Nick Kerr • Citigroup Inc.

Question 1

Nick Kerr's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q2 2025

Jul 31, 2025

Question

Nick Kerr of Citigroup questioned the sequential performance of same-store revenue growth in Atlanta and asked for the specific blended lease rate expectation for the second half of the year.

Answer

EVP Timothy Argo explained that Atlanta is showing strong year-over-year improvement in pricing and occupancy, but the positive trends will take time to appear in the lagging revenue growth metric. He specified the blended lease rate expectation for the back half of 2025 is approximately 0.8%.

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Question 2

Nick Kerr's questions to Veris Residential Inc (VRE) leadership • Q4 2024

Feb 25, 2025

Question

Nick Kerr questioned the strategic shift from a potential equity raise in mid-2024 to the current plan for a $100 million share repurchase program. He also asked for a breakdown of the key assumptions in the same-store revenue guidance.

Answer

CEO Mahbod Nia clarified that the two situations were different; the prior equity raise was for a specific, highly accretive asset acquisition when NAV was lower, whereas the current buyback plan aims to capitalize on the significant dislocation between the stock's trading price and its intrinsic value. CFO Amanda Lombard and COO Anna Malhari detailed the guidance, noting a projected 3.3% rental revenue growth offset by a 60 basis point headwind from one-time items in 2024, with a target occupancy around 95%.