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    Mid-America Apartment Communities Inc (MAA)

    CEO Change

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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 .

    1. 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.
    2. Non-Lease Reimbursable Property Revenues - Generates income from utility reimbursements and other similar non-lease related activities.
    3. Other Non-Lease Property Revenues - Earns revenue from nonrefundable fees and commissions related to property management.
    NamePositionStart DateShort Bio
    H. Eric Bolton, Jr.Chairman of the Board of Directors, CEO (transitioning to Executive Chairman)1994Joined MAA in 1994 as Vice President of Development. Promoted to COO in February 1996, President in December 1996, CEO in October 2001, and Chairman in September 2002. Will retire as CEO on March 31, 2025, and transition to Executive Chairman on April 1, 2025 .
    Albert M. Campbell, IIIExecutive Vice President and CFO (retired)1998Joined MAA in 1998, initially responsible for external reporting and forecasting. Became CFO in January 2010. Retired as EVP and CFO effective March 31, 2024, and will remain as a Senior Advisor to the CEO through December 31, 2024 .
    A. Clay HolderSenior Vice President and Chief Accounting OfficerN/AServes as Senior Vice President and Chief Accounting Officer at MAA. Involved in signing various reports and certifications for the company, including those filed on February 9, 2024, February 14, 2024, and October 31, 2024 .
    Robert J. DelPrioreExecutive Vice President and Chief Administrative OfficerAugust 2013Joined MAA in August 2013 as Executive Vice President and General Counsel. Developed the company's internal Legal Department and later added responsibilities for the Commercial Division and Enterprise Risk Management. Promoted to EVP and CAO in early 2022 .
    A. Bradley HillPresident and Chief Investment Officer (becoming President and CEO)2010Joined MAA in 2010 as Vice President and Director of New Development. Promoted to Senior VP and Director of Multifamily Investing in 2014, EVP and Director of Multifamily Investing in 2016, and EVP and CIO in 2021. Will become President and CEO on April 1, 2025 .
    Timothy ArgoExecutive Vice President and Chief Strategy & Analysis OfficerJune 2002Joined MAA in June 2002, initially responsible for underwriting acquisition opportunities. Promoted to Senior VP, Chief Financial Planning Officer in 2017, and EVP, CSAO in 2022. Responsible for asset management, strategy development and execution, and value creation .
    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Program DetailsProgram 1
    Approval DateDecember 2015
    End Date/DurationN/A
    Total additional amountN/A
    Remaining authorization amount4,000,000 shares
    DetailsEnhance shareholder value; no shares repurchased yet
    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20240.490Commercial Paper5.110.0% = (0.490 / 4.876) * 100
    20250.399Fixed Rate Senior Notes4.28.2% = (0.399 / 4.876) * 100
    20260.299Fixed Rate Senior Notes1.26.1% = (0.299 / 4.876) * 100
    20270.598Fixed Rate Senior Notes3.712.3% = (0.598 / 4.876) * 100
    20280.398Fixed Rate Senior Notes4.28.2% = (0.398 / 4.876) * 100
    20290.557Fixed Rate Senior Notes3.711.4% = (0.557 / 4.876) * 100
    20300.298Fixed Rate Senior Notes3.16.1% = (0.298 / 4.876) * 100
    20310.446Fixed Rate Senior Notes1.89.1% = (0.446 / 4.876) * 100
    20320.395Fixed Rate Senior Notes5.48.1% = (0.395 / 4.876) * 100
    Thereafter0.637Fixed Rate Senior Notes4.213.1% = (0.637 / 4.876) * 100
    Thereafter0.360Secured Property Mortgages4.47.4% = (0.360 / 4.876) * 100
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2012 PresentCurrent auditor

    Recent developments and announcements about MAA.

    Corporate Leadership

      Leadership Change

      ·
      Dec 10, 2024, 10:04 PM

      H. Eric Bolton, Jr. is retiring as CEO of MAA, effective March 31, 2025. His retirement is part of a planned succession and not due to any disagreements with the company . A. Bradley Hill will step up as the new President and CEO, effective April 1, 2025. He is currently the President and Chief Investment Officer of MAA .

      CEO Change

      ·
      Dec 10, 2024, 10:04 PM

      H. Eric Bolton, Jr., the CEO of Mid-America Apartment Communities, Inc. (MAA), will retire from his position effective March 31, 2025. He will transition to the role of Executive Chairman to support the company during the leadership change. A. Bradley Hill, currently the President and Chief Investment Officer, will take over as CEO starting April 1, 2025 .