公司概况 - 公司总多户公寓单元数达到101,465个,其中97,289个为同店物业,2,118个为非同店物业,1,321个为待租赁/开发物业[2] - 公司在亚特兰大、达拉斯、夏洛特等主要市场拥有大量多户公寓资产[5] - 公司在凤凰城、罗利-达勒姆、坦帕等市场有部分待租赁/开发物业[5] - 公司拥有多个正在租赁和开发中的多户家庭社区，总共2,617个单元[1] - 公司在2024年6月30日前完成了737个单元的交付，并租赁了462个单元[1] - 公司在2024年6月30日前在多个地区投资了8.66亿美元用于开发项目，其中5.38亿美元已经花费[1] - 公司在2024年6月30日前完成了1,321个单元的多户家庭社区的租赁，平均物理入住率为75.8%[6] - 公司在2024年上半年完成了2,796个单元的内部装修改造，平均每单元成本6,213美元，平均有效租金增加7.6%[9] - 公司在2024年4月和5月分别收购了Modera Chandler和MAA Vale两个多户家庭项目[10] 财务数据 - 同店物业的平均有效租金为每单元1,689美元,整体多户公寓组合的平均有效租金为每单元1,694美元[5] - 同店物业的物理入住率为95.9%,整体多户公寓组合的物理入住率为95.0%[5] - 同店物业的营业收入为5.215亿美元,同比增长0.7%[7] - 同店物业的物业运营费用为1.932亿美元,同比增长3.7%[8] - 同店物业的净营业收入为3.283亿美元,同比下降1.0%[10] - 整体多户公寓组合的净营业收入为3.406亿美元,同比下降0.1%[10] - 公司三个月和六个月的物业运营费用分别为1.93亿美元和3.78亿美元,同比增长3.7%和4.5%[12] - 同店销售总额为5.215亿美元，同比增长0.7%[17] - 同店租金收入为1.932亿美元，同比增长3.7%[17] - 同店平均有效租金为1,690美元/单元，同比增长0.5%[17] - 同店出租率为97.3%，同比增长1.0%[17] - 同店运营费用为3.282亿美元，同比下降1.0%[17] - 同店运营利润率为37.1%，同比增长2.7个百分点[17] - 同店运营利润为1.932亿美元，同比增长3.7%[17] - 同店运营费用占收入比为62.9%，同比下降2.7个百分点[17] - 同店平均单元数为97,289个，同比增长0.7%[17] - 同店其他地区收入为3.278亿美元，同比增长2.4%[17] - 公司同店物业的总收入同比增长0.4%[19] - 同店物业的总费用同比增长4.4%[19] - 同店物业的净营业收入(NOI)同比下降1.9%[19] - 同店物业的平均有效租金同比持平[19] - 公司同店营业收入同比增长1.0%，达到10.41亿美元[21] - 同店平均每单元租金同比增长1.0%，达到1,690美元[21] - 同店NOI(净营业收入)同比下降0.8%，达到6.63亿美元[21] 市场表现 - 公司在亚特兰大、达拉斯、坦帕、奥兰多等主要市场的收入和费用情况[19] - 北弗吉尼亚地区收入同比增长2.7%,为最高增长[19] - 休斯顿地区费用同比下降12.2%,为最大降幅[19] - 其他市场如查尔斯顿、格林维尔、萨凡纳等的收入和费用情况[19] - 公司在亚特兰大、达拉斯、坦帕等主要市场的业务表现良好[21] - 公司在北弗吉尼亚、格林维尔等市场的业务增长较快[21] - 公司在休斯顿、杰克逊维尔等市场的业务增长相对较慢[21] 公司策略 - 公司正在积极拓展新的市场和业务[21] - 公司将继续关注提高运营效率和盈利能力[21] - 公司对未来保持谨慎乐观态度，将密切关注市场变化[21] - 公司在开发管线中有多个新项目正在进行[22] 财务指标 - 公司的固定利率债务占总债务的93.3%，平均利率为3.6%，平均到期期限为8年[12] - 公司的无担保债务占总债务的92.3%，平均利率为3.7%，平均到期期限为6年[13] - 公司95.4%的资产不受担保，2024年第二季度的NOI占比为95.9%[14] - 公司预计2024年全年每股核心FFO为8.88美元，每股核心AFFO为7.92美元[12] - 平均有效利率为3.5%至3.7%之间，资本化利息为1500万美元至1900万美元之间[46] - 稀释后的普通股和单位为11975万至12025万[47] - 2024年全年指引中，每股摊薄收益为4.65美元，每股摊薄FFO为9.04美元，每股摊薄核心FFO为9.02美元，每股摊薄核心AFFO为8.06美元[49] 公司信用评级 - 公司获得了Fitch Ratings的F1评级、Moody's Investors Service的P-2评级和Standard & Poor's Ratings Services的A-2评级[51] 其他信息 - 公司普通股在纽约证券交易所交易，股票代码为MAA[53] - 公司计划在2024年第三季度至2025年第二季度期间发布财报和召开电话会议[54] - 公司计划在2023

GERMANTOWN, Tenn., July 31, 2024 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended June 30, 2024. | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------|----------------------------------|--------|--------------|-------|-------------------------------------|-------|-------------------| | Second Quarter 2024 Operating Results \nEarnings ...

Mid-America Apartment Communities (MAA) — commonly known as MAA — is a real estate investment trust (REIT) that focuses on owning, operating and acquiring apartment communities throughout the southeast, southwest and mid-Atlantic regions of the United States. MAA is slated to report second-quarter 2024 results on Jul 31 after market close.The Germantown, TN-based residential REIT came up with a core FFO per share of $2.22 in the last reported quarter, which missed the Zacks Consensus Estimate of $2.23. Alth ...

文章核心观点 - 自2022年初美联储大幅加息以来,房地产投资信托基金(REITs)一直是表现最差的行业之一,截至2023年11月初,整体下跌近三分之一 [2][3] - 但由于通胀有所缓和,加上市场普遍预期美联储将较早降息,REITs已经出现了相当大幅度的反弹,涨幅达25% [4] - 不过REITs行业目前仍面临诸多挑战,投资者需要高度选择性 [5] REITs行业面临的挑战 - 收益率曲线呈现明显倒挂,短期利率下降幅度可能大于长期利率,这对REITs利弊参半 [6] - 经济正在走弱,可能进入滞胀环境,通胀虽有所缓和但仍高于美联储2%目标,这对REITs构成压力 [6] 分析师推荐的REITs投资机会 - 看好多户型REITs,尤其是聚焦中低端物业的公司,其短期租约使其能较好抵御高通胀 [7] - 推荐Mid-America Apartment Communities (MAA),其资产负债表稳健,预计未来5年每股FFO增长近7%,股息收益率4.1% [7] - 也看好W.P. Carey (WPC),其大部分租金与CPI挂钩,在滞胀环境下表现防御 [8]

Thomas BarwickMain Thesis & Background The purpose of this article is to evaluate Mid-America Apartment Communities, Inc. (NYSE:MAA) as an investment option. The company is a "real estate investment trust that focuses on the acquisition, selective development, redevelopment, and management of multifamily homes throughout the Southeast, Southwest, and Mid-Atlantic regions of the United States". As my readers know, MAA has been a long-term holding of mine. But, that said, it is not something I recommend a ...

文章核心观点 - Mid-America Apartment (MAA)的多元化的阳光地带投资组合有望带来收益 [1][2][6] - 其重新开发计划和技术措施的进展可能推动利润率扩大 [5][6] - 良好的资产负债表将支持其增长努力,尽管租赁单位供给较高且利率环境较高 [7][8] 公司情况总结 1. 公司的阳光地带市场经营基本面良好,疫情加速了就业转移和人口流入,提高了其市场的吸引力 [2][3] 2. 高利率环境下单户房屋价格高涨,推动了对租赁公寓的需求 [3][4] 3. 公司预计未来几年保持较高的入住率水平,2024年平均实际入住率为95.6%,2025年和2026年分别为95.9%和96% [4] 4. 公司正在实施内部投资计划,包括单元翻新、资产调整和智能家居安装,有助于捕捉租金增长机会,提高收益 [5] 行业情况总结 1. 某些市场租赁单位供给预计仍将较高,将对租金增长造成压力 [11] 2. 与制造房屋、公寓和新旧房屋市场的竞争也影响公司提高租金或增加入住率的能力,导致收购价格更具攻击性 [11] 3. 供应链制约和通胀压力可能导致公司开发和翻新成本超支,影响盈利能力 [12] 4. 利率上升增加了公司的借款成本,影响其购买或开发房地产的能力,公司债务负担较重 [13]

Dragon Claws Dear subscribers, This week, I wrote an article on Equity Residential, but my primary focus and the REIT I want you to focus on, unless you're already fully invested (like I am), is actually Mid-America Apartment Communities (NYSE:MAA). This is a REIT with an A-rating, sub-38% long-term debt/capital, and a yield that's almost 4.3%. Most of the quality apartment/multifamily REITs are currently seeing yields of around 4-4.5%, some just below, but overall they're more or less at the same specifics ...

Mid-America Apartment (MAA) is poised to benefit from its well-diversified Sun Belt-focused portfolio. The prospects of its redevelopment program and progress in technology measures are likely to drive margin expansion. A healthy balance sheet will support its growth endeavors despite an elevated supply of rental units and a high interest rate environment.What’s Aiding MAA?MAA’s portfolio is set to gain from healthy operating fundamentals. The pandemic accelerated employment shifts and population inflow int ...

GeorgePeters Overview Mid-America Apartment Communities, Inc. (NYSE:MAA) operates as a real estate investment trust that has business spanning across many different regions of the US. Mid-America Apartment Communities has a portfolio of high quality apartment communities and can provide shareholders with some diversified experience in some multifamily real estate. As it becomes increasingly difficult for most Americans to afford buy a home, there has been a consumer shift that has resulted in an increase in ...

B2M Productions A few days back, I wrote an article titled Higher For Linger? Focus On The Balance Sheet, in which I explained that “the longer rates remain elevated, the bigger impact on balance sheets will be. After all, despite the long average maturity, we’re now in a situation where pre-pandemic debt is slowly starting to mature, increasing the average rate of debt.” I went on to explain how we assess balance sheet health, including: What kind of business are we dealing with? How much debt does a ...