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Mid-America Apartment Communities (MAA) announced its 122nd consecutive quarterly dividend of $1.47 per share of common stock. This dividend will be paid on July 31, 2024, to shareholders of record on July 15, 2024. The company has maintained a consistent quarterly dividend for 30 years without reductions or suspensions. This announcement precedes the anticipated earnings report on July 31, 2024.
Mid-America Apartment Communities (MAA) announced a $400 million offering of its operating partnership MAALP's 5.300% senior unsecured notes, maturing on February 15, 2032. The notes were priced at 99.496% of the principal amount. Closing is expected on May 22, 2024, subject to customary conditions.
Proceeds will primarily repay outstanding borrowings under MAALP's unsecured commercial paper program, with remaining funds used for general corporate purposes, including debt repayment and the acquisition, development, and redevelopment of apartment communities.
Mid-America Apartment Communities, Inc. (MAA) reported its First Quarter 2024 Results, with Earnings per common share at $1.22, Funds from operations at $2.41 per Share, and Core FFO at $2.22 per Share. The company's Same Store Portfolio saw revenue growth of 1.4%, while Net Operating Income decreased by 0.7% compared to the prior year. MAA continues to focus on development projects, with five communities under construction and plans for more in the future. The balance sheet remains strong, with $1.1 billion in cash and available credit.