MAA Q4 2023 Earnings Report

Same Store Portfolio produced growth in revenues of 2.1%, as compared to the same period in the prior year, with Average Effective Rent per Unit up 2.2% while capturing strong Average Physical Occupancy of 95.5%.

Same Store Portfolio property operating expense and Net Operating Income (NOI) increased by 5.9% and 0.1%, respectively, as compared to the same period in the prior year.

Resident turnover remained low at 44.9% on a trailing twelve month basis driven by historically low levels of move-outs associated with buying single family-homes.

MAA completed the redevelopment of 1,394 apartment homes during the fourth quarter of 2023, capturing average rental rate increases of approximately 6% above non-renovated units.