MAA Q1 same-store NOI falls 0.7% YoY as expenses rise 5.4%

Mid-America Apartments, L.P.

Same-store NOI $334.6M, down 0.7% YoY; total portfolio NOI $345.8M, down 0.1%.
Same-store revenue up 1.4% to $519.6M, but operating expenses increased 5.4% led by insurance (+15.8%) and office operations (+20.7%).
Average effective rent per unit up 1.5% to $1,690; physical occupancy slipped to 95.3% from 95.5%.
Total debt $4.62B at 3.6% effective rate, 94.9% fixed rate; unencumbered assets cover unsecured debt at 358%.
Active development pipeline of 1,970 units with $201.7M remaining spend; 1,015 units in lease-up.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Mid-America Apartments, L.P. reported financial results for as of March 31, 2024 and for the three months then ended.

Period: as of March 31, 2024 and for the three months then ended
Result: reported results

Exact text from the filing

On May 1, 2024, Mid-America Apartment Communities, Inc. (“MAA”) issued a press release announcing its consolidated results of operations and financial condition as of March 31, 2024 and for the three months then ended

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Source: SEC EDGAR

accession 0000950170-24-051311

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