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Mar 31, 2021
MAA Q1 2021 Earnings Report
Reported first quarter results ahead of expectations, driven by trends in rent growth and strong occupancy.
Key Takeaways
MAA reported first quarter results ahead of expectations, driven by a 1.4% increase in Same Store Portfolio revenues and a 2.7% increase in Same Store Portfolio blended pricing for new and renewal leases.
Property revenues from the Same Store Portfolio increased 1.4% during the first quarter of 2021.
Same Store Portfolio blended pricing for both new and renewal leases effective during the first quarter increased 2.7%.
Property operating expenses for the Same Store Portfolio increased 5.4% during the first quarter of 2021.
MAA completed redevelopment of 964 apartment homes during the first quarter of 2021, capturing average rental rate increases of approximately 10% above non-renovated units.
MAA
MAA
MAA Revenue by Segment
Revenue by Segment
Total Same Store Revenue
CapyFin.com Forward Guidance
MAA is updating and increasing its prior 2021 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share.
Positive Outlook
- Full Year 2021 Earnings per common share - diluted $3.34 to $3.64
- Full Year 2021 Core FFO per Share - diluted $6.35 to $6.65
- Full Year 2021 Core AFFO per Share - diluted $5.67 to $5.97
- MAA Same Store Communities: Property revenue growth 1.00% to 3.00%
- MAA Same Store Communities: NOI growth 0.00% to 2.00%
Challenges Ahead
- MAA Same Store Communities: Property operating expense growth 3.00% to 5.00%
- MAA expects Core FFO for the second quarter of 2021 to be in the range of $1.53 to $1.69 per Share
- MAA does not forecast Net income per diluted share on a quarterly basis
- MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter
- Acquisition and disposition activity materially affects depreciation and capital gains or losses