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Mid-America Apartment Communities Inc. (MAA+0.41%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $2.19 billion, an increase of 2.0% compared to the previous year. This growth was primarily driven by a 44.7% increase in the Non-Same Store and Other segment.
Net income available for MAA common shareholders was $523.9 million, a 4.6% decrease from the previous year. The decrease was attributed to higher property operating expenses and interest expenses.
The company reported property operating expenses of $820.1 million, up 6.8% from the prior year, with significant increases in personnel, real estate tax, utilities, and marketing expenses.
MAA's Same Store segment saw a 0.5% revenue increase, primarily due to a 0.3% rise in average effective rent per unit. The average physical occupancy for this segment was 95.5%, slightly down from 95.6% in the previous year.
The company completed acquisitions of three apartment communities and one pre-purchase multifamily development during the year, totaling approximately $271 million.
MAA disposed of two multifamily communities, resulting in a gain on sale of $55.0 million.
The filing highlights MAA's ongoing development projects, with seven communities under construction, expected to be completed between 2025 and 2027.
MAA's debt as of December 31, 2024, was $5.0 billion, with a net debt to Adjusted EBITDAre ratio of 4.0x, up from 3.6x the previous year.
The company declared dividends of $5.88 per share for the year, meeting the REIT distribution requirement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mid-America Apartment Communities Inc. annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.