Core Viewpoint - Mid-America Apartment Communities (MAA) is positioned for growth despite a recent decline in share price, with several catalysts expected to enhance earnings and support its dividend yield of 4.3% [2][12] Group 1: Current Performance and Challenges - MAA's share price has decreased nearly 10% this year, attributed to a decline in core funds from operations (FFO) from $4.44 per share in the first half of last year to $4.35 per share in the same period of 2025 [2][4] - The company has faced challenges from increased apartment supply in its markets, which has negatively impacted occupancy and rent growth [4][5] - Rising interest rates have also contributed to cost pressures and slowed new apartment developments, leading to a peak in new supply [6] Group 2: Future Growth Catalysts - Demand for rental housing remains strong due to high home buying costs, which is expected to drive rental growth rates higher in the future [6] - MAA has completed four apartment development projects, investing $385.6 million to add over 1,400 units, which are nearing stabilization [8] - The company is currently constructing eight new apartment communities with an investment of $942.5 million for nearly 2,650 units, with plans to complete several projects in the coming years [9] Group 3: Strategic Investments and Renovations - MAA has the financial flexibility to acquire additional apartment communities, having purchased properties totaling nearly 700 units for approximately $190 million last year and a 318-unit community in August [10] - The company plans to renovate between 5,500 and 6,500 apartment units this year, along with starting six to seven projects to upgrade existing properties, enhancing their appeal to renters [11] - These strategic investments and renovations are expected to drive occupancy and rent growth, supporting the company's income generation [11][12]

Company Introduction - Mid-America Apartments (MAA) is being introduced by its leadership team, including Clay Holder (EVP and CFO), Brad Hill (President and CEO), and Andrew Schaeffer (SVP, Treasurer and Director of Capital Markets) [2][3] Strategic Plans and Market Positioning - The roundtable session aims to discuss MAA's strategic plans and positioning within the Sunbelt markets, which have shown strong demand [1] - The session is designed to be interactive, encouraging participation and questions regarding MAA's operations and strategic direction [3]

Company Introduction - Mid-America Apartments (MAA) is being introduced by its leadership team, including Clay Holder (EVP and CFO), Brad Hill (President and CEO), and Andrew Schaeffer (SVP, Treasurer and Director of Capital Markets) [2] Strategic Plans and Market Positioning - The roundtable session aims to discuss MAA's strategic plans and positioning within the Sunbelt markets, which have shown strong demand [1] - The session is designed to be interactive, encouraging participation and questions regarding MAA's operations and strategic direction [3]

Summary of Mid-America Apartment Communities (MAA) 2025 Conference Call Company Overview - Mid-America Apartment Communities (MAA) is an S&P 500 multifamily-focused Real Estate Investment Trust (REIT) with over 30 years of public company history, primarily focusing on high-demand regions in the Sunbelt and southwestern U.S. [3][4] Industry Insights - The company has observed a significant decline in new supply deliveries, with fourth-quarter deliveries dropping over 50% compared to the third quarter, following a peak in supply last year [4][5] - The trailing 12-month absorption numbers are the highest in 25 years, indicating robust demand in MAA's markets [4][5] - Average occupancy rates are only 30 basis points below pre-COVID levels, with a year-over-year increase of 190 basis points [5][6] Demand Dynamics - Demand drivers include strong job growth, migration trends, and population growth, with a net migration rate of 7% into the Sunbelt region [12] - The affordability of single-family homes has become a significant factor, with median home prices in the Sunbelt rising over 50% in the last five years, while rents have only increased by about 30% [13][14] - Retention rates have improved by 10 percentage points over the last decade, indicating a strong preference for rental living due to lifestyle choices and affordability concerns [14] Market Performance - The company is optimistic about job growth in 2026, with expectations of a decrease in tariff-related uncertainties and potential interest rate cuts by the Federal Reserve [17][18] - MAA anticipates a 30-40% decline in supply deliveries next year, which will be below long-term averages, supporting improved performance [21][22] - The company is focusing on customer service to enhance resident retention, with a current retention rate of 60% [59] Regional Performance - Strongest markets include Northern Virginia and mid-tier coastal markets like Charleston and Savannah, which have shown resilience against supply pressures [52][53] - Weaker markets include Austin, Nashville, Phoenix, and Jacksonville, which are experiencing high supply but are expected to recover as demand dynamics improve [54][55] Future Outlook - The company expects to maintain a low leverage ratio of 4x and plans to fund development and acquisitions through debt [61][62] - Property taxes are expected to remain flat year-over-year, reflecting stable operating performance [63] Key Takeaways - MAA is well-positioned for growth with strong demand fundamentals and declining supply pressures in its markets [21][22] - The company is focused on enhancing customer service and retention to drive future earnings growth [59] - Overall, the outlook for the multifamily housing market remains positive, with expectations for higher same-store net operating income in the coming year [70]

Core Viewpoint - The Carillon Scout Mid Cap Fund's second quarter 2025 investor letter highlights the performance of the Russell Midcap Index and discusses the potential of Mid-America Apartment Communities, Inc. (NYSE:MAA) amidst market fluctuations and concerns regarding rent growth in the Sunbelt region [1][2][3]. Group 1: Fund Performance - The Russell Midcap Index experienced positive returns in the second quarter of 2025 despite a significant sell-off at the beginning of April due to the liberation Day tariff announcement [1]. - The delay in collecting additional tariffs allowed trading partners more time to negotiate better terms, positively impacting market conditions [1]. Group 2: Company Overview - Mid-America Apartment Communities, Inc. (MAA) - Mid-America Apartment Communities, Inc. (NYSE:MAA) is a real estate investment trust (REIT) that owns and operates apartment communities, with a market capitalization of $17.455 billion as of September 09, 2025 [2]. - The stock had a one-month return of 5.09% but lost 11.07% of its value over the last 52 weeks, closing at $145.43 per share [2]. Group 3: Market Concerns and Outlook - Rent growth in the Sunbelt region has been stagnant due to new supply deliveries depressing pricing, alongside concerns about population declines from deportations and legal actions affecting pricing strategies [3]. - The Carillon Scout Mid Cap Fund believes these concerns are overblown and anticipates an improvement in rent pricing as the market has moved past the peak of new supply [3]. Group 4: Hedge Fund Interest - At the end of the second quarter, 36 hedge fund portfolios held shares of Mid-America Apartment Communities, Inc. (NYSE:MAA), an increase from 31 in the previous quarter [4]. - Despite acknowledging the potential of MAA as an investment, the fund suggests that certain AI stocks may offer greater upside potential with less downside risk [4].

Core Viewpoint - Mid-America Apartment Communities, Inc. (MAA) will participate in the BofA Securities 2025 Global Real Estate Conference on September 10, 2025, at approximately 1:30 p.m. Eastern Time [1]. Company Overview - MAA is a self-administered real estate investment trust (REIT) and a member of the S&P 500, owning or having ownership interests in apartment communities primarily in the Southeast, Southwest, and Mid-Atlantic regions of the U.S. [3]. Investor Information - A live webcast of MAA's presentation will be available on the company's website in the "Corporate Profile" section of the "For Investors" page on the day of the event [2].

Core Viewpoint - Dividend stocks, particularly Brookfield Renewable and Mid-America Apartment Communities, are highlighted as strong long-term investments due to their consistent and rising dividend payments over the years [1][12]. Group 1: Brookfield Renewable - Brookfield Renewable has achieved a 6% compound annual growth rate in its dividend payments since 2001, with a current yield of 4.4%, significantly higher than the S&P 500's 1.2% [4][12]. - The company generates stable cash flow through power purchase agreements (PPAs), with 90% of its power sold under contracts averaging 14 years in duration, which are linked to inflation [5][6]. - Brookfield anticipates its funds from operations (FFO) per share to grow at a rate of over 10% annually through the end of the decade, supporting a target of 5% to 9% annual dividend growth [7][12]. Group 2: Mid-America Apartment Communities - Mid-America Apartment Communities has maintained a consistent dividend payment for 31 years, with a 15-year streak of increases and a 7% compound annual growth rate over the past decade [8][12]. - The company owns over 104,000 apartment units in the Sun Belt region, focusing on areas with strong employment and population growth, which drives rental demand [9][10]. - With nearly $1 billion in new apartments under construction and the capacity for further developments, Mid-America is well-positioned to continue increasing its 4.2% yielding dividend [11][12].

Group 1 - The investor has 15 years of experience in financial services, focusing on macro trends and identifying undervalued sectors and thematic investment ideas such as metals, gold, and cryptocurrency [1] - The investor has transitioned from New York to North Carolina, balancing time between Charlotte and Asheville, which may influence local investment opportunities [1] - The investor emphasizes the importance of diligent saving and investing, showcasing a personal journey from a middle-class background to co-managing a seven-figure investment account [2] Group 2 - The investor maintains an updated portfolio that includes a variety of funds, stocks, and sectors, indicating a diversified investment strategy [3] - Key holdings include broad market ETFs like DIA, VOO, and QQQM, as well as sector-specific investments in energy (XLE) and utilities (VPU) [3] - The investor is involved in the CEF/ETF Income Laboratory, which focuses on managed income portfolios targeting approximately 8% yields, appealing to both active and passive investors [3]

Group 1 - Mid-America Apartment Communities (NYSE: MAA) has underperformed over the past year, losing 4% of its value and missing out on a significant equity bull market [1] - The apartment REIT sector is facing challenges due to prolonged high interest rates [1]

Core Viewpoint - Investing in real estate investment trusts (REITs) is an effective strategy for generating passive dividend income due to their ownership of income-generating real estate portfolios Group 1: Mid-America Apartment Communities - Mid-America Apartment Communities has a strong dividend history, declaring its 126th consecutive quarterly dividend, with an annual payout of $6.06 per share, yielding over 4% at recent share prices [4] - The demand for apartments in the Sun Belt region is strong, with limited new supply expected, which should maintain high occupancy levels and drive rent growth [5] - The company has nearly $1 billion in apartment development projects underway and recently completed four projects and acquired two communities for nearly $575 million [6][7] Group 2: Invitation Homes - Invitation Homes has consistently increased its dividend since its IPO in 2017, currently paying $0.29 per share quarterly, yielding close to 4% [8] - The REIT focuses on single-family rental properties in high-demand markets, achieving a rent growth of 4% in the second quarter [9] - The company invested $350 million to acquire over 1,000 homes in the second quarter and provided $33 million in funding for future development, supporting its dividend growth [10] Group 3: Realty Income - Realty Income has a notable dividend track record, increasing its monthly dividend 131 times since its public listing in 1994, with a current payment of $0.269 per share monthly, yielding nearly 6% [11] - The REIT benefits from stable rental income through long-term triple-net leases with major companies, which cover all operating costs [12] - Realty Income plans to invest about $4 billion this year to expand its portfolio, enabling continued increases in its high-yielding monthly dividend [13] Group 4: Investment Opportunity - Mid-America Apartment Communities, Invitation Homes, and Realty Income are identified as high-yielding REITs with steadily rising dividends, making them attractive options for passive income this month [14]