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MAA is a multifamily-focused, self-administered, and self-managed real estate investment trust (REIT) that primarily owns, operates, acquires, and selectively develops apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the U.S. . The company's main business activity involves leasing multifamily residential apartments to residents under operating leases, typically on a monthly basis with terms of approximately one year or less . MAA's revenues are primarily derived from rental activities, with additional income from non-lease reimbursable property revenues and other non-lease property revenues .
- Multifamily Residential Leasing - Provides leasing of apartment units to residents, generating rental revenues through operating leases typically on a monthly basis with terms of approximately one year or less.
- Non-Lease Reimbursable Property Revenues - Generates income from utility reimbursements and other similar non-lease related activities.
- Other Non-Lease Property Revenues - Earns revenue from nonrefundable fees and commissions related to property management.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
H. Eric Bolton, Jr. ExecutiveBoard | Chairman of the Board and CEO | None | Serving as CEO for 23 years; transitioning to Executive Chairman on April 1, 2025. Credited with sector-leading growth and shareholder performance. | View Report → |
A. Bradley Hill Executive | President and Chief Investment Officer | Member of Urban Land Institute and National Multifamily Housing Council | Joined MAA in 2010; promoted to President and CIO in 2024; will become CEO on April 1, 2025. Played a key role in MAA's growth and operational success. | |
A. Clay Holder Executive | Executive Vice President and CFO | None | Joined MAA in 2017 as Chief Accounting Officer; promoted to CFO in March 2024. Previously worked at AutoZone and in public accounting. | |
David Herring Executive | Senior Vice President and Chief Accounting Officer | None | Appointed as Chief Accounting Officer in August 2024. Previously held leadership roles at FedEx and Jimmy Dean Foods. | |
Claude B. Nielsen Board | Independent Director | Chairman of Coca-Cola Bottling Company United, Inc. | Independent Director since 2013. Extensive experience in corporate governance, strategic planning, and ESG initiatives. | |
David P. Stockert Board | Independent Director | None | Independent Director since 2016. Former CEO of Post Properties, Inc. Played a key role in the merger of Post Properties with MAA. | |
Deborah H. Caplan Board | Independent Director | Member of National Petroleum Council, HR Policy Association, and International Women’s Forum | Appointed to MAA's Board in March 2023. Former EVP of HR and Corporate Services at NextEra Energy. Extensive experience in strategy, crisis management, and human capital development. | |
Edith Kelly-Green Board | Independent Director | Founding Partner of JKG Properties LLC and The KGR Group | Independent Director since 2020. CPA (inactive) and SEC Financial Expert. Extensive experience in real estate and corporate governance. | |
Gary S. Shorb Board | Independent Director | Executive Director of The Urban Child Institute | Independent Director since 2012. Expertise in risk mitigation, organizational management, and corporate responsibility. | |
James K. Lowder Board | Independent Director | Chairman of The Colonial Company | Independent Director since 2013. Expertise in real estate development, strategic planning, and risk management. | |
John P. Case Board | Independent Director | Board Member at EPR Properties | Joined MAA's Board in 2023. Former CEO of Realty Income Corporation. Extensive experience in REITs, capital markets, and strategic planning. | |
Tamara Fischer Board | Independent Director | Executive Chairman of National Storage Affiliates Trust | Elected to MAA's Board in 2023. Former CEO of National Storage Affiliates Trust. Extensive experience in real estate investment and corporate governance. |
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With your guidance indicating a $0.04 dilution to core FFO from refinancing activities and a $0.05 drag from developments not yet stabilized , how do you plan to mitigate these headwinds to maintain shareholder returns in 2024?
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Given the expectation of refinancing $400 million of bonds maturing in June 2024 at an interest rate north of 5%, up from the current rate of 4% , how will this impact your overall cost of capital and investment strategy moving forward?
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You've mentioned that transaction volumes remain tepid and that pricing expectations from sellers are still in the low 5% cap rate range ; how confident are you in achieving your acquisition guidance of $350 million to $450 million , and what adjustments will you make if cap rates don't adjust upward as anticipated?
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With increased competition from new supply leading to pressure on new lease pricing and increased concessions in key markets like Charlotte and Raleigh , what specific strategies are you implementing to sustain occupancy and rental growth in these challenging environments?
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Considering the delays in your planned development starts due to permitting issues and expectations of construction costs coming down later in the year , how confident are you in commencing 3 to 4 projects this year as revised, and what contingencies are in place if these challenges persist?
Recent press releases and 8-K filings for MAA.
- The presentation highlights strong operating performance with Core FFO per Share guidance at a midpoint of $8.77 and a long-standing, uninterrupted dividend track record, emphasizing attractive returns and robust market positioning.
- It details a diversified development pipeline, including active lease-up projects and expected new starts, aimed at capitalizing on rental demand in stabilizing markets.
- The document underscores an investment-grade balance sheet and disciplined capital deployment strategy that supports future growth initiatives.
- Q1 2025 earnings delivered diluted EPS of $1.54 and Core FFO per share of $2.20, reflecting improved performance .
- The balance sheet remains strong with $1.0 billion in cash and credit capacity, alongside the declaration of the 125th consecutive quarterly dividend at an annual rate of $6.06 and Q2 guidance targeting a midpoint Core FFO of $2.13 .
- Operational performance was robust with 95.6% occupancy and same-store revenue growth of 0.1% despite challenging new supply conditions .
- Same-store metrics further highlighted an average effective rent of $1,690 and a 0.5% decline in the effective blended lease rate .
- Lease pricing remained resilient with modest declines in new lease pricing offset by renewal rate improvements of approximately 4.5% lease-over-lease growth .
- Significant capital investments in property-wide wi-fi and interior renovations bolstered overall revenue performance .
- Development and disposition activities featured 7 development projects totalling $851.5 million, lease-up projects costing $657.3 million, and an exit in Columbia, SC generating roughly $83 million in gross proceeds and $72 million in net gains .
- H. Eric Bolton, Jr. retires as CEO effective March 31, 2025, with A. Bradley Hill set to assume the CEO role on April 1, 2025 while Bolton transitions to Executive Chairman and remains Chairman of the Board.
- A new Transition Employment Agreement replaces the 2015 agreement, running from April 1, 2025 to December 31, 2026, with a base salary of $850,000 in 2025 and $750,000 in 2026, along with continued eligibility for executive compensation plans.