Cision Property Management Jackson Ms
Cision Property Management Jackson Ms – GERMANTOWN, Tenn., April 28, 2021 // — Mid-America Apartment Communities, Inc. or MAA (NYSE: MAA), today announced operating results for the quarter ended March 31, 2021.
A reconciliation of FFO and Core FFO to net income available to MAA common shareholders and an extended discussion of the components of FFO and Core FFO can be found later in this release. FFO per Share – diluted and Core FFO per Share – diluted include diluted common shares and units.
Cision Property Management Jackson Ms
Eric Bolton, Chairman and Chief Executive Officer, said: “First quarter results were ahead of expectations. We are encouraged by rising rent trends and continued strong occupancy, reflecting the growing demand for apartment homes in our Sunbelt markets. The diversified portfolio in this high growth region has MAA well positioned as the economy and labor markets begin to recover. Our development pipeline continues to expand and we look forward to increasing FFO growth from this group of properties over the next two years.”
Bienville Dr, Jackson, Ms 39212
Same Store Portfolio Operating Results To ensure comparable reporting to prior periods, the same store portfolio includes properties that were owned and stabilized by MAA at the beginning of the prior year.
Store portfolio revenue growth of 1.4% in the first quarter of 2021 was primarily the result of a 1.3% increase in average effective rent per unit compared to the same period last year. Average physical occupancy for the same store portfolio was 95.7% for the first quarter of 2021, consistent with the same period last year. Same-store portfolio rental prices for leases in effect in the first quarter of 2021, compared to the previous lease, decreased 0.8% for new leases, increased 6.9% for renewals contracts and increased by 2.7% for both new and renewal leases. Property operating expenses for the Same Store portfolio increased 5.4% in the first quarter of 2021 compared to the same period last year. Increased insurance expenses, utility costs and marketing costs contributed to the increase. Marginal expenses from the launch of the new high-speed bulk cable internet package contributed 0.8% to the same store portfolio expense growth in the first quarter of 2021. The expenses associated with the high-speed bulk cable internet package are reflected in Same Store Utility Portfolio Property Operating Expenses presented on page S-3 of the Supplemental Data Schedules. These changes led to a same-store NOI decrease of 0.9% for the first quarter of 2021 compared to the same period last year.
A reconciliation of NOI, including Same Store NOI, to net income available to MAA common stockholders and an extensive discussion of the components of NOI can be found later in this issue.
Acquisition and Disposal Activity In April 2021, MAA acquired an 11-acre parcel of land located in the Atlanta, Georgia market and a 9-acre parcel of land located in the Salt Lake City, Utah market through joint ventures for future development.
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MAA is currently under contract to sell the four multifamily properties in Jackson, Mississippi and expects to close the disposition in the third quarter of 2021.
Development and Leasing Activity At the end of the first quarter of 2021, MAA had seven development communities under construction. MAA expects to complete construction of four of these development communities in 2021, two in 2022 and one in 2023. Total development costs for the seven communities are estimated to be $528.0 million, of which approximately $193.7 million USD left to fund at the end. from the first quarter of 2021. The expected average stabilized NOI yield for these communities is 6.0%. In the first quarter of 2021, MAA funded $64.3 million in costs for current and future projects, including predevelopment activities related to a parcel of land located in the Denver, Colorado market.
At the end of the first quarter of 2021, MAA had two apartment communities, totaling 516 units, in initial leases: Copper Ridge II, located in Ft. Worth, Texas and MAA Frisco Bridges II, located in Dallas, Texas. Physical occupancy for these rental projects averaged 75.6% at the end of the first quarter of 2021.
MAA Property Redevelopment and Repositioning continued its interior redevelopment program at select apartment communities in the portfolio. In the first quarter of 2021, MAA remodeled the interior of 964 units at an average cost of $5,556 per unit, achieving average rental rate increases of approximately 10% over non-renovated units.
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MAA continued its Smart Home technology initiative (mobile control of lights, thermostat and security, as well as leak monitoring) in select apartment communities. In the first quarter of 2021, 13,975 units were installed at an average cost of $1,321 per unit, achieving an average rental rate increase of approximately $25 per unit.
In the first quarter of 2021, MAA continued its program of upgrading and repositioning the facilities and common areas of selected properties. The program includes targeted plans to move all units from estates to higher rents, which are expected to deliver returns at an average cost of 8%. Eight properties were selected in 2020 for this program. As of March 31, 2021, work has been completed on six of these properties, and redevelopment work on the remaining two properties is expected to be completed by the end of the third quarter of 2021. For the first quarter of 2021, MAA has spent $0.7 million on this program. . MAA is currently in the planning stages for similar repositioning projects at 10 additional properties, with work likely to begin later in 2021.
Capital Expenditures Recurring capital expenditures totaled $12.6 million for the first quarter of 2021, or approximately $0.10 per common share and unit (Share), compared to $14.6 million, or $0.13 per Action, for the same period of the previous year. These expenses resulted in Adjusted Core AFFO of $1.54 per share for the first quarter of 2021, compared to $1.49 per share for the same period last year.
Redevelopment, revenue growth, business and other capital expenditures in the first quarter of 2021 were $36.6 million, compared to $27.9 million for the same period last year. These expenses resulted in Funds Available for Distribution (FAD) of $145.2 million for the first quarter of 2021, compared to $148.8 million for the same period last year.
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A reconciliation of FFO, Core FFO, Core AFFO and FAD to net income available to MAA common shareholders, and an expanded discussion of the components of FFO, Core FFO, Core AFFO and FAD, can be found later in this release.
Financing Activities As of March 31, 2021, MAA had $644.2 million of combined cash and available capacity under its operating partnership (Mid-America Apartments, L.P., MAALP or Operating Partnership) unsecured revolving credit facility, net of borrowings commercial paper.
In February 2021, MAALP retired a $118.6 million mortgage related to eight apartment communities prior to its June 2021 maturity.
Dividends and distributions paid on common stock and non-controlling interests in the first quarter of 2021 were $121.4 million, compared to $118.3 million for the same period last year.
Lawrence Rd, Jackson, Ms 39206
109th Consecutive Quarterly Common Dividend Declared MAA has declared its 109th consecutive quarterly common dividend, which will be paid on April 30, 2021 to holders of record on April 15, 2021. The current annual dividend rate is $4.10 per common share .
2021 Net Income Per Diluted Common Share, Core FFO Per Share and Core AFFO Per Share Guidance The MAA updates and increases its previous guidance for 2021 for net income per diluted common share, Core FFO per share and Core AFFO per share.
FFO, Core FFO and Core AFFO are non-GAAP measures. Acquisition and disposition activity significantly affects depreciation and capital gains or losses, which, combined, generally account for most of the difference between net income available to common stockholders and FFO. As discussed in the definitions of non-GAAP measures found later in this release, MAA’s definition of FFO is in accordance with the definition of the National Association of Real Estate Investment Trusts, or NAREIT, and Core FFO is FFO further adjusted for items not considered part from MAA’s core business operations. MAA believes that Core FFO is useful for understanding operating performance because Core FFO excludes not only real estate depreciation expense and certain other non-routine items, but also excludes certain items that by their nature are not comparable across periods and , therefore, tend to hide actual operating performance.
MAA expects Core FFO for the second quarter of 2021 to be in the range of $1.53 to $1.69 per share, or $1.61 per share at the midpoint. MAA does not forecast diluted net income per share quarterly because MAA generally cannot predict the expected timing of acquisition and disposition activity in a given quarter (rather than over the course of the entire year).
Production Release Notes
Supplemental Material and Conference Call Supplemental data to this release can be found on the “For Investors” page of MAA’s website at www.maac.com. MAA will host a conference call to further discuss first quarter results in April
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