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Jun 30, 2022
MAA Q2 2022 Earnings Report
Operating results for the quarter ended June 30, 2022, were announced.
Key Takeaways
MAA reported strong second quarter results, driven by robust leasing conditions across Sunbelt markets. Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 13.7%, 8.1% and 17.1%, respectively. The company increased its outlook for growth in Core FFO performance for the year.
Same Store Portfolio produced increases in property revenues, operating expenses and Net Operating Income (NOI) of 13.7%, 8.1% and 17.1%, 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 projected total cost of $444.0 million and an estimated $213.6 million remaining to be funded.
MAA completed redevelopment of 1,844 apartment homes during the second quarter of 2022, capturing average rental rate increases of approximately 11% above non-renovated units.
MAA closed on the disposition of two multifamily communities in the Fort Worth, Texas market for combined gross proceeds of approximately $167 million during the second quarter of 2022.
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.
Positive Outlook
- Property revenue growth: 11.5% to 12.5%
- Property operating expense growth: 6.5% to 7.5%
- NOI growth: 14.0% to 16.0%
- Core FFO per Share - diluted: $8.13 to $8.37
- Core AFFO per Share - diluted: $7.34 to $7.58
Challenges Ahead
- Earnings per common share - diluted: $5.65 to $5.89
Historical Earnings Impact
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Avg. Return Before/After Earnings
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