MAA Q2 2021 Earnings Report
Key Takeaways
MAA reported strong second quarter results, exceeding expectations due to strong rent growth and high occupancy, driven by growing housing demand across the Sunbelt region. The company has increased its earnings outlook for the year, expecting continued robust leasing conditions.
Same Store Portfolio property revenues increased 4.7% compared to the prior year.
Average Effective Rent per Unit for the Same Store Portfolio grew by 3.1%.
Same Store Portfolio blended lease-over-lease pricing increased 8.2% for new and renewal leases.
Cash collections represented 99.2% of billed residential rent through July 26, 2021.
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MAA Revenue by Segment
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 in addition to updating its expectations for growth of Property revenue, Property operating expense and NOI for the Same Store Portfolio.
Positive Outlook
- Full Year 2021 Earnings per common share - diluted $3.79 to $3.99
- Full Year 2021 Core FFO per Share - diluted $6.65 to $6.85
- Full Year 2021 Core AFFO per Share - diluted $5.97 to $6.17
- MAA Same Store Portfolio Property revenue growth 3.75% to 4.25%
- MAA Same Store Portfolio NOI growth 3.25% to 4.25%