Mid-America Apartment Communities (MAA) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Leadership transition and team experience

• CEO Eric Bolton will step down at the end of the month, with Brad Hill, President and CIO, taking over as CEO; Bolton will remain Executive Chairman.

• The executive team averages 17 years of tenure, reflecting stability and deep experience.

Market focus and growth outlook

• The company has focused exclusively on high-growth Sunbelt markets for over 30 years, citing strong demand and favorable supply dynamics.

• A multi-year growth cycle is anticipated, with supply pressures easing and demand remaining robust, especially into 2026 and 2027.

• External growth is at record levels, with $1.6 billion in the development pipeline and significant investments in new and existing properties.

• The company expects to be a net buyer in 2025, with $350M–$450M in acquisitions and $300M–$350M in dispositions planned.

• Development pipeline remains robust, with 3–4 new starts expected in 2025 and a stabilized incremental NOI of $22M from these projects.

Portfolio strategy and risk management

• The company maintains a disciplined approach to capital allocation, prioritizing strategic fit and pricing over mere scale.

• Exposure to supply is managed through active mitigation strategies, with a focus on long-term earnings and dividend growth.

• The development pipeline is kept at 4%-5% of enterprise value, with flexibility to scale if market opportunities arise.

• MAA’s diversified portfolio by market, submarket, property class, and price point helps mitigate supply-side pressures and broadens renter appeal.

• Balance sheet remains strong with A3/A- credit ratings, 95% fixed-rate debt, and net debt to adjusted EBITDAre at 4.0x.