NYSE$MAA
Mid-America Apartment Communities Inc. · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Reported better than expected results and carried good momentum into the new year.
MAA reported strong Q4 2022 results, exceeding expectations and demonstrating positive momentum. The company's Same Store Portfolio saw significant increases in property revenues and Net Operating Income. MAA also completed strategic dispositions and continued development activities, while maintaining a strong balance sheet.
- Same Store Portfolio produced increases in property revenues, operating expenses and NOI of 13.6%, 7.9% and 16.8%, respectively, as compared to the same period in the prior year.
- Closed on the disposition of a 396-unit multifamily community in Maryland and a 288-unit multifamily community in the Austin, Texas market for combined gross proceeds of $157.7 million generating a gain on sale of depreciable real estate assets of $82.8 million.
- Completed the redevelopment of 1,327 apartment homes, capturing average rental rate increases of approximately 10% above non-renovated units.
- Balance sheet remains strong with a historically low Net Debt/Adjusted EBITDAre ratio of 3.71x and $1.3 billion of combined cash and available capacity under MAALP’s unsecured revolving credit facility as of December 31, 2022.
Headline financials
Revenue & EPS history
MAA · Revenue · Quarterly
$528M
Forward guidance
MAA provided initial 2023 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share, along with its expectations for growth of Property revenue, Property operating expense and NOI for the Same Store Portfolio in 2023.
Tailwinds
- Earnings per common share - diluted $5.97 to $6.37
- Core FFO per Share - diluted $8.88 to $9.28
- Core AFFO per Share - diluted $7.96 to $8.36
- Property revenue growth 5.25% to 7.25%
- NOI growth 5.30% to 7.30%
Headwinds
- Property operating expense growth 5.15% to 7.15%
- MAA expects Core FFO for the first quarter of 2023 to be in the range of $2.14 to $2.30 per Share
- MAA does not forecast Net income per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year).
- Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO.
- The broader economy adjusts to a higher interest rate environment
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
+0.3%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+1.5%
Avg return
30 days after
56%
38 / 68 earnings
Positive
+10.8%
Q2 2011
Best reaction
-6.2%
Q2 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.3% | +0.3% | -0.5% | |
| Q4 2025 | -3.2% | +1.0% | -1.7% | |
| Q3 2025 | +2.0% | +2.2% | +7.6% | |
| Q1 2025 | +1.5% | +3.1% | -1.9% | |
| Q4 2024 | +1.3% | -0.5% | +6.0% | |
| Q3 2024 | +0.2% | +0.8% | +8.7% | |
| Q2 2024 | +3.6% | +3.7% | +14.9% | |
| Q1 2024 | +1.3% | +5.2% | +2.9% | |
| Q4 2023 | -0.9% | -0.1% | +7.4% | |
| Q3 2023 | -6.1% | -9.5% | -5.5% | |
| Q2 2023 | -1.6% | -1.4% | -4.7% | |
| Q1 2023 | +2.4% | +4.5% | -1.3% | |
| Q4 2022 | +4.4% | +3.6% | -4.3% | |
| Q3 2022 | +0.0% | +2.3% | +4.9% | |
| Q2 2022 | +5.9% | +4.7% | +0.1% | |
| Q1 2022 | +1.3% | -6.7% | -9.6% | |
| Q4 2021 | +3.8% | +2.5% | +4.4% | |
| Q3 2021 | +1.8% | -0.6% | +0.4% | |
| Q2 2021 | +2.6% | +3.7% | +0.5% | |
| Q1 2021 | +0.2% | +0.9% | +3.6% | |
| Q4 2020 | -0.5% | -0.1% | -1.2% | |
| Q3 2020 | -1.2% | +4.3% | +8.0% | |
| Q2 2020 | +4.0% | +3.4% | +3.7% | |
| Q1 2020 | +1.2% | +0.5% | +10.7% | |
| Q4 2019 | +0.0% | -0.2% | -6.0% | |
| Q3 2019 | +2.6% | +2.8% | +0.5% | |
| Q2 2019 | +1.3% | -1.4% | +6.3% | |
| Q1 2019 | +0.1% | +0.4% | +4.4% | |
| Q4 2018 | -2.0% | -0.7% | -0.3% | |
| Q3 2018 | -1.8% | -2.6% | +3.6% | |
| Q2 2018 | -0.9% | +0.5% | +2.8% | |
| Q1 2018 | -0.8% | +0.6% | +2.2% | |
| Q4 2017 | -1.3% | -4.4% | -7.8% | |
| Q3 2017 | -4.3% | -2.1% | +0.0% | |
| Q2 2017 | +1.5% | +2.1% | +5.6% | |
| Q1 2017 | -3.4% | -1.8% | -0.3% | |
| Q4 2016 | +2.9% | +3.0% | +6.5% | |
| Q3 2016 | -2.4% | -0.4% | -1.1% | |
| Q2 2016 | -1.9% | -0.0% | -11.3% | |
| Q1 2016 | +3.2% | — | — | |
| Q4 2015 | -5.2% | — | — | |
| Q3 2015 | +1.6% | — | — | |
| Q2 2015 | +3.9% | — | — | |
| Q1 2015 | -2.8% | — | — | |
| Q4 2014 | -2.2% | — | — | |
| Q3 2014 | -0.2% | — | — | |
| Q2 2014 | -6.2% | — | — | |
| Q1 2014 | +0.2% | — | — | |
| Q4 2013 | +1.3% | — | — | |
| Q3 2013 | -2.5% | — | — | |
| Q2 2013 | -2.8% | — | — | |
| Q1 2013 | +0.1% | — | — | |
| Q4 2012 | +0.4% | — | — | |
| Q3 2012 | -0.4% | — | — | |
| Q2 2012 | -0.4% | — | — | |
| Q1 2012 | -1.2% | — | — | |
| Q4 2011 | +0.9% | — | — | |
| Q3 2011 | -1.3% | — | — | |
| Q2 2011 | +10.8% | — | — | |
| Q1 2010 | +1.3% | — | — | |
| Q1 2011 | +2.1% | — | — | |
| Q4 2010 | +2.1% | — | — | |
| Q4 2008 | +2.1% | — | — | |
| Q3 2009 | +2.9% | — | — | |
| Q3 2010 | +2.9% | — | — | |
| Q4 2009 | -1.9% | — | — | |
| Q2 2010 | -1.9% | — | — | |
| Q2 2009 | -1.9% | — | — |
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