Eric Bolton, chairman and CEO of Mid-America Apartment Communities Inc. (NYSE: MAA), participated in a video interview at Nareit’s REITworld: 2018 Annual Conference in San Francisco.
Bolton said that demand for apartment housing across the Sunbelt region remains strong.
“We continue to see good demand as a [result] of demographic trends … and how [people] approach meeting their housing needs broadly,” he said. “Of course, the economy and job growth continue to do quite well, particularly across our Sunbelt markets.”
Bolton added that while supply has picked up over the last few years, MAA does not see it getting “out of hand” going forward.
“We continue to see very positive trends on rents … which sets up for improving trends in 2019,” he said.
Bolton said MAA is ramping up its development pipeline, noting a development capability that came out of its merger with Post Properties in 2016. “We brought that team on board with us, and [we’re] excited to have them,” he said.
Bolton added that soon after the merger, the REIT also saw benefits on the expense side, both at the general corporate overhead and property levels.
“We’re well on track to exceed the overhead synergy target that we had identified when we announced the transaction,” he said.