MAA Q2 2020 Earnings Report
Key Takeaways
MAA reported its second quarter results, which were better than expected. The company's portfolio of high-quality communities, diversified across Sunbelt markets, and a strong operating platform contributed to the positive performance.
Property revenues from the Same Store Portfolio increased 2.1% during the second quarter of 2020 as compared to the same period in the prior year, driven by a 3.4% growth in Average Effective Rent per Unit for the Same Store Portfolio.
Property operating expenses for the Same Store Portfolio increased 2.4% during the second quarter of 2020 as compared to the same period in the prior year.
Net Operating Income, or NOI, from the Same Store Portfolio increased 2.0% during the second quarter of 2020 as compared to the same period in the prior year.
Resident turnover remained low as resident move outs for the Same Store Portfolio for the second quarter of 2020 was 46.3% on a rolling twelve month basis.
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Forward Guidance
MAA withdrew its calendar year 2020 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share. However, MAA does reconfirm that it expects Same Store Portfolio operating expense growth for the full year to fall within the range initially projected of 3.75% to 4.75%, as compared to 2019.