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Art Wager/E+ via Getty Images Shares of Mid-America Apartment (NYSE:MAA) have rallied strongly of late as we have seen interest rates begin to decline and hopeful signs that pressures on apartment rental rates are nearing their end. I last covered Mid-America in March, rating shares a "buy," and since then, the stook has returned 31%, well alread of the market's 8% gain. I have viewed MAA's Sun Belt exposure as a long-term positive despite recent headwinds, but given the magnitude of the rally, now is a goo ...

Mid-America Apartment (MAA) is poised to benefit from its well-diversified Sun Belt-focused portfolio. The prospects of its redevelopment program and progress in technology measures are likely to drive margin expansion. A healthy balance sheet will support its growth endeavors despite an elevated supply of rental units and a high interest rate environment. Image Source: Mid-America Apartment Communities, Inc. What's Aiding MAA? Sunbelt-Focused Portfolio: MAA's portfolio is set to gain from healthy operating ...

GERMANTOWN, Tenn., Sept. 9, 2024 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced that members of MAA senior management will participate in a round table presentation at the BofA Securities 2024 Global Real Estate Conference. The presentation will take place on Wednesday, September 11, 2024, at approximately 2:15 p.m. Eastern Time. A live webcast of the company's presentation will be accessible through the "Corporate Profile" section of the "For Investors" page of ...

Shares of Mid-America Apartment (MAA) (also known as MAA) have rallied 13.6% year to date, outperforming the industry's growth of 9.3%. Last month, MAA reported second-quarter 2024 core funds from operations (FFO) per share of $2.22, which surpassed the Zacks Consensus Estimate of $2.20. Results reflected healthy demand despite elevated new supply and growth in the average effective rent per unit for the same-store portfolio. The company also experienced low levels of resident turnover. However, an increase ...

peeterv My previous article on Mid-America Apartment Communities, Inc. (NYSE:MAA) was issued right after the publication of its Q1 2024 earnings report. I indicated that MAA is still a clear buy despite short-term headwinds on the supply end. The overall idea was that the decreased construction starts, restrictive financing for households to buy new homes, and MAA's solid balance sheet should lead to a significant value creation as the current oversupply issue gets gradually resolved. Since the publication ...

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Financial Performance - For the three months ended June 30, 2024, net income available for MAA common shareholders was $101.0 million, a 30.2% decrease compared to $144.8 million for the same period in 2023[98][104]. - For the six months ended June 30, 2024, net income available for MAA common shareholders was $243.9 million, a 12.8% decrease compared to the same period in 2023[110]. - Net income for the twelve months ended June 30, 2024, was $530.872 million, a decrease from $567.831 million for the twelve months ended December 31, 2023[127]. - EBITDA for the twelve months ended June 30, 2024, was $1.267 billion, compared to $1.287 billion for the twelve months ended December 31, 2023, reflecting a decrease of approximately 1.0%[127]. - Adjusted EBITDAre for the twelve months ended June 30, 2024, was $1.256 billion, slightly down from $1.262 billion for the twelve months ended December 31, 2023[127]. Revenue and Occupancy - Total revenue for the three months ended June 30, 2024, increased by 2.1% to $546.4 million, driven by a 0.7% increase in Same Store segment revenues[98][105]. - Same Store segment revenues increased by 1.0% for the six months ended June 30, 2024, primarily due to a 1.0% growth in average effective rent per unit[111]. - Average effective rent per unit for the Same Store segment increased by 0.5% compared to the prior year, contributing to revenue growth[99][105]. - Average physical occupancy for the Same Store segment remained stable at 95.5%, consistent with the same period in 2023[100]. - The Non-Same Store and Other segment saw a revenue increase of 45.1%, primarily from completed development communities and recently acquired properties[105]. Expenses - Property operating expenses for the Same Store segment increased by 3.7% to $193.3 million, primarily due to higher personnel and insurance expenses[106]. - Property operating expenses for the six months ended June 30, 2024 totaled $403.6 million, an increase of 7.0% compared to $377.1 million for the same period in 2023[112]. - Depreciation and amortization expense for the three months ended June 30, 2024, was $145.0 million, an increase of $6.1 million from the previous year[107]. - Depreciation and amortization expense for the six months ended June 30, 2024 was $288.0 million, an increase of $10.6 million compared to the same period in 2023[113]. - Interest expense for the six months ended June 30, 2024 was $81.6 million, an increase of $7.6 million compared to the same period in 2023[114]. - Property management expenses for the six months ended June 30, 2024 were $37.2 million, an increase of $3.2 million compared to the same period in 2023[114]. Cash Flow and Debt - Net cash provided by operating activities was $549.6 million for the six months ended June 30, 2024, a decrease of $4.5 million compared to the same period in 2023[131]. - Net cash used in investing activities was $329.8 million for the six months ended June 30, 2024, an increase of $37.0 million compared to the same period in 2023[132]. - Total debt as of June 30, 2024, was $4.701 billion, up from $4.540 billion as of December 31, 2023[126]. - Net debt as of June 30, 2024, was $4.638 billion, an increase from $4.499 billion as of December 31, 2023[126]. - The company had $1.0 billion of combined unrestricted cash and cash equivalents and available capacity under its revolving credit facility as of June 30, 2024[130]. - The increase in unsecured notes payable was primarily driven by cash requirements to fund acquisition and development activities[128]. - As of June 30, 2024, total unsecured debt amounted to $4,340.66 million, with a weighted average effective rate of 3.7%[134]. - The total debt outstanding as of June 30, 2024, was $4,700.86 million, with a weighted average effective rate of 3.8%[134]. - MAALP had $316.0 million of borrowings outstanding under the unsecured commercial paper program as of June 30, 2024[137]. - The company has a borrowing capacity of $1.25 billion under an unsecured revolving credit facility, which can be expanded to $2.0 billion[137]. - As of June 30, 2024, MAALP had $392.8 million of outstanding debt and debt service obligations due in the year ending December 31, 2024[143]. Development and Future Outlook - MAA owned and operated 291 apartment communities as of June 30, 2024, with seven development communities under construction[92]. - Demand for apartments remained strong, supported by job growth and population increases, although potential economic pressures could impact future rent collections[102]. - Total expected costs for seven development projects under construction are $866.3 million, with $537.9 million incurred through June 30, 2024[145]. - MAALP expects to pay quarterly dividends at an annual rate of $5.88 per share of common stock during the year ending December 31, 2024[146]. - The dividend rate increased to $2.9400 per share during the six months ended June 30, 2024, compared to $2.8000 per share during the same period in 2023[133]. - The company has committed to make additional capital contributions totaling up to $32.4 million to technology-focused limited partnerships[143]. - As of June 30, 2024, 93.3% of outstanding debt was subject to fixed rates, minimizing interest rate fluctuation risks[150]. - MAALP issued $350.0 million in unsecured senior notes in January 2024, with an effective interest rate of 5.123%[138].

Mid-America Apartment Communities, Inc. (NYSE:MAA) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET Company Participants Andrew Schaeffer - SVP, Treasurer & Director, Capital Markets Eric Bolton - Chairman & CEO Brad Hill - President & CIO Tim Argo - EVP, Chief Strategy & Analysis Officer Clay Holder - EVP & CFO Rob DelPriore - EVP, CAO & General Counsel Joe Fracchia - EVP, Chief Technology & Innovation Officer Conference Call Participants Eric Wolfe - Citi Nick Yulico - Scotiabank Josh Dennerlei ...