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Mar 31, 2022
MAA Q1 2022 Earnings Report
Reported operating results and showed strong demand for apartment housing.
Key Takeaways
MAA's first quarter results were ahead of expectations, driven by strong demand for apartment housing, solid rent growth, high occupancy, and low resident turnover. The company has increased its expectations for growth in Core FFO for the year.
Same Store Portfolio generated increases in property revenues, operating expenses and Net Operating Income (NOI) of 12.2%, 4.3% and 16.9%, respectively, as compared to the same period in the prior year.
MAA had five communities under development, representing 1,759 units once complete, with a total projected cost of $444.0 million and an estimated $251.2 million remaining to be funded.
MAA completed the construction of two development communities, MAA Westglenn and MAA Park Point and commenced development of MAA Central Park I.
MAA completed redevelopment of 1,098 apartment homes during the first quarter of 2022, capturing average rental rate increases of approximately 11% above non-renovated units.
Forward Guidance
MAA is updating its prior 2022 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share, along with its expectations for growth of Property revenue, Property operating expense and NOI for the Same Store Portfolio in 2022. MAA expects Core FFO for the second quarter of 2022 to be in the range of $1.89 to $2.05 per Share, or $1.97 per Share at the midpoint.
Positive Outlook
- Earnings per common share - diluted: Revised Range $5.96 to $6.28; Previous Range $4.87 to $5.23
- Core FFO per Share - diluted: Revised Range $7.92 to $8.24; Previous Range $7.74 to $8.10
- Core AFFO per Share - diluted: Revised Range $7.14 to $7.46; Previous Range $6.95 to $7.31
- Property revenue growth: Revised Range 10.0% to 12.0%; Previous Range 8.0% to 10.0%
- NOI growth: Revised Range 12.5% to 14.5%; Previous Range 10.0% to 12.0%
Challenges Ahead
- Property operating expense growth: Revised Range 5.5% to 6.5%; Previous Range 5.0% to 6.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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