MAA acquired MAA Vale (Raleigh, NC), MAA Boggy Creek (Orlando, FL), MAA Cathedral Arts (Dallas, TX), and Modera Chandler (Phoenix, AZ) adding to their portfolio of apartment communities.

MAA continued to invest in development projects, incurring $313.9 million in development costs and completing three development projects during the year.

MAA disposed of two multifamily communities totaling 488 units, indicating a strategy of portfolio optimization and capital redeployment.

MAA renovated 5,665 apartment units at an average cost of $6,219 per unit, resulting in average rental rate increases of 7.3% above market rate.

MAA completed Smart Home technology installations in over 96,000 units, providing additional resident value and increasing average effective rent per unit.

MAA continued to maintain a diversified portfolio across various markets, submarkets, product types, and price points to maximize operating performance over the full economic cycle.

The 10-K filing mentions that unfavorable market and economic conditions may significantly affect occupancy levels, rental rates, and the value of the properties.

The 10-K filing states that the ability to make payments on debt and to make distributions depends on the ability to generate cash flow in excess of operating costs and capital expenditure requirements.

The 10-K filing mentions that many of MAA's apartment communities are located in areas that have historically been vulnerable to extreme weather events.

The 10-K filing mentions that competition for new residents is generally intense across all of MAA's markets.

The 10-K filing states that MAA is generally well-positioned to compete effectively for residents and acquisition and development opportunities.

The 10-K filing states that substantial competition may adversely affect revenues and limit acquisition and development opportunities.

Increase in property operating expenses for our Same Store segment was primarily driven by increases in personnel expense, real estate tax expense, utilities expense, office operations expense, insurance expense, and marketing expense.

As of December 31, 2024, resident turnover for our Same Store segment was 42.0% as compared to 44.9% as of December 31, 2023.

The 10-K filing mentions that MAA plans to continue its focus on optimizing lease expiration management, current and prospective resident engagement, expense control and resident retention efforts.

The 10-K filing states that investment in technology continues to drive operating efficiencies in MAA's business and helps to better meet the changing needs of residents.

The 10-K filing mentions that residents have the ability to conduct business with MAA 24 hours a day, 7 days a week and complete online leasing applications, leases and renewals through the web-based resident portal.

The 10-K filing mentions that interacting with residents through technology has allowed MAA to improve resident satisfaction ratings and increase the efficiency of operating teams.

MAA intends to target its total debt, net of cash held, to a range of approximately 30% to 36% of its adjusted total assets.

MAA intends to target the ratio of its net debt to Adjusted EBITDAre to a range of 4.5x to 5.5x.

MAA routinely makes new investments when it believes it will be accretive to shareholder value over the life of the investments.

The 10-K filing mentions that MAA's Inclusive Diversity Council is comprised of individuals across all areas of the company whose aim is to cultivate conversations, expand education and examine practices surrounding diversity and inclusion.

The 10-K filing mentions that MAA recruits from a diverse range of sources including historically Black colleges and universities as well as technical/trade schools.

The 10-K filing mentions that MAA's associates are eligible for many benefit plans and programs for which MAA pays part or all of the cost.

The 10-K filing mentions that demand for apartments in MAA's markets was strong during 2024, which contributed to the steady absorption of the record-level volume of new supply delivered during the year.

The 10-K filing mentions that MAA continues to monitor pressures surrounding housing supply, inflation trends and general economic conditions.

The 10-K filing mentions that MAA believes that in calendar year 2025 it will see continued decline in the amount of new apartment deliveries impacting our portfolio and we will enter a new multi-year cycle with demand outpacing supply.