Mid-america Apartment Communities, Inc. · NYSE:MAA
Mid-america Apartment Communities — Nareit REITweek 2025 Investor Conference
43 slides from Mid-america Apartment Communities's conference presentation, Jun 2, 2025
Slide 1: Nareit REITweek 2025 Investor Conference
Nareit REITweek 2025 Investor Conference June 3-5, 2025 www.maac.com Exhibit 99.1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements do not discuss historical fact, but instead are
Slide 3: Table of Contents
SECTION PAGE CONTENT 4-7 About MAA +30-year Public Company Platform with Successful Track Record of Outperformance 8-12 Improving Macro Environment Strong Demand Dynamics and Declining Supply Impact 13-16 Differentiated Portfolio Strategy Diversified in High Growth Sunbelt Markets, Positioned for Fu
Slide 4: About MAA
1 | About MAA +30-year Public Company Platform with Successful Track Record of Outperformance MAA Nixie, Raleigh, NC
Slide 5: MAA at a Glance
31 S&P 500 $25.2B Years Public Member Company Total Market Cap Strong Performance Platform ~2,500 ~104K ~$1B Associates Apartment Units ‘25F Development Pipeline A3/A- 11.2% 126 Moody’s/S&P Credit Ratings 10-Year Annual Compounded TSR2 At 5/30/2025 Consecutive Quarterly Cash Dividends Paid3 1 As of
Slide 6: Attractive Returns for Investors
Attractive Returns for Investors Core FFO Per Share Expected 5-Year CAGR of 4.6% High quality earnings stream; compounding Core FFO growth Strong dividend track record; steady growth and well-covered Superior long-term shareholder returns Total Shareholder Return Long-term Returns Exceed Peer Averag
Slide 7: Full Cycle Earnings Outperformance with Significant Downside Protection
Full Cycle Earnings Outperformance with Significant Downside Protection Source: Company Filings 1 Peer constituents include AVB, CPT, EQR, ESS and UDR. Over the long-term, MAA’s Same Store NOI growth outperforms the peer average with less volatility LONG TERM AVERAGE 2000 – 2025F Higher Growth STAND
Slide 8: Improving Macro Environment
2 | Improving Macro Environment Strong Demand Dynamics and Declining Supply Impact MAA Central Ave, Phoenix, AZ
Slide 9: Steady Demand Drivers for MAA Markets
Steady Demand Drivers for MAA Markets Move-ins from Non-MAA States Trailing 12 Months at 3/31/2025 CA | NY | IL | NJ | MA | WA 50% Of Move-ins from Non-MAA States Came from Peer Coastal/Gateway States MAA markets continue to capture positive in-migration trends; residents relocating outside our mark
Slide 10: Single Family Availability Down, Affordability Gap Widening
Single Family Availability Down, Affordability Gap Widening Sources: Moody’s economy.com, Census Bureau, April 2025 Single Family Completions, YOY Change Average US Housing Shortage 3.1 Million Homes Source: Yardi Matrix, April 2025 Sources: Moody’s economy.com, National Association of Realtors, Apr
Slide 11: Easing Supply Pressure Ahead
Easing Supply Pressure Ahead 1 Data from RealPage Market Analytics (supply deliveries) Multifamily Starts in MAA Markets (% of total units)1 PEAK STARTS Multifamily Starts Declining With starts in our markets trending downward starting in Q4 2022, we expect deliveries and supply pressure to follow a
Slide 12: Easing Supply Pressure Ahead: Absorption vs. Supply
Easing Supply Pressure Ahead Quarterly Absorption in MAA Markets vs. Supply (% of total units) High Absorption and Slowing Deliveries Source: RealPage Market Analytics, April 2025 MAA Markets’ 1Q 2025 absorption highest first quarter result on record Unseasonably strong absorption from 1Q 2024 throu
Slide 13: Differentiated Portfolio Strategy
3 | Differentiated Portfolio Strategy Diversified in High Growth Sunbelt Markets, Positioned for Full Cycle Outperformance MAA Robinson, Orlando, FL
Slide 14: Unique Diversification in High Growth Markets
Unique Diversification in High Growth Markets Multifamily Market Multifamily Market & Regional Office Multifamily Market & Corporate HQ Multifamily Development(s) Underway Diversified within MARKETS1 Diversified by PROPERTY TYPES1,2 %NOI #SUBMARKETS 1 Atlanta, GA 12.5% 10 2 Dallas, TX 9.1% 12 3 Orla
Slide 15: Strong Resident Profile + Affordability = Solid Growth Opportunity
Strong Resident Profile + Affordability = Solid Growth Opportunity SAME STORE RESIDENT PROFILE IN TOP MARKETS QTD AT 3/31/2025 AVG NEW RESIDENT INCOME AVG NEW LEASE RENT/ INCOME RESIDENT MED AGE RESIDENT % SINGLE TOP 5 EMPLOYMENT SECTORS 1 2 3 4 5 Atlanta, GA $98,824 20% 34 81% Dallas, TX $95,809 19
Slide 16: Superior Customer Service Driving Record Resident Retention
Superior Customer Service Driving Record Resident Retention Customer Service Focus with Sector Leading Google Star Rating Single-Family Home Availability/Affordability Challenges Record Resident Retention Resident Turnover and Moveouts Associated with Single-Family Housing 1 Google Star Rating Mar 2
Slide 17: Disciplined Capital Allocation
4 | Disciplined Capital Allocation Robust Development, Redevelopment and Tech-enabled Initiatives to Grow Value MAA Milepost 35, Denver, CO
Slide 18: Development Pipeline Expansion Through In-House & Pre-Purchase Opportunities
Development Pipeline Expansion Through In-House & “Pre-Purchase”* Opportunities Modera Liberty Row Charlotte, NC MAA Nixie | NOW LEASING Raleigh/Durham, NC MAA Breakwater | NOW LEASING Tampa, FL *Pre-purchase developments are joint ventures and/or financing arrangements with outside developers with
Slide 19: Developments Poised to Deliver Additional Value
COMPLETED DEVELOPMENTS IN LEASE-UP AT 3/31/2025 ACTIVE LEASE-UPS AT 9/30/23 PROPERTY MSA UNITS COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY EXPECTED STABILIZATION1 Novel West Midtown 2,3 Atlanta, GA 340 $91.4 87.6% 2Q 2025 Novel Daybreak 2,3 Salt Lake City, UT 400 94.0 75.0% 3Q 2025 Novel Val Vista
Slide 20: 2025 and Future Development Expectations
2025 and Future Development Expectations msa Units STATUS Charleston, SC 336 Controlled Arlington, VA 290 Controlled Denver, CO 259 Owned Orlando, FL 698 Owned Denver, CO 181 Owned Raleigh/Durham, NC 226 Owned Denver, CO 421 Owned Denver, CO 520 Owned Atlanta, GA 294 Owned TOTAL 3,225 2025 Developme
Slide 21: Compelling Acquisition Opportunities
Compelling Acquisition Opportunities Latest Acquisitions Expected to Deliver Average NOI Yields of ~6% upon Stabilization RECENTLY ACQUIRED COMMUNITIES IN LEASE-UP AT 3/31/2025 ACTIVE LEASE-UPS AT 9/30/23 PROPERTY MSA UNITS COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY ACQUIRED EXPECTED STABILIZATIO
Slide 22: Unit Interior Upgrades Continues to Drive Higher Value
Unit Interior Upgrades Continues to Drive Higher Value Unit Redevelopment Program Opportunity Approximately 9.5K units identified for redevelopment across Same Store portfolio with potential to create additional rent growth value SCOPE Redevelopments are performed on turn at select communities (prop
Slide 23: Repositioning Select Properties to Drive Additional Value
Repositioning Select Properties to Drive Additional Value MAA Harbour Island, Tampa, FL Updated and Expanded Fitness Centers Co-working Areas to Support Remote Work Desirable Amenities MAA Gardens, Atlanta, GA MAA Gateway (Pet Spa), Charlotte, NC Exterior Amenities for Today’s Lifestyles MAA Worthin
Slide 24: Platform Value Initiatives - Technology Enabled
Platform Value Initiatives - Technology Enabled Final 3 same store properties complete in early 2025 ~$29 million of NOI (140bps margin) expected in the run rate by mid 2025 Over 4,000 validated leaks detected from 2020-2024; estimated expense/capital savings of $3 million SMART HOME TECHNOLOGY $18
Slide 25: Balance Sheet Strength
5 | Balance Sheet Strength Well Positioned to Support Continued Growth MAA Fountainhead, Phoenix, AZ
Slide 26: Strong, Investment Grade Balance Sheet Well Positioned for Growth
Strong, Investment Grade Balance Sheet Well Positioned for Growth Note: Total Capitalization is defined here as common shares and units outstanding multiplied by the closing stock price on 3/31/2025, plus total debt outstanding at 3/31/2025, plus Preferred stock ($50 redeemable stock price multiplie
Slide 27: Well-Laddered Debt Maturities & Low Average Interest
Well-Laddered Debt Maturities & Low Average Interest TOTAL DEBT MATURING 14.1% 5.9% 11.9% 7.9% 11.0% 5.9% 8.9% 7.8% 0.0% 6.8% 19.8% FIXED RATE DEBT INTEREST RATE 4.2% 1.2% 3.7% 4.2% 3.7% 3.1% 1.8% 5.4% 0.0% 5.1% 4.2% Debt maturity profile ($ in millions) AT 3/31/2025 1 MAA calculations as specifical
Slide 28: Current Performance, 2025 Outlook
6 | Current Performance, 2025 Outlook Gaining Momentum as Supply Impact Decreases MAA Westglenn, Denver, CO
Slide 29: Gaining Momentum in a Transition Year
Gaining Momentum in a Transition Year The convergence of Sunbelt market dynamics + MAA’s growth initiatives and enhanced operating platform suggests coming OUTPERFORMANCE Absorption Continues (Concessions Abate Sunbelt Supply Slows Absorption Continues (Concessions Abate) Sunbelt Supply Slows Sunbel
Slide 30: 2025 Same Store Operating Trends
Gaining Momentum in a Transition Year | 2025 Same Store Operating Trends Lease Over Lease Average Pricing Change 2025 same store 4Q 20241 1Q 2025 MAY 2025 ytd2 EFFECTIVE LEASES NEW LEASE -8.1% -6.3% -5.5% RENEWAL 4.2% 4.5% 4.6% BLENDED -2.1% -0.5% 0.0% Occupancy 2025 SAME STORE 4Q 20241 1q 2025 MAY
Slide 31: 2025F Same Store Outlook
Gaining Momentum in a Transition Year | 2025F Same Store Outlook Effective Rent Growth1 [-0.30% … 0.20% … 0.70%] Property Revenue Growth [-0.35% … 0.40% … 1.15%] Average Physical Occupancy Steady occupancy expected for full year [95.3% … 95.6% … 95.9%] REVENUE Property Expense Growth [2.45% … 3.20%
Slide 32: 2025F Core FFO Guidance
Gaining Momentum in a Transition Year | 2025F Core FFO Guidance Full Year 20252 [$8.61 … $8.77 … $8.93] Q2 20253 [$2.05 … $2.13 … $2.21] CORE FFO/SHARE1 CAPITAL SPEND INITIATIVES Unit Redevelopment Program Expect 5.5K to 6.5K units in 2025 [$40M … $45M … $50M] Property Repositioning Program Expected
Slide 33: Sustainability Program Aligns with Our Mission
7 | Sustainability Program Aligns with Our Mission To Grow Value & Deliver Exceptional Service MAA Midtown Phoenix, Phoenix, AZ
Slide 34: A Brighter View for Today & Tomorrow: Our Sustainability Commitment
A Brighter View for Today & Tomorrow: Our Sustainability Commitment 2024 GRESB Public Disclosure Score A 80 100 29 30 51 70 2024 GRESB SCORE THREE GREEN STARS MANAGEMENT SCORE PERFORMANCE SCORE 2023 GRESB RESULTS: SCORE: 78/100; MANAGEMENT: 28/30: PERFORMANCE: 50/70 ENERGY USE INTENSITY 35% GREEN HO
Slide 35: Appendix: Reconciliations and Definitions
8 | Appendix Reconciliations Definitions MAA Sand Lake, Orlando, FL
Slide 36: Reconciliation of Net Income to FFO, Core FFO, Core AFFO and FAD
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD (1) Included in Other non-operating income in the Consolidated Statements of Operations. (2) For the three months ended March 31, 2025 and 2024, gain o
Slide 37: Reconciliation of Net Income to Net Operating Income
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME Dollars in thousands Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net income available for MAA common shareholders $ 180,751 $ 165,724 $ 142,
Slide 38: Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre (1) Included in Other non-operating income in the Consolidated Statements of Operations. During the twelve months ended December 31, 2024, in accordance with its accounting policies,
Slide 39: Reconciliation of Notes Payable to Net Debt and Assets to Gross Assets
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF UNSECURED NOTES PAYABLE AND SECURED NOTES PAYABLE TO NET DEBT RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS Dollars in thousands March 31, 2025 December 31, 2024 Uns
Slide 40: Reconciliation of EPS to Core FFO per Share for 2025 Guidance
Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER DILUTED SHARE FOR FULL YEAR 2025 GUIDANCE Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shar
Slide 41: Non-GAAP Financial Measures: Adjusted EBITDAre
Non-GAAP Financial Measures Adjusted EBITDAre For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core
Slide 42: Non-GAAP Financial Measures: Funds From Operations (FFO)
Non-GAAP Financial Measures Funds From Operations (FFO) FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depr
Slide 43: Definitions of Non-GAAP Financial Measures and Other Key Definitions
Definitions of Non-GAAP Financial Measures and Other Key Definitions OTHER KEY DEFINITIONS Average Effective Rent per Unit Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for uno
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