Mid-America Apartment Communities, Inc. (NYSE:MAA) Q4 2022 Earnings Call Transcript

Operator: We will move next with Jamie Feldman of Wells Fargo. Please go ahead.

Jamie Feldman : Great. Thank you. I guess just a follow-up on question, I mean, do you, in any way, include handicap any kind of rent control risk in your guidance or your rent outlook?

Robert DelPriore: We have not.

Jamie Feldman : Okay. And then, I appreciate all the color on so far in kind of markets. It sounds like things are still going pretty well. But I guess if you focus specifically on like Austin, Nashville, Raleigh, some of these big tech growth markets in recent years and probably market have more layoffs than others. Can you provide any kind of anecdotal evidence of anything changing there, whether it’s different types of people backfilling vacancies or move-outs or anything like that, just those kind of markets versus the rest of the portfolio would be helpful? Thank you.

Tim Argo: Hey, Jamie, this is Tim. I mean I think the ones you point out are right in terms of Austin, Nashville, Raleigh are the ones where we would have more tech exposure than some of the others. But as of now, we haven’t seen it. I mean we’re keeping an eye on what it exactly means in terms of which staff are going to be impacted by some of the announcements that have already been made, but to date, we haven’t seen any impact from that. No trends different in those markets other than sort of the broader we talked about Austin with broader supply/demand concerns, but we haven’t seen anything yet, but those are the ones we would be keeping an eye on, for sure.

Jamie Feldman : Okay. Are you seeing slower demand from those types of employees, people in those industries?

Tim Argo: Not really. I mean, a lot of these markets aren’t quite the Silicon Valley in terms of the types of employment that we had there. It’s a little more call it, mid-level or if you want to say more a little more blue-collar-type tech, but we’ve not seen it yet. Like I said, it’s some we’re keeping an eye on, and that could be what drives more of the downside risk on our forecast for 2023, but nothing reportable so far.

Jamie Feldman : Okay. All right. Thank you.

Operator: We have no further questions. I will return the call to MAA for closing remarks.

Eric Bolton: Okay. Well, we appreciate everyone joining us this morning. If you have any other thoughts or questions follow up, just reach out at any point. So, thank you for joining us.

Operator: This concludes today’s program. Thank you for your participation. You may disconnect at any time.