MAA Q3 2021 Earnings Report
Key Takeaways
MAA reported strong third quarter results driven by increased demand for apartment housing in Sunbelt markets. Property revenues from the Same Store Portfolio increased 6.7%, and Net Operating Income (NOI) from the Same Store Portfolio increased 10.2%.
Property revenues from the Same Store Portfolio increased 6.7% during the third quarter of 2021.
Net Operating Income (NOI) from the Same Store Portfolio increased 10.2% during the third quarter of 2021.
MAA completed redevelopment of 2,192 apartment homes during the third quarter of 2021, capturing average rental rate increases of approximately 12% above non-renovated units.
During the third quarter of 2021, MAA completed the lease-up of MAA Frisco Bridges II in the Dallas, Texas market.
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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 $4.58 to $4.70
- Full Year 2021 Core FFO per Share - diluted $6.88 to $7.00
- Full Year 2021 Core AFFO per Share - diluted $6.20 to $6.32
- MAA Same Store Portfolio Property revenue growth 4.90% to 5.30%
- MAA Same Store Portfolio NOI growth 5.00% to 6.00%