2023
		Revenues		Expenses		NOI				Average Effective Rent per Unit		Revenues		Expenses		NOI				Average Effective Rent per Unit
Same Store Operating Growth		0.0%		3.0%			(1.7	)%		(0.4)%		0.7%		4.0%			(1.1	)%		0.6%

 

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A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, and discussion of the components of NOI, can be found later in this release.

Same Store Portfolio operating statistics for the three and nine months ended September 30, 2024 are summarized below:

 

		Three months ended September 30, 2024						Nine months ended September 30, 2024						September 30, 2024
		Average Effective Rent per Unit				Average Physical Occupancy		Average Effective Rent per Unit				Average Physical Occupancy		Resident Turnover
Same Store Operating Statistics		$	1,691			95.7%		$	1,690			95.5%		42.8%

 

Same Store Portfolio lease pricing for new leases that were effective during the third quarter of 2024 declined 5.4%, while Same Store Portfolio lease pricing for renewing leases that were effective during the third quarter of 2024 increased 4.1%, producing a decrease of 0.2% for both new and renewing lease pricing on a blended basis in the third quarter of 2024 as compared to the prior lease.

Same Store Portfolio lease pricing for both new and renewing leases effective during the nine months ended September 30, 2024, on a blended basis, declined 0.2% as compared to the prior lease, driven by a 5.5% decrease for leases to new move-in residents, partially offset by a 4.5% increase for renewing leases.

Brad Hill, President and Chief Investment Officer, said, “Despite the record level of new apartment deliveries in many of our markets, we are encouraged by the momentum we are beginning to see, and as we approach the slower winter leasing season, where only 16% of our leases are set to expire, our portfolio is well positioned. Through October 28th, our 60-day exposure (which represents all current vacant units plus all notices to vacate over the next 60 days) at 6.3% is the lowest level we've seen in more than five years, our fourth quarter sequential seasonal deceleration in blended pricing should be better than previous years with October blends relatively consistent with the prior month, and our average physical occupancy is stable at 95.4%. Additionally, our recent acquisitions and our record, under-construction, development pipeline of nearly $1 billion are expected to provide continued, incremental earnings growth as we enter a multi-year period where the delivery of new apartment supply is poised to decline.”

Acquisition and Disposition Activity

In September 2024, MAA acquired a 310-unit multifamily community currently in lease-up and located in Orlando, Florida for approximately $84 million.

 

In October 2024, MAA acquired a 386-unit multifamily community located in Dallas, Texas for approximately $106 million and closed on the disposition of a 216-unit multifamily community located in Charlotte, North Carolina for net proceeds of approximately $39 million.

Development and Lease-up Activity

A summary of MAA’s development communities under construction as of the end of the third quarter of 2024 is set forth below (dollars in thousands):

 

				Units as of												Development Costs as of												Expected Project
Total				September 30, 2024												September 30, 2024												Completions By Year
Development																Expected				Spend				Expected
Projects (1)				Total				Delivered				Leased				Total				to Date				Remaining				2024				2025				2026				2027
	8				2,762				506				356			$	978,300			$	610,370			$	367,930				2				2				3				1

 

During the third quarter of 2024, MAA funded approximately $167 million of costs for current and planned projects, including predevelopment activities.

In July 2024, MAA agreed to finance a third party's development of a 239-unit multifamily apartment community currently under construction located in Charlotte, North Carolina. This development is expected to deliver its first units in the third quarter of 2025, to be completed in the first quarter of 2026 and to reach stabilization in the fourth quarter of 2026 at a total cost of approximately $112 million. MAA has the option to purchase the development once it is stabilized.

In September 2024, MAA started construction on a 306-unit multifamily apartment community located in Richmond, Virginia on a land parcel acquired by MAA in August 2024. The development is expected to deliver its first units in the first quarter of 2027, to be completed in the third quarter of 2027 and to reach stabilization in the first quarter of 2028 at a total cost of approximately $100 million.

A summary of the total units, physical occupancy and cost of MAA’s lease-up communities as of the end of the third quarter of 2024 is set forth below (dollars in thousands):

 

Total

As of September 30, 2024

Lease-Up

Total

Physical

Spend

Projects (1)

Units

Occupancy

to Date

5

1,708

76.2

%

$

457,837

 

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Property Redevelopment and Repositioning Activity

A summary of MAA’s interior redevelopment program as of the end of the third quarter of 2024 is set forth below:

 

As of September 30, 2024

Units

Average Cost

Increase in Average

Completed

per Unit

Effective Rent per Unit

YTD

YTD

YTD

Redevelopment

4,535

$

6,406

$

107

 

As of September 30, 2024, MAA had completed installation of Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 94,000 units across its apartment community portfolio providing an increase in Average Effective Rent per Unit of approximately $25 since the initiative began during the first quarter of 2019.

During the third quarter of 2024, MAA continued its property repositioning program to upgrade and reposition the amenity and common areas at select apartment communities for higher and above market rent growth after projects are completed and units are fully repriced. For the nine months ended September 30, 2024, MAA spent $1.7 million on this program. Under this program, MAA started six projects during the third quarter of 2024.

Capital Expenditures

A summary of MAA’s capital expenditures and Funds Available for Distribution (FAD) for the three and nine months ended September 30, 2024 and 2023 is set forth below (dollars in millions, except per Share data):

 

		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Core FFO attributable to common shareholders and unitholders		$	264.8			$	274.9			$	797.6			$	820.4
Recurring capital expenditures			(33.6	)			(36.4	)			(88.8	)			(85.4	)
Core Adjusted FFO (Core AFFO) attributable to common shareholders and unitholders			231.2				238.5				708.8				735.0
Redevelopment, revenue enhancing, commercial and other capital expenditures			(60.1	)			(47.5	)			(145.8	)			(156.3	)
FAD attributable to common shareholders and unitholders		$	171.1			$	191.0			$	563.0			$	578.7
Core FFO per Share - diluted		$	2.21			$	2.29			$	6.65			$	6.85
Core AFFO per Share - diluted		$	1.93			$	1.99			$	5.91			$	6.14

 

A reconciliation of Net income available for MAA common shareholders to FFO, Core FFO, Core AFFO and FAD, and discussion of the components of FFO, Core FFO, Core AFFO and FAD, can be found later in this release.

Balance Sheet and Financing Activities

As of September 30, 2024, MAA had $805.7 million of combined cash and available capacity under MAALP’s unsecured revolving credit facility.

Dividends and distributions paid on shares of common stock and noncontrolling interests during the third quarter of 2024 were $176.3 million, as compared to $167.8 million for the same period in the prior year.

Balance sheet highlights as of September 30, 2024 are summarized below (dollars in billions):

 

Total debt to adjusted total assets (1)		Net Debt/Adjusted EBITDAre (2)		Total debt outstanding				Average effective interest rate		Fixed rate debt as a % of total debt		Total debt average years to maturity
28.7%		3.9x		$	4.9			3.8%		90.0%			7.0

 

A reconciliation of Unsecured notes payable and Secured notes payable to Net Debt and a reconciliation of Net income to Adjusted EBITDAre, along with discussion of the components of Net Debt and Adjusted EBITDAre, can be found later in this release.

123rd Consecutive Quarterly Common Dividend Declared

MAA declared its 123rd consecutive quarterly common dividend, which will be paid on October 31, 2024 to holders of record on October 15, 2024. The current annual dividend rate is $5.88 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA’s financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA’s Board of Directors deems relevant. MAA’s Board of Directors may modify the dividend policy from time to time.

2024 Earnings and Same Store Portfolio Guidance

MAA is updating its prior 2024 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to update its 2024 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

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FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA’s definition of FFO is in accordance with the National Association of Real Estate Investment Trusts’, or NAREIT’s, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

 

2024 Guidance		Previous Range		Previous Midpoint		Revised Range		Revised Midpoint
Earnings:		Full Year 2024		Full Year 2024		Full Year 2024		Full Year 2024
Earnings per common share - diluted		$4.37 to $4.65		$4.51		$4.45 to $4.61		$4.53
Core FFO per Share - diluted		$8.74 to $9.02		$8.88		$8.80 to $8.96		$8.88
Core AFFO per Share - diluted		$7.78 to $8.06		$7.92		$7.84 to $8.00		$7.92
MAA Same Store Portfolio:
Property revenue growth		0.15% to 1.15%		0.65%		0.25% to 0.75%		0.50%
Property operating expense growth		3.75% to 4.75%		4.25%		3.25% to 4.25%		3.75%
NOI growth		-2.50% to -0.10%		-1.30%		-1.90% to -0.70%		-1.30%

 

MAA expects Core FFO for the fourth quarter of 2024 to be in the range of $2.15 to $2.31 per diluted Share, or $2.23 per diluted Share at the midpoint. The projected difference between Core FFO per diluted Share for the third quarter of 2024 to the midpoint of MAA's guidance for the fourth quarter of 2024 is summarized below:

 

		Core FFO per diluted Share
Q3 2024 reported results		$	2.21
Same Store Revenues			(0.03	)
Same Store Expenses			0.07
Non-Same Store NOI (1)			0.01
General and administrative expenses			(0.01	)
Interest expense and Other non-operating (expense) income			(0.02	)
Q4 2024 guidance midpoint		$	2.23

MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.

Supplemental Material and Conference Call

Supplemental Data to this release can be found on the “For Investors” page of the MAA website at www.maac.com. MAA will host a conference call to further discuss third quarter results on October 31, 2024, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. You may also join the live webcast of the conference call by accessing the “For Investors” page of the MAA website at www.maac.com. MAA’s filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

About MAA

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of September 30, 2024, MAA had ownership interest in 104,469 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

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Forward-Looking Statements

Sections of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “proforma,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

New factors may also emerge from time to time that could have a material adverse effect on our business. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

 

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FINANCIAL HIGHLIGHTS

 

Dollars in thousands, except per share data		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Rental and other property revenues		$	551,126			$	542,042			$	1,641,183			$	1,606,221
Net income available for MAA common shareholders		$	114,273			$	109,810			$	358,131			$	389,564
Total NOI (1)		$	339,565			$	342,819			$	1,026,024			$	1,029,862
Earnings per common share: (2)
Basic		$	0.98			$	0.94			$	3.07			$	3.34
Diluted		$	0.98			$	0.94			$	3.07			$	3.34
Funds from operations per Share - diluted: (2)
FFO (1)		$	2.10			$	2.16			$	6.57			$	6.85
Core FFO (1)		$	2.21			$	2.29			$	6.65			$	6.85
Core AFFO (1)		$	1.93			$	1.99			$	5.91			$	6.14
Dividends declared per common share		$	1.47			$	1.40			$	4.41			$	4.20
Dividends/Core FFO (diluted) payout ratio			66.5	%			61.1	%			66.3	%			61.3	%
Dividends/Core AFFO (diluted) payout ratio			76.2	%			70.4	%			74.6	%			68.4	%
Consolidated interest expense		$	42,726			$	36,651			$	124,352			$	110,655
Mark-to-market debt adjustment			—				—				—				25
Debt discount and debt issuance cost amortization			(1,514	)			(1,501	)			(4,569	)			(4,562	)
Capitalized interest			5,048				3,182				12,188				9,065
Total interest incurred		$	46,260			$	38,332			$	131,971			$	115,183
Amortization of principal on notes payable		$	—			$	124			$	—			$	854

 

 

Dollars in thousands, except share price
		September 30, 2024				December 31, 2023
Gross Assets (1)		$	16,984,512			$	16,349,193
Gross Real Estate Assets (1)		$	16,733,158			$	16,089,909
Total debt		$	4,875,968			$	4,540,225
Common shares and units outstanding			119,955,843				119,838,096
Share price		$	158.90			$	134.46
Book equity value		$	6,154,112			$	6,299,122
Market equity value		$	19,060,983			$	16,113,430
Net Debt/Adjusted EBITDAre (2)		3.9x				3.6x

 

 

 

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CONSOLIDATED STATEMENTS OF OPERATIONS

 

Dollars in thousands, except per share data (Unaudited)		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Revenues:
Rental and other property revenues		$	551,126			$	542,042			$	1,641,183			$	1,606,221
Expenses:
Operating expenses, excluding real estate taxes and insurance			134,475				122,660				378,887				347,868
Real estate taxes and insurance			77,086				76,563				236,272				228,491
Depreciation and amortization			146,722				146,702				434,764				424,175
Total property operating expenses			358,283				345,925				1,049,923				1,000,534
Property management expenses			17,265				16,298				54,461				50,317
General and administrative expenses			12,728				13,524				42,444				43,329
Interest expense			42,726				36,651				124,352				110,655
Loss on sale of depreciable real estate assets			—				75				25				61
Gain on sale of non-depreciable real estate assets			—			—					—				(54	)
Other non-operating expense (income)			1,678				16,493				(2,604	)			(3,966	)
Income before income tax (expense) benefit			118,446				113,076				372,582				405,345
Income tax (expense) benefit			(670	)			209				(3,485	)			(3,596	)
Income from continuing operations before real estate joint venture activity			117,776				113,285				369,097				401,749
Income from real estate joint venture			454				447				1,405				1,214
Net income			118,230				113,732				370,502				402,963
Net income attributable to noncontrolling interests			3,035				3,000				9,605				10,633
Net income available for shareholders			115,195				110,732				360,897				392,330
Dividends to MAA Series I preferred shareholders			922				922				2,766				2,766
Net income available for MAA common shareholders		$	114,273			$	109,810			$	358,131			$	389,564
Earnings per common share - basic:
Net income available for common shareholders		$	0.98			$	0.94			$	3.07			$	3.34
Earnings per common share - diluted:
Net income available for common shareholders		$	0.98			$	0.94			$	3.07			$	3.34

 

SHARE AND UNIT DATA

 

Shares and units in thousands		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Net Income Shares (1)
Weighted average common shares - basic			116,820				116,633				116,758				116,479
Effect of dilutive securities			—				78				—				134
Weighted average common shares - diluted			116,820				116,711				116,758				116,613
Funds From Operations Shares And Units
Weighted average common shares and units - basic			119,900				119,787				119,865				119,635
Weighted average common shares and units - diluted			119,954				119,833				119,919				119,683
Period End Shares And Units
Common shares at September 30,			116,880				116,687				116,880				116,687
Operating Partnership units at September 30,			3,076				3,148				3,076				3,148
Total common shares and units at September 30,			119,956				119,835				119,956				119,835

 

 

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CONSOLIDATED BALANCE SHEETS

 

Dollars in thousands (Unaudited)
		September 30, 2024				December 31, 2023
Assets
Real estate assets:
Land		$	2,085,464			$	2,031,403
Buildings and improvements and other			13,956,601				13,515,949
Development and capital improvements in progress			499,619				385,405
			16,541,684				15,932,757
Less: Accumulated depreciation			(5,217,893	)			(4,864,690	)
			11,323,791				11,068,067
Undeveloped land			73,861				73,861
Investment in real estate joint venture			41,693				41,977
Real estate assets, net			11,439,345				11,183,905
Cash and cash equivalents			50,232				41,314
Restricted cash			13,829				13,777
Other assets			237,525				245,507
Assets held for sale			15,321				—
Total assets		$	11,756,252			$	11,484,503
Liabilities and equity
Liabilities:
Unsecured notes payable		$	4,515,733			$	4,180,084
Secured notes payable			360,235				360,141
Accrued expenses and other liabilities			726,172				645,156
Total liabilities			5,602,140				5,185,381
Redeemable common stock			22,518				19,167
Shareholders’ equity:
Preferred stock			9				9
Common stock			1,166				1,168
Additional paid-in capital			7,413,674				7,399,921
Accumulated distributions in excess of net income			(1,458,816	)			(1,298,263	)
Accumulated other comprehensive loss			(7,359	)			(8,764	)
Total MAA shareholders’ equity			5,948,674				6,094,071
Noncontrolling interests - Operating Partnership units			155,562				163,128
Total shareholders’ equity			6,104,236				6,257,199
Noncontrolling interests - consolidated real estate entities			27,358				22,756
Total equity			6,131,594				6,279,955
Total liabilities and equity		$	11,756,252			$	11,484,503

 

 

 

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RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD

 

Amounts in thousands, except per share and unit data		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Net income available for MAA common shareholders		$	114,273			$	109,810			$	358,131			$	389,564
Depreciation and amortization of real estate assets			145,256				145,278				430,470				419,532
Loss on sale of depreciable real estate assets			—				75				25				61
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture			157				153				466				456
Gain on consolidation of third-party development (1)			(11,033	)			—				(11,033	)			—
Net income attributable to noncontrolling interests			3,035				3,000				9,605				10,633
FFO attributable to common shareholders and unitholders			251,688				258,316				787,664				820,246
Loss on embedded derivative in preferred shares (1)			18,257				11,250				14,451				1,863
Gain on sale of non-depreciable real estate assets			—			—					—				(54	)
Loss (gain) on investments, net of tax (1)(2)			533				5,166				(2,873	)			(603	)
Casualty related (recoveries) charges, net (1)			(5,714	)			217				(9,664	)			588
Gain on debt extinguishment (1)			—				(57	)			—				(57	)
Legal costs, settlements and (recoveries), net (1)(3)			—				—				8,000				(1,600	)
Mark-to-market debt adjustment (4)			—				—				—				(25	)
Core FFO attributable to common shareholders and unitholders			264,764				274,892				797,578				820,358
Recurring capital expenditures			(33,535	)			(36,368	)			(88,810	)			(85,367	)
Core AFFO attributable to common shareholders and unitholders			231,229				238,524				708,768				734,991
Redevelopment capital expenditures			(12,769	)			(19,723	)			(33,767	)			(77,442	)
Revenue enhancing capital expenditures			(21,924	)			(19,123	)			(60,566	)			(51,168	)
Commercial capital expenditures			(1,211	)			(2,104	)			(4,281	)			(4,540	)
Other capital expenditures			(24,183	)			(6,554	)			(47,158	)			(23,109	)
FAD attributable to common shareholders and unitholders		$	171,142			$	191,020			$	562,996			$	578,732
Dividends and distributions paid		$	176,329			$	167,766			$	528,824			$	501,620
Weighted average common shares - diluted			116,820				116,711				116,758				116,613
FFO weighted average common shares and units - diluted			119,954				119,833				119,919				119,683
Earnings per common share - diluted:
Net income available for common shareholders		$	0.98			$	0.94			$	3.07			$	3.34
FFO per Share - diluted		$	2.10			$	2.16			$	6.57			$	6.85
Core FFO per Share - diluted		$	2.21			$	2.29			$	6.65			$	6.85
Core AFFO per Share - diluted		$	1.93			$	1.99			$	5.91			$	6.14

 

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RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME

 

Dollars in thousands		Three Months Ended												Nine Months Ended
		September 30, 2024				June 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Net income available for MAA common shareholders		$	114,273			$	101,031			$	109,810			$	358,131			$	389,564
Depreciation and amortization			146,722				145,022				146,702				434,764				424,175
Property management expenses			17,265				17,201				16,298				54,461				50,317
General and administrative expenses			12,728				12,671				13,524				42,444				43,329
Interest expense			42,726				41,265				36,651				124,352				110,655
Loss on sale of depreciable real estate assets			—				23				75				25				61
Gain on sale of non-depreciable real estate assets			—				—			—					—				(54	)
Other non-operating expense (income)			1,678				19,244				16,493				(2,604	)			(3,966	)
Income tax expense (benefit)			670				1,020				(209	)			3,485				3,596
Income from real estate joint venture			(454	)			(469	)			(447	)			(1,405	)			(1,214	)
Net income attributable to noncontrolling interests			3,035				2,709				3,000				9,605				10,633
Dividends to MAA Series I preferred shareholders			922				922				922				2,766				2,766
Total NOI		$	339,565			$	340,639			$	342,819			$	1,026,024			$	1,029,862
Same Store NOI		$	327,267			$	328,280			$	332,973			$	990,130			$	1,001,513
Non-Same Store and Other NOI			12,298				12,359				9,846				35,894				28,349
Total NOI		$	339,565			$	340,639			$	342,819			$	1,026,024			$	1,029,862

 

 

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

 

Dollars in thousands		Three Months Ended								Twelve Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				December 31, 2023
Net income		$	118,230			$	113,732			$	535,370			$	567,831
Depreciation and amortization			146,722				146,702				575,652				565,063
Interest expense			42,726				36,651				162,931				149,234
Income tax expense			670				(209	)			4,633				4,744
EBITDA			308,348				296,876				1,278,586				1,286,872
Loss on sale of depreciable real estate assets			—				75				26				62
Gain on consolidation of third-party development (1)			(11,033	)			—				(11,033	)			—
Adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate			340				340				1,356				1,350
EBITDAre			297,655				297,291				1,268,935				1,288,284
Loss (gain) on embedded derivative in preferred shares (1)			18,257				11,250				(5,940	)			(18,528	)
Gain on sale of non-depreciable real estate assets			—			—					—				(54	)
Loss (gain) on investments (1)			648				6,547				(7,369	)			(4,449	)
Casualty related (recoveries) charges, net (1)			(5,714	)			217				(9,272	)			980
Gain on debt extinguishment (1)			—				(57	)			—				(57	)
Legal costs, settlements and (recoveries), net (1)(2)			—				—				5,146				(4,454	)
Adjusted EBITDAre		$	310,846			$	315,248			$	1,251,500			$	1,261,722

 

 

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RECONCILIATION OF UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE TO NET DEBT

 

Dollars in thousands
		September 30, 2024				December 31, 2023
Unsecured notes payable		$	4,515,733			$	4,180,084
Secured notes payable			360,235				360,141
Total debt			4,875,968				4,540,225
Cash and cash equivalents			(50,232	)			(41,314	)
Net Debt		$	4,825,736			$	4,498,911

 

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

 

Dollars in thousands
		September 30, 2024				December 31, 2023
Total assets		$	11,756,252			$	11,484,503
Accumulated depreciation			5,217,893				4,864,690
Accumulated depreciation for Assets held for sale (1)			10,367				—
Gross Assets		$	16,984,512			$	16,349,193

 

 

 

 

RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS

 

Dollars in thousands
		September 30, 2024				December 31, 2023
Real estate assets, net		$	11,439,345			$	11,183,905
Accumulated depreciation			5,217,893				4,864,690
Assets held for sale, net			15,321				—
Accumulated depreciation for Assets held for sale (1)			10,367				—
Cash and cash equivalents			50,232				41,314
Gross Real Estate Assets		$	16,733,158			$	16,089,909

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NON-GAAP FINANCIAL MEASURES

Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO 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 Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core 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 Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA’s share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

Funds Available for Distribution (FAD)

FAD 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.

Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, 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.

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. 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.

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NON-GAAP FINANCIAL MEASURES (Continued)

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, 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.

Net Debt

Net 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.

Net Operating Income (NOI)

Net 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.

Non-Same Store and Other NOI

Non-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 storm-related expenses related to severe weather events, including hurricanes and winter storms. 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.

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store 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.

OTHER KEY DEFINITIONS

Average Effective Rent per Unit

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

Resident Turnover

Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a trailing twelve month basis as of the end of the reported quarter.

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA’s Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio.

CONTACT: Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

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Exhibit 99.2

 

PORTFOLIO STATISTICS

 

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2024 (1)

In apartment units

 

		Same Store				Non-Same Store				Lease-up				Total Completed Communities				Development Units Delivered				Total
Atlanta, GA			11,434				—				340				11,774				—				11,774
Dallas, TX			10,116				—				—				10,116				—				10,116
Austin, TX			6,829				350				—				7,179				—				7,179
Charlotte, NC			5,651				560				352				6,563				—				6,563
Orlando, FL			5,643				264				310				6,217				—				6,217
Raleigh/Durham, NC			5,350				—				306				5,656				26				5,682
Tampa, FL			5,416				—				—				5,416				—				5,416
Houston, TX			5,175				—				—				5,175				—				5,175
Nashville, TN			4,375				—				—				4,375				—				4,375
Fort Worth, TX			3,687				—				—				3,687				—				3,687
Jacksonville, FL			3,496				—				—				3,496				—				3,496
Phoenix, AZ			2,968				323				—				3,291				215				3,506
Charleston, SC			3,168				—				—				3,168				—				3,168
Greenville, SC			2,354				—				—				2,354				—				2,354
Richmond, VA			1,732				272				—				2,004				—				2,004
Northern Virginia			1,888				—				—				1,888				—				1,888
Savannah, GA			1,837				—				—				1,837				—				1,837
Memphis, TN			1,811				—				—				1,811				—				1,811
San Antonio, TX			1,504				—				—				1,504				—				1,504
Birmingham, AL			1,462				—				—				1,462				—				1,462
Fredericksburg, VA			1,435				—				—				1,435				—				1,435
Denver, CO			1,118				—				—				1,118				265				1,383
Huntsville, AL			1,228				—				—				1,228				—				1,228
Kansas City, MO-KS			1,110				—				—				1,110				—				1,110
Other			6,502				672				400				7,574				—				7,574
Total Multifamily Units			97,289				2,441				1,708				101,438				506				101,944

 

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PORTFOLIO STATISTICS (CONTINUED)

 

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

		As of September 30, 2024												Average Effective				As of September 30, 2024
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended September 30, 2024				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,112,564				13.0	%			95.2	%		$	1,813				11,434
Dallas, TX			1,604,908				9.9	%			95.3	%			1,663				10,116
Charlotte, NC			1,164,345				7.2	%			95.7	%			1,651				6,211
Orlando, FL			1,037,612				6.4	%			95.6	%			1,997				5,907
Tampa, FL			1,021,710				6.3	%			96.0	%			2,093				5,416
Austin, TX			963,975				5.9	%			94.9	%			1,582				7,179
Raleigh/Durham, NC			737,874				4.5	%			95.6	%			1,544				5,350
Houston, TX			719,650				4.4	%			95.3	%			1,436				5,175
Phoenix, AZ			594,192				3.7	%			95.7	%			1,738				3,291
Northern Virginia			577,851				3.6	%			96.6	%			2,484				1,888
Nashville, TN			565,251				3.5	%			95.9	%			1,690				4,375
Charleston, SC			435,344				2.7	%			96.1	%			1,815				3,168
Fort Worth, TX			398,572				2.5	%			96.1	%			1,582				3,687
Jacksonville, FL			318,905				2.0	%			95.7	%			1,510				3,496
Denver, CO			297,533				1.8	%			95.6	%			1,978				1,118
Richmond, VA			283,208				1.7	%			96.7	%			1,627				2,004
Fredericksburg, VA			258,465				1.6	%			96.6	%			1,873				1,435
Greenville, SC			245,184				1.5	%			94.7	%			1,336				2,354
Savannah, GA			227,245				1.4	%			95.5	%			1,713				1,837
Kansas City, MO-KS			194,665				1.2	%			95.5	%			1,634				1,110
Birmingham, AL			172,927				1.1	%			95.3	%			1,412				1,462
San Antonio, TX			172,037				1.1	%			95.7	%			1,367				1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			207,772				1.3	%			95.1	%			1,348				2,754
Florida			194,801				1.2	%			95.6	%			1,839				1,806
Alabama			179,947				1.1	%			95.9	%			1,394				1,648
Virginia			169,423				1.0	%			93.6	%			1,778				1,039
Kentucky			103,711				0.6	%			95.9	%			1,270				1,308
Maryland			84,485				0.5	%			97.0	%			2,288				361
Nevada			75,588				0.5	%			96.3	%			1,592				721
South Carolina			39,437				0.2	%			93.1	%			1,263				576
Stabilized Communities		$	15,159,181				93.4	%			95.5	%		$	1,690				99,730
Charlotte, NC			224,002				1.4	%			85.5	%			1,889				352				893
Raleigh/Durham, NC			195,656				1.2	%			28.1	%			1,807				332				712
Tampa, FL			141,539				0.9	%			—				—				—				495
Denver, CO			119,942				0.7	%			44.9	%			2,298				265				352
Phoenix, AZ			102,312				0.6	%			45.1	%			1,947				215				662
Salt Lake City, UT			94,997				0.6	%			64.0	%			1,761				400				400
Atlanta, GA			91,353				0.6	%			78.8	%			2,094				340				340
Orlando, FL			83,727				0.5	%			89.7	%			2,026				310				310
Richmond, VA			14,679				0.1	%			—				—				—				306
Lease-up / Development Communities		$	1,068,207				6.6	%			57.6	%		$	1,959				2,214				4,470
Total Multifamily Communities		$	16,227,388				100.0	%			94.5	%		$	1,696				101,944				104,200

 

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COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

 

		Three Months Ended												As of September 30, 2024
		September 30, 2024				September 30, 2023				Percent Change				Apartment Units				Gross Real Assets
Operating Revenues
Same Store Communities		$	523,533			$	523,510				0.0	%			97,289			$	14,685,767
Non-Same Store Communities			13,312				11,171								2,441				473,414
Lease-up/Development Communities			7,779				901								2,214				1,068,207
Total Multifamily Portfolio		$	544,624			$	535,582								101,944			$	16,227,388
Commercial Property/Land			6,502				6,460								—				372,532
Total Operating Revenues		$	551,126			$	542,042								101,944			$	16,599,920
Property Operating Expenses
Same Store Communities		$	196,266			$	190,537				3.0	%
Non-Same Store Communities			4,693				4,688
Lease-up/Development Communities			4,351				1,256
Storm Costs			3,349				—
Total Multifamily Portfolio		$	208,659			$	196,481
Commercial Property/Land			2,902				2,742
Total Property Operating Expenses		$	211,561			$	199,223
Net Operating Income
Same Store Communities		$	327,267			$	332,973				-1.7	%
Non-Same Store Communities			8,619				6,483
Lease-up/Development Communities			3,428				(355	)
Storm Costs			(3,349	)			—
Total Multifamily Portfolio		$	335,965			$	339,101
Commercial Property/Land			3,600				3,718
Total Net Operating Income		$	339,565			$	342,819				-0.9	%

 

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

 

		Three Months Ended												Nine Months Ended
		September 30, 2024				September 30, 2023				Percent Change				September 30, 2024				September 30, 2023				Percent Change
Property Taxes		$	65,593			$	65,428				0.3	%		$	201,960			$	197,907				2.0	%
Personnel			43,205				41,598				3.9	%			124,537				119,062				4.6	%
Utilities			36,347				35,018				3.8	%			101,520				98,244				3.3	%
Building Repair and Maintenance			26,888				26,371				2.0	%			74,842				73,211				2.2	%
Office Operations			8,881				7,765				14.4	%			25,914				22,362				15.9	%
Insurance			8,324				8,320				0.0	%			24,756				22,491				10.1	%
Marketing			7,028				6,037				16.4	%			21,043				19,137				10.0	%
Total Property Operating Expenses		$	196,266			$	190,537				3.0	%		$	574,572			$	552,414				4.0	%

 

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MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

 

										Average Physical Occupancy
						Percent of				Three Months Ended								Nine Months Ended
		Apartment Units				Same Store NOI				September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Atlanta, GA			11,434				11.7	%			95.0	%			94.5	%			94.4	%			94.5	%
Dallas, TX			10,116				9.1	%			95.7	%			96.0	%			95.3	%			95.7	%
Orlando, FL			5,643				7.3	%			95.9	%			96.1	%			96.0	%			96.0	%
Tampa, FL			5,416				7.3	%			96.0	%			95.9	%			95.9	%			95.7	%
Charlotte, NC			5,651				6.1	%			95.9	%			95.8	%			95.5	%			95.6	%
Austin, TX			6,829				5.4	%			95.5	%			95.3	%			94.9	%			95.3	%
Raleigh/Durham, NC			5,350				5.4	%			95.7	%			96.4	%			95.8	%			95.8	%
Nashville, TN			4,375				4.8	%			96.0	%			96.1	%			95.9	%			95.7	%
Houston, TX			5,175				4.2	%			95.4	%			95.3	%			95.3	%			95.5	%
Charleston, SC			3,168				3.8	%			96.5	%			96.6	%			96.2	%			96.0	%
Fort Worth, TX			3,687				3.6	%			95.5	%			95.9	%			95.3	%			95.7	%
Phoenix, AZ			2,968				3.5	%			96.0	%			95.3	%			95.2	%			95.6	%
Jacksonville, FL			3,496				3.2	%			95.9	%			95.6	%			95.6	%			95.8	%
Northern Virginia			1,888				3.1	%			96.6	%			96.6	%			96.7	%			96.2	%
Greenville, SC			2,354				1.9	%			95.3	%			96.0	%			95.7	%			96.1	%
Savannah, GA			1,837				1.9	%			95.5	%			96.5	%			95.7	%			96.2	%
Richmond, VA			1,732				1.9	%			96.6	%			96.2	%			96.5	%			95.9	%
Fredericksburg, VA			1,435				1.8	%			96.4	%			96.2	%			96.8	%			96.2	%
Memphis, TN			1,811				1.5	%			95.3	%			94.0	%			95.4	%			94.5	%
Denver, CO			1,118				1.5	%			95.6	%			95.5	%			95.7	%			95.4	%
Birmingham, AL			1,462				1.2	%			96.0	%			96.4	%			95.6	%			96.2	%
San Antonio, TX			1,504				1.2	%			96.0	%			96.3	%			95.6	%			95.7	%
Kansas City, MO-KS			1,110				1.1	%			96.0	%			96.2	%			96.0	%			95.9	%
Huntsville, AL			1,228				1.0	%			95.4	%			94.7	%			95.1	%			95.2	%
Other			6,502				6.5	%			96.0	%			96.3	%			95.9	%			95.9	%
Total Same Store			97,289				100.0	%			95.7	%			95.7	%			95.5	%			95.6	%

 

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MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg
Atlanta, GA			11,434			$	65,177			$	66,155				(1.5	)%		$	26,808			$	24,772				8.2	%		$	38,369			$	41,383				(7.3	)%		$	1,813			$	1,861				(2.6	)%
Dallas, TX			10,116				53,356				53,563				(0.4	)%			23,411				21,068				11.1	%			29,945				32,495				(7.8	)%			1,663				1,671				(0.5	)%
Orlando, FL			5,643				35,215				35,497				(0.8	)%			11,347				12,164				(6.7	)%			23,868				23,333				2.3	%			1,978				2,000				(1.1	)%
Tampa, FL			5,416				35,722				35,757				(0.1	)%			11,892				12,469				(4.6	)%			23,830				23,288				2.3	%			2,093				2,108				(0.7	)%
Charlotte, NC			5,651				29,557				29,542				0.1	%			9,503				8,766				8.4	%			20,054				20,776				(3.5	)%			1,642				1,651				(0.5	)%
Austin, TX			6,829				34,750				35,635				(2.5	)%			17,041				15,824				7.7	%			17,709				19,811				(10.6	)%			1,580				1,635				(3.4	)%
Raleigh/Durham, NC			5,350				26,725				26,769				(0.2	)%			9,171				8,686				5.6	%			17,554				18,083				(2.9	)%			1,544				1,549				(0.3	)%
Nashville, TN			4,375				23,616				23,766				(0.6	)%			8,064				7,979				1.1	%			15,552				15,787				(1.5	)%			1,690				1,705				(0.9	)%
Houston, TX			5,175				23,707				23,578				0.5	%			10,065				11,282				(10.8	)%			13,642				12,296				10.9	%			1,436				1,427				0.6	%
Charleston, SC			3,168				18,264				17,736				3.0	%			5,868				5,642				4.0	%			12,396				12,094				2.5	%			1,815				1,756				3.4	%
Fort Worth, TX			3,687				19,311				19,181				0.7	%			7,537				8,135				(7.4	)%			11,774				11,046				6.6	%			1,582				1,579				0.2	%
Phoenix, AZ			2,968				16,355				16,402				(0.3	)%			4,818				4,564				5.6	%			11,537				11,838				(2.5	)%			1,730				1,756				(1.5	)%
Jacksonville, FL			3,496				16,198				16,754				(3.3	)%			5,708				6,407				(10.9	)%			10,490				10,347				1.4	%			1,510				1,559				(3.1	)%
Northern Virginia			1,888				14,695				13,783				6.6	%			4,705				4,344				8.3	%			9,990				9,439				5.8	%			2,484				2,345				5.9	%
Greenville, SC			2,354				10,314				10,297				0.2	%			3,946				3,637				8.5	%			6,368				6,660				(4.4	)%			1,336				1,329				0.5	%
Savannah, GA			1,837				10,078				10,031				0.5	%			3,845				3,399				13.1	%			6,233				6,632				(6.0	)%			1,713				1,684				1.7	%
Richmond, VA			1,732				9,114				9,119				(0.1	)%			2,949				2,891				2.0	%			6,165				6,228				(1.0	)%			1,668				1,644				1.4	%
Fredericksburg, VA			1,435				8,623				8,296				3.9	%			2,606				2,473				5.4	%			6,017				5,823				3.3	%			1,873				1,801				4.0	%
Memphis, TN			1,811				7,983				7,795				2.4	%			3,144				3,098				1.5	%			4,839				4,697				3.0	%			1,378				1,362				1.2	%
Denver, CO			1,118				7,046				7,082				(0.5	)%			2,214				2,196				0.8	%			4,832				4,886				(1.1	)%			1,978				1,983				(0.3	)%
Birmingham, AL			1,462				6,886				6,714				2.6	%			2,821				2,513				12.3	%			4,065				4,201				(3.2	)%			1,412				1,386				1.9	%
San Antonio, TX			1,504				6,612				6,716				(1.5	)%			2,684				2,567				4.6	%			3,928				4,149				(5.3	)%			1,367				1,393				(1.9	)%
Kansas City, MO-KS			1,110				5,761				5,537				4.0	%			2,153				2,164				(0.5	)%			3,608				3,373				7.0	%			1,634				1,569				4.1	%
Huntsville, AL			1,228				5,354				5,358				(0.1	)%			2,012				2,014				(0.1	)%			3,342				3,344				(0.1	)%			1,307				1,325				(1.4	)%
Other			6,502				33,114				32,447				2.1	%			11,954				11,483				4.1	%			21,160				20,964				0.9	%			1,613				1,579				2.2	%
Total Same Store			97,289			$	523,533			$	523,510				0.0	%		$	196,266			$	190,537				3.0	%		$	327,267			$	332,973				(1.7	)%		$	1,691			$	1,697				(0.4	)%

 

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MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q3 2024				Q2 2024				% Chg				Q3 2024				Q2 2024				% Chg				Q3 2024				Q2 2024				% Chg				Q3 2024				Q2 2024				% Chg
Atlanta, GA			11,434			$	65,177			$	64,917				0.4	%		$	26,808			$	26,298				1.9	%		$	38,369			$	38,619				(0.6	)%		$	1,813			$	1,827				(0.8	)%
Dallas, TX			10,116				53,356				53,009				0.7	%			23,411				22,172				5.6	%			29,945				30,837				(2.9	)%			1,663				1,664				(0.0	)%
Orlando, FL			5,643				35,215				35,335				(0.3	)%			11,347				12,898				(12.0	)%			23,868				22,437				6.4	%			1,978				1,982				(0.2	)%
Tampa, FL			5,416				35,722				35,792				(0.2	)%			11,892				12,541				(5.2	)%			23,830				23,251				2.5	%			2,093				2,097				(0.2	)%
Charlotte, NC			5,651				29,557				29,368				0.6	%			9,503				9,126				4.1	%			20,054				20,242				(0.9	)%			1,642				1,638				0.3	%
Austin, TX			6,829				34,750				34,860				(0.3	)%			17,041				15,558				9.5	%			17,709				19,302				(8.3	)%			1,580				1,601				(1.3	)%
Raleigh/Durham, NC			5,350				26,725				26,727				(0.0	)%			9,171				9,005				1.8	%			17,554				17,722				(0.9	)%			1,544				1,540				0.3	%
Nashville, TN			4,375				23,616				23,588				0.1	%			8,064				7,930				1.7	%			15,552				15,658				(0.7	)%			1,690				1,697				(0.5	)%
Houston, TX			5,175				23,707				23,584				0.5	%			10,065				9,185				9.6	%			13,642				14,399				(5.3	)%			1,436				1,431				0.3	%
Charleston, SC			3,168				18,264				18,015				1.4	%			5,868				5,968				(1.7	)%			12,396				12,047				2.9	%			1,815				1,792				1.3	%
Fort Worth, TX			3,687				19,311				19,230				0.4	%			7,537				7,876				(4.3	)%			11,774				11,354				3.7	%			1,582				1,579				0.2	%
Phoenix, AZ			2,968				16,355				16,142				1.3	%			4,818				4,553				5.8	%			11,537				11,589				(0.4	)%			1,730				1,741				(0.6	)%
Jacksonville, FL			3,496				16,198				16,319				(0.7	)%			5,708				6,188				(7.8	)%			10,490				10,131				3.5	%			1,510				1,519				(0.6	)%
Northern Virginia			1,888				14,695				14,388				2.1	%			4,705				4,357				8.0	%			9,990				10,031				(0.4	)%			2,484				2,421				2.6	%
Greenville, SC			2,354				10,314				10,331				(0.2	)%			3,946				3,911				0.9	%			6,368				6,420				(0.8	)%			1,336				1,328				0.6	%
Savannah, GA			1,837				10,078				10,157				(0.8	)%			3,845				3,904				(1.5	)%			6,233				6,253				(0.3	)%			1,713				1,706				0.4	%
Richmond, VA			1,732				9,114				9,053				0.7	%			2,949				2,805				5.1	%			6,165				6,248				(1.3	)%			1,668				1,650				1.1	%
Fredericksburg, VA			1,435				8,623				8,522				1.2	%			2,606				2,386				9.2	%			6,017				6,136				(1.9	)%			1,873				1,832				2.3	%
Memphis, TN			1,811				7,983				7,972				0.1	%			3,144				3,056				2.9	%			4,839				4,916				(1.6	)%			1,378				1,368				0.7	%
Denver, CO			1,118				7,046				7,052				(0.1	)%			2,214				2,222				(0.4	)%			4,832				4,830				0.0	%			1,978				1,979				(0.0	)%
Birmingham, AL			1,462				6,886				6,759				1.9	%			2,821				2,739				3.0	%			4,065				4,020				1.1	%			1,412				1,402				0.7	%
San Antonio, TX			1,504				6,612				6,605				0.1	%			2,684				3,001				(10.6	)%			3,928				3,604				9.0	%			1,367				1,375				(0.5	)%
Kansas City, MO-KS			1,110				5,761				5,654				1.9	%			2,153				2,042				5.4	%			3,608				3,612				(0.1	)%			1,634				1,598				2.2	%
Huntsville, AL			1,228				5,354				5,374				(0.4	)%			2,012				1,821				10.5	%			3,342				3,553				(5.9	)%			1,307				1,313				(0.5	)%
Other			6,502				33,114				32,787				1.0	%			11,954				11,718				2.0	%			21,160				21,069				0.4	%			1,613				1,598				0.9	%
Total Same Store			97,289			$	523,533			$	521,540				0.4	%		$	196,266			$	193,260				1.6	%		$	327,267			$	328,280				(0.3	)%		$	1,691			$	1,690				0.1	%

 

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MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg				Q3 2024				Q3 2023				% Chg
Atlanta, GA			11,434			$	195,215			$	195,897				(0.3	)%		$	77,996			$	72,330				7.8	%		$	117,219			$	123,567				(5.1	)%		$	1,826			$	1,847				(1.1	)%
Dallas, TX			10,116				159,315				158,733				0.4	%			66,542				63,396				5.0	%			92,773				95,337				(2.7	)%			1,665				1,656				0.6	%
Orlando, FL			5,643				105,970				105,813				0.1	%			36,569				36,305				0.7	%			69,401				69,508				(0.2	)%			1,982				1,980				0.1	%
Tampa, FL			5,416				107,237				106,335				0.8	%			36,817				36,189				1.7	%			70,420				70,146				0.4	%			2,095				2,091				0.2	%
Charlotte, NC			5,651				88,007				86,807				1.4	%			27,054				25,663				5.4	%			60,953				61,144				(0.3	)%			1,639				1,621				1.1	%
Austin, TX			6,829				104,423				106,535				(2.0	)%			47,643				46,401				2.7	%			56,780				60,134				(5.6	)%			1,596				1,630				(2.1	)%
Raleigh/Durham, NC			5,350				79,950				79,085				1.1	%			26,436				24,616				7.4	%			53,514				54,469				(1.8	)%			1,542				1,530				0.8	%
Nashville, TN			4,375				70,798				70,507				0.4	%			23,527				22,736				3.5	%			47,271				47,771				(1.0	)%			1,695				1,692				0.2	%
Houston, TX			5,175				70,876				70,227				0.9	%			29,706				30,847				(3.7	)%			41,170				39,380				4.5	%			1,432				1,412				1.4	%
Charleston, SC			3,168				54,094				51,946				4.1	%			17,457				16,213				7.7	%			36,637				35,733				2.5	%			1,796				1,720				4.4	%
Fort Worth, TX			3,687				57,500				57,229				0.5	%			21,923				22,520				(2.7	)%			35,577				34,709				2.5	%			1,579				1,567				0.8	%
Phoenix, AZ			2,968				48,706				49,363				(1.3	)%			13,677				12,818				6.7	%			35,029				36,545				(4.1	)%			1,738				1,758				(1.1	)%
Jacksonville, FL			3,496				48,910				50,057				(2.3	)%			17,733				17,719				0.1	%			31,177				32,338				(3.6	)%			1,521				1,554				(2.1	)%
Northern Virginia			1,888				43,089				40,724				5.8	%			13,411				12,738				5.3	%			29,678				27,986				6.0	%			2,427				2,306				5.2	%
Greenville, SC			2,354				31,001				30,819				0.6	%			11,490				10,135				13.4	%			19,511				20,684				(5.7	)%			1,330				1,313				1.3	%
Savannah, GA			1,837				30,248				29,565				2.3	%			11,306				9,638				17.3	%			18,942				19,927				(4.9	)%			1,705				1,654				3.1	%
Richmond, VA			1,732				27,189				26,785				1.5	%			8,538				8,422				1.4	%			18,651				18,363				1.6	%			1,654				1,620				2.1	%
Fredericksburg, VA			1,435				25,569				24,779				3.2	%			7,432				7,129				4.3	%			18,137				17,650				2.8	%			1,837				1,792				2.5	%
Memphis, TN			1,811				23,878				23,498				1.6	%			9,086				8,769				3.6	%			14,792				14,729				0.4	%			1,369				1,353				1.1	%
Denver, CO			1,118				21,220				21,037				0.9	%			6,556				6,396				2.5	%			14,664				14,641				0.2	%			1,976				1,961				0.8	%
Birmingham, AL			1,462				20,315				19,956				1.8	%			8,206				7,628				7.6	%			12,109				12,328				(1.8	)%			1,403				1,371				2.3	%
San Antonio, TX			1,504				19,810				19,908				(0.5	)%			8,473				8,279				2.3	%			11,337				11,629				(2.5	)%			1,376				1,388				(0.9	)%
Kansas City, MO-KS			1,110				16,979				16,299				4.2	%			6,136				6,110				0.4	%			10,843				10,189				6.4	%			1,604				1,548				3.6	%
Huntsville, AL			1,228				16,032				16,042				(0.1	)%			5,842				5,799				0.7	%			10,190				10,243				(0.5	)%			1,312				1,311				0.1	%
Other			6,502				98,371				95,981				2.5	%			35,016				33,618				4.2	%			63,355				62,363				1.6	%			1,599				1,560				2.5	%
Total Same Store			97,289			$	1,564,702			$	1,553,927				0.7	%		$	574,572			$	552,414				4.0	%		$	990,130			$	1,001,513				(1.1	)%		$	1,690			$	1,681				0.6	%

 

 

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MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				September 30, 2024									September 30, 2024												Expected
													Expected			Spend			Expected				Start		Initial
		Location		Total			Delivered			Leased			Total			to Date			Remaining				Date		Occupancy		Completion		Stabilization (1)
Novel Val Vista (2)		Phoenix, AZ			317			215			176		$	79,800		$	77,279		$	2,521			4Q20		4Q23		4Q24		3Q25
MAA Milepost 35		Denver, CO			352			265			178			125,000			119,942			5,058			1Q22		4Q23		4Q24		3Q25
MAA Nixie		Raleigh/Durham, NC			406			26			2			145,500			114,668			30,832			4Q22		3Q24		3Q25		3Q26
MAA Breakwater		Tampa, FL			495			—			—			197,500			141,539			55,961			4Q22		1Q25		4Q25		1Q27
Modera Liberty Row (3)		Charlotte, NC			239			—			—			112,000			90,860			21,140			1Q22		3Q25		1Q26		4Q26
MAA Plaza Midwood (4) (5)		Charlotte, NC			302			—			—			101,500			26,370			75,130			2Q24		2Q26		4Q26		4Q27
Modera Chandler (5)		Phoenix, AZ			345			—			—			117,500			25,033			92,467			2Q24		2Q26		4Q26		4Q27
MAA Porter		Richmond, VA			306			—			—			99,500			14,679			84,821			3Q24		1Q27		3Q27		1Q28
Total Active					2,762			506			356		$	978,300		$	610,370		$	367,930

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

				As of September 30, 2024
		Location		Total Units				Physical Occupancy		Spend to Date				Construction Completed		Expected Stabilization (1)
MAA Optimist Park		Charlotte, NC		352				85.5%		$	106,772			(3)		4Q24
MAA Boggy Creek		Orlando, FL		310				89.7%			83,727			(3)		4Q24
Novel West Midtown (2)		Atlanta, GA		340				78.8%			91,353			3Q23		1Q25
Novel Daybreak (2)		Salt Lake City, UT		400				64.0%			94,997			3Q24		2Q25
MAA Vale		Raleigh/Durham, NC		306				65.0%			80,988			(3)		2Q25
Total					1,708			76.2%		$	457,837

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Nine months ended September 30, 2024
Units Completed				Redevelopment Spend				Average Cost per Unit				Increase in Average Effective Rent per Unit				Increase in Average Effective Rent per Unit		Estimated Units Remaining in Pipeline
	4,535			$	29,053			$	6,406			$	107			7.5%		6,000 - 10,000

 

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2024 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2024)

 

Multifamily Acquisitions		Market		Apartment Units		Closing Date
MAA Boggy Creek		Orlando, FL		310		Sep-24
MAA Vale		Raleigh, NC		306		May-24
Modera Chandler (1)		Phoenix, AZ		345		Apr-24

Land Acquisition		Market		Acreage		Closing Date
MAA Porter		Richmond, VA		3.3		Aug-24

 

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2024

Dollars in thousands

DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Rate Maturity
Fixed rate debt		$	4,385,968				90.0	%			3.6	%			7.7
Floating rate debt			490,000				10.0	%			5.1	%			0.1
Total		$	4,875,968				100.0	%			3.8	%			7.0
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,515,733				92.6	%			3.7	%			5.6
Secured debt			360,235				7.4	%			4.4	%			24.3
Total		$	4,875,968				100.0	%			3.8	%			7.0
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q3 2024 NOI				Percent of Total
Unencumbered gross assets		$	16,216,116				95.5	%		$	325,427				95.8	%
Encumbered gross assets			768,396				4.5	%			14,138				4.2	%
Total		$	16,984,512				100.0	%		$	339,565				100.0	%

 

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2024		$	—					—
2025			399,142					4.2	%
2026			298,552					1.2	%
2027			597,924					3.7	%
2028			397,759					4.2	%
2029			556,740					3.7	%
2030			298,144					3.1	%
2031			446,138					1.8	%
2032			394,531					5.4	%
2033			—					—
Thereafter			997,038					4.2	%
Total		$	4,385,968					3.6	%

 

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DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2024 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper (1) & Revolving Credit Facility (2)				Public Bonds				Secured				Total
2024		$	490,000			$	—			$	—			$	490,000
2025			—				399,142				—				399,142
2026			—				298,552				—				298,552
2027			—				597,924				—				597,924
2028			—				397,759				—				397,759
2029			—				556,740				—				556,740
2030			—				298,144				—				298,144
2031			—				446,138				—				446,138
2032			—				394,531				—				394,531
2033			—				—				—				—
Thereafter			—				636,803				360,235				997,038
Total		$	490,000			$	4,025,733			$	360,235			$	4,875,968

DEBT COVENANT ANALYSIS (1)

Bond Covenants		Required		Actual		Compliance
Total debt to adjusted total assets		60% or less		28.7%		Yes
Total secured debt to adjusted total assets		40% or less		2.1%		Yes
Consolidated income available for debt service to total annual debt service charge		1.5x or greater for trailing 4 quarters		7.0x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		350.4%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		21.1%		Yes
Total secured debt to total capitalized asset value		40% or less		1.6%		Yes
Total adjusted EBITDA to fixed charges		1.5x or greater for trailing 4 quarters		7.4x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		20.3%		Yes

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2024 GUIDANCE

MAA provides guidance on expected Core FFO per diluted Share and Core AFFO per diluted Share, which are non-GAAP financial measures, along with guidance for expected Earnings per diluted common share. A reconciliation of expected Earnings per diluted common share to expected Core FFO per diluted Share and Core AFFO per diluted Share is provided below.

		Full Year 2024
Earnings:		Current Range		Current Midpoint
Earnings per common share - diluted		$4.45 to $4.61		$4.53
Core FFO per Share - diluted		$8.80 to $8.96		$8.88
Core AFFO per Share - diluted		$7.84 to $8.00		$7.92
MAA Same Store Portfolio:
Number of units		97,290		97,290
Average physical occupancy		95.4% to 95.6%		95.5%
Property revenue growth		0.25% to 0.75%		0.50%
Effective rent growth		0.25% to 0.45%		0.35%
Property operating expense growth		3.25% to 4.25%		3.75%
NOI growth		-1.90% to -0.70%		-1.30%
Real estate tax expense growth		1.5% to 2.5%		2.0%
Corporate Expenses: ($ in millions)
Property management expenses		$71.5 to $72.5		$72.0
General and administrative expenses		$56.0 to $57.0		$56.5
Total overhead		$127.5 to $129.5		$128.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume		$350.0 to $450.0		$400.0
Multifamily disposition volume		$80.0 to $90.0		$85.0
Development investment		$300.0 to $400.0		$350.0
Debt:
Average effective interest rate		3.5% to 3.7%		3.6%
Capitalized interest ($ in millions)		$16.0 to $18.0		$17.0
Diluted FFO Shares Outstanding:
Diluted common shares and units		119.75 to 120.25 million		120.0 million

 

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2024 GUIDANCE

 

		Full Year 2024 Guidance Range
		Low				High
Earnings per common share - diluted		$	4.45			$	4.61
Real estate depreciation and amortization			4.83				4.83
Gains on sale of depreciable assets			(0.47	)			(0.47	)
Gain on consolidation of third-party development			(0.09	)			(0.09	)
FFO per Share - diluted			8.72				8.88
Non-Core FFO items (1)			0.08				0.08
Core FFO per Share - diluted			8.80				8.96
Recurring capital expenditures			(0.96	)			(0.96	)
Core AFFO per Share - diluted		$	7.84			$	8.00

 

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CREDIT RATINGS

 

		Commercial		Long-Term
		Paper Rating		Debt Rating		Outlook
Fitch Ratings (1)		F1		A-		Stable
Moody’s Investors Service (2)		P-2		A3		Stable
Standard & Poor’s Ratings Services (1)		A-2		A-		Stable

 

COMMON STOCK

 

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Earnings release & conference call

Early February

Early May

Late July

Late October

Dividend Information - Common Shares:

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Declaration date

9/29/2023

12/12/2023

3/19/2024

5/21/2024

9/24/2024

Record date

10/13/2023

1/12/2024

4/15/2024

7/15/2024

10/15/2024

Payment date

10/31/2023

1/31/2024

4/30/2024

7/31/2024

10/31/2024

Distributions per share

$

1.4000

$

1.4700

$

1.4700

$

1.4700

$

1.4700

 

INVESTOR RELATIONS DATA

 

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.

 

For Questions Contact:
	Name		Title
	Andrew Schaeffer		Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick		Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

 

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v3.24.3

Document And Entity Information	Oct. 30, 2024
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 30, 2024
Entity Registrant Name	MID-AMERICA APARTMENT COMMUNITIES, INC.
Entity Central Index Key	0000912595
Entity Emerging Growth Company	false
Entity File Number	001-12762
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543819
Entity Address, Address Line One	6815 Poplar Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	682-6600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol(s)	MAA
Security Exchange Name	NYSE
Cumulative Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.50% Series I Cumulative Redeemable Preferred Stock, $.01 par value per share
Trading Symbol(s)	MAAI
Security Exchange Name	NYSE
Limited Partner [Member]
Document And Entity Information [Line Items]
Entity Registrant Name	MID-AMERICA APARTMENTS, L.P.
Entity File Number	333-190028-01
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1543816

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