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MAA REPORTS THIRD QUARTER 2023 RESULTS

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PR Newswire

GERMANTOWN, Tenn., Oct. 25, 2023

GERMANTOWN, Tenn., Oct. 25, 2023 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended September 30, 2023.

Third Quarter 2023 Operating Results

Three months ended
September 30,

Nine months ended
September 30,

2023

2022

ARIVA.DE Börsen-Geflüster

Kurse

Mid American Apartment

131,44 $

+1,71%

2023

2022

Earnings per common share - diluted

0.94

1.05

3.34

3.82

Funds from operations (FFO) per Share - diluted

2.16

2.19

6.85

6.08

Core FFO per Share - diluted

2.29

2.19

6.85

6.18

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, "Third quarter results were ahead of our expectations supported by the continued solid demand for apartment housing. Stable employment conditions along with continued positive migration trends to our markets and historically low resident move-outs are combining to drive solid demand. The delivery of new apartment supply is currently impacting rent growth performance associated with new move-in residents, and we expect this pressure to persist for another few quarters. The volume of new apartment starts has begun to decline, and we expect that leasing conditions will be supportive of higher rent growth in late 2024 as markets absorb the current development pipeline. MAA's uniquely diversified portfolio, along with a strong operating platform and balance sheet, is well positioned to work through the current new supply pipeline, as well as pursue new growth opportunities that are emerging."

Highlights

During the third quarter of 2023, MAA's Same Store Portfolio produced growth in revenues of 4.1%, as compared to the same period in the prior year, with Average Effective Rent per Unit up 4.5% while capturing strong Average Physical Occupancy of 95.7%.
During the third quarter of 2023, MAA's Same Store Portfolio property operating expense and Net Operating Income (NOI) increased by 4.7% and 3.7%, respectively, as compared to the same period in the prior year.
As of September 30, 2023, resident turnover remained low at 45.2% 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 third quarter of 2023, MAA had five communities under development, representing 1,970 units once complete, with a projected total cost of $642.7 million and an estimated $296.4 million remaining to be funded.
As of the end of the third quarter of 2023, MAA had two recently completed development communities in lease-up. One community is expected to stabilize in the fourth quarter of 2023 and one in the third quarter of 2024.
MAA completed the redevelopment of 2,258 apartment homes during the third quarter of 2023, capturing average rental rate increases of approximately 7% above non-renovated units.
Subsequent to the end of the third quarter of 2023, MAA acquired a 323-unit multifamily community located in the Phoenix, Arizona market.
MAA's balance sheet remains strong with a historically low Net Debt/Adjusted EBITDAre ratio of 3.4x and $1.4 billion of combined cash and available capacity under MAALP's unsecured revolving credit facility as of September 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 nine months ended September 30, 2023 as compared to the same period in the prior year are summarized below:

	Three months ended September 30, 2023 vs. 2022				Nine months ended September 30, 2023 vs. 2022
	Revenues	Expenses	NOI	Average Effective Rent per Unit	Revenues	Expenses	NOI	Average Effective Rent per Unit
Same Store Operating Growth	4.1 %	4.7 %	3.7 %	4.5 %	7.6 %	6.7 %	8.2 %	8.7 %

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 nine months ended September 30, 2023 are summarized below:

	Three months ended September 30, 2023			Nine months ended September 30, 2023			September 30, 2023
	Average Effective Rent per Unit		Average Physical Occupancy	Average Effective Rent per Unit		Average Physical Occupancy	Resident Turnover
Same Store Operating Statistics	$	1,690	95.7 %	$	1,673	95.6 %	45.2 %

Same Store Portfolio lease pricing for both new and renewing leases effective during the third quarter of 2023, on a blended basis, increased 1.6% as compared to the prior lease, driven by a 5.0% increase for renewing leases and a 2.2% decrease for leases to new move-in residents.

Same Store Portfolio lease pricing for both new and renewing leases effective during the nine months ended September 30, 2023, on a blended basis, increased 2.9% as compared to the prior lease, driven by a 6.4% increase for renewing leases and a 0.8% decrease 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 third quarter of 2023 is set forth below (dollars in thousands):

Units as of

Development Costs as of

Expected Project

Total

September 30, 2023

Completions By Year

Development

Expected

Spend

Expected

Projects ⁽¹⁾

Total

Delivered

Leased

Total

to Date

Remaining

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