Mid-America Apartment Communities Inc

Latest Results (09.09.2025):

Mid-America Apartment Communities Inc reported its financial results for the fourth quarter of 2024, demonstrating resilience in a competitive market. Despite slight decreases in revenue and net operating income, the company maintained strong occupancy rates and continued strategic acquisitions and developments to support future growth.

Strong Occupancy Rates

In the fourth quarter of 2024, MAA maintained an impressive Average Physical Occupancy of 95.6% within its Same Store Portfolio, reflecting sustained demand for its apartment communities.

Revenue and Rent Trends

MAA’s Same Store Portfolio revenue saw a marginal decrease of 0.2% compared to the prior year, with Average Effective Rent per Unit declining by 0.5%. This slight downturn was partially offset by a 1.8% increase in other property revenues.

Operating Expenses and NOI

Property operating expenses for the Same Store Portfolio rose by 3.4%, resulting in a 2.1% decrease in Net Operating Income (NOI) during the fourth quarter of 2024 compared to the same period last year.

Low Resident Turnover

Resident turnover remained historically low at 42.0% on a trailing twelve-month basis as of December 31, 2024, with a record low number of move-outs related to the purchase of single-family homes.

Strategic Acquisitions and Dispositions

During Q4 2024, MAA acquired a newly built 386-unit multifamily community in Dallas, Texas, and disposed of a 216-unit community in Charlotte, North Carolina, and a 272-unit community in Richmond, Virginia, generating combined net proceeds of approximately $85 million.

Development and Expansion

MAA continued its development efforts with seven communities under construction, totaling 2,312 units, and completed new developments in Denver, Colorado, and Phoenix, Arizona. These projects are expected to enhance the company’s portfolio and support future revenue growth.

Financial Strength

As of December 31, 2024, MAA reinforced its financial position by issuing $350 million in 10-year unsecured senior notes and maintaining a strong balance sheet with a Net Debt/Adjusted EBITDA ratio of 4.0x and $1.0 billion in combined cash and available credit.