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): February 5, 2025

 

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 February 5, 2025, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of December 31, 2024 and for the three and twelve 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 certain information with respect to same store portfolio occupancy as of January 31, 2025 and same store portfolio lease pricing trends for the month ended January 31, 2025. 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 February 5, 2025
99.2		Supplemental Data Schedules dated February 5, 2025
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:	February 5, 2025		/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:	February 5, 2025		/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/Disposition Activity/Debt and Debt Covenants as of December 31, 2024	S-9
2025 Guidance/2024 Same Store Components of Net Operating Income Recast For 2025 Same Store Portfolio/Reconciliation of Earnings per Diluted Common Share to Core FFO and Core AFFO per Diluted Share for Full Year 2025 Guidance	S-11
Credit Ratings/Common Stock/Investor Relations Data	S-12

 

 

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EARNINGS RELEASE

MAA REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

GERMANTOWN, TN, February 5, 2025/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended December 31, 2024.

 

Fourth Quarter 2024 Operating Results		Three months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
Earnings per common share - diluted		$	1.42			$	1.37			$	4.49			$	4.71
Funds from operations (FFO) per Share - diluted		$	2.21			$	2.53			$	8.77			$	9.39
Core FFO per Share - diluted		$	2.23			$	2.32			$	8.88			$	9.17

 

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 are encouraged by the performance trends captured in the fourth quarter and the early signs of improvement in pricing trends as the record level of new supply deliveries has now peaked. Calendar year 2025 will be a transition year for revenue performance as the decline in new supply deliveries will provide for increasingly tighter market conditions and resulting rent growth. As we reprice leases over the busy spring and summer leasing season, the compounding impact in overall revenue performance will become increasingly evident late this year and into 2026. Same Store Portfolio blended lease pricing, on a sequential basis from the seasonally strong third quarter to the typically slower fourth quarter, improved 140 basis points as compared to the same sequential trend of the prior year. Capturing this improvement in year-over-year pricing trends, despite the record level of new supply deliveries over the past year, we believe speaks to the continued strong demand for apartment housing across our portfolio. Further, it puts MAA in a solid position to capture recovery in rental pricing as we head into 2025 with the delivery of new supply poised to meaningfully decline.”

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 twelve months ended December 31, 2024 as compared to the same periods in the prior year are summarized below:

 

		Three months ended December 31, 2024 vs. 2023								Twelve months ended December 31, 2024 vs. 2023
		Revenues		Expenses		NOI		Average Effective Rent per Unit		Revenues		Expenses		NOI		Average Effective Rent per Unit
Same Store Operating Growth		-0.2%		3.4%		-2.1%		-0.5%		0.5%		3.9%		-1.4%		0.3%

 

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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 twelve months ended December 31, 2024 are summarized below:

 

		Three months ended December 31, 2024						Twelve months ended December 31, 2024						December 31, 2024
		Average Effective Rent per Unit				Average Physical Occupancy		Average Effective Rent per Unit				Average Physical Occupancy		Resident Turnover
Same Store Operating Statistics		$	1,684			95.6%		$	1,688			95.5%		42.0%

 

Same Store Portfolio lease pricing for new leases that were effective during the fourth quarter of 2024 declined 8.0%, while Same Store Portfolio lease pricing for renewing leases that were effective during the fourth quarter of 2024 increased 4.2%, producing a decrease of 2.0% for both new and renewing lease pricing on a blended basis in the fourth quarter of 2024 as compared to the prior lease.

Same Store Portfolio lease pricing for both new and renewing leases effective during the year ended December 31, 2024, on a blended basis, declined 0.5% as compared to the prior lease, driven by a 5.9% decrease for leases to new move-in residents, partially offset by a 4.4% increase for renewing leases.

Brad Hill, President and Chief Investment Officer, said, “We remain focused on optimizing our portfolio to deliver enhanced performance throughout 2025 and beyond as the demand and supply dynamics continue to improve. In the fourth quarter, our average physical occupancy was 10 basis points better than the same period in 2023 and we finished the year with exposure, which represents all current vacant units plus all notices to vacate over the next 60 days, 60 basis points better than the prior year. We are encouraged by other positive trends as well. As of January 31, 2025, our exposure improved by 70 basis points compared to the prior year. Similarly, through the month of January, we observed better than normal seasonal blended pricing trends, with a few additional markets showing positive lease-over-lease rates. While the performance from our existing portfolio is gaining momentum, we are increasing our investments in several initiatives that will enhance efficiencies and deliver stronger future earnings growth. Additionally, as our lease-up properties reach stabilization, we expect a growing earnings contribution from this component of our portfolio as new deliveries decrease within our markets.”

Acquisition and Disposition Activity

In October 2024, MAA acquired a 386-unit multifamily community located in Dallas, Texas for approximately $106 million. In December 2024, MAA acquired a 3-acre land parcel in the Raleigh, North Carolina market for approximately $5 million for future development.

In October 2024, MAA closed on the disposition of a 216-unit multifamily community located in Charlotte, North Carolina for net proceeds of approximately $38 million. In December 2024, MAA also closed on the disposition of a 272-unit multifamily community located in Richmond, Virginia for net proceeds of approximately $47 million.

Development and Lease-up Activity

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

 

				Units as of												Development Costs as of												Expected Project
Total				December 31, 2024												December 31, 2024												Completions By Year
Development																Expected				Costs				Expected
Projects (1)				Total				Delivered				Leased				Total				to Date				Remaining				2025				2026				2027
	7				2,312				73				14			$	851,500			$	477,181			$	374,319				2				4				1

 

During the fourth quarter of 2024, MAA funded approximately $64 million of costs for current and planned projects, including predevelopment activities.

During the fourth quarter of 2024, MAA completed the development of MAA Milepost 35 located in Denver, Colorado and started construction on a 219-unit phase II multifamily expansion at the property. The phase II development is expected to deliver its first units in the second quarter of 2026, to be completed in the fourth quarter of 2026 and to reach stabilization in the fourth quarter of 2027 at a total cost of approximately $78 million. During the fourth quarter of 2024, MAA also completed the development of Novel Val Vista, located in the Phoenix, Arizona market

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

 

Total

As of December 31, 2024

Lease-Up

Total

Physical

Costs

Projects (1)

Units

Occupancy

to Date

8

2,763

69.7

%

$

766,090

 

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Property Redevelopment and Repositioning Activity

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

As of December 31, 2024

Units

Average Cost

Increase in Average

Completed

per Unit

Effective Rent per Unit

YTD

YTD

YTD

Redevelopment

5,665

$

6,219

$

106

 

As of December 31, 2024, MAA had completed installation of Smart Home technology (unit entry locks, mobile control of lights and thermostat and leak monitoring) in over 96,000 units across its apartment community portfolio providing an increase in Average Effective Rent per Unit of approximately $25 per month since the initiative began during the first quarter of 2019.

During the fourth 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 year ended December 31, 2024, MAA spent $4.8 million on this program.

Capital Expenditures

A summary of MAA’s capital expenditures and Funds Available for Distribution (FAD) for the three and twelve months ended December 31, 2024 and 2023 is set forth below (dollars in millions, except per Share data):

		Three months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
Core FFO attributable to common shareholders and unitholders		$	267.4			$	277.8			$	1,065.0			$	1,098.1
Recurring capital expenditures			(23.4	)			(26.4	)			(112.2	)			(111.7	)
Core adjusted FFO (Core AFFO) attributable to common shareholders and unitholders			244.0				251.4				952.8				986.4
Redevelopment, revenue enhancing, commercial and other capital expenditures			(61.5	)			(52.1	)			(207.3	)			(208.4	)
FAD attributable to common shareholders and unitholders		$	182.5			$	199.3			$	745.5			$	778.0
Core FFO per Share - diluted		$	2.23			$	2.32			$	8.88			$	9.17
Core AFFO per Share - diluted		$	2.03			$	2.10			$	7.94			$	8.24

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 December 31, 2024, MAA had $1.0 billion 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 fourth quarter of 2024 were $176.3 million, as compared to $167.8 million for the same period in the prior year.

In December 2024, MAALP publicly issued $350.0 million of unsecured notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2025. The proceeds from the sale of the notes were used to repay borrowings on MAALP's commercial paper program. The notes have an effective interest rate of 5.053%.

Balance sheet highlights as of December 31, 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
29.0%		4.0x		$	5.0			3.8%		95.0%			7.3

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.

Corporate Sustainability

As of December 31, 2024, MAA’s corporate initiatives have led to significant progress in key sustainability performance areas. After achieving its original 2018 baseline targets in 2023, MAA re-established its 2028 targets in 2024 to further improve the reduction in energy use intensity (EUI) and reduction in GHG emissions intensity (GEI). Through December 31, 2023, MAA achieved a 29% reduction in EUI and a 36% reduction in GEI from its 2018 baseline, with the aim to reduce EUI and GEI by 35% and 45% by 2028, respectively. Additionally, as of December 31, 2024, MAA completed its initiative to retrofit common area light fixtures in its portfolio to LED lighting to maximize energy efficiency and MAA had 51 green-certified communities, representing over 15% of its portfolio.

MAA has several community engagement efforts underway and continues to report its progress through its 5th annual Corporate Sustainability Report, published in October 2024, CDP disclosure, and GRESB assessment, the latter of which MAA has now improved

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year over year since its first submission in 2020 to a score of 80. MAA believes its initiatives related to solar panel and building automation systems, together with an expansion of its smart irrigation initiative, continue an integrated pathway for sustainability, enhance its resiliency, and create a positive impact for MAA's residents, associates, and investors.

124th Consecutive Quarterly Common Dividend Declared

MAA declared its 124th consecutive quarterly common dividend, which was paid on January 31, 2025 to holders of record on January 15, 2025. The current annual dividend rate is $6.06 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.

2025 Earnings and Same Store Portfolio Guidance

MAA is providing initial 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store Portfolio performance. MAA expects to update its 2025 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.

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.

2025 Guidance		Full Year 2025
Earnings:		Range		Midpoint
Earnings per common share - diluted		$5.51 to $5.83		$5.67
Core FFO per Share - diluted		$8.61 to $8.93		$8.77
Core AFFO per Share - diluted		$7.63 to $7.95		$7.79
MAA Same Store Portfolio:
Property revenue growth		-0.35% to 1.15%		0.40%
Property operating expense growth		2.45% to 3.95%		3.20%
NOI growth		-2.15% to -0.15%		-1.15%

The projected difference between Core FFO per diluted Share for the full year of 2024 to the midpoint of MAA's guidance for the full year of 2025 is summarized below:

		Core FFO per diluted Share
2024 per diluted Share reported results		$	8.88
Same Store NOI			(0.13	)
Development, Lease-up and Other Non-Same Store NOI			0.20
2024 Storm-related clean-up costs included in Non-Same Store NOI			0.07
Total overhead			(0.05	)
Interest expense (1)			(0.18	)
2025 forecasted acquisitions and dispositions			(0.02	)
2025 per diluted Share guidance midpoint		$	8.77

MAA expects Core FFO for the first quarter of 2025 to be in the range of $2.08 to $2.24 per diluted Share, or $2.16 per diluted Share at the midpoint. The projected difference between Core FFO per diluted Share for the fourth quarter of 2024 to the midpoint of MAA's guidance for the first quarter of 2025 is summarized below:

		Core FFO per diluted Share
Q4 2024 per diluted Share reported results		$	2.23
Same Store NOI (1)			(0.01	)
Development, Lease-up and Other Non-Same Store NOI			0.01
2024 Storm-related clean-up costs included in Non-Same Store NOI			0.02
Total overhead			(0.06	)
Interest expense			(0.02	)
Other non-operating income (expense)			(0.01	)
Q1 2025 per diluted Share guidance midpoint		$	2.16

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.

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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 fourth quarter results on February 6, 2025, 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 December 31, 2024, MAA had ownership interest in 104,587 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.

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:

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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.

FINANCIAL HIGHLIGHTS

 

Dollars in thousands, except per share data		Three months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
Rental and other property revenues		$	549,832			$	542,247			$	2,191,015			$	2,148,468
Net income available for MAA common shareholders		$	165,724			$	159,554			$	523,855			$	549,118
Total NOI (1)		$	344,899			$	350,465			$	1,370,923			$	1,380,327
Earnings per common share: (2)
Basic		$	1.42			$	1.37			$	4.49			$	4.71
Diluted		$	1.42			$	1.37			$	4.49			$	4.71
Funds from operations per Share - diluted: (2)
FFO (1)		$	2.21			$	2.53			$	8.77			$	9.39
Core FFO (1)		$	2.23			$	2.32			$	8.88			$	9.17
Core AFFO (1)		$	2.03			$	2.10			$	7.94			$	8.24
Dividends declared per common share		$	1.5150			$	1.4700			$	5.9250			$	5.6700
Dividends/Core FFO (diluted) payout ratio			67.9	%			63.4	%			66.7	%			61.8	%
Dividends/Core AFFO (diluted) payout ratio			74.6	%			70.0	%			74.6	%			68.8	%
Consolidated interest expense		$	44,192			$	38,579			$	168,544			$	149,234
Mark-to-market debt adjustment			—				—				—				25
Debt discount and debt issuance cost amortization			(1,464	)			(1,287	)			(6,033	)			(5,849	)
Capitalized interest			5,247				3,311				17,435				12,376
Total interest incurred		$	47,975			$	40,603			$	179,946			$	155,786
Amortization of principal on notes payable		$	—			$	—			$	—			$	854

 

Dollars in thousands, except share price		December 31, 2024				December 31, 2023
Gross Assets (1)		$	17,170,171			$	16,349,193
Gross Real Estate Assets (1)		$	16,924,002			$	16,089,909
Total debt		$	4,980,957			$	4,540,225
Common shares and units outstanding			119,958,973				119,838,096
Share price		$	154.57			$	134.46
Book equity value		$	6,147,664			$	6,299,122
Market equity value		$	18,542,058			$	16,113,430
Net Debt/Adjusted EBITDAre (2)		4.0x				3.6x

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CONSOLIDATED STATEMENTS OF OPERATIONS

 

Dollars in thousands, except per share data (Unaudited)		Three months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
Revenues:
Rental and other property revenues		$	549,832			$	542,247			$	2,191,015			$	2,148,468
Expenses:
Operating expenses, excluding real estate taxes and insurance			123,848				113,672				502,735				461,540
Real estate taxes and insurance			81,085				78,110				317,357				306,601
Depreciation and amortization			150,852				140,888				585,616				565,063
Total property operating expenses			355,785				332,670				1,405,708				1,333,204
Property management expenses			17,579				17,467				72,040				67,784
General and administrative expenses			14,072				15,249				56,516				58,578
Interest expense			44,192				38,579				168,544				149,234
(Gain) loss on sale of depreciable real estate assets			(55,028	)			1				(55,003	)			62
Gain on sale of non-depreciable real estate assets			—				—				—				(54	)
Other non-operating expense (income)			949				(27,219	)			(1,655	)			(31,185	)
Income before income tax expense			172,283				165,500				544,865				570,845
Income tax expense			(1,755	)			(1,148	)			(5,240	)			(4,744	)
Income from continuing operations before real estate joint venture activity			170,528				164,352				539,625				566,101
Income from real estate joint venture			546				516				1,951				1,730
Net income			171,074				164,868				541,576				567,831
Net income attributable to noncontrolling interests			4,428				4,392				14,033				15,025
Net income available for shareholders			166,646				160,476				527,543				552,806
Dividends to MAA Series I preferred shareholders			922				922				3,688				3,688
Net income available for MAA common shareholders		$	165,724			$	159,554			$	523,855			$	549,118
Earnings per common share - basic:
Net income available for common shareholders		$	1.42			$	1.37			$	4.49			$	4.71
Earnings per common share - diluted:
Net income available for common shareholders		$	1.42			$	1.37			$	4.49			$	4.71

 

SHARE AND UNIT DATA

 

Shares and units in thousands		Three months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
Net Income Shares (1)
Weighted average common shares - basic			116,828				116,646				116,776				116,521
Effect of dilutive securities			64				87				—				124
Weighted average common shares - diluted			116,892				116,733				116,776				116,645
Funds From Operations Shares And Units
Weighted average common shares and units - basic			119,904				119,791				119,875				119,674
Weighted average common shares and units - diluted			119,958				119,837				119,929				119,722
Period End Shares And Units
Common shares at December 31,			116,883				116,694				116,883				116,694
Operating Partnership units at December 31,			3,076				3,144				3,076				3,144
Total common shares and units at December 31,			119,959				119,838				119,959				119,838

 

 

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CONSOLIDATED BALANCE SHEETS

 

Dollars in thousands (Unaudited)
		December 31, 2024				December 31, 2023
Assets
Real estate assets:
Land		$	2,096,912			$	2,031,403
Buildings and improvements and other			14,160,799				13,515,949
Development and capital improvements in progress			470,282				385,405
			16,727,993				15,932,757
Less: Accumulated depreciation			(5,327,584	)			(4,864,690	)
			11,400,409				11,068,067
Undeveloped land			73,359				73,861
Investment in real estate joint venture			41,650				41,977
Real estate assets, net			11,515,418				11,183,905
Cash and cash equivalents			43,018				41,314
Restricted cash			13,743				13,777
Other assets			232,426				245,507
Assets held for sale			7,764				—
Total assets		$	11,812,369			$	11,484,503
Liabilities and equity
Liabilities:
Unsecured notes payable		$	4,620,690			$	4,180,084
Secured notes payable			360,267				360,141
Accrued expenses and other liabilities			683,748				645,156
Total liabilities			5,664,705				5,185,381
Redeemable common stock			22,230				19,167
Shareholders’ equity:
Preferred stock			9				9
Common stock			1,166				1,168
Additional paid-in capital			7,417,453				7,399,921
Accumulated distributions in excess of net income			(1,469,557	)			(1,298,263	)
Accumulated other comprehensive loss			(6,940	)			(8,764	)
Total MAA shareholders’ equity			5,942,131				6,094,071
Noncontrolling interests - Operating Partnership units			155,409				163,128
Total shareholders’ equity			6,097,540				6,257,199
Noncontrolling interests - consolidated real estate entities			27,894				22,756
Total equity			6,125,434				6,279,955
Total liabilities and equity		$	11,812,369			$	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 December 31,								Year ended December 31,
		2024				2023				2024				2023
Net income available for MAA common shareholders		$	165,724			$	159,554			$	523,855			$	549,118
Depreciation and amortization of real estate assets			149,457				139,437				579,927				558,969
(Gain) loss on sale of depreciable real estate assets			(55,028	)			1				(55,003	)			62
MAA’s share of depreciation and amortization of real estate assets of real estate joint venture			162				159				628				615
Gain on consolidation of third-party development (1)			(206	)			—				(11,239	)			—
Net income attributable to noncontrolling interests			4,428				4,392				14,033				15,025
FFO attributable to common shareholders and unitholders			264,537				303,543				1,052,201				1,123,789
Loss (gain) on embedded derivative in preferred shares (1)			4,300				(20,391	)			18,751				(18,528	)
Gain on sale of non-depreciable real estate assets			—				—				—				(54	)
Gain on investments, net of tax (1)(2)			(3,205	)			(2,928	)			(6,078	)			(3,531	)
Casualty related charges (recoveries), net (1)			338				392				(9,326	)			980
Gain on debt extinguishment (1)			—				—				—				(57	)
Legal costs, settlements and (recoveries), net (1)(3)			1,437				(2,854	)			9,437				(4,454	)
Mark-to-market debt adjustment (4)			—				—				—				(25	)
Core FFO attributable to common shareholders and unitholders			267,407				277,762				1,064,985				1,098,120
Recurring capital expenditures			(23,418	)			(26,318	)			(112,228	)			(111,685	)
Core AFFO attributable to common shareholders and unitholders			243,989				251,444				952,757				986,435
Redevelopment capital expenditures			(17,903	)			(20,735	)			(51,670	)			(98,177	)
Revenue enhancing capital expenditures			(15,394	)			(20,455	)			(75,960	)			(71,623	)
Commercial capital expenditures			(3,542	)			(2,382	)			(7,823	)			(6,922	)
Other capital expenditures			(24,662	)			(8,563	)			(71,820	)			(31,672	)
FAD attributable to common shareholders and unitholders		$	182,488			$	199,309			$	745,484			$	778,041
Dividends and distributions paid		$	176,336			$	167,768			$	705,160			$	669,388
Weighted average common shares - diluted			116,892				116,733				116,776				116,645
FFO weighted average common shares and units - diluted			119,958				119,837				119,929				119,722
Earnings per common share - diluted:
Net income available for common shareholders		$	1.42			$	1.37			$	4.49			$	4.71
FFO per Share - diluted		$	2.21			$	2.53			$	8.77			$	9.39
Core FFO per Share - diluted		$	2.23			$	2.32			$	8.88			$	9.17
Core AFFO per Share - diluted		$	2.03			$	2.10			$	7.94			$	8.24

 

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

 

Dollars in thousands		Three Months Ended								Year Ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Net income available for MAA common shareholders		$	165,724			$	159,554			$	523,855			$	549,118
Depreciation and amortization			150,852				140,888				585,616				565,063
Property management expenses			17,579				17,467				72,040				67,784
General and administrative expenses			14,072				15,249				56,516				58,578
Interest expense			44,192				38,579				168,544				149,234
(Gain) loss on sale of depreciable real estate assets			(55,028	)			1				(55,003	)			62
Gain on sale of non-depreciable real estate assets			—				—				—				(54	)
Other non-operating expense (income)			949				(27,219	)			(1,655	)			(31,185	)
Income tax expense			1,755				1,148				5,240				4,744
Income from real estate joint venture			(546	)			(516	)			(1,951	)			(1,730	)
Net income attributable to noncontrolling interests			4,428				4,392				14,033				15,025
Dividends to MAA Series I preferred shareholders			922				922				3,688				3,688
Total NOI		$	344,899			$	350,465			$	1,370,923			$	1,380,327
Same Store NOI		$	331,047			$	338,297			$	1,321,177			$	1,339,810
Non-Same Store and Other NOI			13,852				12,168				49,746				40,517
Total NOI		$	344,899			$	350,465			$	1,370,923			$	1,380,327

 

 

RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

 

Dollars in thousands		Three Months Ended								Year Ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Net income		$	171,074			$	164,868			$	541,576			$	567,831
Depreciation and amortization			150,852				140,888				585,616				565,063
Interest expense			44,192				38,579				168,544				149,234
Income tax expense (benefit)			1,755				1,148				5,240				4,744
EBITDA			367,873				345,483				1,300,976				1,286,872
(Gain) loss on sale of depreciable real estate assets			(55,028	)			1				(55,003	)			62
Gain on consolidation of third-party development (1)			(206	)			—				(11,239	)			—
Adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates			345				339				1,363				1,350
EBITDAre			312,984				345,823				1,236,097				1,288,284
Loss (gain) on embedded derivative in preferred shares (1)			4,300				(20,391	)			18,751				(18,528	)
Gain on sale of non-depreciable real estate assets			—				—				—				(54	)
Gain on investments (1)			(4,143	)			(3,704	)			(7,809	)			(4,449	)
Casualty related charges (recoveries), net (1)			338				392				(9,326	)			980
Gain on debt extinguishment (1)			—				—				—				(57	)
Legal costs, settlements and (recoveries), net (1)(2)			1,437				(2,854	)			9,437				(4,454	)
Adjusted EBITDAre		$	314,916			$	319,266			$	1,247,150			$	1,261,722

 

 

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

 

Dollars in thousands
		December 31, 2024				December 31, 2023
Unsecured notes payable		$	4,620,690			$	4,180,084
Secured notes payable			360,267				360,141
Total debt			4,980,957				4,540,225
Cash and cash equivalents			(43,018	)			(41,314	)
Net Debt		$	4,937,939			$	4,498,911

 

RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS

 

Dollars in thousands
		December 31, 2024				December 31, 2023
Total assets		$	11,812,369			$	11,484,503
Accumulated depreciation			5,327,584				4,864,690
Accumulated depreciation for Assets held for sale (1)			30,218				—
Gross Assets		$	17,170,171			$	16,349,193

 

 

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

 

Dollars in thousands
		December 31, 2024				December 31, 2023
Real estate assets, net		$	11,515,418			$	11,183,905
Accumulated depreciation			5,327,584				4,864,690
Assets held for sale, net			7,764				—
Accumulated depreciation for Assets held for sale (1)			30,218				—
Cash and cash equivalents			43,018				41,314
Gross Real Estate Assets		$	16,924,002			$	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 DECEMBER 31, 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			10,117				—				386				10,503				—				10,503
Austin, TX			6,829				350				—				7,179				—				7,179
Charlotte, NC			5,651				344				352				6,347				—				6,347
Orlando, FL			5,643				264				310				6,217				—				6,217
Raleigh/Durham, NC			5,350				—				306				5,656				73				5,729
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
Phoenix, AZ			2,968				323				317				3,608				—				3,608
Jacksonville, FL			3,496				—				—				3,496				—				3,496
Charleston, SC			3,168				—				—				3,168				—				3,168
Greenville, SC			2,354				—				—				2,354				—				2,354
Richmond, VA			1,732				—				—				1,732				—				1,732
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
Denver, CO			1,118				—				352				1,470				—				1,470
Birmingham, AL			1,462				—				—				1,462				—				1,462
Fredericksburg, VA			1,435				—				—				1,435				—				1,435
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			97,290				1,953				2,763				102,006				73				102,079

 

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PORTFOLIO STATISTICS (CONTINUED)

 

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit

		As of December 31, 2024												Average Effective				As of December 31, 2024
		Gross Real Assets				Percent to Total of Gross Real Assets				Physical Occupancy				Rent per Unit for the Three Months Ended December 31, 2024				Completed Units				Total Units, Including Development
Atlanta, GA		$	2,118,356				12.9	%			96.0	%		$	1,798				11,434
Dallas, TX			1,611,937				9.8	%			95.2	%			1,655				10,117
Charlotte, NC			1,143,445				7.0	%			96.1	%			1,648				5,995
Orlando, FL			1,042,585				6.3	%			96.2	%			1,990				5,907
Tampa, FL			1,027,372				6.3	%			96.4	%			2,086				5,416
Austin, TX			967,332				5.9	%			94.9	%			1,554				7,179
Raleigh/Durham, NC			739,989				4.5	%			96.1	%			1,533				5,350
Houston, TX			725,026				4.4	%			95.5	%			1,435				5,175
Phoenix, AZ			597,148				3.6	%			95.7	%			1,723				3,291
Northern Virginia			579,904				3.5	%			95.7	%			2,501				1,888
Nashville, TN			567,219				3.5	%			95.9	%			1,680				4,375
Charleston, SC			440,116				2.7	%			95.8	%			1,817				3,168
Fort Worth, TX			401,425				2.4	%			95.3	%			1,580				3,687
Jacksonville, FL			320,590				2.0	%			96.1	%			1,493				3,496
Denver, CO			298,105				1.8	%			94.3	%			1,968				1,118
Richmond, VA			261,703				1.6	%			95.8	%			1,672				1,732
Fredericksburg, VA			259,236				1.6	%			95.9	%			1,891				1,435
Greenville, SC			246,496				1.5	%			96.3	%			1,335				2,354
Savannah, GA			228,984				1.4	%			96.1	%			1,708				1,837
Kansas City, MO-KS			195,918				1.2	%			95.4	%			1,644				1,110
Birmingham, AL			173,789				1.1	%			96.8	%			1,406				1,462
San Antonio, TX			172,377				1.0	%			95.3	%			1,363				1,504
All Other Markets by State (individual markets <1% gross real assets)
Tennessee			208,999				1.3	%			95.3	%			1,348				2,754
Florida			196,306				1.2	%			96.1	%			1,838				1,806
Alabama			182,000				1.1	%			95.3	%			1,381				1,648
Virginia			171,899				1.0	%			94.8	%			1,793				1,039
Kentucky			104,715				0.6	%			95.6	%			1,276				1,308
Maryland			84,694				0.5	%			95.3	%			2,314				361
Nevada			75,798				0.5	%			95.3	%			1,591				721
South Carolina			39,762				0.2	%			93.6	%			1,265				576
Stabilized Communities		$	15,183,225				92.4	%			95.7	%		$	1,684				99,243
Charlotte, NC			236,604				1.4	%			91.2	%			1,817				352				893
Raleigh/Durham, NC			209,195				1.3	%			29.8	%			1,835				379				712
Tampa, FL			154,540				0.9	%			—				—				—				495
Denver, CO			138,672				0.9	%			61.4	%			2,227				352				571
Phoenix, AZ			112,775				0.7	%			56.2	%			1,952				317				662
Dallas, TX			105,141				0.6	%			44.0	%			1,992				386				386
Salt Lake City, UT			95,091				0.6	%			69.5	%			1,754				400				400
Atlanta, GA			91,407				0.6	%			82.1	%			2,076				340				340
Orlando, FL			83,852				0.5	%			90.0	%			2,055				310				310
Richmond, VA			15,994				0.1	%			—				—				—				306
Lease-up / Development Communities		$	1,243,271				7.6	%			61.0	%		$	1,957				2,836				5,075
Total Multifamily Communities		$	16,426,496				100.0	%			94.7	%		$	1,692				102,079				104,318

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COMPONENTS OF NET OPERATING INCOME

Dollars in thousands

 

		Three Months Ended												As of December 31, 2024
		December 31, 2024				December 31, 2023				Percent Change				Apartment Units				Gross Real Assets
Operating Revenues
Same Store Communities		$	520,134			$	521,169				-0.2	%			97,290			$	14,757,287
Non-Same Store Communities			11,894				12,478								1,953				425,938
Lease-up/Development Communities			11,348				2,284								2,836				1,243,271
Total Multifamily Portfolio		$	543,376			$	535,931								102,079			$	16,426,496
Commercial Property/Land			6,456				6,316								—				371,595
Total Operating Revenues		$	549,832			$	542,247								102,079			$	16,798,091
Property Operating Expenses
Same Store Communities		$	189,087			$	182,872				3.4	%
Non-Same Store Communities			4,817				4,486
Lease-up/Development Communities			5,733				1,363
Storm Costs			2,621				—
Total Multifamily Portfolio		$	202,258			$	188,721
Commercial Property/Land			2,675				3,061
Total Property Operating Expenses		$	204,933			$	191,782
Net Operating Income
Same Store Communities		$	331,047			$	338,297				-2.1	%
Non-Same Store Communities			7,077				7,992
Lease-up/Development Communities			5,615				921
Storm Costs			(2,621	)			—
Total Multifamily Portfolio		$	341,118			$	347,210
Commercial Property/Land			3,781				3,255
Total Net Operating Income		$	344,899			$	350,465				-1.6	%

 

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

 

		Three Months Ended												Year Ended
		December 31, 2024				December 31, 2023				Percent Change				December 31, 2024				December 31, 2023				Percent Change
Property Taxes		$	68,624			$	67,389				1.8	%		$	270,584			$	265,296				2.0	%
Personnel			40,712				38,594				5.5	%			165,249				157,656				4.8	%
Utilities			34,290				32,953				4.1	%			135,810				131,197				3.5	%
Building Repair and Maintenance			22,748				22,744				0.0	%			97,590				95,955				1.7	%
Office Operations			9,008				8,004				12.5	%			34,922				30,366				15.0	%
Insurance			8,332				8,222				1.3	%			33,088				30,713				7.7	%
Marketing			5,373				4,966				8.2	%			26,416				24,103				9.6	%
Total Property Operating Expenses		$	189,087			$	182,872				3.4	%		$	763,659			$	735,286				3.9	%

 

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MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE

 

										Average Physical Occupancy
						Percent of				Three Months Ended								Year Ended
		Apartment Units				Same Store NOI				December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Atlanta, GA			11,434				11.5	%			95.3	%			94.4	%			94.6	%			94.5	%
Dallas, TX			10,117				9.4	%			95.2	%			95.4	%			95.3	%			95.6	%
Tampa, FL			5,416				7.2	%			96.3	%			96.0	%			96.0	%			95.8	%
Orlando, FL			5,643				7.0	%			95.7	%			96.0	%			95.9	%			96.0	%
Charlotte, NC			5,651				6.2	%			95.9	%			95.4	%			95.6	%			95.6	%
Austin, TX			6,829				5.8	%			95.1	%			94.7	%			95.0	%			95.1	%
Raleigh/Durham, NC			5,350				5.6	%			95.7	%			96.1	%			95.8	%			95.9	%
Nashville, TN			4,375				4.9	%			95.8	%			96.1	%			95.9	%			95.8	%
Houston, TX			5,175				3.8	%			95.5	%			95.8	%			95.4	%			95.5	%
Charleston, SC			3,168				3.8	%			95.7	%			95.8	%			96.1	%			95.9	%
Phoenix, AZ			2,968				3.5	%			95.7	%			95.0	%			95.3	%			95.4	%
Fort Worth, TX			3,687				3.4	%			95.4	%			95.2	%			95.3	%			95.6	%
Northern Virginia			1,888				3.1	%			96.2	%			96.2	%			96.6	%			96.2	%
Jacksonville, FL			3,496				3.0	%			95.7	%			95.3	%			95.7	%			95.7	%
Savannah, GA			1,837				2.0	%			95.9	%			96.1	%			95.8	%			96.2	%
Greenville, SC			2,354				2.0	%			95.9	%			96.0	%			95.8	%			96.1	%
Richmond, VA			1,732				1.9	%			96.1	%			96.0	%			96.4	%			95.9	%
Fredericksburg, VA			1,435				1.9	%			96.1	%			96.9	%			96.6	%			96.4	%
Memphis, TN			1,811				1.5	%			94.5	%			95.3	%			95.2	%			94.7	%
Denver, CO			1,118				1.4	%			94.3	%			95.7	%			95.3	%			95.4	%
Birmingham, AL			1,462				1.3	%			95.5	%			96.5	%			95.6	%			96.2	%
Kansas City, MO-KS			1,110				1.1	%			95.5	%			95.9	%			95.8	%			95.9	%
San Antonio, TX			1,504				1.1	%			95.7	%			96.0	%			95.6	%			95.8	%
Huntsville, AL			1,228				1.1	%			95.7	%			95.7	%			95.2	%			95.3	%
Other			6,502				6.5	%			95.3	%			95.9	%			95.7	%			95.9	%
Total Same Store			97,290				100.0	%			95.6	%			95.5	%			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				Q4 2024				Q4 2023				% Chg				Q4 2024				Q4 2023				% Chg				Q4 2024				Q4 2023				% Chg				Q4 2024				Q4 2023				% Chg
Atlanta, GA			11,434			$	64,825			$	65,781				(1.5	)%		$	26,912			$	24,004				12.1	%		$	37,913			$	41,777				(9.2	)%		$	1,798			$	1,850				(2.8	)%
Dallas, TX			10,117				52,840				53,058				(0.4	)%			21,808				21,351				2.1	%			31,032				31,707				(2.1	)%			1,655				1,669				(0.8	)%
Tampa, FL			5,416				35,800				35,766				0.1	%			11,885				11,365				4.6	%			23,915				24,401				(2.0	)%			2,086				2,105				(0.9	)%
Orlando, FL			5,643				34,999				35,461				(1.3	)%			11,916				11,835				0.7	%			23,083				23,626				(2.3	)%			1,971				1,992				(1.1	)%
Charlotte, NC			5,651				29,353				29,181				0.6	%			8,853				8,496				4.2	%			20,500				20,685				(0.9	)%			1,634				1,640				(0.4	)%
Austin, TX			6,829				34,100				35,073				(2.8	)%			14,869				16,102				(7.7	)%			19,231				18,971				1.4	%			1,553				1,617				(3.9	)%
Raleigh/Durham, NC			5,350				26,409				26,664				(1.0	)%			7,750				8,097				(4.3	)%			18,659				18,567				0.5	%			1,533				1,545				(0.8	)%
Nashville, TN			4,375				23,421				23,685				(1.1	)%			7,229				7,476				(3.3	)%			16,192				16,209				(0.1	)%			1,680				1,700				(1.2	)%
Houston, TX			5,175				23,719				23,666				0.2	%			11,038				10,295				7.2	%			12,681				13,371				(5.2	)%			1,435				1,429				0.4	%
Charleston, SC			3,168				18,047				17,687				2.0	%			5,571				5,492				1.4	%			12,476				12,195				2.3	%			1,817				1,771				2.6	%
Phoenix, AZ			2,968				16,124				16,254				(0.8	)%			4,422				4,153				6.5	%			11,702				12,101				(3.3	)%			1,721				1,751				(1.7	)%
Fort Worth, TX			3,687				19,189				19,019				0.9	%			8,023				7,177				11.8	%			11,166				11,842				(5.7	)%			1,580				1,576				0.3	%
Northern Virginia			1,888				14,770				13,850				6.6	%			4,505				3,979				13.2	%			10,265				9,871				4.0	%			2,501				2,356				6.2	%
Jacksonville, FL			3,496				15,922				16,487				(3.4	)%			5,859				5,962				(1.7	)%			10,063				10,525				(4.4	)%			1,493				1,548				(3.5	)%
Savannah, GA			1,837				10,220				10,028				1.9	%			3,524				3,146				12.0	%			6,696				6,882				(2.7	)%			1,708				1,694				0.8	%
Greenville, SC			2,354				10,370				10,291				0.8	%			3,703				3,650				1.5	%			6,667				6,641				0.4	%			1,335				1,327				0.6	%
Richmond, VA			1,732				9,025				9,030				(0.1	)%			2,776				2,750				0.9	%			6,249				6,280				(0.5	)%			1,672				1,649				1.4	%
Fredericksburg, VA			1,435				8,643				8,342				3.6	%			2,513				2,356				6.7	%			6,130				5,986				2.4	%			1,891				1,801				5.0	%
Memphis, TN			1,811				7,951				7,937				0.2	%			2,993				2,872				4.2	%			4,958				5,065				(2.1	)%			1,380				1,358				1.7	%
Denver, CO			1,118				6,912				7,120				(2.9	)%			2,176				2,327				(6.5	)%			4,736				4,793				(1.2	)%			1,968				1,977				(0.5	)%
Birmingham, AL			1,462				6,836				6,782				0.8	%			2,650				2,594				2.2	%			4,186				4,188				(0.0	)%			1,406				1,391				1.0	%
Kansas City, MO-KS			1,110				5,764				5,576				3.4	%			2,025				1,853				9.3	%			3,739				3,723				0.4	%			1,644				1,577				4.2	%
San Antonio, TX			1,504				6,543				6,676				(2.0	)%			2,826				2,961				(4.6	)%			3,717				3,715				0.1	%			1,363				1,387				(1.7	)%
Huntsville, AL			1,228				5,339				5,363				(0.4	)%			1,752				1,782				(1.7	)%			3,587				3,581				0.2	%			1,293				1,319				(2.0	)%
Other			6,502				33,013				32,392				1.9	%			11,509				10,797				6.6	%			21,504				21,595				(0.4	)%			1,617				1,583				2.1	%
Total Same Store			97,290			$	520,134			$	521,169				(0.2	)%		$	189,087			$	182,872				3.4	%		$	331,047			$	338,297				(2.1	)%		$	1,684			$	1,693				(0.5	)%

 

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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				Q4 2024				Q3 2024				% Chg				Q4 2024				Q3 2024				% Chg				Q4 2024				Q3 2024				% Chg				Q4 2024				Q3 2024				% Chg
Atlanta, GA			11,434			$	64,825			$	65,177				(0.5	)%		$	26,912			$	26,808				0.4	%		$	37,913			$	38,369				(1.2	)%		$	1,798			$	1,813				(0.8	)%
Dallas, TX			10,117				52,840				53,356				(1.0	)%			21,808				23,411				(6.8	)%			31,032				29,945				3.6	%			1,655				1,663				(0.5	)%
Tampa, FL			5,416				35,800				35,722				0.2	%			11,885				11,892				(0.1	)%			23,915				23,830				0.4	%			2,086				2,093				(0.3	)%
Orlando, FL			5,643				34,999				35,215				(0.6	)%			11,916				11,347				5.0	%			23,083				23,868				(3.3	)%			1,971				1,978				(0.4	)%
Charlotte, NC			5,651				29,353				29,557				(0.7	)%			8,853				9,503				(6.8	)%			20,500				20,054				2.2	%			1,634				1,642				(0.5	)%
Austin, TX			6,829				34,100				34,750				(1.9	)%			14,869				17,041				(12.7	)%			19,231				17,709				8.6	%			1,553				1,580				(1.7	)%
Raleigh/Durham, NC			5,350				26,409				26,725				(1.2	)%			7,750				9,171				(15.5	)%			18,659				17,554				6.3	%			1,533				1,544				(0.7	)%
Nashville, TN			4,375				23,421				23,616				(0.8	)%			7,229				8,064				(10.4	)%			16,192				15,552				4.1	%			1,680				1,690				(0.5	)%
Houston, TX			5,175				23,719				23,707				0.1	%			11,038				10,065				9.7	%			12,681				13,642				(7.0	)%			1,435				1,436				(0.0	)%
Charleston, SC			3,168				18,047				18,264				(1.2	)%			5,571				5,868				(5.1	)%			12,476				12,396				0.6	%			1,817				1,815				0.1	%
Phoenix, AZ			2,968				16,124				16,355				(1.4	)%			4,422				4,818				(8.2	)%			11,702				11,537				1.4	%			1,721				1,730				(0.5	)%
Fort Worth, TX			3,687				19,189				19,311				(0.6	)%			8,023				7,537				6.4	%			11,166				11,774				(5.2	)%			1,580				1,582				(0.2	)%
Northern Virginia			1,888				14,770				14,695				0.5	%			4,505				4,705				(4.3	)%			10,265				9,990				2.8	%			2,501				2,484				0.7	%
Jacksonville, FL			3,496				15,922				16,198				(1.7	)%			5,859				5,708				2.6	%			10,063				10,490				(4.1	)%			1,493				1,510				(1.1	)%
Savannah, GA			1,837				10,220				10,078				1.4	%			3,524				3,845				(8.3	)%			6,696				6,233				7.4	%			1,708				1,713				(0.3	)%
Greenville, SC			2,354				10,370				10,314				0.5	%			3,703				3,946				(6.2	)%			6,667				6,368				4.7	%			1,335				1,336				(0.1	)%
Richmond, VA			1,732				9,025				9,114				(1.0	)%			2,776				2,949				(5.9	)%			6,249				6,165				1.4	%			1,672				1,668				0.3	%
Fredericksburg, VA			1,435				8,643				8,623				0.2	%			2,513				2,606				(3.6	)%			6,130				6,017				1.9	%			1,891				1,873				1.0	%
Memphis, TN			1,811				7,951				7,983				(0.4	)%			2,993				3,144				(4.8	)%			4,958				4,839				2.5	%			1,380				1,378				0.2	%
Denver, CO			1,118				6,912				7,046				(1.9	)%			2,176				2,214				(1.7	)%			4,736				4,832				(2.0	)%			1,968				1,978				(0.5	)%
Birmingham, AL			1,462				6,836				6,886				(0.7	)%			2,650				2,821				(6.1	)%			4,186				4,065				3.0	%			1,406				1,412				(0.5	)%
Kansas City, MO-KS			1,110				5,764				5,761				0.1	%			2,025				2,153				(5.9	)%			3,739				3,608				3.6	%			1,644				1,634				0.6	%
San Antonio, TX			1,504				6,543				6,612				(1.0	)%			2,826				2,684				5.3	%			3,717				3,928				(5.4	)%			1,363				1,367				(0.3	)%
Huntsville, AL			1,228				5,339				5,354				(0.3	)%			1,752				2,012				(12.9	)%			3,587				3,342				7.3	%			1,293				1,307				(1.0	)%
Other			6,502				33,013				33,114				(0.3	)%			11,509				11,954				(3.7	)%			21,504				21,160				1.6	%			1,617				1,613				0.2	%
Total Same Store			97,290			$	520,134			$	523,533				(0.6	)%		$	189,087			$	196,266				(3.7	)%		$	331,047			$	327,267				1.2	%		$	1,684			$	1,691				(0.4	)%

 

---

MULTIFAMILY SAME STORE PORTFOLIO FULL YEAR COMPARISONS AS OF DECEMBER 31, 2024 and 2023

Dollars in thousands, except Average Effective Rent per Unit

						Revenues												Expenses												NOI												Average Effective Rent per Unit
		Units				Q4 2024				Q4 2023				% Chg				Q4 2024				Q4 2023				% Chg				Q4 2024				Q4 2023				% Chg				Q4 2024				Q4 2023				% Chg
Atlanta, GA			11,434			$	260,040			$	261,678				(0.6	)%		$	104,908			$	96,334				8.9	%		$	155,132			$	165,344				(6.2	)%		$	1,819			$	1,848				(1.6	)%
Dallas, TX			10,117				212,155				211,791				0.2	%			88,350				84,747				4.3	%			123,805				127,044				(2.5	)%			1,662				1,659				0.2	%
Tampa, FL			5,416				143,037				142,101				0.7	%			48,702				47,554				2.4	%			94,335				94,547				(0.2	)%			2,093				2,094				(0.1	)%
Orlando, FL			5,643				140,969				141,274				(0.2	)%			48,485				48,140				0.7	%			92,484				93,134				(0.7	)%			1,979				1,983				(0.2	)%
Charlotte, NC			5,651				117,360				115,988				1.2	%			35,907				34,159				5.1	%			81,453				81,829				(0.5	)%			1,638				1,626				0.8	%
Austin, TX			6,829				138,523				141,608				(2.2	)%			62,512				62,503				0.0	%			76,011				79,105				(3.9	)%			1,585				1,627				(2.5	)%
Raleigh/Durham, NC			5,350				106,359				105,749				0.6	%			34,186				32,713				4.5	%			72,173				73,036				(1.2	)%			1,540				1,534				0.4	%
Nashville, TN			4,375				94,219				94,192				0.0	%			30,756				30,212				1.8	%			63,463				63,980				(0.8	)%			1,691				1,694				(0.2	)%
Houston, TX			5,175				94,595				93,893				0.7	%			40,744				41,142				(1.0	)%			53,851				52,751				2.1	%			1,432				1,417				1.1	%
Charleston, SC			3,168				72,141				69,633				3.6	%			23,028				21,705				6.1	%			49,113				47,928				2.5	%			1,801				1,733				3.9	%
Phoenix, AZ			2,968				64,830				65,617				(1.2	)%			18,099				16,971				6.6	%			46,731				48,646				(3.9	)%			1,734				1,756				(1.3	)%
Fort Worth, TX			3,687				76,689				76,248				0.6	%			29,946				29,697				0.8	%			46,743				46,551				0.4	%			1,579				1,569				0.6	%
Northern Virginia			1,888				57,859				54,574				6.0	%			17,916				16,717				7.2	%			39,943				37,857				5.5	%			2,445				2,319				5.5	%
Jacksonville, FL			3,496				64,832				66,544				(2.6	)%			23,592				23,681				(0.4	)%			41,240				42,863				(3.8	)%			1,514				1,552				(2.5	)%
Savannah, GA			1,837				40,468				39,593				2.2	%			14,830				12,784				16.0	%			25,638				26,809				(4.4	)%			1,706				1,664				2.5	%
Greenville, SC			2,354				41,371				41,110				0.6	%			15,193				13,785				10.2	%			26,178				27,325				(4.2	)%			1,331				1,316				1.1	%
Richmond, VA			1,732				36,214				35,815				1.1	%			11,314				11,172				1.3	%			24,900				24,643				1.0	%			1,659				1,627				1.9	%
Fredericksburg, VA			1,435				34,212				33,121				3.3	%			9,945				9,485				4.8	%			24,267				23,636				2.7	%			1,850				1,794				3.1	%
Memphis, TN			1,811				31,829				31,435				1.3	%			12,079				11,641				3.8	%			19,750				19,794				(0.2	)%			1,371				1,354				1.3	%
Denver, CO			1,118				28,132				28,157				(0.1	)%			8,732				8,723				0.1	%			19,400				19,434				(0.2	)%			1,974				1,965				0.4	%
Birmingham, AL			1,462				27,151				26,738				1.5	%			10,856				10,222				6.2	%			16,295				16,516				(1.3	)%			1,403				1,376				2.0	%
Kansas City, MO-KS			1,110				22,743				21,875				4.0	%			8,161				7,963				2.5	%			14,582				13,912				4.8	%			1,614				1,556				3.8	%
San Antonio, TX			1,504				26,353				26,584				(0.9	)%			11,299				11,240				0.5	%			15,054				15,344				(1.9	)%			1,373				1,388				(1.1	)%
Huntsville, AL			1,228				21,371				21,405				(0.2	)%			7,594				7,581				0.2	%			13,777				13,824				(0.3	)%			1,307				1,313				(0.4	)%
Other			6,502				131,384				128,373				2.3	%			46,525				44,415				4.8	%			84,859				83,958				1.1	%			1,604				1,566				2.4	%
Total Same Store			97,290			$	2,084,836			$	2,075,096				0.5	%		$	763,659			$	735,286				3.9	%		$	1,321,177			$	1,339,810				(1.4	)%		$	1,688			$	1,684				0.3	%

 

 

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MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

				Units as of									Development Costs as of
				December 31, 2024									December 31, 2024												Expected
													Expected			Costs			Expected				Start		Initial
		Location		Total			Delivered			Leased			Total			to Date			Remaining				Date		Occupancy		Completion		Stabilization (1)
MAA Nixie		Raleigh/Durham, NC			406			73			14		$	145,500		$	127,944		$	17,556			4Q22		3Q24		3Q25		3Q26
MAA Breakwater		Tampa, FL			495			—			—			197,500			154,540			42,960			4Q22		1Q25		4Q25		1Q27
Modera Liberty Row (2)		Charlotte, NC			239			—			—			112,000			100,492			11,508			1Q22		3Q25		1Q26		4Q26
MAA Plaza Midwood (3)		Charlotte, NC			302			—			—			101,500			29,105			72,395			2Q24		2Q26		4Q26		4Q27
Modera Chandler (3)		Phoenix, AZ			345			—			—			117,500			34,068			83,432			2Q24		2Q26		4Q26		4Q27
MAA Porter		Richmond, VA			306			—			—			99,500			15,994			83,506			3Q24		1Q27		3Q27		1Q28
MAA Milepost 35 II		Denver, CO			219			—			—			78,000			15,038			62,962			4Q24		2Q26		4Q26		4Q27
Total Active					2,312			73			14		$	851,500		$	477,181		$	374,319

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

				As of December 31, 2024
		Location		Total Units				Physical Occupancy		Costs to Date				Construction Completed		Expected Stabilization (1)
MAA Optimist Park		Charlotte, NC		352				91.2%		$	107,007			(3)		1Q25
MAA Boggy Creek		Orlando, FL		310				90.0%			83,852			(3)		1Q25
Novel West Midtown (2)		Atlanta, GA		340				82.1%			91,407			3Q23		2Q25
Novel Daybreak (2)		Salt Lake City, UT		400				69.5%			95,091			3Q24		3Q25
MAA Vale		Raleigh/Durham, NC		306				66.7%			81,251			(3)		3Q25
Novel Val Vista (2)		Phoenix, AZ		317				56.2%			78,707			4Q24		3Q25
MAA Milepost 35		Denver, CO		352				61.4%			123,634			4Q24		3Q25
MAA Cathedral Arts		Dallas, TX		386				44.0%			105,141			(3)		2Q26
Total					2,763			69.7%		$	766,090

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

Year ended December 31, 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
	5,665			$	35,230			$	6,219			$	106			7.3%		9,000 - 12,000

 

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2024 ACQUISITION ACTIVITY

 

Multifamily Acquisitions		Market		Apartment Units		Closing Date
MAA Cathedral Arts		Dallas, TX		386		Oct-24
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 Nixie II		Raleigh/Durham, NC		3.3		Dec-24
MAA Porter		Richmond, VA		3.3		Aug-24

 

2024 DISPOSITION ACTIVITY

 

Multifamily Dispositions		Market		Apartment Units		Closing Date
MAA Ashley Park		Richmond, VA		272		Dec-24
MAA South Tryon		Charlotte, NC		216		Oct-24

 

DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 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		$	4,730,957				95.0	%			3.8	%			7.7
Floating rate debt			250,000				5.0	%			4.7	%			0.1
Total		$	4,980,957				100.0	%			3.8	%			7.3
Unsecured Versus Secured Debt		Balance				Percent of Total				Effective Interest Rate				Average Years to Contract Maturity
Unsecured debt		$	4,620,690				92.8	%			3.8	%			6.0
Secured debt			360,267				7.2	%			4.4	%			24.1
Total		$	4,980,957				100.0	%			3.8	%			7.3
Unencumbered Versus Encumbered Assets		Total Cost				Percent of Total				Q4 2024 NOI				Percent of Total
Unencumbered gross assets		$	16,398,866				95.5	%		$	330,819				95.9	%
Encumbered gross assets			771,305				4.5	%			14,080				4.1	%
Total		$	17,170,171				100.0	%		$	344,899				100.0	%

FIXED INTEREST RATE MATURITIES

Maturity		Fixed Rate Debt					Effective Interest Rate
2025		$	399,340					4.2	%
2026			298,744					1.2	%
2027			598,121					3.7	%
2028			397,911					4.2	%
2029			556,359					3.7	%
2030			298,230					3.1	%
2031			446,302					1.8	%
2032			394,680					5.4	%
2033			—					—
2034			343,795					5.1	%
Thereafter			997,475					4.2	%
Total		$	4,730,957					3.8	%

 

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DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2024 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

Maturity		Commercial Paper ⁽¹⁾ & Revolving Credit Facility ⁽²⁾				Public Bonds				Secured				Total
2025		$	250,000			$	399,340			$	—			$	649,340
2026			—				298,744				—				298,744
2027			—				598,121				—				598,121
2028			—				397,911				—				397,911
2029			—				556,359				—				556,359
2030			—				298,230				—				298,230
2031			—				446,302				—				446,302
2032			—				394,680				—				394,680
2033			—				—				—				—
2034			—				343,795				—				343,795
Thereafter			—				637,208				360,267				997,475
Total		$	250,000			$	4,370,690			$	360,267			$	4,980,957

DEBT COVENANT ANALYSIS (1)

Bond Covenants		Required		Actual		Compliance
Total debt to adjusted total assets		60% or less		29.0%		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		6.7x		Yes
Total unencumbered assets to total unsecured debt		Greater than 150%		346.8%		Yes
Bank Covenants		Required		Actual		Compliance
Total debt to total capitalized asset value		60% or less		21.4%		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		7.1x		Yes
Total unsecured debt to total unsecured capitalized asset value		60% or less		20.6%		Yes

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2025 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 2025
Earnings:		Range		Midpoint
Earnings per common share - diluted		$5.51 to $5.83		$5.67
Core FFO per Share - diluted		$8.61 to $8.93		$8.77
Core AFFO per Share - diluted		$7.63 to $7.95		$7.79
MAA Same Store Portfolio:
Number of units		96,568		96,568
Average physical occupancy		95.30% to 95.90%		95.60%
Property revenue growth		-0.35% to 1.15%		0.40%
Effective rent growth		-0.30% to 0.70%		0.20%
Property operating expense growth		2.45% to 3.95%		3.20%
NOI growth		-2.15% to -0.15%		-1.15%
Real estate tax expense growth		2.00% to 3.50%		2.75%
Corporate Expenses: ($ in millions)
Property management expenses		$75.5 to $77.5		$76.5
General and administrative expenses		$57.0 to $59.0		$58.0
Total overhead		$132.5 to $136.5		$134.5
Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume		$350.0 to $450.0		$400.0
Multifamily disposition volume		$300.0 to $350.0		$325.0
Development investment		$250.0 to $350.0		$300.0
Debt:
Average effective interest rate		3.5% to 3.7%		3.6%
Capitalized interest ($ in millions)		$20.0 to $22.0		$21.0
Diluted FFO Shares Outstanding:
Diluted common shares and units		119.90 to 120.20 million		120.05 million

 

2024 SAME STORE COMPONENTS OF NET OPERATING INCOME RECAST FOR 2025 SAME STORE PORTFOLIO

Dollars in thousands

		Q4 2024				Full Year 2024
Same Store Revenues Recast for 2025 Same Store Portfolio		$	518,796			$	2,080,027
Same Store Expenses Recast for 2025 Same Store Portfolio			187,470				757,841
Same Store NOI Recast for 2025 Same Store Portfolio		$	331,326			$	1,322,186

 

RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE

 

		Full Year 2025 Guidance Range
		Low				High
Earnings per common share - diluted		$	5.51			$	5.83
Real estate depreciation and amortization			5.09				5.09
Gains on sale of depreciable assets			(2.00	)			(2.00	)
FFO per Share - diluted			8.60				8.92
Non-Core FFO items (1)			0.01				0.01
Core FFO per Share - diluted			8.61				8.93
Recurring capital expenditures			(0.98	)			(0.98	)
Core AFFO per Share - diluted		$	7.63			$	7.95

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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:

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Earnings release & conference call

Early May

Late July

Late October

Early February

Dividend Information - Common Shares:

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Declaration date

12/12/2023

3/19/2024

5/21/2024

9/24/2024

12/10/2024

Record date

1/12/2024

4/15/2024

7/15/2024

10/15/2024

1/15/2025

Payment date

1/31/2024

4/30/2024

7/31/2024

10/31/2024

1/31/2025

Distributions per share

$

1.4700

$

1.4700

$

1.4700

$

1.4700

$

1.5150

 

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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v3.25.0.1

Document And Entity Information	Feb. 05, 2025
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 05, 2025
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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