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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 ...

Mid-America Apartment Communities (MAA) , which is commonly known as "MAA", reported secondquarter 2024 core funds from operations (FFO) per share of $2.22, which surpassed the Zacks Consensus Estimate of $2.20. However, the reported figure fell 2.6% year over year from $2.28. Results reflect 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 in operating ...

Mid-America Apartment Communities (MAA) reported $546.44 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 2.1%. EPS of $2.22 for the same period compares to $1.24 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $544.91 million, representing a surprise of +0.28%. The company delivered an EPS surprise of +0.91%, with the consensus EPS estimate being $2.20. While investors closely watch year-over-year changes in headline numbers -- reven ...

Exhibit 99.2 (1) PORTFOLIO STATISTICS TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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 | 10,116 | — | — | 10,116 | — | 10,116 | ...

GERMANTOWN, Tenn., July 31, 2024 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended June 30, 2024. | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------|----------------------------------|--------|--------------|-------|-------------------------------------|-------|-------------------| | Second Quarter 2024 Operating Results \nEarnings ...

Mid-America Apartment Communities (MAA) — commonly known as MAA — is a real estate investment trust (REIT) that focuses on owning, operating and acquiring apartment communities throughout the southeast, southwest and mid-Atlantic regions of the United States. MAA is slated to report second-quarter 2024 results on Jul 31 after market close. The Germantown, TN-based residential REIT came up with a core FFO per share of $2.22 in the last reported quarter, which missed the Zacks Consensus Estimate of $2.23. Alt ...

tumsasedgars Real estate investment trusts (REITs) (VNQ) have been among the worst-performing sectors since the Federal Reserve started raising interest rates aggressively in early 2022. Over that period until the beginning of November 2023, they had lost nearly one-third of their value on aggregate. VAL Vanguard Real Estate ETF (VNQ) Total Return Price % Change -32 34% 0.00% -12.00% 24.00% Jan '22 Jul '22 Jan '23 Jul '23 Seeking AlphaQ Jul 22, 2024, 3:28 AM EDT Powered by YC H A R T S Data by Y Charts Howe ...

The purpose of this article is to evaluate Mid-America Apartment Communities, Inc. (NYSE:MAA) as an investment option. The company is a "real estate investment trust that focuses on the acquisition, selective development, redevelopment, and management of multifamily homes throughout the Southeast, Southwest, and MidAtlantic regions of the United States". Occupancy Rates Starting To Cool Main Thesis & Background Ticker Performance (Seeking Alpha) One of the primary reasons for my downgrade has to do with the ...