Headquartered in Germantown, TN, Mid-America Apartment Communities, Inc. — commonly known as MAA — is a residential real estate investment trust (REIT) engaged in owning, acquiring, operating and selectively developing apartment communities, primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. The company is an S&P 500 Index member.

As of Dec 31, 2023, the company had an ownership interest in 296 (consolidated and unconsolidated) apartment communities. As of the same date, it had five development communities under construction. In addition, as of the same date, 34 of the apartment communities included retail components. The properties are located across 16 states and the District of Columbia.

In 2023, MAA redeveloped 6,858 apartment homes. Meanwhile, Smart Home technology installations were completed in 21,159 units. Since the initiative started during the first quarter of 2019 through Dec 31, 2023, MAA had completed the installation of Smart Home technology in more than 93,000 units across its apartment community portfolio.

MAA focuses on portfolio expansion through acquisitions and developments. In the fourth quarter, MAA acquired a 323-unit multifamily community in the Phoenix, AZ, market for $103 million. It also acquired a 352-unit multifamily community in the Charlotte, NC, market for $107 million. In the same quarter, MAA also acquired a half-acre land parcel in the Raleigh, NC, market. This is part of the company’s current multifamily development property, MAA Nixie. Earlier, in the first quarter of 2023, MAA acquired a six-acre land parcel in Orlando, FL, for around $12 million. The purchased land parcel will be utilized for future development.

As of Dec 31, 2023, MAA’s development pipeline, comprising five communities, had a total projected cost of $647.25 million and an estimated $255.6 million remaining to be funded. The company expects to complete three developments in 2024 and two developments in 2025.

Note: All EPS numbers presented in this report represents funds from operations (FFO) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.