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  "documentTitle": "Mid-America Apartment Communities | Results Presentation Deck | 37 slides",
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  "authorName": "MAA",
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  "presentationDate": "2024-03-01 00:00:00",
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      "text": "Source: Company 4Q 2023 Earnings Release Supplemental\n1 Communities considered stabilized when achieving 90% average physical occupancy for 90 days\n2 MAA owns 80% of the joint venture that owns this property with right to purchase the remainder after stabilization\n3 Active or recently completed development projects currently leasing.\n4 Value creation calculated using adjusted proforma stabilized NOI for current development projects and lease-up communities at a 5.25% cap rate, less expected investment basis",
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      "text": "$40M - $50M\nEXPECTED TOTAL\nSTABILIZED\nINCREMENTAL NOI",
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      "text": "6.5%\nEXPECTED AVERAGE\nSTABILIZED NOI YIELD",
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      "text": "$112M\nEXPECTED\nTOTAL VALUE\nCREATION4",
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      "kind": "paragraph",
      "text": "Established history and success of disciplined capital deployment",
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      "kind": "paragraph",
      "text": "Design and investment managed from an owner/operator perspective; long-term margins optimized",
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      "text": "ACTIVE DEVELOPMENTS AT 12/31/2023\nPROPERTY MSA TOTAL UNITS EXPECTED TOTAL COST (IN MILLIONS) EXPECTED INITIAL OCCUPANCY EXPECTED STABILIZATION¹\nNovel Daybreak 2,3 Salt Lake City, UT 400 $ 99.4 2Q 2023 1Q 2025\nNovel Val Vista2,3 Phoenix, AZ 317 79.8 4Q 2023 3Q 2025\nMAA Milepost 353 Denver, CO 352 125.0 4Q 2023 3Q 2025\nMAA Nixie Raleigh, NC 406 145.5 4Q 2024 3Q 2026\nMAA Breakwater Tampa, FL 495 197.5 1Q 2025 4Q 2026\nTOTAL ACTIVE DEVELOPMENTS 1,970 $ 647.2",
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      "text": "LEASE-UP COMMUNITIES AT 12/31/2023\nPROPERTY MSA TOTAL UNITS TOTAL COST TO DATE (IN MILLIONS) PHYSICAL OCCUPANCY EXPECTED STABILIZATION¹\nAcquired 4Q 2023 MAA Central Avenue Phoenix, AZ 323 $101.7 86.7% 3Q 2024\nAcquired 4Q 2023 MAA Optimist Park Charlotte, NC 352 105.9 81.0% 3Q 2024\nNovel West Midtown2,3 Atlanta, GA 340 90.6 39.7% 4Q 2024\nTOTAL ACTIVE LEASE-UPS 1,015 $298.2 69.0%",
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