Mid-America Apartment Communities Inc. · Q3 2020 earnings

Briefing

Operating results announced for the quarter ended September 30, 2020.

MAA reported better than expected third quarter results, driven by its high-quality communities and strong operating platform. Same Store Portfolio revenue increased by 2.1%, with a 1.8% growth in Average Effective Rent per Unit.

• Property revenues from the Same Store Portfolio increased 2.1% during the third quarter of 2020 as compared to the same period in the prior year, driven by a 1.8% growth in Average Effective Rent per Unit.
• Property operating expenses for the Same Store Portfolio increased 7.2% during the third quarter of 2020 as compared to the same period in the prior year, driven by growth in real estate taxes, insurance expenses, and marketing costs.
• Net Operating Income, or NOI, from the Same Store Portfolio decreased 1.1% during the third quarter of 2020 as compared to the same period in the prior year.
• Resident turnover continued to decline and remained low as resident move outs for the Same Store Portfolio for the third quarter of 2020 was 45.9% on a rolling twelve month basis.

Headline financials

Revenue & EPS history

Due to continued uncertainty in the outlook for the U.S. economy, MAA is not providing guidance for Net income per diluted common share, Core FFO per Share or Core AFFO per Share for the remainder of the year. MAA expects to provide full year guidance for 2021 in its fourth quarter 2020 earnings release.