MAA(US:MAA)2024-10-30 20:15Portfolio Overview - As of September 30, 2024, the total multifamily portfolio consists of 101,944 units, with 97,289 units classified as same store and 2,441 units as non-same store[1] - The completed units as of September 30, 2024, total 101,944, with 104,200 total units including development[3] - The multifamily portfolio includes 97,289 apartment units as of September 30, 2024[6] - The overall portfolio consisted of 97,289 units across various locations, with a focus on maintaining stable performance amid market fluctuations[7] Financial Performance - Total Operating Revenues for the three months ended September 30, 2024, increased to $551,126,000, up from $542,042,000 in the same period last year, representing a growth of 1.9%[4] - Net Operating Income for the total multifamily portfolio decreased to $335,965,000, down from $339,101,000, reflecting a decline of 0.9% year-over-year[4] - Same Store Communities' Net Operating Income fell by 1.7% to $327,267,000 compared to $332,973,000 in the previous year[4] - Total Property Operating Expenses rose to $211,561,000, an increase of 6.2% from $199,223,000 in the same quarter last year[4] - Total Same Store revenues for Q3 2024 were $523.53 million, showing no change compared to Q3 2023[7] - Average Effective Rent per Unit for Q3 2024 was $1,691, a decrease of 0.4% from $1,697 in Q3 2023[7] - Total Same Store expenses increased by 3.0% to $196.27 million from $190.54 million in Q3 2023[7] - Net Operating Income (NOI) for Q3 2024 was $327.27 million, down 1.7% from $332.97 million in Q3 2023[7] - Total Same Store revenues increased by 0.4% to $523,533,000 in Q3 2024 compared to $521,540,000 in Q2 2024[8] - Total Same Store expenses rose by 1.6% to $196,266,000 in Q3 2024 from $193,260,000 in Q2 2024[8] - Total Same Store NOI decreased by 0.3% to $327,267,000 in Q3 2024 from $328,280,000 in Q2 2024[8] - Total Same Store revenues increased by 0.7% year-over-year to $1,564,702,000 from $1,553,927,000[9] - Total Same Store NOI decreased by 1.1% year-over-year to $990,130,000 from $1,001,513,000[9] - Overall expenses for the Same Store portfolio increased by 4.0% year-over-year to $574,572,000 from $552,414,000[9] Market Performance - Atlanta, GA represents 13.0% of gross real assets, totaling $2,112,564, with a physical occupancy of 95.2% and an effective rent of $1,813[3] - Dallas, TX accounts for 9.9% of gross real assets at $1,604,908, with a physical occupancy of 95.3% and an effective rent of $1,663[3] - The multifamily portfolio includes significant markets such as Phoenix, AZ, and Northern Virginia, with effective rents of $1,738 and $2,484 respectively[3] - Atlanta, GA reported revenues of $65.18 million, a decrease of 1.5% from $66.15 million in Q3 2023[7] - Dallas, TX revenues were $53.36 million, a slight decrease of 0.4% compared to $53.56 million in Q3 2023[7] - Orlando, FL experienced a revenue decline of 0.8%, with Q3 2024 revenues at $35.22 million compared to $35.50 million in Q3 2023[7] - Houston, TX showed a revenue increase of 0.5%, reaching $23.71 million compared to $23.58 million in Q3 2023[7] - Charleston, SC reported a revenue increase of 3.0%, with Q3 2024 revenues at $18.26 million compared to $17.74 million in Q3 2023[7] - Atlanta, GA reported revenues of $65,177,000 in Q3 2024, a 0.4% increase from $64,917,000 in Q2 2024[8] - Dallas, TX experienced a revenue increase of 0.7% to $53,356,000 in Q3 2024 compared to $53,009,000 in Q2 2024[8] - Orlando, FL saw a revenue decline of 0.3% to $35,215,000 in Q3 2024 from $35,335,000 in Q2 2024[8] - Tampa, FL reported revenues of $35,722,000 in Q3 2024, a slight decrease of 0.2% from $35,792,000 in Q2 2024[8] - Charlotte, NC's revenues increased by 0.6% to $29,557,000 in Q3 2024 from $29,368,000 in Q2 2024[8] - Austin, TX reported a revenue decrease of 0.3% to $34,750,000 in Q3 2024 compared to $34,860,000 in Q2 2024[8] Development and Acquisitions - The total active multifamily development pipeline consists of 2,762 units, with 506 units delivered and 356 units leased as of September 30, 2024[10] - The expected total development costs for the pipeline amount to $978,300,000, with $610,370,000 spent to date[10] - The company has completed 4,535 units in the multifamily interior redevelopment pipeline, with an average cost of $29,053 per unit and an effective rent increase of 7.5%[11] - The company has made acquisitions including MAA Boggy Creek (310 units) and MAA Vale (306 units) in 2024[12] - The company has a total of 1,708 units expected to stabilize by 4Q24, with MAA Boggy Creek and MAA Vale both projected to stabilize at 89.7% and 65.0% occupancy respectively[11] Debt and Financial Guidance - The total debt as of September 30, 2024, is $4,875,968,000, with 90.0% being fixed-rate debt at an effective interest rate of 3.6%[12] - Unsecured debt constitutes 92.6% of total debt, while secured debt makes up 7.4%[12] - Debt covenant compliance is strong, with total debt to adjusted total assets at 28.7%, well below the 60% requirement[15] - The expected Core FFO per diluted share guidance is provided, indicating a focus on non-GAAP financial measures for performance assessment[17] - Earnings per diluted common share for Full Year 2024 is projected to be between $4.45 and $4.61, with a midpoint of $4.53[18] - Core FFO per diluted share is expected to range from $8.80 to $8.96, with a midpoint of $8.88[18] - Average effective interest rate on debt is expected to be between 3.5% and 3.7%, with a midpoint of 3.6%[18] - Total corporate expenses are estimated to be between $127.5 million and $129.5 million, with a midpoint of $128.5 million[18] - Diluted common shares outstanding are projected to be between 119.75 million and 120.25 million, with a midpoint of 120 million[18] Dividends and Ratings - The company plans to declare a dividend of $1.47 per share for Q4 2023[20] - The corporate credit rating assigned to MAA is A- with a stable outlook from Fitch Ratings and Standard & Poor's[19]