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$MAA (2/4) call highlights: 1)demand is strong -now getting ‘normal’ 5-6% renewal rates (2)see supply moderating in 2H (I always take this with a grain of salt in the sunbelt!) #reits $CPT $VNQ $NXRT #multihousing #apartmentinvesting #dividends #cre (3)Valuations are high/cap....
3)Cap rates at all time lows in key markets (mid 3s/low 4s). This makes it impossible for MAA to acquire assets accretively. Instead they will do some opportunistic divestitures and (4)develop new apartment buildings (2,600 underway)- development yields are expected to be around
6% and in-process projects include Austin and Phoenix. While dev yields are appetizing, recall that it takes ~3+ yrs to stabilize/develop AND 2,600 units is ~2.5% or so of MAA's total # of apartments so this doesn't move the needle a ton. That said, I still like it here and...
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