MAA REPORTS SECOND QUARTER 2025 RESULTS
MAA (NYSE: MAA) reported Q2 2025 financial results with Core FFO of $2.15 per share, exceeding expectations despite market challenges. The company achieved a 0.5% blended lease rate growth and maintained strong occupancy at 95.4%. MAA's development pipeline reached nearly $1 billion with eight communities under construction.
Key highlights include record-low resident turnover at 41.0%, with home-buying move-outs at just 11.0%. The company began construction on a 336-unit community in Charleston and maintains a strong balance sheet with $1.0 billion in available liquidity. MAA updated its 2025 guidance, projecting Core FFO between $8.65 to $8.89 per share.
MAA (NYSE: MAA) ha comunicato i risultati finanziari del secondo trimestre 2025 con un Core FFO di 2,15 dollari per azione, superando le aspettative nonostante le sfide del mercato. L'azienda ha registrato una crescita del tasso di locazione combinato dello 0,5% e ha mantenuto un'occupazione solida al 95,4%. Il portafoglio di sviluppo di MAA ha raggiunto quasi 1 miliardo di dollari con otto comunit脿 in costruzione.
Tra i punti salienti, si segnala un turnover dei residenti ai minimi storici, pari al 41,0%, con trasferimenti dovuti all'acquisto di casa appena all'11,0%. L'azienda ha avviato la costruzione di una comunit脿 di 336 unit脿 a Charleston e mantiene un bilancio solido con una liquidit脿 disponibile di 1,0 miliardi di dollari. MAA ha aggiornato le previsioni per il 2025, prevedendo un Core FFO compreso tra 8,65 e 8,89 dollari per azione.
MAA (NYSE: MAA) inform贸 los resultados financieros del segundo trimestre de 2025 con un Core FFO de 2,15 d贸lares por acci贸n, superando las expectativas a pesar de los desaf铆os del mercado. La compa帽铆a logr贸 un crecimiento combinado en la tasa de arrendamiento del 0,5% y mantuvo una fuerte ocupaci贸n del 95,4%. La cartera de desarrollo de MAA alcanz贸 casi 1.000 millones de d贸lares con ocho comunidades en construcci贸n.
Los aspectos destacados incluyen una rotaci贸n de residentes en niveles r茅cord, del 41,0%, con mudanzas por compra de vivienda en solo el 11,0%. La empresa inici贸 la construcci贸n de una comunidad de 336 unidades en Charleston y mantiene un balance s贸lido con 1.000 millones de d贸lares en liquidez disponible. MAA actualiz贸 sus previsiones para 2025, proyectando un Core FFO entre 8,65 y 8,89 d贸lares por acci贸n.
MAA (NYSE: MAA)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 欤茧嫻 2.15雼煬鞚� 頃奠嫭 FFO毳� 旮半頃� 鞁滌灔 鞏措牑鞗�鞐愲弰 攵堦惮頃橁碃 旮半寑旃橂ゼ 靸來殞頄堨姷雼堧嫟. 須岇偓電� 0.5%鞚� 順柬暕 鞛勲寑耄� 靹膘灔毳�鞚� 雼劚頃橁碃 95.4%鞚� 雴掛潃 鞝愳湢鞙潉 鞙犾頄堨姷雼堧嫟. MAA鞚� 臧滊皽 韺岇澊頂勲澕鞚胳潃 8臧� 旎る雼堩嫲臧� 瓯挫劋 欷戩澊氅� 瓯办潣 10鞏� 雼煬鞐� 雼暕雼堧嫟.
欤检殧 雮挫毄鞙茧電� 瓯办＜鞛� 鞚挫毳犾澊 靷儊 斓滌爛鞚� 41.0%毳� 旮半頄堨溂氅�, 欤柬儩 甑Г搿� 鞚疙暅 鞚挫偓電� 雼 11.0%鞐� 攵堦臣頃╇媹雼�. 須岇偓電� 彀办姢韯挫棎 336臧�甑� 攴滊鞚� 旎る雼堩嫲 瓯挫劋鞚� 鞁滌瀾頄堨溂氅� 10鞏� 雼煬鞚� 臧�鞖� 鞙犽彊靹�鞙茧 韮勴儎頃� 鞛甑“毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟. MAA電� 2025雲� 臧�鞚措崢鞀るゼ 鞐呺嵃鞚错姼頃橂┌ 頃奠嫭 FFO毳� 欤茧嫻 8.65~8.89雼煬搿� 鞝勲頄堨姷雼堧嫟.
MAA (NYSE : MAA) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec un Core FFO de 2,15 $ par action, d茅passant les attentes malgr茅 les d茅fis du march茅. La soci茅t茅 a enregistr茅 une croissance combin茅e des loyers de 0,5 % et maintenu un taux d'occupation solide de 95,4 %. Le pipeline de d茅veloppement de MAA a atteint pr猫s de 1 milliard de dollars avec huit communaut茅s en construction.
Les points cl茅s incluent un taux de rotation des r茅sidents historiquement bas de 41,0 %, avec seulement 11,0 % de d茅parts li茅s 脿 l'achat d'une maison. La soci茅t茅 a lanc茅 la construction d'une communaut茅 de 336 unit茅s 脿 Charleston et conserve une situation financi猫re solide avec 1,0 milliard de dollars de liquidit茅s disponibles. MAA a mis 脿 jour ses pr茅visions pour 2025, projetant un Core FFO entre 8,65 et 8,89 $ par action.
MAA (NYSE: MAA) meldete die Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Core FFO von 2,15 US-Dollar je Aktie, was die Erwartungen trotz Marktunsicherheiten 眉bertraf. Das Unternehmen erzielte ein 0,5 % gemischtes Mietwachstum und hielt eine starke Auslastung von 95,4 %. Die Entwicklungspipeline von MAA erreichte fast 1 Milliarde US-Dollar mit acht im Bau befindlichen Gemeinschaften.
Wesentliche Highlights sind eine rekordverd盲chtig niedrige Bewohnerfluktuation von 41,0 %, wobei Umz眉ge aufgrund von Hausk盲ufen nur 11,0 % ausmachen. Das Unternehmen begann mit dem Bau einer 336 Einheiten umfassenden Gemeinde in Charleston und verf眉gt 眉ber eine starke Bilanz mit 1 Milliarde US-Dollar verf眉gbarer Liquidit盲t. MAA aktualisierte seine Prognose f眉r 2025 und erwartet ein Core FFO zwischen 8,65 und 8,89 US-Dollar je Aktie.
- Core FFO of $2.15 per share exceeded expectations
- Record-low resident turnover at 41.0% with strong 95.4% occupancy
- $1 billion in available liquidity and low 4.0x Net Debt/Adjusted EBITDA
- Growing development pipeline with 8 communities under construction worth $942.5 million
- 100 basis point sequential improvement in Same Store blended pricing
- Strong 4.7% renewal lease rate growth in Q2 2025
- Same Store NOI declined 2.6% year-over-year in Q2
- New lease rates decreased by 4.8% in Q2 2025
- Overall Same Store revenues declined 0.3% year-over-year
- Lowered full-year 2025 earnings guidance from $5.67 to $5.37 per share midpoint
- Operating expenses increased 3.8% in Q2 year-over-year
Insights
MAA's Q2 shows mixed results with declining NOI but improving lease rates, maintaining stable FFO guidance despite operating headwinds.
MAA delivered Q2 2025 Core FFO of
Despite macroeconomic uncertainty, MAA showed operational improvement signs worth noting. Blended lease rates increased
Resident retention metrics are particularly strong, with overall turnover at just
On the development front, MAA has
The balance sheet remains solid with
Looking forward, MAA narrowed its full-year 2025 Core FFO guidance range to
MAA's Q2 results reveal stabilizing apartment fundamentals with sequential pricing improvements despite ongoing supply pressures in Sunbelt markets.
MAA's portfolio performance offers valuable insights into the multifamily rental market across the Sunbelt region. The
The stark contrast between new lease and renewal pricing tells an important market story. New lease rates declined
The record-low
Geographic diversification is proving valuable in this environment. While the release doesn't provide market-specific data, MAA's footprint across various Sunbelt metros likely allows it to offset weakness in oversupplied markets with relative strength in more supply-constrained areas.
The development strategy reveals confidence in the medium-term outlook for apartments. By breaking ground on a new Charleston development and maintaining a pipeline approaching
The
Three months ended June听30, | Six months ended June听30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Earnings per common share - diluted (1) | $ | 0.92 | $ | 0.86 | $ | 2.46 | $ | 2.09 | ||||||||
Funds from operations (FFO) per Share - diluted (1) | $ | 2.19 | $ | 2.06 | $ | 4.39 | $ | 4.47 | ||||||||
Core FFO per Share - diluted (1) | $ | 2.15 | $ | 2.22 | $ | 4.35 | $ | 4.44 | ||||||||
(1) | A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release.听 |
Brad Hill, President and Chief Executive Officer, said, "Second quarter Core FFO results exceeded our expectations. Despite increased macroeconomic uncertainty, we are encouraged by the record demand for rental housing that persists in our markets, leading to second quarter blended lease performance 40 bps higher than last year. 听Our uniquely diversified portfolio, backed by a strong operating and resident service platform, delivered record resident retention and robust renewal pricing, 听resulting in strong occupancy and a 100 bps sequential improvement in Same Store blended pricing. As we move further from the peak level of supply reached in 2024, the strengthening demand/supply dynamic coupled with our growing development pipeline, which is nearing
- During the second quarter of 2025, MAA's Same Store effective blended lease rate growth was
0.5% . On a sequential basis, the 100 basis point improvement in Same Store effective blended lease rate growth was driven by a 150 basis point improvement in new lease pricing and a 20 basis point improvement in renewal pricing from the first quarter of 2025. - As of June 30, 2025, resident turnover in the Same Store Portfolio remained historically low at
41.0% with a record low level of move-outs associated with buying single family-homes of11.0% . - During the second quarter of 2025, MAA began construction on a 336-unit multifamily apartment community located in
Charleston, South Carolina . As of June 30, 2025, MAA had eight communities under development with total expected costs of$942.5 million $573.9 million
Same Store Operating Results
Same Store results for the three and six months ended June听30, 2025 as compared to the same period in the prior year are summarized below:
Three months ended June听30, 2025 vs. 2024 | Six months ended June听30, 2025 vs. 2024 | |||||||||||||||
Revenues(1) | Expenses | NOI(2) | Average Effective Rent per Unit | Revenues(1) | Expenses | NOI(2) | Average Effective Rent per Unit | |||||||||
Same Store Operating Growth | -0.3听% | 3.8听% | -2.6听% | -0.5听% | -0.1听% | 2.5听% | -1.6听% | -0.5听% | ||||||||
(1) | Includes |
(2) | A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release. |
Same Store operating statistics for the three and six months ended June听30, 2025 are summarized below:
Three months ended June听30, 2025 | Six months ended June听30, 2025 | As of June听30, 2025 | ||||||||||||
Average Effective Rent per Unit | Average Physical Occupancy | Average Effective Rent per Unit | Average Physical Occupancy | Resident Turnover | ||||||||||
Same Store Operating Statistics | $ | 1,690 | 95.4听% | $ | 1,690 | 95.5听% | 41.0听% | |||||||
Same Store net effective lease pricing statistics for the three and six months ended June听30, 2025 are summarized below:
Same Store Net Effective Lease Pricing Statistics | Three Months Ended | Six Months Ended | ||
Effective Blended Lease Rate Growth | 0.5听% | 0.2听% | ||
Effective New Lease Rate Growth | -4.8听% | -5.4听% | ||
Effective Renewal Lease Rate Growth | 4.7听% | 4.6听% |
Development and Lease-up Activity
A summary of MAA's development communities under construction as of the end of the second quarter of 2025 is set forth below (dollars in thousands):
Units as of | Development Costs as of | Expected Project | ||||||||||||||||||||||||||||||||||||||||
Total | June听30, 2025 | June听30, 2025 | Completions By Year | |||||||||||||||||||||||||||||||||||||||
Development | Expected | Costs | Expected | |||||||||||||||||||||||||||||||||||||||
Projects (1) | Total | Delivered | Leased | Total | to Date | Remaining | 2025 | 2026 | 2027 | 2028 | ||||||||||||||||||||||||||||||||
8 | 2,648 | 549 | 248 | $ | 942,500 | $ | 616,296 | $ | 326,204 | 2 | 4 | 1 | 1 | |||||||||||||||||||||||||||||
(1) | Two of the development projects are currently leasing. |
In June 2025, MAA closed on the acquisition of a land parcel located in
During the second quarter of 2025, MAA funded approximately
A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the second quarter of 2025 is set forth below (dollars in thousands):
Total | As of June听30, 2025 | |||||||||||||
Lease-Up | Total | Physical | Costs | |||||||||||
Projects (1) | Units | Occupancy | to Date | |||||||||||
6 | 2,101 | 80.7 | % | $ | 573,896 | |||||||||
(1) | Three of the lease-up projects are expected to stabilize in the third quarter of 2025, two in the fourth quarter of 2025 and one in the second quarter of 2026.听听 |
During the second quarter of 2025, MAA completed the lease-up of MAA Boggy Creek, located in
Balance Sheet and Financing Activities
As of June听30, 2025, MAA had
Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2025 were
Balance sheet highlights as of June听30, 2025 are summarized below (dollars in billions):
Total debt to adjusted total assets (1) | Net Debt/Adjusted EBITDAre (2) | Total debt outstanding | Average effective interest rate | Fixed rate debt as a % of total debt | Total debt average years to maturity | |||||||||
28.9听% | 4.0x | $ | 5.0 | 3.8听% | 93.8听% | 6.7 | ||||||||
(1) | As defined in the covenants for the bonds issued by MAALP. |
(2) | Adjusted EBITDAre is calculated for the trailing twelve month period ended June听30, 2025. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release. |
126th Consecutive Quarterly Common Dividend Declared
MAA declared its 126th consecutive quarterly common dividend, which will be paid on July 31, 2025 to holders of record on July 15, 2025. The current annual dividend rate is
2025 Earnings and Same Store Guidance
MAA is updating 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.
FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of AG真人官方 Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.
2025 Guidance | Previous Range | Previous Midpoint | Revised Range | Revised Midpoint | |||||
Earnings: | Full Year 2025 | Full Year 2025 | Full Year 2025 | Full Year 2025 | |||||
Earnings per common share - diluted | |||||||||
Core FFO per Share - diluted | |||||||||
Core AFFO per Share - diluted | |||||||||
MAA Same Store Portfolio: | |||||||||
Property revenue growth | - | 0.40听% | - | 0.10听% | |||||
Property operating expense growth | 3.20听% | 2.25听% | |||||||
NOI growth | - | -1.15听% | - | -1.15听% |
MAA expects Core FFO for the third quarter of 2025听to be in the range of
Core FFO per diluted Share | ||||
Q2 2025 per diluted Share reported results | $ | 2.15 | ||
Same Store NOI | 0.02 | |||
Development, Lease-up and Other Non-Same Store NOI | 0.01 | |||
Total overhead | (0.01) | |||
Interest expense and Other non-operating income (expense) | (0.01) | |||
Q3 2025 per diluted Share guidance midpoint | $ | 2.16 | ||
MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release.听
Supplemental Material and Conference Call
Supplemental Data to this release can be found on the "For Investors" page of the MAA website at . MAA will host a conference call to further discuss second quarter results on July 31, 2025, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. You may also join the live webcast of the conference call by accessing the "For Investors" page of the MAA website at . MAA's filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.
About MAA
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of
Forward-Looking Statements
This release (as well as the Supplemental Data to this release) 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 statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2025 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved.
The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; 听adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time.
Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.
FINANCIAL HIGHLIGHTS | ||||||||||||||||
Dollars in thousands, except per share data | Three months ended June听30, | Six months ended June听30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Rental and other property revenues | $ | 549,902 | $ | 546,435 | $ | 1,099,197 | $ | 1,090,057 | ||||||||
Net income available for MAA common shareholders | $ | 107,205 | $ | 101,031 | $ | 287,956 | $ | 243,858 | ||||||||
Total NOI (1) | $ | 335,248 | $ | 340,639 | $ | 683,190 | $ | 686,459 | ||||||||
Earnings per common share: (2) | ||||||||||||||||
Basic | $ | 0.92 | $ | 0.86 | $ | 2.46 | $ | 2.09 | ||||||||
Diluted | $ | 0.92 | $ | 0.86 | $ | 2.46 | $ | 2.09 | ||||||||
Funds from operations per Share - diluted: (2) | ||||||||||||||||
FFO (1) | $ | 2.19 | $ | 2.06 | $ | 4.39 | $ | 4.47 | ||||||||
Core FFO (1) | $ | 2.15 | $ | 2.22 | $ | 4.35 | $ | 4.44 | ||||||||
Core AFFO (1) | $ | 1.85 | $ | 1.92 | $ | 3.89 | $ | 3.98 | ||||||||
Dividends declared per common share | $ | 1.5150 | $ | 1.4700 | $ | 3.0300 | $ | 2.9400 | ||||||||
Dividends/Core FFO (diluted) payout ratio | 70.5 | % | 66.2 | % | 69.7 | % | 66.2 | % | ||||||||
Dividends/Core AFFO (diluted) payout ratio | 81.9 | % | 76.6 | % | 77.9 | % | 73.9 | % | ||||||||
Consolidated interest expense | $ | 45,111 | $ | 41,265 | $ | 90,272 | $ | 81,626 | ||||||||
Debt discount and debt issuance cost amortization | (1,624) | (1,213) | (3,241) | (3,055) | ||||||||||||
Capitalized interest | 5,048 | 3,724 | 10,153 | 7,140 | ||||||||||||
Total interest incurred | $ | 48,535 | $ | 43,776 | $ | 97,184 | $ | 85,711 | ||||||||
(1) | The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO. |
(2) | See the "Share and Unit Data" section for additional information. |
听
Dollars in thousands, except share price | June听30, 2025 | December听31, 2024 | ||||||
Gross Assets (1) | $ | 17,466,996 | $ | 17,170,171 | ||||
Gross AG真人官方 Estate Assets (1) | $ | 17,228,793 | $ | 16,924,002 | ||||
Total debt | $ | 5,048,143 | $ | 4,980,957 | ||||
Common shares and units outstanding | 120,021,067 | 119,958,973 | ||||||
Share price | $ | 148.01 | $ | 154.57 | ||||
Book equity value | $ | 6,090,400 | $ | 6,147,664 | ||||
Market equity value | $ | 17,764,318 | $ | 18,542,058 | ||||
Net Debt/Adjusted EBITDAre (2) | 4.0x | 4.0x | ||||||
(1) | Reconciliations of Total assets to Gross Assets and AG真人官方 estate assets, net, to Gross AG真人官方 Estate Assets are found later in this release. |
(2) | Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable, net and Secured notes payable, net to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre. |
听
CONSOLIDATED STATEMENTS OF OPERATIONS听 | ||||||||||||||||
Dollars in thousands, except per share data (Unaudited) | Three months ended June听30, | Six months ended June听30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues: | ||||||||||||||||
Rental and other property revenues | $ | 549,902 | $ | 546,435 | $ | 1,099,197 | $ | 1,090,057 | ||||||||
Expenses: | ||||||||||||||||
Operating expenses, excluding real estate taxes and insurance | 132,465 | 126,213 | 257,420 | 244,412 | ||||||||||||
AG真人官方 estate taxes and insurance | 82,189 | 79,583 | 158,587 | 159,186 | ||||||||||||
Depreciation and amortization | 153,521 | 145,022 | 305,871 | 288,042 | ||||||||||||
Total property operating expenses | 368,175 | 350,818 | 721,878 | 691,640 | ||||||||||||
Property management expenses | 17,511 | 17,201 | 38,089 | 37,196 | ||||||||||||
General and administrative expenses | 12,813 | 12,671 | 28,432 | 29,716 | ||||||||||||
Interest expense | 45,111 | 41,265 | 90,272 | 81,626 | ||||||||||||
Loss (gain) on sale of depreciable real estate assets | 69 | 23 | (71,842) | 25 | ||||||||||||
Other non-operating (income) expense | (4,722) | 19,244 | (5,556) | (4,282) | ||||||||||||
Income before income tax expense | 110,945 | 105,213 | 297,924 | 254,136 | ||||||||||||
Income tax expense | (600) | (1,020) | (1,638) | (2,815) | ||||||||||||
Income from continuing operations before real estate joint venture activity | 110,345 | 104,193 | 296,286 | 251,321 | ||||||||||||
Income from real estate joint venture | 530 | 469 | 995 | 951 | ||||||||||||
Net income | 110,875 | 104,662 | 297,281 | 252,272 | ||||||||||||
Net income attributable to noncontrolling interests | 2,748 | 2,709 | 7,481 | 6,570 | ||||||||||||
Net income available for shareholders | 108,127 | 101,953 | 289,800 | 245,702 | ||||||||||||
Dividends to MAA Series I preferred shareholders | 922 | 922 | 1,844 | 1,844 | ||||||||||||
Net income available for MAA common shareholders | $ | 107,205 | $ | 101,031 | $ | 287,956 | $ | 243,858 | ||||||||
Earnings per common share - basic: | ||||||||||||||||
Net income available for common shareholders | $ | 0.92 | $ | 0.86 | $ | 2.46 | $ | 2.09 | ||||||||
Earnings per common share - diluted: | ||||||||||||||||
Net income available for common shareholders | $ | 0.92 | $ | 0.86 | $ | 2.46 | $ | 2.09 | ||||||||
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SHARE AND UNIT DATA听 | ||||||||||||||||
Shares and units in thousands | Three months ended June听30, | Six months ended June听30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net Income Shares (1) | ||||||||||||||||
Weighted average common shares - basic | 116,976 | 116,783 | 116,908 | 116,727 | ||||||||||||
Effect of dilutive securities | 187 | 鈥� | 241 | 鈥� | ||||||||||||
Weighted average common shares - diluted | 117,163 | 116,783 | 117,149 | 116,727 | ||||||||||||
Funds From Operations Shares And Units | ||||||||||||||||
Weighted average common shares and units - basic | 119,950 | 119,888 | 119,932 | 119,848 | ||||||||||||
Weighted average common shares and units - diluted | 120,015 | 119,944 | 119,995 | 119,901 | ||||||||||||
Period End Shares And Units | ||||||||||||||||
Common shares at June听30, | 117,071 | 116,858 | 117,071 | 116,858 | ||||||||||||
Operating Partnership units at June听30, | 2,950 | 3,094 | 2,950 | 3,094 | ||||||||||||
Total common shares and units at June听30, | 120,021 | 119,952 | 120,021 | 119,952 | ||||||||||||
(1) | For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA's Quarterly Report on Form 10-Q for the three months ended June 30, 2025, expected to be filed with the SEC on or about July 31, 2025. |
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CONSOLIDATED BALANCE SHEETS | ||||||||
Dollars in thousands (Unaudited) | ||||||||
June听30, 2025 | December听31, 2024 | |||||||
Assets | ||||||||
AG真人官方 estate assets: | ||||||||
Land | $ | 2,105,602 | $ | 2,096,912 | ||||
Buildings and improvements and other | 14,468,733 | 14,160,799 | ||||||
Development and capital improvements in progress | 484,955 | 470,282 | ||||||
17,059,290 | 16,727,993 | |||||||
Less: Accumulated depreciation | (5,631,399) | (5,327,584) | ||||||
11,427,891 | 11,400,409 | |||||||
Undeveloped land | 73,359 | 73,359 | ||||||
Investment in real estate joint venture | 41,662 | 41,650 | ||||||
AG真人官方 estate assets, net | 11,542,912 | 11,515,418 | ||||||
Cash and cash equivalents | 54,482 | 43,018 | ||||||
Restricted cash | 13,634 | 13,743 | ||||||
Other assets | 224,569 | 232,426 | ||||||
Assets held for sale | 鈥� | 7,764 | ||||||
Total assets | $ | 11,835,597 | $ | 11,812,369 | ||||
Liabilities and equity | ||||||||
Liabilities: | ||||||||
Unsecured notes payable, net | $ | 4,687,813 | $ | 4,620,690 | ||||
Secured notes payable, net | 360,330 | 360,267 | ||||||
Accrued expenses and other liabilities | 697,054 | 683,748 | ||||||
Total liabilities | 5,745,197 | 5,664,705 | ||||||
Redeemable common stock | 21,135 | 22,230 | ||||||
Shareholders' equity: | ||||||||
Preferred stock | 9 | 9 | ||||||
Common stock | 1,168 | 1,166 | ||||||
Additional paid-in capital | 7,431,627 | 7,417,453 | ||||||
Accumulated distributions in excess of net income | (1,535,340) | (1,469,557) | ||||||
Accumulated other comprehensive loss | (6,110) | (6,940) | ||||||
Total MAA shareholders' equity | 5,891,354 | 5,942,131 | ||||||
Noncontrolling interests - Operating Partnership units | 147,439 | 155,409 | ||||||
Total shareholders' equity | 6,038,793 | 6,097,540 | ||||||
Noncontrolling interests - consolidated real estate entities | 30,472 | 27,894 | ||||||
Total equity | 6,069,265 | 6,125,434 | ||||||
Total liabilities and equity | $ | 11,835,597 | $ | 11,812,369 | ||||
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RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FAD | ||||||||||||||||
Amounts in thousands, except per share and unit data | Three months ended June听30, | Six months ended June听30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net income available for MAA common shareholders | $ | 107,205 | $ | 101,031 | $ | 287,956 | $ | 243,858 | ||||||||
Depreciation and amortization of real estate assets | 152,149 | 143,623 | 303,140 | 285,214 | ||||||||||||
Loss (gain) on sale of depreciable real estate assets | 69 | 23 | (71,842) | 25 | ||||||||||||
MAA's share of depreciation and amortization of real estate assets of real estate joint venture | 167 | 154 | 331 | 309 | ||||||||||||
Net income attributable to noncontrolling interests | 2,748 | 2,709 | 7,481 | 6,570 | ||||||||||||
FFO attributable to common shareholders and unitholders | 262,338 | 247,540 | 527,066 | 535,976 | ||||||||||||
(Gain) loss on embedded derivative in preferred shares (1) | (1,693) | 9,286 | (1,283) | (3,806) | ||||||||||||
Loss (gain) on investments, net of tax (1)(2) | 317 | 685 | (337) | (3,405) | ||||||||||||
Casualty related (recoveries) charges, net (1) | (3,346) | 1,135 | (3,568) | (3,950) | ||||||||||||
Legal costs, settlements and (recoveries), net (1)(3) | 鈥� | 8,000 | 鈥� | 8,000 | ||||||||||||
Core FFO attributable to common shareholders and unitholders | 257,616 | 266,646 | 521,878 | 532,815 | ||||||||||||
Recurring capital expenditures | (35,343) | (36,341) | (55,449) | (55,275) | ||||||||||||
Core AFFO attributable to common shareholders and unitholders | 222,273 | 230,305 | 466,429 | 477,540 | ||||||||||||
Redevelopment capital expenditures | (15,435) | (11,624) | (32,844) | (20,998) | ||||||||||||
Revenue enhancing capital expenditures | (20,104) | (25,629) | (35,292) | (38,642) | ||||||||||||
Commercial capital expenditures | (2,755) | (1,867) | (6,729) | (3,070) | ||||||||||||
Other capital expenditures (4) | (12,048) | (12,912) | (27,489) | (22,115) | ||||||||||||
FAD attributable to common shareholders and unitholders | $ | 171,931 | $ | 178,273 | $ | 364,075 | $ | 392,715 | ||||||||
Dividends and distributions paid | $ | 181,814 | $ | 176,304 | $ | 363,581 | $ | 352,495 | ||||||||
Weighted average common shares - diluted | 117,163 | 116,783 | 117,149 | 116,727 | ||||||||||||
FFO weighted average common shares and units - diluted | 120,015 | 119,944 | 119,995 | 119,901 | ||||||||||||
Earnings per common share - diluted: | ||||||||||||||||
Net income available for MAA common shareholders | $ | 0.92 | $ | 0.86 | $ | 2.46 | $ | 2.09 | ||||||||
FFO per Share - diluted | $ | 2.19 | $ | 2.06 | $ | 4.39 | $ | 4.47 | ||||||||
Core FFO per Share - diluted | $ | 2.15 | $ | 2.22 | $ | 4.35 | $ | 4.44 | ||||||||
Core AFFO per Share - diluted | $ | 1.85 | $ | 1.92 | $ | 3.89 | $ | 3.98 | ||||||||
(1) | Included in Other non-operating (income) expense in the Consolidated Statements of Operations. |
(2) | For the three months ended June听30, 2025 and 2024, loss on investments is presented net of tax benefit of |
(3) | During the three and six months ended June听30, 2024, in accordance with its accounting policies, MAA recognized |
(4) | For the three and six months ended June听30, 2024, |
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RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME | ||||||||||||||||||||
Dollars in thousands | Three Months Ended | Six Months Ended | ||||||||||||||||||
June听30, | March听31, | June听30, | June听30, | June听30, | ||||||||||||||||
Net income available for MAA common shareholders | $ | 107,205 | $ | 180,751 | $ | 101,031 | $ | 287,956 | $ | 243,858 | ||||||||||
Depreciation and amortization | 153,521 | 152,350 | 145,022 | 305,871 | 288,042 | |||||||||||||||
Property management expenses | 17,511 | 20,578 | 17,201 | 38,089 | 37,196 | |||||||||||||||
General and administrative expenses | 12,813 | 15,619 | 12,671 | 28,432 | 29,716 | |||||||||||||||
Interest expense | 45,111 | 45,161 | 41,265 | 90,272 | 81,626 | |||||||||||||||
Loss (gain) on sale of depreciable real estate assets | 69 | (71,911) | 23 | (71,842) | 25 | |||||||||||||||
Other non-operating (income) expense | (4,722) | (834) | 19,244 | (5,556) | (4,282) | |||||||||||||||
Income tax expense | 600 | 1,038 | 1,020 | 1,638 | 2,815 | |||||||||||||||
Income from real estate joint venture | (530) | (465) | (469) | (995) | (951) | |||||||||||||||
Net income attributable to noncontrolling interests | 2,748 | 4,733 | 2,709 | 7,481 | 6,570 | |||||||||||||||
Dividends to MAA Series I preferred shareholders | 922 | 922 | 922 | 1,844 | 1,844 | |||||||||||||||
Total NOI | $ | 335,248 | $ | 347,942 | $ | 340,639 | $ | 683,190 | $ | 686,459 | ||||||||||
Same Store NOI | $ | 319,612 | $ | 332,795 | $ | 328,310 | $ | 652,407 | $ | 662,954 | ||||||||||
Non-Same Store and Other NOI | 15,636 | 15,147 | 12,329 | 30,783 | 23,505 | |||||||||||||||
Total NOI | $ | 335,248 | $ | 347,942 | $ | 340,639 | $ | 683,190 | $ | 686,459 | ||||||||||
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RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAre | ||||||||||||||||
Dollars in thousands | Three Months Ended | Twelve Months Ended | ||||||||||||||
June听30, 2025 | June听30, 2024 | June听30, 2025 | December听31, 2024 | |||||||||||||
Net income | $ | 110,875 | $ | 104,662 | $ | 586,585 | $ | 541,576 | ||||||||
Depreciation and amortization | 153,521 | 145,022 | 603,445 | 585,616 | ||||||||||||
Interest expense | 45,111 | 41,265 | 177,190 | 168,544 | ||||||||||||
Income tax expense | 600 | 1,020 | 4,063 | 5,240 | ||||||||||||
EBITDA | 310,107 | 291,969 | 1,371,283 | 1,300,976 | ||||||||||||
Loss (gain) on sale of depreciable real estate assets | 69 | 23 | (126,870) | (55,003) | ||||||||||||
Gain on consolidation of third-party development (1) | 鈥� | 鈥� | (11,239) | (11,239) | ||||||||||||
Adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates | 351 | 339 | 1,384 | 1,363 | ||||||||||||
EBITDAre | 310,527 | 292,331 | 1,234,558 | 1,236,097 | ||||||||||||
(Gain) loss on embedded derivative in preferred shares (1) | (1,693) | 9,286 | 21,274 | 18,751 | ||||||||||||
Loss (gain) on investments (1) | 397 | 859 | (3,908) | (7,809) | ||||||||||||
Casualty related (recoveries) charges, net (1) | (3,346) | 1,135 | (8,944) | (9,326) | ||||||||||||
Legal costs, settlements and (recoveries), net (1)(2) | 鈥� | 8,000 | 1,437 | 9,437 | ||||||||||||
Adjusted EBITDAre | $ | 305,885 | $ | 311,611 | $ | 1,244,417 | $ | 1,247,150 | ||||||||
(1) | Included in Other non-operating (income) expense in the Consolidated Statements of Operations.听 |
(2) | During the three months ended June听30, 2024 and twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized |
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RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBT | ||||||||
Dollars in thousands | ||||||||
June听30, 2025 | December听31, 2024 | |||||||
Unsecured notes payable, net | $ | 4,687,813 | $ | 4,620,690 | ||||
Secured notes payable, net | 360,330 | 360,267 | ||||||
Total debt | 5,048,143 | 4,980,957 | ||||||
Cash and cash equivalents | (54,482) | (43,018) | ||||||
Net Debt | $ | 4,993,661 | $ | 4,937,939 | ||||
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RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETS | ||||||||
Dollars in thousands | ||||||||
June听30, 2025 | December听31, 2024 | |||||||
Total assets | $ | 11,835,597 | $ | 11,812,369 | ||||
Accumulated depreciation | 5,631,399 | 5,327,584 | ||||||
Accumulated depreciation for Assets held for sale (1) | 鈥� | 30,218 | ||||||
Gross Assets | $ | 17,466,996 | $ | 17,170,171 | ||||
(1) | Included in Assets held for sale in the Consolidated Balance Sheets.听 |
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RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETS | ||||||||
Dollars in thousands | ||||||||
June听30, 2025 | December听31, 2024 | |||||||
AG真人官方 estate assets, net | $ | 11,542,912 | $ | 11,515,418 | ||||
Accumulated depreciation | 5,631,399 | 5,327,584 | ||||||
Assets held for sale, net | 鈥� | 7,764 | ||||||
Accumulated depreciation for Assets held for sale (1) | 鈥� | 30,218 | ||||||
Cash and cash equivalents | 54,482 | 43,018 | ||||||
Gross AG真人官方 Estate Assets | $ | 17,228,793 | $ | 16,924,002 | ||||
(1) | 听Included in Assets held for sale in the Consolidated Balance Sheets.听 |
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 operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.
Core Adjusted Funds from Operations (Core AFFO)
Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.
Core Funds from Operations (Core FFO)
Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA's methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.
EBITDA
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.
EBITDAre
For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA's share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.
Funds Available for Distribution (FAD)
FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures.
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 depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.
Gross Assets
Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.
Gross AG真人官方 Estate Assets
Gross AG真人官方 Estate Assets represents AG真人官方 estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross AG真人官方 Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.
Net Debt
Net Debt represents Unsecured notes payable,net and Secured notes payable,net less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position.
NON-GAAP FINANCIAL MEASURES (Continued)
Net Operating Income (NOI)
Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.
Non-Same Store and Other NOI
Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.
Same Store NOI
Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.
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 unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.
Average Physical Occupancy
Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period.
Development Communities
Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.
Effective Blended Lease Rate Growth
Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period.
Effective New Lease Rate Growth
Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.
Effective Renewal Lease Rate Growth
Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease.听
Lease-up Communities
New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving
Non-Same Store and Other Portfolio
Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.
Resident Turnover
Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage听of expiring leases on a trailing twelve month basis as of the end of the reported quarter.
Same Store Portfolio (or Same Store)
MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving
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FAQ
What were MAA's key financial results for Q2 2025?
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