MAA(US:MAA)2025-02-05 21:15Portfolio Overview - As of December 31, 2024, the total multifamily portfolio consists of 102,079 units, with 73 units in development[1] - The total gross real assets for the multifamily portfolio amount to $16,798,091,000, indicating a strong asset base for the company[3] - The company has 2,763 units in lease-up or development, contributing to future revenue growth potential[1] - The total same store portfolio consists of 97,290 apartment units, with an average physical occupancy of 95.6% for the three months ended December 31, 2024, compared to 95.5% for the same period in 2023[5] - The company has a total of 9,000 to 12,000 units remaining in the redevelopment pipeline, indicating ongoing growth potential[11] Financial Performance - Total operating revenues for the multifamily portfolio increased to $549,832,000, compared to $542,247,000 in the previous year, reflecting a growth of 1.1%[3] - Net operating income for the total multifamily portfolio decreased by 1.6% to $344,899,000 from $350,465,000 year-over-year[3] - The overall same store portfolio experienced a net operating income (NOI) of $189.87 million in Q4 2024, a 3.4% increase from $182.07 million in Q4 2023[6] - Total revenues for the same store portfolio increased by 0.5% to $2,084,836,000 in Q4 2024 compared to $2,073,735,000 in Q4 2023[8] - Total Same Store Net Operating Income (NOI) increased by 1.2% from $331,047 to $327,267[7] Occupancy Rates - The average occupancy rate across the multifamily portfolio is 94.7% as of December 31, 2024[2] - The overall average physical occupancy for the year ended December 31, 2024, was 95.5%, consistent with the previous year[5] - Atlanta, GA contributed 11.5% to the same store NOI, with an occupancy rate of 95.3% for the three months ended December 31, 2024, up from 94.4% in 2023[5] - Dallas, TX accounted for 9.4% of the same store NOI, with a slight decrease in occupancy from 95.4% in 2023 to 95.2% in 2024[5] - Tampa, FL showed an occupancy increase to 96.3% in 2024, contributing 7.2% to the same store NOI[5] Revenue Changes - Average effective rent per unit for the total multifamily portfolio is $1,692, with a gross real asset value of $16,426,496,000[2] - Average effective rent per unit for the same store portfolio increased to $1,680 in Q4 2024, up from $1,660 in Q4 2023, reflecting a growth of 1.2%[6] - Notable revenue changes included a 12.0% increase in Atlanta, GA, with revenues of $64.82 million compared to $65.7 million in Q4 2023[6] - The average effective rent per unit in Northern Virginia increased by 6.6% to $2,500 in Q4 2024, compared to $2,350 in Q4 2023[6] - The Atlanta, GA market reported a revenue of $260,040,000, a decrease of 0.6% from $261,000,000 in Q4 2023[8] Expenses and Costs - Property operating expenses for same-store communities increased by 3.4% to $189,087,000, compared to $182,872,000 in the previous year[4] - The overall expenses for the same store portfolio increased by 2.3% to $1,317,000,000 in Q4 2024 from $1,287,000,000 in Q4 2023[8] - Personnel expenses for same-store communities increased by 5.5% to $40,712,000, reflecting rising operational costs[4] - Total Same Store Expenses decreased by 3.7% from $196,189 to $196,266[7] Future Outlook - The company expects Core FFO per diluted share and Core AFFO per diluted share to be key financial measures for 2025 guidance[19] - Earnings per diluted common share for Full Year 2025 is projected to be between $5.51 and $5.83, with a midpoint of $5.67[20] - Property revenue growth is anticipated to be between -0.35% and 1.15%, with a midpoint of 0.40%[20] - Multifamily acquisition volume is projected to be between $350 million and $450 million, with a midpoint of $400 million[20] - The company maintains a stable outlook with credit ratings of A- from Fitch and S&P, and A3 from Moody's[21]