secwatch.observer — SEC 8-K summary
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Issuer:     Mid-America Apartments, L.P. (—)
CIK:        0001581776
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0000950170-24-051311
Event type: earnings
Sentiment:  negative
Materiality: 0.50
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1581776/000095017024051311/0000950170-24-051311-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/912595/000095017024051311/maa-20240501.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-051311

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer