MAA Q1 2023 Earnings Report
Key Takeaways
MAA reported first quarter 2023 results, which were ahead of expectations. The company's Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 11.0%, 8.3% and 12.5%, respectively, as compared to the same period in the prior year.
Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 11.0%, 8.3% and 12.5%, respectively, as compared to the same period in the prior year.
As of the end of the first quarter of 2023, MAA had six communities under development, representing 2,310 units once complete, with a projected total cost of $731.5 million and an estimated $388.9 million remaining to be funded.
MAA completed the redevelopment of 1,328 apartment homes during the first quarter of 2023, capturing average rental rate increases of approximately 8% above non-renovated units.
MAA's balance sheet remains strong with a historically low Net Debt/Adjusted EBITDAre ratio of 3.50x and $1.4 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility as of March 31, 2023.
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Forward Guidance
MAA is updating its prior 2023 guidance for Earnings per common share, Core FFO per Share and Core AFFO per Share. MAA expects Core FFO for the second quarter of 2023 to be in the range of $2.18 to $2.34 per Share, or $2.26 per Share at the midpoint.