Mid-America Apartment Communities Inc

Latest Results (17.12.2024):

Revenue and Occupancy

In the third quarter of 2024, Mid-America Apartment Communities Inc. reported that its Same Store Portfolio maintained a strong average physical occupancy rate of 95.7%, consistent with the same period in the previous year. However, the company experienced flat revenue growth, with the average effective rent per unit decreasing by 0.4%, which was offset by a 2.6% increase in other property revenues.

Operating Expenses and Net Operating Income

During the third quarter of 2024, Mid-America Apartment Communities Inc. saw a 3.0% increase in property operating expenses for its Same Store Portfolio. This increase contributed to a 1.7% decrease in Net Operating Income (NOI) compared to the same period in the prior year, reflecting the challenges in managing costs amidst stable occupancy levels.

Acquisition and Disposition Activities

In the third quarter of 2024, Mid-America Apartment Communities Inc. expanded its portfolio by acquiring a newly built 310-unit multifamily apartment community in Orlando, Florida. Additionally, subsequent to the quarter's end, the company acquired a 386-unit multifamily community in Dallas, Texas, and disposed of a 216-unit community in Charlotte, North Carolina, as part of its strategic asset management.

Development Pipeline

As of September 30, 2024, Mid-America Apartment Communities Inc. had eight communities under development, totaling 2,762 units, with a projected total cost of $978.3 million. The company had $367.9 million remaining to be funded for these projects. During the quarter, MAA commenced construction on a 306-unit community in Richmond, Virginia, and completed the development of Novel Daybreak in Salt Lake City, Utah.

Financial Position and Outlook

Mid-America Apartment Communities Inc. maintained a strong financial position with a Net Debt/Adjusted EBITDAre ratio of 3.9x and $805.7 million in combined cash and available capacity under its unsecured revolving credit facility as of September 30, 2024. The company anticipates a favorable shift in market conditions in 2025, with demand expected to outpace supply, positioning MAA for continued growth and stability.