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Jun 30, 2023
MAA Q2 2023 Earnings Report
Reported operating results for the quarter ended June 30, 2023.
Key Takeaways
MAA reported strong second quarter results with Same Store Portfolio revenues up 8.1% and Average Effective Rent per Unit up 9.3%. Resident turnover remained low, and the balance sheet remained strong.
Same Store Portfolio produced growth in revenues of 8.1% with Average Effective Rent per Unit up 9.3% and Average Physical Occupancy of 95.5%.
Same Store Portfolio property operating expense and Net Operating Income (NOI) increased by 7.2% and 8.6%, respectively.
Resident turnover remained low at 45.7% on a trailing 12 month basis.
MAA's balance sheet remains strong with a historically low Net Debt/Adjusted EBITDAre ratio of 3.41x and $1.4 billion of combined cash and available capacity.
Revenue by Segment
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 third quarter of 2023 to be in the range of $2.18 to $2.34 per Share, or $2.26 per Share at the midpoint.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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