MAA REPORTS FIRST QUARTER 2025 RESULTS

About this update from Mid-america Apartment Communities, Inc.

[{"type":"text","content":" 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.","length":197,"tagName":"p"},{"type":"image","alt":"MAA logo. (PRNewsFoto/MAA)","displaySize":"","headline":null,"caption":"MAA logo. 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Same Store operating performance exceeded our expectations with strong demand for apartment housing driving high occupancy, reduced delinquency and improved pricing trends. Our Same Store blended lease pricing increased by 160 basis points sequentially, 70 basis points better than last year's sequential trend. With strong occupancy, improved year-over-year exposure, and record low resident turnover, MAA is well positioned for the busy spring and summer leasing season.  As the decline in new deliveries in our markets accelerates throughout 2025, we continue to believe our revenue performance momentum will improve.  Our balance sheet is well positioned to provide near term flexibility and to capture emerging new growth opportunities."","length":950,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"During the first quarter of 2025, MAA's Same Store effective blended lease rate declined 0.5%, slightly ahead of our expectations and consistent with the same period in the prior year. On a sequential basis, Same Store effective blended lease rate growth was driven by a 180 basis point improvement in new lease pricing and a 30 basis point improvement in renewal pricing from the fourth quarter of 2024 and compares favorably to the sequential trend in the prior year of a 70 basis point improvement for new lease pricing and a 20 basis point improvement for renewal pricing.","length":590,"tagName":"p"}]},{"val":[{"type":"text","content":"During the first quarter of 2025, MAA's Same Store Portfolio captured strong Average Physical Occupancy of 95.6%, which was 30 basis points higher than the same period in the prior year.","length":195,"tagName":"p"}]},{"val":[{"type":"text","content":"As of March 31, 2025 , resident turnover in the Same Store Portfolio remained historically low at 41.5% on a trailing twelve month basis with a record low level of move-outs associated with buying single family-homes.","length":216,"tagName":"p"}]},{"val":[{"type":"text","content":"As of March 31, 2025 , MAA had seven communities under development with total expected costs of $851.5 million .  MAA also had four recently completed development communities and three recently acquired communities in lease-up with a total cost to date of $657.3 million .","length":274,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1275,"olType":false},{"type":"readMore"},{"type":"text","content":" Same Store Operating Results Same Store results for the three months ended March 31, 2025 as compared to the same period in the prior year are summarized below:","length":165,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"7","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Three months ended March 31, 2025 vs. 2024 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","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Expenses ","length":8,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" NOI (2) ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 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MAA received combined gross proceeds of approximately $83 million and recognized combined net gains on the sale of depreciable real estate assets of approximately $72 million from the sale of these apartment communities.","length":447,"tagName":"p"},{"type":"text","content":" Balance Sheet and Financing Activities As of March 31, 2025, MAA had $1.0 billion of combined cash and available capacity under MAALP's unsecured revolving credit facility. 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The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time.","length":637,"tagName":"p"},{"type":"text","content":" 2025 Earnings and Same Store Guidance  MAA is maintaining its prior 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance.  MAA expects to provide updates to its 2025 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis.","length":383,"tagName":"p"},{"type":"text","content":"FFO, Core FFO and Core AFFO are non-GAAP financial measures. 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","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" 3.20 % ","length":11,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" NOI growth ","length":10,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" -2.15% to -0.15% ","length":16,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" -1.15 % ","length":12,"tagName":"p","attribs":{}}]}]}],"length":415},{"type":"text","content":"MAA expects Core FFO for the second quarter of 2025 to be in the range of $2.05 to $2.21 per diluted Share, or $2.13 per diluted Share at the midpoint.   The projected difference from Core FFO per diluted Share for the first quarter of 2025 to the midpoint of MAA's guidance for the second quarter of 2025 is summarized below:","length":345,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.33em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.33em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"2","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Core FFO per diluted Share ","length":26,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.33em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text"...

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