Group 1 - Mid-America Apartment Communities, Inc. (MAA) will present at the Nareit REITweek: 2025 Investor Conference on June 4, 2025, from 8:45 a.m. ET to 9:15 a.m. ET [1] - The presentation will be available via a live webcast, with access to materials on the company's website [2] - MAA is a self-administered real estate investment trust (REIT) and a member of the S&P 500, focusing on apartment communities primarily in the Southeast, Southwest, and Mid-Atlantic regions of the U.S. [3]

Investment Ratings - Cold Storage REITs: Lineage Inc. (LINE, Buy) [5] - Industrial REITs: Prologis Inc. (PLD, Neutral) [16] - Industrial REITs: Terreno Realty Corp (TRNO, Buy) [31] - Self Storage REITs: Extra Space Storage Inc. (EXR, Buy) [44] - Self Storage REITs: Public Storage Inc. (PSA, Buy) [54] - Retail REITs: Brixmor Property Group (BRX, Buy) [63] - Retail REITs: Phillips Edison & Co (PECO, Buy) [74] Core Insights - The report highlights a mixed outlook across various REIT sectors, with some companies like LINE, TRNO, EXR, PSA, BRX, and PECO receiving "Buy" ratings, while PLD is rated "Neutral" [5][16][31][44][54][63][74] - Economic occupancy for LINE decreased by 290 basis points sequentially and 260 basis points year-over-year in Q1 2025, indicating potential challenges in maintaining occupancy levels [5] - Prologis Inc. is focusing on the implications of tariff policies on global supply chains, which may disrupt tenant activities and leasing demand [16] - Terreno Realty Corp is observing a shift in leasing dynamics post-tariff announcements, with domestic customers becoming more active compared to those operating across borders [31] - Extra Space Storage Inc. is prioritizing occupancy over rent in the current environment, reflecting a strategic shift in response to market conditions [44] - Public Storage Inc. is experiencing a significant impact from regional events, such as fires in Los Angeles, which account for 15% of its NOI [54] - Brixmor Property Group is seeing a steady increase in billed occupancy, which has risen by an average of 100 basis points over the last four years [63] Summary by Sections Cold Storage REITs - Lineage Inc. (LINE) reported a decline in economic occupancy and revenue per occupied pallet, with management expressing confidence in maintaining AFFO/share and EBITDA guidance for 2025 [5][6][7] Industrial REITs - Prologis Inc. (PLD) is navigating the complexities of global supply chains and tariff impacts, with expectations for occupancy and rent growth improvements in the second half of 2025 [16][20] - Terreno Realty Corp (TRNO) is adapting to changes in leasing activity and tenant retention amid tariff uncertainties, focusing on domestic customer engagement [31][36] Self Storage REITs - Extra Space Storage Inc. (EXR) is adjusting its strategy to prioritize occupancy over rent, with a focus on counter-cyclical demand drivers [44][46] - Public Storage Inc. (PSA) is managing its rent versus occupancy strategy while facing challenges from regional disruptions [54][56] Retail REITs - Brixmor Property Group (BRX) is experiencing a positive trend in occupancy and leasing spreads, with a focus on tenant credit and market dynamics [63][66] - Phillips Edison & Co (PECO) is observing volatility in the market due to tariff updates, impacting leasing velocity and transaction activity [74]

Group 1 - The article focuses on a currently overvalued listed preferred stock, highlighting its unattractive yields relative to other investments [1] - The purpose of the series is to identify preferred stocks that may not provide favorable returns for investors [1] Group 2 - The article emphasizes that past performance does not guarantee future results, indicating a cautious approach to investment recommendations [2] - It clarifies that no specific investment advice is being provided, and opinions expressed may not represent the views of the entire platform [2]

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements.) Presents the unaudited condensed consolidated financial statements for MAA and MAALP for the quarter ended March 31, 2025 [Mid-America Apartment Communities, Inc. Financial Statements](index=6&type=section&id=Mid-America%20Apartment%20Communities%2C%20Inc.%20Financial%20Statements) MAA reported net income of $180.8 million, a significant increase driven by a $71.9 million gain on real estate sales MAA Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Real estate assets, net | $11,505,864 | $11,515,418 | | Total assets | $11,811,957 | $11,812,369 | | Total liabilities | $5,654,062 | $5,664,705 | | Total equity | $6,133,470 | $6,125,434 | MAA Condensed Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Rental and other property revenues | $549,295 | $543,622 | | Net income | $186,406 | $147,610 | | Net income available for MAA common shareholders | $180,751 | $142,827 | | Earnings per common share - diluted | $1.54 | $1.22 | MAA Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $196,618 | $200,257 | | Net cash used in investing activities | ($61,405) | ($93,012) | | Net cash used in financing activities | ($122,520) | ($94,260) | [Mid-America Apartments, L.P. Financial Statements](index=10&type=section&id=Mid-America%20Apartments%2C%20L.P.%20Financial%20Statements) MAALP's financial results mirror MAA's operationally, with key differences in the capital section detailing partner capital MAALP Condensed Consolidated Statement of Operations Highlights (in thousands, except per unit data) | Account | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Rental and other property revenues | $549,295 | $543,622 | | Net income | $186,406 | $147,610 | | Net income available for MAALP common unitholders | $185,484 | $146,688 | | Earnings per common unit - diluted | $1.54 | $1.22 | - MAALP's balance sheet is identical to MAA's in terms of total assets and liabilities, with the primary difference in the equity section, which is presented as **'Operating Partnership capital' totaling $6.13 billion**[25](index=25&type=chunk) - The cash flow statements for MAALP are identical to those of MAA, reflecting that all business operations are conducted through the Operating Partnership[32](index=32&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details the company's UPREIT structure, asset portfolio, debt of $5.04 billion, and a 0.6% decrease in Same Store NOI - As of March 31, 2025, the Company owned and operated **291 apartment communities** and had seven development communities under construction[37](index=37&type=chunk) Outstanding Debt Summary as of March 31, 2025 (in thousands) | Debt Type | Balance | Weighted Average Effective Rate | | :--- | :--- | :--- | | Unsecured debt | $4,681,868 | 3.8% | | Secured debt | $360,298 | 4.4% | | **Total outstanding debt** | **$5,042,166** | **3.8%** | - In March 2025, the company sold two multifamily communities for net proceeds of approximately **$81 million**, resulting in a **gain of about $72 million**[92](index=92&type=chunk) - The company is a defendant in the **'RealPage Litigation'** but believes the litigation is without merit and plans to defend itself vigorously[83](index=83&type=chunk) Segment Net Operating Income (NOI) (in thousands) | Segment | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Same Store NOI | $332,795 | $334,644 | -0.6% | | Non-Same Store and Other NOI | $15,147 | $11,176 | +35.5% | | **Total NOI** | **$347,942** | **$345,820** | **+0.6%** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses a 26.6% net income increase, flat Same Store revenue, and a stable leverage profile amid market headwinds [Overview and Trends](index=33&type=section&id=Overview%20and%20Trends) Net income rose to $180.8 million due to asset sales, while Same Store revenue was flat amid challenging market conditions - Net income available for MAA common shareholders for Q1 2025 was **$180.8 million**, compared to $142.8 million for Q1 2024, largely due to a **$71.9 million gain on asset sales**[101](index=101&type=chunk) Same Store Operating Trends - Q1 2025 vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue Growth | 0.1% | N/A | | Average Effective Rent per Unit | $1,690 | $1,699 | | Average Physical Occupancy | 95.6% | 95.3% | | Resident Turnover (TTM) | 41.5% | 44.4% | - Management believes that while elevated new supply levels are currently impacting rent growth, **solid demand and an expected decline in new supply deliveries** will lead to a strong rebound[108](index=108&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Total property revenues increased 1.0% to $549.3 million, driven by the Non-Same Store segment, while expenses rose 1.8% Property Revenues by Segment - Q1 2025 vs Q1 2024 (in thousands) | Segment | 2025 | 2024 | % Increase | | :--- | :--- | :--- | :--- | | Same Store | $518,825 | $518,533 | 0.1% | | Non-Same Store and Other | $30,470 | $25,089 | 21.4% | | **Total** | **$549,295** | **$543,622** | **1.0%** | Property Operating Expenses by Segment - Q1 2025 vs Q1 2024 (in thousands) | Segment | 2025 | 2024 | % Increase | | :--- | :--- | :--- | :--- | | Same Store | $186,030 | $183,889 | 1.2% | | Non-Same Store and Other | $15,323 | $13,913 | 10.1% | | **Total** | **$201,353** | **$197,802** | **1.8%** | - Interest expense increased by **$4.8 million to $45.2 million** in Q1 2025, driven by a higher average debt balance and interest rate[115](index=115&type=chunk) [Non-GAAP Financial Measures](index=36&type=section&id=Non-GAAP%20Financial%20Measures) Core FFO decreased slightly to $264.3 million, while the net debt to Adjusted EBITDAre ratio remained stable at 4.0x Reconciliation to Core FFO (in thousands) | Line Item | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net income available for MAA common shareholders | $180,751 | $142,827 | | FFO attributable to common shareholders and unitholders | $264,728 | $288,436 | | **Core FFO attributable to common shareholders and unitholders** | **$264,262** | **$266,169** | Net Debt to Adjusted EBITDAre Ratio | Metric | As of March 31, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Net Debt (in thousands) | $4,986,390 | $4,937,939 | | Adjusted EBITDAre (TTM, in thousands) | $1,250,143 | $1,247,150 | | **Net Debt to Adjusted EBITDAre Ratio** | **4.0x** | **4.0x** | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $1.0 billion in available capacity and total debt of $5.04 billion - As of March 31, 2025, the company had **$1.0 billion of combined unrestricted cash and available capacity** under its revolving credit facility[137](index=137&type=chunk) - Cash flow from operations decreased by **$3.6 million to $196.6 million** for Q1 2025 compared to Q1 2024[138](index=138&type=chunk) - Material cash requirements for the remainder of 2025 include **$710 million in principal debt obligations**, funding for seven development projects, and quarterly dividends[64](index=64&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) Debt Maturity Schedule Highlights (in thousands) | Year | Total Maturity | | :--- | :--- | | 2025 | $709,538 | | 2026 | $298,937 | | 2027 | $598,317 | | 2028 | $398,063 | | 2029 | $555,977 | [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's primary market risk is interest rate risk, which is mitigated by using 93.9% fixed-rate debt - The company's main market risk exposure is from changes in interest rates on its borrowings[156](index=156&type=chunk) - As of March 31, 2025, **93.9% of the company's outstanding debt carried a fixed interest rate**, minimizing exposure to interest rate volatility[156](index=156&type=chunk) - There were **no material changes** in the company's market risk profile during the quarter ended March 31, 2025[156](index=156&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures for both MAA and MAALP were effective as of March 31, 2025 - For both MAA and MAALP, management concluded that **disclosure controls and procedures were effective** as of March 31, 2025[157](index=157&type=chunk)[160](index=160&type=chunk) - **No changes occurred** during the quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting[158](index=158&type=chunk)[161](index=161&type=chunk) [PART II – OTHER INFORMATION](index=48&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in legal proceedings, notably the 'RealPage Litigation,' as detailed in the financial statement notes - The company incorporates by reference the disclosure regarding legal proceedings from **Note 10** of the condensed consolidated financial statements[163](index=163&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors.) No material changes were reported to the risk factors disclosed in the 2024 Annual Report on Form 10-K - **No material changes** to risk factors were reported for the quarter ended March 31, 2025, compared to the Annual Report on Form 10-K for the year ended December 31, 2024[164](index=164&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company repurchased 8,406 shares to satisfy employee tax obligations, not as part of a public buyback program MAA Common Stock Repurchases - Q1 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 1 - Jan 31, 2025 | 8,406 | $154.86 | | Feb 1 - Feb 28, 2025 | — | — | | Mar 1 - Mar 31, 2025 | — | — | | **Total** | **8,406** | **N/A** | - The repurchased shares were surrendered by employees to satisfy statutory minimum tax obligations from vesting restricted shares, **not as part of a publicly announced plan**[165](index=165&type=chunk) [Other Information](index=49&type=section&id=Item%205.%20Other%20Information.) No directors or officers adopted or terminated any Rule 10b5-1 trading arrangements during the first quarter of 2025 - **No director or officer** adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during Q1 2025[168](index=168&type=chunk)[169](index=169&type=chunk) [Exhibits](index=50&type=section&id=Item%206.%20Exhibits.) This section lists all exhibits filed with the Form 10-Q, including required CEO and CFO certifications - The report includes various exhibits, such as **CEO and CFO certifications** under Sections 302 and 906 of the Sarbanes-Oxley Act, and Interactive Data Files[171](index=171&type=chunk)

Core Insights - Mid-America Apartment Communities (MAA) reported first-quarter 2025 core funds from operations (FFO) per share of $2.20, exceeding the Zacks Consensus Estimate of $2.16 but down 0.9% year over year from $2.22 [1] - Rental and other property revenues for the first quarter were $549.3 million, slightly missing the Zacks Consensus Estimate of $551.3 million, but up 1.04% from the previous year [2] - The company experienced strong demand for apartment housing, leading to high occupancy rates and reduced delinquency, with a same-store blended lease pricing increase of 160 basis points sequentially [3] Financial Performance - The same-store portfolio's revenues increased by 0.1% year over year, while the average effective rent per unit declined by 0.6% [4] - Property operating expenses for the same-store portfolio rose by 1.2% year over year, resulting in a 0.6% decrease in net operating income (NOI) [4] - The average physical occupancy for the same-store portfolio was 95.6%, up 30 basis points from the prior year [5] Lease Rates and Turnover - MAA's same-store effective blended lease rate declined by 0.5%, with new lease rates dropping by 6.3% and renewal lease rates increasing by 4.5% [6] - Resident turnover in the same-store portfolio remained low at 41.5% on a trailing 12-month basis, attributed to record-low move-outs related to single-family home purchases [5] Portfolio Activity - In March 2025, MAA sold two multifamily properties in Columbia, SC, for approximately $83 million, realizing net gains of about $72 million [7] - As of March 31, 2025, MAA had seven communities under development with expected costs of $851.5 million, alongside four recently completed and three recently acquired communities in lease-up costing $657.3 million [7] Balance Sheet Position - MAA ended the first quarter of 2025 with cash and cash equivalents of $55.8 million, an increase from $43 million at the end of 2024 [8] - The company had a strong balance sheet with $1.0 billion in combined cash and capacity under its unsecured revolving credit facility, and a net debt/adjusted EBITDAre ratio of 4 times [8][9] 2025 Guidance - MAA projects second-quarter 2025 core FFO per share in the range of $2.05 to $2.21, with a full-year 2025 core FFO per share expected between $8.61 and $8.93 [11] - The company anticipates same-store property revenue growth of -0.35% to 1.15% and operating expense growth of 2.45% to 3.95%, leading to same-store NOI growth between -2.15% and -0.15% [12]

Financial Data and Key Metrics Changes - The company reported core FFO for the quarter of $2.2 per diluted share, which was $0.04 per share above the midpoint of guidance [23] - Same store revenue growth for the quarter was 0.1%, driven by solid collections and occupancy [16][23] - Average physical occupancy increased to 95.6%, up 30 basis points compared to the same period in 2024 [16] Business Line Data and Key Metrics Changes - New lease pricing on a lease over lease basis for the first quarter was negative 6.3%, while renewal rates grew 4.5% [15][16] - The blended lease pricing for the first quarter was negative 0.5%, representing a 160 basis point improvement sequentially from the fourth quarter of 2024 [16] - The company completed 1,102 interior unit upgrades, achieving rent increases of $90 above non-upgraded units [19] Market Data and Key Metrics Changes - Virginia markets, including Richmond and Norfolk, outperformed the portfolio average, while Austin, Phoenix, and Nashville continued to struggle with supply pressure [17] - The company noted strong demand trends with record absorption levels in its markets, indicating a robust recovery as supply declines [21] - The occupancy for lease-up properties was at 71.6%, with one property reaching stabilization [18] Company Strategy and Development Direction - The company is focused on high growth markets and plans to start three to four new developments this year, with a suburban development in Charleston, South Carolina, on track for construction [10][11] - Investments in technology initiatives and property-wide WiFi are expected to enhance operational efficiencies and support future earnings growth [10][20] - The company aims to recycle its portfolio by selling underperforming assets and reallocating capital to markets with better growth potential [11][65] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery cycle and the ability of the market to absorb new supply, citing a diversified and higher quality portfolio [12] - The company remains cautious about macroeconomic uncertainties but believes its operational efficiencies and market positioning will allow it to weather potential challenges [8] - Management indicated that the leasing environment is expected to improve, with new lease rates showing signs of acceleration [32] Other Important Information - The company maintains a strong balance sheet with $1 billion in cash and borrowing capacity, and 94% of outstanding debt is fixed [24] - The development pipeline is expected to remain in the $1 billion to $1.2 billion range, which is considered comfortable given the company's scale [11] Q&A Session Summary Question: Visibility on new lease spreads for late May or early June - Management indicated they have good visibility on new lease spreads, with a fair amount of data available for May and June [27][28] Question: Confidence in inflection in rent growth - Management noted that new lease rates have shown steady acceleration, with expectations for continued improvement into Q2 [32] Question: Impact of concessions on lease rates - Concessions have been relatively consistent, slightly down from the previous year, with most markets seeing half a month to a month of concessions [55] Question: Development cost locking and impact of tariffs - Management stated that development costs are generally locked in at around 95% when construction begins, with no significant impact from tariffs observed so far [41][42] Question: Performance of urban versus suburban markets - Management noted that urban markets may have more upside potential as supply normalizes, but performance between urban and suburban has been converging [46] Question: Improvement in Atlanta market - Atlanta has shown relative improvement, with new lease pricing and occupancy recovering compared to the previous year [50] Question: Expectations for leasing cadence and blended spreads - Management expects blended spreads to improve in Q2 and Q3, with a heavier weighting towards renewals [88]

Mid-America Apartment Communities (MAA) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Speaker0 Good morning, ladies and gentlemen, and welcome to the MAA First Quarter twenty twenty five Earnings Conference Call. During the presentation, all participants will be in a listen only mode. Afterward, the company will conduct a question and answer session. As a reminder, this conference call is being recorded today, 05/01/2025. I will now turn the call over to Andrew Schaefer, Senior Vice President, Treasurer an ...

Mid-America Apartment Communities (MAA) came out with quarterly funds from operations (FFO) of $2.20 per share, beating the Zacks Consensus Estimate of $2.16 per share. This compares to FFO of $2.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.85%. A quarter ago, it was expected that this real estate investment trust would post FFO of $2.24 per share when it actually produced FFO of $2.23, delivering a surprise of -0.45%.Over ...

| | | | | Total | Development | | | --- | --- | --- | --- | --- | --- | --- | | | Same | Non-Same | | Completed | Units | | | | Store | Store | Lease-up | Communities | Delivered | Total | | Atlanta, GA | 11,434 | — | 340 | 11,774 | — | 11,774 | | Dallas, TX | 9,755 | 362 | 386 | 10,503 | — | 10,503 | | Austin, TX | 6,795 | 384 | — | 7,179 | — | 7,179 | | Charlotte, NC | 5,995 | 352 | — | 6,347 | — | 6,347 | | Orlando, FL | 5,907 | — | 310 | 6,217 | — | 6,217 | | Raleigh/Durham, NC | 5,350 | — | 306 | 5,656 ...

GERMANTOWN, Tenn., April 30, 2025 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended March 31, 2025. Three months ended March 31, 2025 2024 Earnings per common share - diluted (1) $ 1.54 $ 1.22 Funds from operations (FFO) per Share - diluted (1) $ 2.21 $ 2.41 <td colspan="1" rows ...