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MAA REPORTS SECOND QUARTER 2025 RESULTS
GERMANTOWN, Tenn., July 30, 2025 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended June 30, 2025. Three months ended June 30, Six months ended June 30,2025 2024 2025 2024Earnings per common share - diluted (1)$ 0.92 $ 0.86 $ 2.46 $ 2.09 Funds from operations (FFO) per Share - diluted (1)$ 2.19 $ 2.06 $ 4.39 $ 4.47 Core FFO per Share - diluted (1)$ 2.15 $ 2.22 $ 4.35 $ 4.44(1) A reconciliation of Net income available for MAA common shareholders to FFO and Core FFO is found later in this release. Brad Hill, President and Chief Executive Officer, said, "Second quarter Core FFO results exceeded our expectations. Despite increased macroeconomic uncertainty, we are encouraged by the record demand for rental housing that persists in our markets, leading to second quarter blended lease performance 40 bps higher than last year. Our uniquely diversified portfolio, backed by a strong operating and resident service platform, delivered record resident retention and robust renewal pricing, resulting in strong occupancy and a 100 bps sequential improvement in Same Store blended pricing. As we move further from the peak level of supply reached in 2024, the strengthening demand/supply dynamic coupled with our growing development pipeline, which is nearing $1 billion, should support robust revenue and earnings performance and enhance long-term value creation." During the second quarter of 2025, MAA's Same Store effective blended lease rate growth was 0.5%. On a sequential basis, the 100 basis point improvement in Same Store effective blended lease rate growth was driven by a 150 basis point improvement in new lease pricing and a 20 basis point improvement in renewal pricing from the first quarter of 2025. As of June 30, 2025, resident turnover in the Same Store Portfolio remained historically low at 41.0% with a record low level of move-outs associated with buying single family-homes of 11.0%. During the second quarter of 2025, MAA began construction on a 336-unit multifamily apartment community located in Charleston, South Carolina. As of June 30, 2025, MAA had eight communities under development with total expected costs of $942.5 million. MAA also had four recently completed development communities and two recently acquired communities in lease-up with a total cost to date of $573.9 million. Same Store Operating ResultsSame Store results for the three and six months ended June 30, 2025 as compared to the same period in the prior year are summarized below: Three months ended June 30, 2025 vs. 2024Six months ended June 30, 2025 vs. 2024 Revenues(1)ExpensesNOI(2)Average Effective Rent per UnitRevenues(1)ExpensesNOI(2)Average Effective Rent per Unit Same Store Operating Growth-0.3 %3.8 %-2.6 %-0.5 %-0.1 %2.5 %-1.6 %-0.5 % (1) Includes 2.4% increase in other property revenues. (2) A reconciliation of Net income available for MAA common shareholders to NOI, including Same Store NOI, is found later in this release. Same Store operating statistics for the three and six months ended June 30, 2025 are summarized below: Three months ended June 30, 2025Six months ended June 30, 2025As of June 30, 2025 Average Effective Rent per Unit Average Physical OccupancyAverage Effective Rent per Unit Average Physical OccupancyResident Turnover Same Store Operating Statistics$ 1,690 95.4 %$ 1,690 95.5 %41.0 % Same Store net effective lease pricing statistics for the three and six months ended June 30, 2025 are summarized below: Same Store Net Effective Lease Pricing StatisticsThree Months EndedJune 30, 2025Six Months EndedJune 30, 2025 Effective Blended Lease Rate Growth0.5 %0.2 % Effective New Lease Rate Growth-4.8 %-5.4 % Effective Renewal Lease Rate Growth4.7 %4.6 % Development and Lease-up Activity A summary of MAA's development communities under construction as of the end of the second quarter of 2025 is set forth below (dollars in thousands):Units as of Development Costs as of Expected ProjectTotal June 30, 2025 June 30, 2025 Completions By YearDevelopmentExpected Costs ExpectedProjects (1) Total Delivered Leased Total to Date Remaining 2025 2026 2027 2028 82,648549248 $ 942,500 $ 616,296 $ 326,2042411 (1) Two of the development projects are currently leasing. In June 2025, MAA closed on the acquisition of a land parcel located in Charleston, South Carolina through our pre-purchase development program and began construction on a 336-unit multifamily apartment community. During the second quarter of 2025, MAA funded approximately $92 million of costs for current and planned development projects, including predevelopment activities. A summary of the total units, physical occupancy and cost of MAA's lease-up communities as of the end of the second quarter of 2025 is set forth below (dollars in thousands): Total As of June 30, 2025Lease-Up Total Physical CostsProjects (1) Units Occupancy to Date 62,10180.7 %$ 573,896 (1) Three of the lease-up projects are expected to stabilize in the third quarter of 2025, two in the fourth quarter of 2025 and one in the second quarter of 2026. During the second quarter of 2025, MAA completed the lease-up of MAA Boggy Creek, located in Orlando, Florida. Balance Sheet and Financing Activities As of June 30, 2025, MAA had $1.0 billion of combined cash and available capacity under MAALP's unsecured revolving credit facility. MAALP is a reference to MAA's operating partnership, Mid-America Apartments, L.P. Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2025 were $181.8 million, as compared to $176.3 million for the same period in the prior year. Balance sheet highlights as of June 30, 2025 are summarized below (dollars in billions): Total debt to adjusted total assets (1)Net Debt/Adjusted EBITDAre (2)Total debt outstanding Average effective interest rateFixed rate debt as a % of total debtTotal debt average years to maturity28.9 %4.0x$ 5.0 3.8 %93.8 % 6.7 (1) As defined in the covenants for the bonds issued by MAALP. (2) Adjusted EBITDAre is calculated for the trailing twelve month period ended June 30, 2025. A reconciliation of Unsecured notes payable, net and Secured notes payable, net to Net Debt and a reconciliation of Net income to Adjusted EBITDAre are found later in this release. 126th Consecutive Quarterly Common Dividend Declared MAA declared its 126th consecutive quarterly common dividend, which will be paid on July 31, 2025 to holders of record on July 15, 2025. The current annual dividend rate is $6.06 per common share. The timing and amount of future dividends will depend on actual cash flows from operations, MAA's financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986 and other factors as MAA's Board of Directors deems relevant. MAA's Board of Directors may modify the dividend policy from time to time. 2025 Earnings and Same Store Guidance MAA is updating its prior 2025 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects to provide updates to its 2025 Earnings per diluted common share, Core FFO per diluted Share and Core AFFO per diluted Share guidance on a quarterly basis. FFO, Core FFO and Core AFFO are non-GAAP financial measures. Acquisition and disposition activity materially affects depreciation and capital gains or losses, which combined, generally represent the majority of the difference between Net income available for common shareholders and FFO. As discussed in the definitions of non-GAAP financial measures found later in this release, MAA's definition of FFO is in accordance with the National Association of Real Estate Investment Trusts', or NAREIT's, definition, and Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations. MAA believes that Core FFO is helpful in understanding operating performance in that Core FFO excludes not only depreciation expense of real estate assets and certain other non-routine items, but it also excludes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance. 2025 GuidancePrevious RangePrevious Midpoint Revised RangeRevised Midpoint Earnings:Full Year 2025Full Year 2025 Full Year 2025Full Year 2025 Earnings per common share - diluted$5.51 to $5.83$5.67 $5.25 to $5.49$5.37 Core FFO per Share - diluted$8.61 to $8.93$8.77 $8.65 to $8.89$8.77 Core AFFO per Share - diluted$7.63 to $7.95$7.79 $7.67 to $7.91$7.79 MAA Same Store Portfolio:Property revenue growth-0.35% to 1.15%0.40 % -0.20% to 0.40%0.10 % Property operating expense growth2.45% to 3.95%3.20 % 1.75% to 2.75%2.25 % NOI growth-2.15% to -0.15%-1.15 % -1.90% to -0.40%-1.15 % MAA expects Core FFO for the third quarter of 2025 to be in the range of $2.08 to $2.24 per diluted Share, or $2.16 per diluted Share at the midpoint. The projected difference from Core FFO per diluted Share for the second quarter of 2025 to the midpoint of MAA's guidance for the third quarter of 2025 is summarized below: Core FFO per diluted ShareQ2 2025 per diluted Share reported results$ 2.15Same Store NOI 0.02Development, Lease-up and Other Non-Same Store NOI 0.01Total overhead (0.01)Interest expense and Other non-operating income (expense) (0.01)Q3 2025 per diluted Share guidance midpoint$ 2.16MAA does not forecast Earnings per diluted common share on a quarterly basis as MAA generally cannot predict the timing of forecasted acquisition and disposition activity within a particular quarter (rather than during the course of the full year). Additional details and guidance items are provided in the Supplemental Data to this release. Supplemental Material and Conference CallSupplemental Data to this release can be found on the "For Investors" page of the MAA website at MAA will host a conference call to further discuss second quarter results on July 31, 2025, at 9:00 AM Central Time. The conference call-in number is (800) 715-9871. You may also join the live webcast of the conference call by accessing the "For Investors" page of the MAA website at MAA's filings with the Securities and Exchange Commission (SEC) are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P. About MAAMAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2025, MAA had ownership interest in 104,347 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at or contact Investor Relations at or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations. Forward-Looking StatementsThis release (as well as the Supplemental Data to this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements do not discuss historical fact, but instead are statements related to expectations, projections, intentions, assumptions and beliefs regarding the future. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "proforma," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding quarterly and full year 2025 guidance (including earnings guidance, Same Store Portfolio guidance and other related projections and assumptions), development costs for our development communities, timelines for occupancy, completion and stabilization of our development communities, and timelines for stabilization of our lease-up communities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance, achievements or outcomes to be materially different from the future results, performance, achievements or outcomes expressed or implied by such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such statements should not be regarded as a representation by us or any other person that the results, performance, achievements or outcomes described in such statements will be achieved. The following factors, among others, could cause our actual results, performance, achievements or outcomes to differ materially from those expressed or implied in the forward-looking statements: adverse effects on occupancy levels and rental revenues due to unfavorable market and economic conditions; adverse changes in real estate markets, including changes in supply and/or demand for multifamily housing or increased competition from alternative housing options; failure of development communities to be completed within budget and on a timely basis, if at all, to lease-up as anticipated or to achieve anticipated results; unexpected capital needs; material changes in operating costs, including real estate taxes, utilities and insurance costs, due to inflation and other factors; losses due to uninsured risks, deductibles and self-insured retentions, or losses from catastrophes in excess of coverage limits; ability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures; level and volatility of interest or capitalization rates or capital market conditions; changes in the legal requirements we are subject to, or the imposition of new legal requirements, that adversely affect our operations; extreme weather and natural disasters; disease outbreaks and other public health events and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events; legal proceedings or class action lawsuits; and other risks identified in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q and other reports we file with the SEC from time to time. Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release. FINANCIAL HIGHLIGHTSDollars in thousands, except per share dataThree months ended June 30, Six months ended June 30,2025 2024 2025 2024Rental and other property revenues$ 549,902 $ 546,435 $ 1,099,197 $ 1,090,057 Net income available for MAA common shareholders$ 107,205 $ 101,031 $ 287,956 $ 243,858 Total NOI (1)$ 335,248 $ 340,639 $ 683,190 $ 686,459 Earnings per common share: (2) Basic$ 0.92 $ 0.86 $ 2.46 $ 2.09Diluted$ 0.92 $ 0.86 $ 2.46 $ 2.09 Funds from operations per Share - diluted: (2) FFO (1)$ 2.19 $ 2.06 $ 4.39 $ 4.47Core FFO (1)$ 2.15 $ 2.22 $ 4.35 $ 4.44Core AFFO (1)$ 1.85 $ 1.92 $ 3.89 $ 3.98 Dividends declared per common share$ 1.5150 $ 1.4700 $ 3.0300 $ 2.9400 Dividends/Core FFO (diluted) payout ratio 70.5 % 66.2 % 69.7 % 66.2 % Dividends/Core AFFO (diluted) payout ratio 81.9 % 76.6 % 77.9 % 73.9 %Consolidated interest expense$ 45,111 $ 41,265 $ 90,272 $ 81,626Debt discount and debt issuance cost amortization (1,624)(1,213)(3,241)(3,055)Capitalized interest 5,0483,72410,1537,140Total interest incurred$ 48,535 $ 43,776 $ 97,184 $ 85,711(1) The following reconciliations are found later in this release: (i) Net income available for MAA common shareholders to NOI; and (ii) Net income available for MAA common shareholders to FFO, Core FFO and Core AFFO. (2) See the "Share and Unit Data" section for additional information. Dollars in thousands, except share priceJune 30, 2025 December 31, 2024Gross Assets (1)$ 17,466,996 $ 17,170,171Gross Real Estate Assets (1)$ 17,228,793 $ 16,924,002Total debt$ 5,048,143 $ 4,980,957Common shares and units outstanding 120,021,067119,958,973Share price$ 148.01 $ 154.57Book equity value$ 6,090,400 $ 6,147,664Market equity value$ 17,764,318 $ 18,542,058Net Debt/Adjusted EBITDAre (2)4.0x 4.0x(1) Reconciliations of Total assets to Gross Assets and Real estate assets, net, to Gross Real Estate Assets are found later in this release. (2) Adjusted EBITDAre is calculated for the trailing twelve month period for each date presented. The following reconciliations are found later in this release: (i) Unsecured notes payable, net and Secured notes payable, net to Net Debt; and (ii) Net income to EBITDA, EBITDAre and Adjusted EBITDAre. CONSOLIDATED STATEMENTS OF OPERATIONS Dollars in thousands, except per share data (Unaudited)Three months ended June 30, Six months ended June 30,2025 2024 2025 2024Revenues: Rental and other property revenues$ 549,902 $ 546,435 $ 1,099,197 $ 1,090,057Expenses: Operating expenses, excluding real estate taxes and insurance 132,465126,213257,420244,412Real estate taxes and insurance 82,18979,583158,587159,186Depreciation and amortization 153,521145,022305,871288,042Total property operating expenses 368,175350,818721,878691,640Property management expenses 17,51117,20138,08937,196General and administrative expenses 12,81312,67128,43229,716Interest expense 45,11141,26590,27281,626Loss (gain) on sale of depreciable real estate assets 6923(71,842)25Other non-operating (income) expense (4,722)19,244(5,556)(4,282)Income before income tax expense 110,945105,213297,924254,136Income tax expense (600)(1,020)(1,638)(2,815)Income from continuing operations before real estate joint venture activity 110,345104,193296,286251,321Income from real estate joint venture 530469995951Net income 110,875104,662297,281252,272Net income attributable to noncontrolling interests 2,7482,7097,4816,570Net income available for shareholders 108,127101,953289,800245,702Dividends to MAA Series I preferred shareholders 9229221,8441,844Net income available for MAA common shareholders$ 107,205 $ 101,031 $ 287,956 $ 243,858 Earnings per common share - basic: Net income available for common shareholders$ 0.92 $ 0.86 $ 2.46 $ 2.09 Earnings per common share - diluted: Net income available for common shareholders$ 0.92 $ 0.86 $ 2.46 $ 2.09 SHARE AND UNIT DATA Shares and units in thousandsThree months ended June 30, Six months ended June 30,2025 2024 2025 2024Net Income Shares (1) Weighted average common shares - basic 116,976116,783116,908116,727Effect of dilutive securities 187—241—Weighted average common shares - diluted 117,163116,783117,149116,727Funds From Operations Shares And Units Weighted average common shares and units - basic 119,950119,888119,932119,848Weighted average common shares and units - diluted 120,015119,944119,995119,901Period End Shares And Units Common shares at June 30, 117,071116,858117,071116,858Operating Partnership units at June 30, 2,9503,0942,9503,094Total common shares and units at June 30, 120,021119,952120,021119,952(1) For additional information on the calculation of diluted common shares and earnings per common share, please refer to the Notes to the Condensed Consolidated Financial Statements in MAA's Quarterly Report on Form 10-Q for the three months ended June 30, 2025, expected to be filed with the SEC on or about July 31, 2025. CONSOLIDATED BALANCE SHEETSDollars in thousands (Unaudited) June 30, 2025 December 31, 2024Assets Real estate assets: Land$ 2,105,602 $ 2,096,912Buildings and improvements and other 14,468,73314,160,799Development and capital improvements in progress 484,955470,282 17,059,29016,727,993Less: Accumulated depreciation (5,631,399)(5,327,584) 11,427,89111,400,409Undeveloped land 73,35973,359Investment in real estate joint venture 41,66241,650Real estate assets, net 11,542,91211,515,418 Cash and cash equivalents 54,48243,018Restricted cash 13,63413,743Other assets 224,569232,426Assets held for sale —7,764Total assets$ 11,835,597 $ 11,812,369 Liabilities and equity Liabilities: Unsecured notes payable, net$ 4,687,813 $ 4,620,690Secured notes payable, net 360,330360,267Accrued expenses and other liabilities 697,054683,748Total liabilities 5,745,1975,664,705 Redeemable common stock 21,13522,230 Shareholders' equity: Preferred stock 99Common stock 1,1681,166Additional paid-in capital 7,431,6277,417,453Accumulated distributions in excess of net income (1,535,340)(1,469,557)Accumulated other comprehensive loss (6,110)(6,940)Total MAA shareholders' equity 5,891,3545,942,131Noncontrolling interests - Operating Partnership units 147,439155,409Total shareholders' equity 6,038,7936,097,540Noncontrolling interests - consolidated real estate entities 30,47227,894Total equity 6,069,2656,125,434Total liabilities and equity$ 11,835,597 $ 11,812,369 RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO FFO, CORE FFO, CORE AFFO AND FADAmounts in thousands, except per share and unit dataThree months ended June 30, Six months ended June 30,2025 2024 2025 2024Net income available for MAA common shareholders$ 107,205 $ 101,031 $ 287,956 $ 243,858Depreciation and amortization of real estate assets 152,149143,623303,140285,214Loss (gain) on sale of depreciable real estate assets 6923(71,842)25MAA's share of depreciation and amortization of real estate assets of real estate joint venture 167154331309Net income attributable to noncontrolling interests 2,7482,7097,4816,570FFO attributable to common shareholders and unitholders 262,338247,540527,066535,976(Gain) loss on embedded derivative in preferred shares (1) (1,693)9,286(1,283)(3,806)Loss (gain) on investments, net of tax (1)(2) 317685(337)(3,405)Casualty related (recoveries) charges, net (1) (3,346)1,135(3,568)(3,950)Legal costs, settlements and (recoveries), net (1)(3) —8,000—8,000Core FFO attributable to common shareholders and unitholders 257,616266,646521,878532,815Recurring capital expenditures (35,343)(36,341)(55,449)(55,275)Core AFFO attributable to common shareholders and unitholders 222,273230,305466,429477,540Redevelopment capital expenditures (15,435)(11,624)(32,844)(20,998)Revenue enhancing capital expenditures (20,104)(25,629)(35,292)(38,642)Commercial capital expenditures (2,755)(1,867)(6,729)(3,070)Other capital expenditures (4) (12,048)(12,912)(27,489)(22,115)FAD attributable to common shareholders and unitholders$ 171,931 $ 178,273 $ 364,075 $ 392,715 Dividends and distributions paid$ 181,814 $ 176,304 $ 363,581 $ 352,495 Weighted average common shares - diluted 117,163116,783117,149116,727FFO weighted average common shares and units - diluted 120,015119,944119,995119,901 Earnings per common share - diluted: Net income available for MAA common shareholders$ 0.92 $ 0.86 $ 2.46 $ 2.09 FFO per Share - diluted$ 2.19 $ 2.06 $ 4.39 $ 4.47Core FFO per Share - diluted$ 2.15 $ 2.22 $ 4.35 $ 4.44Core AFFO per Share - diluted$ 1.85 $ 1.92 $ 3.89 $ 3.98(1) Included in Other non-operating (income) expense in the Consolidated Statements of Operations. (2) For the three months ended June 30, 2025 and 2024, loss on investments is presented net of tax benefit of $0.1 million and $0.2 million, respectively. For the six months ended June 30, 2025 and 2024, gain on investments is presented net of tax expense of $0.1 million and $0.9 million, respectively. (3) During the three and six months ended June 30, 2024, in accordance with its accounting policies, MAA recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027. (4) For the three and six months ended June 30, 2024, $0.9 million of reconstruction-related capital expenditures relating to storm costs that have been reimbursed through insurance coverage are excluded from other capital expenditures. RECONCILIATION OF NET INCOME AVAILABLE FOR MAA COMMON SHAREHOLDERS TO NET OPERATING INCOME Dollars in thousandsThree Months Ended Six Months EndedJune 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024Net income available for MAA common shareholders$ 107,205 $ 180,751 $ 101,031 $ 287,956 $ 243,858Depreciation and amortization 153,521152,350145,022305,871288,042Property management expenses 17,51120,57817,20138,08937,196General and administrative expenses 12,81315,61912,67128,43229,716Interest expense 45,11145,16141,26590,27281,626Loss (gain) on sale of depreciable real estate assets 69(71,911)23(71,842)25Other non-operating (income) expense (4,722)(834)19,244(5,556)(4,282)Income tax expense 6001,0381,0201,6382,815Income from real estate joint venture (530)(465)(469)(995)(951)Net income attributable to noncontrolling interests 2,7484,7332,7097,4816,570Dividends to MAA Series I preferred shareholders 9229229221,8441,844Total NOI$ 335,248 $ 347,942 $ 340,639 $ 683,190 $ 686,459Same Store NOI$ 319,612 $ 332,795 $ 328,310 $ 652,407 $ 662,954Non-Same Store and Other NOI 15,63615,14712,32930,78323,505Total NOI$ 335,248 $ 347,942 $ 340,639 $ 683,190 $ 686,459 RECONCILIATION OF NET INCOME TO EBITDA, EBITDAre AND ADJUSTED EBITDAreDollars in thousandsThree Months Ended Twelve Months EndedJune 30, 2025 June 30, 2024 June 30, 2025 December 31, 2024Net income$ 110,875 $ 104,662 $ 586,585 $ 541,576Depreciation and amortization 153,521145,022603,445585,616Interest expense 45,11141,265177,190168,544Income tax expense 6001,0204,0635,240EBITDA 310,107291,9691,371,2831,300,976Loss (gain) on sale of depreciable real estate assets 6923(126,870)(55,003)Gain on consolidation of third-party development (1) ——(11,239)(11,239)Adjustments to reflect MAA's share of EBITDAre of unconsolidated affiliates 3513391,3841,363EBITDAre 310,527292,3311,234,5581,236,097(Gain) loss on embedded derivative in preferred shares (1) (1,693)9,28621,27418,751Loss (gain) on investments (1) 397859(3,908)(7,809)Casualty related (recoveries) charges, net (1) (3,346)1,135(8,944)(9,326)Legal costs, settlements and (recoveries), net (1)(2) —8,0001,4379,437Adjusted EBITDAre$ 305,885 $ 311,611 $ 1,244,417 $ 1,247,150(1) Included in Other non-operating (income) expense in the Consolidated Statements of Operations. (2) During the three months ended June 30, 2024 and twelve months ended December 31, 2024, in accordance with its accounting policies, MAA recognized $8.0 million of accrued legal defense costs that are expected to be incurred through July 2027. RECONCILIATION OF UNSECURED NOTES PAYABLE, NET AND SECURED NOTES PAYABLE, NET TO NET DEBTDollars in thousands June 30, 2025 December 31, 2024Unsecured notes payable, net$ 4,687,813 $ 4,620,690Secured notes payable, net 360,330360,267Total debt 5,048,1434,980,957Cash and cash equivalents (54,482)(43,018)Net Debt$ 4,993,661 $ 4,937,939 RECONCILIATION OF TOTAL ASSETS TO GROSS ASSETSDollars in thousands June 30, 2025 December 31, 2024Total assets$ 11,835,597 $ 11,812,369Accumulated depreciation 5,631,3995,327,584Accumulated depreciation for Assets held for sale (1) —30,218Gross Assets$ 17,466,996 $ 17,170,171(1) Included in Assets held for sale in the Consolidated Balance Sheets. RECONCILIATION OF REAL ESTATE ASSETS, NET TO GROSS REAL ESTATE ASSETSDollars in thousands June 30, 2025 December 31, 2024Real estate assets, net$ 11,542,912 $ 11,515,418Accumulated depreciation 5,631,3995,327,584Assets held for sale, net —7,764Accumulated depreciation for Assets held for sale (1) —30,218Cash and cash equivalents 54,48243,018Gross Real Estate Assets$ 17,228,793 $ 16,924,002(1) Included in Assets held for sale in the Consolidated Balance Sheets. NON-GAAP FINANCIAL MEASURES Adjusted EBITDAre For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA's core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, casualty related charges (recoveries), net, gain or loss on debt extinguishment and legal costs, settlements and (recoveries), net. As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre excludes various income and expense items that are not indicative of operating performance. MAA's computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre. Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance. Core Adjusted Funds from Operations (Core AFFO) Core AFFO is composed of Core FFO less recurring capital expenditures. Because net income attributable to noncontrolling interests is added back, Core AFFO, when used in this release, represents Core AFFO attributable to common shareholders and unitholders. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures. Core Funds from Operations (Core FFO) Core FFO represents FFO as adjusted for items that are not considered part of MAA's core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares; gain or loss on sale of non-depreciable assets; gain or loss on investments, net of tax; casualty related charges (recoveries), net; gain or loss on debt extinguishment; legal costs, settlements and (recoveries), net, and mark-to-market debt adjustments. Because net income attributable to noncontrolling interests is added back, Core FFO, when used in this release, represents Core FFO attributable to common shareholders and unitholders. While MAA's definition of Core FFO may be similar to others in the industry, MAA's methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance. EBITDA For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes. As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA excludes various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance. EBITDAre For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable assets, gain on consolidation of third-party development and adjustments to reflect MAA's share of EBITDAre of an unconsolidated affiliate. As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre excludes various expense items that are not indicative of operating performance. While MAA's definition of EBITDAre is in accordance with NAREIT's definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance. Funds Available for Distribution (FAD) FAD is composed of Core FFO less total capital expenditures, excluding development spending, property acquisitions, capital expenditures relating to significant casualty losses that management expects to be reimbursed by insurance proceeds and corporate related capital expenditures. Because net income attributable to noncontrolling interests is added back, FAD, when used in this release, represents FAD attributable to common shareholders and unitholders. FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and capital expenditures. Funds From Operations (FFO) FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gain or loss on disposition of operating properties, asset impairment and gain on consolidation of third-party development, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests and adjustments for joint ventures. Because net income attributable to noncontrolling interests is added back, FFO, when used in this release, represents FFO attributable to common shareholders and unitholders. While MAA's definition of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies. FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. Gross Assets Gross Assets represents Total assets plus Accumulated depreciation and Accumulated depreciation for Assets held for sale. MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. Gross Real Estate Assets Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation, Assets held for sale, net, Accumulated depreciation for Assets held for sale, Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions. MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. Net Debt Net Debt represents Unsecured notes payable,net and Secured notes payable,net less Cash and cash equivalents and 1031(b) exchange proceeds included in Restricted cash. MAA believes Net Debt is a helpful tool in evaluating its debt position. NON-GAAP FINANCIAL MEASURES (Continued) Net Operating Income (NOI) Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. Non-Same Store and Other NOI Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI includes storm-related expenses related to severe weather events, including hurricanes and winter storms. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. Same Store NOI Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI excludes storm-related expenses related to severe weather events, including hurricanes and winter storms. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders. MAA believes Same Store NOI is a helpful tool in evaluating operating performance because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance. OTHER KEY DEFINITIONS Average Effective Rent per Unit Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit. Average Physical Occupancy Average Physical Occupancy represents the average of the daily physical occupancy for an applicable period. Development Communities Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio. Effective Blended Lease Rate Growth Effective Blended Lease Rate Growth represents the combined weighted average of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth from our Same Store Portfolio for the applicable period. Effective New Lease Rate Growth Effective New Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for new leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease. Effective Renewal Lease Rate Growth Effective Renewal Lease Rate Growth represents the growth in gross rent amounts after the effect of leasing concessions for renewal leases from our Same Store Portfolio that were effective during the applicable period as compared to the prior lease. Lease-up Communities New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Non-Same Store and Other Portfolio Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties. Resident Turnover Resident turnover represents resident move outs excluding transfers within the Same Store Portfolio as a percentage of expiring leases on a trailing twelve month basis as of the end of the reported quarter. Same Store Portfolio (or Same Store) MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Communities that have been approved by MAA's Board of Directors for disposition are excluded from the Same Store Portfolio. Communities that have experienced a significant casualty loss are also excluded from the Same Store Portfolio. View original content to download multimedia: SOURCE MAA Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Reuters
18-07-2025
- Business
- Reuters
California court system adopts rule on AI use
July 18 (Reuters) - California on Friday became the largest U.S. state court system to embrace policies governing the use of generative artificial intelligence by judges and court employees. California courts that do not ban generative AI outright must develop AI-related regulations by September 1 under a rule adopted by the California Judicial Council, the policy-making body for the state's court system. The rule, opens new tab was developed by an artificial intelligence task force established by Chief Justice Patricia Guerrero in 2024. Courts that allow generative AI in court-related work may adopt a model AI policy already released by the task force in February or modify it to address their specific goals by September. The rule 'strikes the best balance between uniformity and flexibility,' task force chair and state appellate judge Brad Hill told the council on Friday. Each court's AI policy must address the 'confidentiality, privacy, bias, safety, and security risks posed by generative AI systems," according to the task force's report on the proposal. The policies must also address the 'supervision, accountability, transparency, and compliance when using those systems.' The court policies must prohibit entering confidential information into public generative AI systems, prohibit unlawful discrimination through AI programs, and require court staff and judicial officers to 'take reasonable steps to verify the accuracy of the material.' Staff and judicial officers would also have to disclose their use of AI if the final version of any written, visual, or audio work provided to the public was generated entirely by AI. Hill said the task force did not want a rule that specified how courts can and cannot use generative AI because the technology is evolving quickly. California has the nation's largest state court system with five million cases, 65 courts, and approximately 1,800 judges. A number of other state have already adopted generative AI rules or policies, including Illinois, Delaware, and Arizona. New York, Georgia, and Connecticut are among the states currently assessing the use of generative AI within their courts. Read more: Illinois top court say judges and lawyers can use AI, with limits California court system to decide on AI rule
Yahoo
02-06-2025
- Business
- Yahoo
MAA to Present at the Nareit REITweek: 2025 Investor Conference
GERMANTOWN, Tenn., June 2, 2025 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced that President and CEO, Brad Hill, as well as other members of MAA's executive management team, will present at the Nareit REITweek: 2025 Investor Conference on Wednesday, June 4, 2025, from 8:45 a.m. ET to 9:15 a.m. ET. The Company's presentation will be webcast live. A link to the webcast as well as presentation materials are available under "Corporate Profile" on the "For Investors" page of the Company's website at About MAAMAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to the "For Investors" page at or contact Investor Relations at View original content to download multimedia: SOURCE MAA Sign in to access your portfolio
Yahoo
20-05-2025
- Health
- Yahoo
Monett blood drive aims to help local charities
MONETT, Mo. — The Community Blood Center (CBCO) is holding a charity blood drive on Tuesday, May 27. The CBCO announced they are holding their first Monett Charity Challenge Blood Drive from 9 a.m. to 5 p.m. at the Monett Area YMCA. The center said that citizens will be able to vote for a chosen local charity after giving their donations at their event. For each vote given, the charities will be entered into the cash award prize provided by Brad Hill State Farm Agency. Meet the Skyline Fire Department's newest member… a goat 'I believe in making a difference right here in our own community,' said Brad Hill, State Farm agent in a press release. 'What better way to do that than by donating blood and potentially saving the life of a family member, friend, coworker or neighbor. When you give with Community Blood Center of the Ozarks, your donation stays local and supports hospitals like Cox Monett. I am proud to sponsor this challenge, because every blood donation makes an impact close to home.' First place will be given $750, second place will receive $500 and third place will get $250. 'Our mission is to grow a healthy and strong community, and this is a perfect way to do just that,' said Elizabeth Sturgell, executive director of the Monett Area YMCA in the release. 'Every blood donation not only helps save lives, it also directly supports the programs and services we provide here at the Y. We are grateful for CBCO's generosity and excited to be part of this impactful event.' For more information on how to donate, visit their website, or call 417-227-5006. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Gizmodo
07-05-2025
- Entertainment
- Gizmodo
You Have to Check Out These Insanely Detailed Pop Culture Sculptures
Play-Doh is not generally considered a pathway to a career in art, but it was exactly that for Brad Hill. Years ago, the aspiring artist was gifted the popular children's toy and, as a thank you, molded some of it into a head. 'I was like, 'Oh wait. That's kind of fun,'' Hill said. 'Every day, I'd just wake up and sculpt a head out of Play-Doh. And I thought, 'Well, this isn't sustainable.'' He was wrong. Fifteen years later, Hill's work has gone all over the internet, and this week he's having a retrospective art show featuring not just brand new work, but pieces from throughout his still blossoming career. The show is happening May 9 from 6-8 p.m. ET at the Bottleneck Gallery in Brooklyn, NY, and to commemorate the event, io9 not only has some exclusive reveals, but we also spoke to Hill for what he believes may have been his first interview. Why Hill? Well, his strikingly unique take on your favorite TV, movies, games, and more combines a handmade, limited collectibility with an unmistakable nostalgia and childlike wonder. It's a balance that has made his 1:1 art pieces sell instantly at art shows, and his more widely available tiny sculptures, called Peeks, become some of the most sought-after pieces in the pop culture art world. Now he's even debuting 'Freeks,' a kind of mixture of the two. A 37-year-old resident of Pigeon, Michigan, Hill admits that he's largely disconnected from the fervor that surrounds his work. 'I still have a hard time believing it,' he said. 'I live in the middle of nowhere. I'm not really connected. I haven't done cons. I haven't done any of that stuff, so it's very easy for me to just be like 'Yeah, like this isn't real.'' But it's very real. Hill has built a relatively small but dedicated fan base that adores his work, covets it, and pays handsomely for it. I should know. I'm one of them. In 2019, I camped out for several days on a street to buy one of Hill's unique pop culture sculptures and continue to collect his work. Oh, and as you read this, there's already a line for Friday's show, which features almost 20 new sculptures, 1/1 APs (artist's proof) of every single Peek ever released (which is about 140 in total), five brand new pieces called Freeks, and more. Below, we talked to Hill about his origins, which included not just Play-Doh but Reddit, and his surprising process—as well as the debut of several new pieces. One you can see above, and here's another. For more details on the show, head over to the Bottleneck Gallery website. Here's our interview with Hill, which has been edited for length. Germain Lussier, io9: Take me back to the beginning. How did you get into art and specifically sculpting? Brad Hill: So I've been doing art since I was little. Drawing was mainly what I'd mess with. I never really sculpted and I didn't take art classes in high school or anything. And I don't know, it was probably like 2010, and my buddy just kind of on a lark, as a thank you for helping him out for something, was like 'Here's this, here's that, and here's a whole bunch of Play-Doh.' It was the small containers. And my first reaction was, 'Okay, thank you. I don't know what to do with this, but thank you.' To show my gratitude I just started sculpting a little head, took a picture of it, and sent it to him. And I was like 'Oh wait, that's kind of fun.' Every day, I'd just wake up and I'd sculpt the head out of Play-Doh. And I was like, 'Well, this isn't sustainable. I can't just keep using Play-Doh.' So I moved on to other air-dry clay, moved on to polymer clay. And at the same time, I had discovered Mike Mitchell's art. This is when he was doing Soul Pancake wallpapers. So I was like, 'I'm gonna try and sculpt some of his stuff.' And by following him I learned more about pop culture art like Gallery 1988. So I was like 'I gonna try doing some of this stuff.' So I posted on Reddit, just for fun. And one day, I think it was a S'more Puffed one, hit the top of Reddit. Like all of Reddit. And that gave me a lot of motivation. I started doing more pop culture stuff and posted on Reddit some more. And they didn't tell me who it was, but they said Slashfilm, so I'm guessing it was Peter [Sciretta], he shot an email over to 1988 and they were like 'Hey, you want to do a show?' I was like, 'I didn't know that was a possibility. I never knew I could go into art galleries.' Then it just snowballed from there. Eventually, I started working with Bottleneck. Note: I worked at Slashfilm around this time and talked to Sciretta about this. He doesn't remember reaching out to Gallery 1988 specifically about Hill but, more likely, someone at the gallery saw Hill's work featured on the site. Here's the first head Hill created. io9: But just being able to sculpt a head out of Play-Doh isn't something most people can do. I can try it, but I have no artistic ability. Tell me a little about your artistic ability and what made something like that even possible? Hill: I guess I can just kind of like picture stuff. When I'm working on a project, before I've even started, I have to be able to visualize it in my head from start to finish. Otherwise, I don't want to start, get lost halfway through, and just abandon it because I don't know what I'm doing. So I guess it's just like knowing to put like an eye socket in. To roll up a little ball. And you learn over time. Like putting a ball in the eye socket isn't a complete process. But you gotta put the eyelids on. You gotta do this. And you know it's been like 10 years. I'm still learning what works and what doesn't. io9: Right. Like I know when you started, your characters were a bit more block-headed in shape and now they're a bit more realistic. So over the last 15 years, how do you think you've developed a style and how has it evolved? Hill: Well, there are still times now where I'm like 'Do I have a style? What do other people think my style is?' Because I'm just kind of making. I don't know how to put that. Like when you talk about the blockheads, those I knew visually worked because it was a blockhead, a little body and then a block base. That, I knew, visually worked. So I stuck with that for maybe a little too long, where I was starting to get a little less cartoony with the style of how I was sculpting. Like early on, I didn't put noses on my sculpts. So, eventually, I was getting more detailed but without a nose, and I was like 'This doesn't work anymore. I got started putting noses on.' Then Funko was doing blockheads by that point and I was like 'Well, they have this cornered.' So I just started evolving. io9: What kind of tools do you use? Hill: Now I have my own little weird set of tools. I've tried them all. All the ones you can find out there. And I've eventually just settled on toothpicks. I just take toothpicks, get some sandpaper and they last a long time. I haven't really had to replace them. Like one toothpick's very narrow, one's very blunt, one's flat. I just sand them to what I need. io9: So you have toothpicks from years ago that you bought like in a grocery store that you still use? Hill: Yeah. io9: That's so crazy. Hill: Yeah. I use a pen, X-Acto knife, and magnifying goggles have definitely helped. They're not great but they help. io9: That's awesome. So if you break one, you would just kind of like sand another one back down? Hill: Yep io9: Wow. I love that. Okay, let's talk about Peeks. Tell me where Peeks came from. Hill: Oh, that I definitely remember. I was living with my parents and they had a bunch of decorative birdhouses. So just to amuse myself, every now and then, I'd pull little pranks and one I thought would be fun was to sculpt a little person and stick them behind the little circle window of a birdhouse. I couldn't figure out how to mount it behind it but I still had to try this somehow. So I got a block of wood, put a hole in it, made the lid— it looked exactly as Peeks do now—and I said 'This kind of works.' Plus you've got to peek through. 'Peeks.' Perfect name, and I think I put like four on Etsy just to see what the reaction would be and they sold. So I was like 'All right, this is money, I guess.' Also, at the time, I was just making one-off figures for galleries. People would go 'I wish I could get it,' but I don't know how to do prints. I'm not a photographer. I can't do pictures of my work. So Peeks were another way of getting more of my work out there. Giving more people the opportunity. io9: Right, so these days, once a month, you sell two Peeks of which you make 18 each. How does that work? Take me through the process of making those. Hill: So I sculpt in polymer clay, then I'd make my molds. I usually end up making like four or five molds just because it takes so long to cast them. I cast them in resin and that whole process, sculpting both Peeks, that's like a week from start of sculpting to getting them molded and cast. Then the next week is when I'll start painting the first character. That's like two days to sculpt the head which is—well, now people know because of the APs I do 19, but I do 18 in the lotteries and I keep one—but two days to paint the head, two days to paint the bodies and then Friday would be whatever I have to catch up on, paint-wise. Then the next week, next character, and at the same time, I have to find time to make the boxes which don't take that long. I can do that in two days, but the boxes, they're a whole separate part. io9: So it basically takes three weeks to do a set of two Peeks. Hill: Yeah. io9: Wow. Tell me about the boxes. Do you have a wood supplier? Where do you get your materials? Hill: It's usually the same stuff over and over. I use the same resin that I've been using since I started, just because it works. I think it's called like Alumilite and Smooth-On for the mold, the silicone, and I just get my wood at Home Depot. I get poplar, sticks of poplar, and I cut them down to, I think it's 38 millimeters at this point. And that's a whole process. I've always meant to document that. Cutting them down to the cube, sanding them, painting them, sanding them again, staining them, sanding them. A lot of repetition in there. io9: While it's going to be exciting for fans who attend the show to see all the Peeks together in one place, and buy old ones they may have missed, let's talk about the other facts of the show too. First, the new sculptures, which all kind of look like they are in a toy box. Where did that idea come from? Hill: I've been following people like Readful Things and Dano Brown, and they're so good at it. But I don't know how to do that with the plastic clam shells and the cardboard backers, so I was like, 'How do I do my version of this?' Which is basically a wooden shadow box but with that fake toy backer. And I love doing that because it gives me such an opportunity to put in inside jokes. It's almost like a cheat sometimes because if I'm unsure of a likeness, like I'm trying my best to nail it, I know I can take comfort in being like I can just write that name right on there. [laughs] There's no questioning it, especially with an accessory. Some people might be like 'Oh, what's that accessory supposed to be?' You just write it on there. It's very helpful. Then like halfway or maybe a third of the way through working on the pieces I realized like 'Oh I can have more fun with the packaging than I'm doing here and so like the Everything Everywhere All at Once piece [note: which you can see above], that was the first one where like I was like 'Oh wait. Why don't I mesh these together?' Like just try and cram two pieces from different multiverses into one. Then I had to plan out how to cut it in half, make it jagged. That kind of stuff is when it really started, 'Like, oh wait. What else can I do? Can I add some lights or some sounds?' io9: Like the Matt Damon from Team America who actually says 'Matt Damon,' right? Hill: Yeah, that was an early thought. I've always wanted to make that because I've made a couple of marionettes and I wanted to make an actual Matt Damon marionette but I don't know how to do that hair. I feel like if you're making a replica of a marionette that's already one, you kind of have to do it exactly or else it looks like a knock-off. It doesn't look right. So when I realized, 'Oh, I could just make a mini marionette for the show, then I can do it in my style and kind of like nail it down and just like make everything on the piece say 'Matt Damon.' io9: I love that. It's so good. And that new group of sculptures in particular definitely shows how your style has evolved. Like they have way more detail than the Peeks and especially your early work. Has the process to do those changed at all? Hill: [The sculptures are] definitely more freeing. Because when I'm sculpting Peeks, I know I have to make them a very specific size. When I sculpt them, I have a little cutout that I'll put them inside to be like 'This fits in here, right? How much space do I have for the body? Where's this gonna land with the window?' But for these, it's all is fair. I can do whatever I want. I don't really stick to a specific scale. Once I start sculpting the head, whatever size the head is, that's what it going to be and I'm gonna work with it. So that's helpful and I can do more dynamic posing because it's hard to mold a dynamic pose the way I do the Peeks. I've always wanted to do an Edward Scissorhands, but I know I can't make a mold of those tiny scissors and crazy hair so this would be the kind of piece where I have that opportunity. I don't have an Edward Scissorhands piece in the show, but for Doug Jones, I wanted to show him in that more kind of dynamic look, with his arms out, his legs kind of stretched, but he is a very physical actor. And for the Doug Jones piece, places like NECA and Sideshow, they're always doing alternative heads. I was like, 'There's gotta be a character or a person that I could do I can give alternate heads to.' I knew Doug Jones would be the perfect fit because I had so many of his characters on my list. io9: So you do have a list? Hill: Yes. I have multiple lists. I have a separate list for Peeks that has gone back to prior stuff. I just keep adding to it. Same for characters for other projects. Any character that I think is visually compelling, even if I'm not familiar, I'll throw them on the list to come back to. So like, the list for this show, I had multiple Doug Jones characters on it and finally I was like 'Oh I could just make Doug Jones and make these alternate heads.' io9: How long is the list of characters you want to make Peeks for? Hill: It's long. It's a long list and in addition to the list I have a folder full of subfolders of reference pics. Because every month, I'll be like 'Maybe I'll do this character,' and I'll grab all the reference photos and put them in a folder. So when, let's say, May 1 rolls around, I'll just open up that folder and be like 'Who looks fun to sculpt this month?' And I'll just grab like six of them, throw them on my desktop and by the time it comes time to sculpt, I'll hopefully have narrowed it down to two. A lot of times, I'll narrow it down to four and it'll be like the morning of, and I'll be like 'Uh, this one.' io9: It sounds like you have a pretty rigid schedule. Hill: Yeah. I've joked before with friends that I could tell you exactly what I'll be doing on October 2. I can tell you what what part of the process I'll be on and I have it in my calendar. This week is sculpt. This week is paint. This week is paint. And then I'll mark what day I'm aiming for to put them up in the lottery and I just do that for every month so I know how to schedule around and I stick to it pretty well. io9: Let's talk Freeks. Bottleneck previously revealed the Jessica Rabbit turned into Greta from Gremlins and I'm debuting Porky Pig into Spider Pig. What are these things in relation to your work and where did this idea come from? Hill: So the idea kind of stretches back years ago, even though I didn't have a name for them. I used to do like an April Fool's post and one year I did a Baby Raptor, but I repainted it as Yoshi, and I put it on there just kind of like 'Oh, this variant is dropping' and blah blah blah. Which, in hindsight, is kind of a mean joke. I felt bad doing it. I did it once more and was like, 'Yeah I'm not doing this anymore.' But then, as I was working on this show, I had a couple of Peeks where as I was sculpting them, I realized one character kind of looks like this other character. I'm gonna make a mental note of that and that's kind of where it started evolving. So there are five different Freeks in the show and there are four of each, and it's just a fun way to kind of like reimagine an old sculpt and use it as a new character. io9: Wrapping things up here, we talked about your humble beginnings on Reddit, at Gallery 1988, the new show at Bottleneck, and over that time we've seen some of your work like Peeks selling for $1,000 while people camp out to buy your art. What has it been like watching and experiencing that success? Hill: I still have a hard time believing it. Like when I see those listings on eBay where they go for a thousand bucks I'm like, 'What? How did this happen?' Like, 'Why?' I don't know. It's still surreal. Probably because I live in the middle of nowhere. I'm not really connected. I haven't done cons. I haven't done any of that stuff. So it's very easy for me to just be like 'Yeah, this isn't real.' Not dismissive, but it's hard to wrap your head around it. So I'm really looking forward to the show because it's the first time I'll see all these things lined up on the walls together. I don't know how to put it. It's very surreal. Thank you so much to Brad Hill and the Bottleneck Gallery for the images and interview. Head to the gallery on Friday night for your first chance to buy Hill's work and sign up for the newsletter for any online leftovers. For all future releases, including the monthly Peek release, follow Brad's Instagram: Sir Create.
