Top-News

Basin Uranium: Es geht los! Der Uran-Superzyklus ist gestartet!(Anzeige)

Ein Bürogebäude in der Sonne (Symbolbild).

Mittwoch, 26.07.2023 16:15 von PR Newswire | Aufrufe: 213

MAA REPORTS SECOND QUARTER 2023 RESULTS

Ein Bürogebäude in der Sonne (Symbolbild). © PPAMPicture / E+ / Getty Images http://www.gettyimages.de

PR Newswire

GERMANTOWN, Tenn., July 26, 2023

GERMANTOWN, Tenn., July 26, 2023 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended June 30, 2023.

Second Quarter 2023 Operating Results

Three months ended June 30,

Six months ended June 30,

2023

2022

ARIVA.DE Börsen-Geflüster

Kurse

Mid American Apartment

120,80 €

-0,29%

2023

2022

Earnings per common share - diluted

1.24

1.82

2.40

2.76

Funds from operations (FFO) per Share - diluted

2.39

1.82

4.70

3.89

Core FFO per Share - diluted

2.28

2.02

4.56

4.00

A reconciliation of FFO and Core FFO to Net income available for MAA common shareholders, and discussion of the components of FFO and Core FFO, can be found later in this release. FFO per Share – diluted and Core FFO per Share – diluted include diluted common shares and units.

Eric Bolton, Chairman and Chief Executive Officer, said, "Leasing conditions across our markets continue to reflect a strong demand for apartment housing. Leasing traffic remains strong and move-outs by existing residents remain historically low. Our Sunbelt markets continue to demonstrate solid employment conditions and positive migration trends that are further supporting absorption of the new apartment supply delivering in our markets. Overall performance remains ahead of our expectations we had for calendar year 2023."

Highlights

During the second quarter of 2023, MAA's Same Store Portfolio produced growth in revenues of 8.1%, as compared to the same period in the prior year, with Average Effective Rent per Unit up 9.3% while capturing strong Average Physcial Occupancy of 95.5%.
During the second quarter of 2023, MAA's Same Store Portfolio property operating expense and Net Operating Income (NOI) increased by 7.2% and 8.6%, respectively, as compared to the same period in the prior year.
As of June 30, 2023, resident turnover remained low at 45.7% on a trailing 12 month basis driven by historically low levels of move-outs associated with buying single family-homes.
As of the end of the second quarter of 2023, MAA had six communities under development, representing 2,310 units once complete, with a projected total cost of $735.0 million and an estimated $343.5 million remaining to be funded.
As of the end of the second quarter of 2023, MAA had a recently completed development community in lease-up. That community is expected to stabilize in the fourth quarter of 2023.
During the second quarter of 2023, MAA completed the lease-up of MAA LoSo, located in the Charlotte, North Carolina market.
MAA completed the redevelopment of 1,878 apartment homes during the second quarter of 2023, capturing average rental rate increases of approximately 8% above non-renovated units.
MAA's balance sheet remains strong with a historically low Net Debt/Adjusted EBITDAre ratio of 3.41x and $1.4 billion of combined cash and available capacity under MAALP's unsecured revolving credit facility as of June 30, 2023.

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were owned by MAA and stabilized at the beginning of the previous year. Same Store Portfolio results for the three and six months ended June 30, 2023 as compared to the same period in the prior year are summarized below:

	Three months ended June 30, 2023 vs. 2022				Six months ended June 30, 2023 vs. 2022
	Revenues	Expenses	NOI	Average Effective Rent per Unit	Revenues	Expenses	NOI	Average Effective Rent per Unit
Same Store Operating Growth	8.1 %	7.2 %	8.6 %	9.3 %	9.5 %	7.7 %	10.5 %	10.9 %

A reconciliation of NOI, including Same Store NOI, to Net income available for MAA common shareholders, and discussion of the components of NOI, can be found later in this release.

Same Store Portfolio operating statistics for the three and six months ended June 30, 2023 are summarized below:

	Three months ended June 30, 2023			Six months ended June 30, 2023			June 30, 2023
	Average Effective Rent per Unit		Average Physical Occupancy	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,673	95.5 %	$	1,665	95.5 %	45.7 %

Same Store Portfolio lease pricing for both new and renewing leases effective during the second quarter of 2023, on a blended basis, increased 3.8% as compared to the prior lease, driven by a 6.8% increase for renewing leases and a 0.5% increase for leases to new move-in residents.

Same Store Portfolio lease pricing for both new and renewing leases effective during the six months ended June 30, 2023, on a blended basis, increased 3.8% as compared to the prior lease, driven by a 7.4% increase for renewing leases and a 0.1% increase for leases to new move-in residents.

Development and Lease-up Activity

A summary of MAA's development communities under construction as of the end of the second quarter of 2023 is set forth below (dollars in thousands):

Units as of

Development Costs as of

Expected Project

Total

June 30, 2023

Completions By Year

Development

Expected

Spend

Expected

Projects ⁽¹⁾

Total

Mehr Nachrichten zur Mid American Apartment Aktie kostenlos abonnieren

E-Mail-Adresse

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.