Along with the healthy operating fundamentals of the Sunbelt markets and a robust development pipeline, the prospects of its redevelopment program and progress in technology measures are likely to drive margin expansion. As of Sep 30, 2023, MAA had a strong balance sheet with $1.4 billion in combined cash and capacity available under its unsecured revolving credit facility and a historically low Net Debt/Adjusted EBITDAre ratio of 3.4. Although the company’s robust development and redevelopment pipeline is encouraging for long-term growth, supply-chain constraints and inflationary pressure could lead to cost overruns and lease-up concerns.