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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.
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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 developments and announcements about MAA.
Corporate Leadership
Leadership Change
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
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 .