On December 13, 2022, the company hiked by 12%. Over the past five years, the dividend has been hiked by 8.4% per year. With regard to its dividend, the company currently pays $1.40 per share per quarter. It has an A- rating from both S&P and Fitch, a net leverage ratio of just 3.4x (EBITDAre), and 7.5 years weighted average maturity of its debt.ฤก00% of its debt has a fixed rate with a weighted average rate of just 3.4%. The company also has one of the healthiest balance sheets in the industry. In other words, the company did very well in an environment of weakening fundamentals and sticky inflation. In 2Q23, the company benefited from 9.3% average effective rent growth per unit, 8.1% higher same-store revenue growth, 7.2% higher expenses, and 8.6% growth in net operating income. The company has a physical occupancy rate of 95.6%. The average rent/income ratio in the United States is 30%, which gives MAA a significant margin of safety. On average, its tenants bring home $88,800 per year. The company also benefits from a diverse tenant base.
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