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  "documentTitle": "Mid-America Apartment Communities | Investor Conference Presentation Deck | 36 slides",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-06-01 00:00:00",
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      "text": "PROPERTY REVENUE GROWTH\n2.5% 5.5% 13.5% 6.3%\n2020 2021 2022 2023F\nEFFECTIVE RENT GROWTH\n2.6% 5.2% 14.6% 7.0%\n2020 2021 2022 2023F\nAVERAGE PHYSICAL OCCUPANCY\n95.6% 96.1% 95.7% 95.8%\n2020 2021 2022 2023F\nPROPERTY EXPENSE GROWTH\n4.9% 4.4% 7.6% 6.2%\n2020 2021 2022 2023F\nREAL ESTATE TAX GROWTH\n4.6% 3.1% 6.5% 6.3%\n2020 2021 2022 2023F\nPROPERTY NOI GROWTH\n1.2% 6.2% 17.1% 6.3%\n2020 2021 2022 2023F",
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      "kind": "list",
      "text": "Property Revenue Growth\nEffective Rent Growth¹\nEarn-in of ~5.5% from 2022 with ~3% blended rent growth in 2023 (half impacting rent growth this year)\nAverage Physical Occupancy\nSteady occupancy expected for full year\nProperty Expense Growth\nReal Estate Tax Growth\nProperty NOI Growth",
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      "kind": "source-note",
      "text": "1 Effective Rent Growth differs from blended lease over lease pricing growth. Blended lease over lease pricing growth, as reflected in the prior slide, refers to new and renewal lease pricing effective during the period stated as compared to the prior lease. Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Please refer to the accompanying Appendix at the end of this presentation for a full definition of Average Effective Rent per Unit.",
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      "text": "2023 FULL YEAR GUIDANCE\nMIDPOINT\n[5.25% ... 6.25% ... 7.25%]\n[6.0% ... 7.0%... 8.0%]\n[95.6% ... 95.8% ... 96.0%]\n[5.15%... 6.15% ... 7.15%]\n[5.5% ... 6.25% ... 7.0%]\n[5.3%... 6.3% ... 7.3%]",
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      "text": "Full Year 2023 Same Store Outlook",
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      "evidence": "MAA showcases its affluent resident profile, diversified employment, and affordable rents, leading to solid rent growth opportunity and strong collections.",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "c39e147e-55c3-4815-bdaa-67186620ee03",
      "evidence": "The presentation discusses MAA's development program, unit interior upgrades, and repositioning of select properties.",
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