Sound Agriculture Reports Strong 2024 Product Performance and Expansion to LATAM
2024 Product Performance: Maximizing Yield & Nutrient Efficiency in the US
The Max Acre Solution, powered by SOURCE® and BLUEPRINT™, delivered consistent yield improvements across multiple crops in 2024. Win rates exceeded 75% in key crops like corn and soybeans, driving higher yields, nutrient uptake and root development. With the Efficient Acre Solution, when SOURCE was used to replace 25 lbs of nitrogen and phosphorus, growers saved money while moderately increasing yield.
SOURCE is a microbiome activator that stimulates 200 species of microbes in the soil to increase nutrient availability. BLUEPRINT offers the highest quality Arbuscular Mycorrhizal Fungi (AMF), strengthening interactions between the crop and fungi, and expanding the root system's access to water and nutrients. These products work synergistically to enhance farm productivity, leveraging SOURCE's signaling effect on microbes like AMF. Research shows that SOURCE increases fungal colonization by three times compared to the control.
Trials across corn, soybeans, potatoes, sugarbeets, and more, demonstrated measurable gains in productivity and economic returns, including:
Max Acre Solution (Corn): Achieved an average 6-12+ bushel per acre yield increase with an 84% win rate.
Efficient Acre Solution (Corn): Replaced 25 lbs of nitrogen and phosphorus over multiple years and moderately increased yields, making growers an additional net $40 per acre (3x return on investment (ROI)).
Soybeans: Saw a 2-4 bushel per acre increase with SOURCE + BLUEPRINT, working especially well in lower-yielding environments.
Wheat & Cotton: Wheat yields improved by 2-4 bushels per acre (80% win rate), while cotton growers achieved up to 90+ lbs increase per acre (87% win rate).
Expansion Crops: Trials in potatoes, sugarbeets, corn silage, canola and edible beans showed even more notable yield gains and 5-10x ROI, demonstrating the broad efficacy of Sound's solutions across many crops.
'We're excited to share this year's strong results, which demonstrate how SOURCE and BLUEPRINT drive higher yields, enhance nutrient efficiency, and reduce reliance on synthetic fertilizers,' said Adam Litle, CEO of Sound Agriculture. 'We now have over 1,200 data points across 7 years, the majority of which are from trusted 3rd-party data sources. With the combination of two synergistic nutrient efficiency products we now see the ability to drive yield and reduce synthetic fertilizer costs at the same time, with more complementary offerings to come in the near-term.'
Strategic Growth in Latin America
As part of its global expansion, Sound is focused on Brazil and Argentina, two of the world's most significant agricultural markets. SOURCE will now provide Latin American growers with a proven tool to unlock nitrogen and phosphorus, driving the next generation of crop productivity. Trials have been underway for four years in corn, soybeans and cotton with consistent results.
In Brazil, SOURCE trials showed yield increases of 10% in corn, 8% in cotton and 6% in soybeans, with win rates ranging from 75-90%. Argentina trials showed a 7% yield increase in corn when nitrogen and phosphorus were reduced by 20%, resulting in a 5x ROI. It's the perfect solution for the soils and nutrient management practices given there is generally lower organic matter, less nitrogen applied and more phosphorus locked up by mineralization than in other regions of the world.
Thiago Bortoli will lead efforts to accelerate adoption and deliver value to farmers. He brings over 20 years of agribusiness experience, having held leadership roles at Bayer CropScience, Monsanto and Climate FieldView where he played a key role in shaping commercial strategy, marketing and innovation across Latin America. He also led the commercial and marketing operations at Plantar, a leading agricultural input distributor in Western Paraná, further strengthening his expertise in retail strategy and direct engagement with farmers.
'I am incredibly excited to join the Sound team and build a next generation crop nutrition business in Brazil and Argentina,' said Thiago Bortoli, VP & GM of Latin America for Sound Agriculture. 'In my first month on the job, every farm I have talked to is interested in trying SOURCE due to how easy the product is to use and the data we've generated over the last few years. It's a powerful product for this region.'
To learn more, visit www.sound.ag.
About Sound Agriculture
Sound Agriculture delivers bioinspired solutions that enrich soil and produce thriving crops with less fertilizer, driving the world's shift to climate-friendly agriculture. The portfolio includes synergistic products that empower growers to succeed while minimizing environmental impact. SOURCE® activates the soil microbiome, unlocking nutrients through advanced chemistry. BLUEPRINT™ offers the highest-quality arbuscular mycorrhizal fungi (AMF), extending the root system to improve nutrient and water access. Through innovative programs, Sound Agriculture helps growers transition to sustainable practices, reducing reliance on synthetic fertilizer while maintaining productivity and profitability.
925-588-8242
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Superconducting Wire Market worth $2.19 billion by 2030
DELRAY BEACH, Fla., July 31, 2025 /PRNewswire/ -- The global Superconducting Wire Market is anticipated to grow from estimated USD 1.32 billion in 2025 to USD 2.19 billion by 2030, at a CAGR of 10.6% during the forecast period. A superconducting wire is an electrical wire made of superconducting materials to transfer charge with negligible resistance. Superconductivity is the property of certain materials that conduct electricity without energy loss when cooled below a critical temperature. The reduction in energy loss during conduction has led to the commercialization of superconducting wires. Factors such as growing demand for superconductor-based magnetic resonance imaging (MRI) systems, rising implementation of superconducting wires over conventional wires, and expansion of offshore wind farms using superconducting technologies drive the growth of the Superconducting Wire Market. Browse in-depth TOC on "Superconducting Wire Market" 206 - Tables55 - Figures219 – Pages Download PDF Brochure: High-temperature superconductor wires to exhibit highest CAGR during forecast period Based on type, the Superconducting Wire Market has been split into low-temperature superconductor, medium-temperature superconductor, and high-temperature superconductor wires. High-temperature superconductor wires are expected to record the highest CAGR during the forecast period. Expansion of offshore wind farms using superconducting technologies is expected to drive the market for high-temperature superconductor wires. Direct sales channels to hold majority of market share throughout forecast period This report segments the Superconducting Wire Market into direct and indirect segments based on sales channel. Direct sales channels are likely to account for a larger market share throughout the forecast period. Given the highly specialized nature of the Superconducting Wire Market, most companies adopt a direct-to-consumer approach. This strategic preference is anticipated to be a key driver for the continued dominance of direct sales within the sector. Asia Pacific to be fastest-growing market for superconducting wires During the forecast period, Asia Pacific is expected to be the fastest-growing Superconducting Wire Market. Rising investments in energy and transportation infrastructure development across China, Japan, and South Korea are driving the expansion of the Superconducting Wire Market in Asia Pacific. Key Market Players Some major players in the Superconducting Wire Market are Sumitomo Electric Industries, Ltd. (Japan), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Bruker (US), and American Superconductor (US). These players adopt major strategies, including acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions. Request Sample Pages: Bruker Corporation (Bruker) Bruker Corporation (Bruker) is a global leader in designing and manufacturing high-performance scientific instruments and advanced diagnostic and analytical solutions. Its fundamental science platforms include magnetic resonance (MRI and NMR), mass spectrometry, X-ray systems, surface plasmon resonance, and preclinical imaging technologies. Its BEST division is devoted to conducting research, developing, manufacturing, and commercializing superconducting materials, especially metallic low-temperature superconductors (LTS). They find application in many devices and systems, such as magnetic resonance imaging (MRI), nuclear magnetic resonance (NMR), particle accelerators, fusion energy research, and high-field magnet systems. BEST manufactures superconducting RF accelerator cavities, linear accelerators, power couplers, and non-superconducting precision instruments for materials science applications, including synchrotrons and beamline equipment. Bruker maintains a well-established global sales and distribution network, with direct sales operations across North America, Europe, China, Japan, and the broader Asia Pacific region. To effectively serve emerging markets in Latin America, Eastern Europe, the Middle East, Africa, and Asia, the company leverages a broad network of authorized distributors and intermediary sales representatives. This extensive reach enables Bruker to support a diverse client base spanning academia, healthcare, life sciences, energy, and advanced industrial sciences. Furukawa Electric Co., Ltd. Furukawa Electric Co., Ltd. is an international manufacturer of power cables, wires, optical fibers, components, electronic materials, and wire harnesses, serving various sectors, such as telecommunications, energy, automotive, electronics, and construction. Furukawa Electric has a strong global presence, supported by 109 consolidated subsidiaries and 14 equity-method affiliates, operating across diverse regions, including North America, Asia Pacific, Europe, and South America. These entities encompass various business operations, reinforcing the company's international footprint and market reach. Fujikura Ltd. Fujikura Ltd. is a conglomerate company that produces electric wires, fiber-optic cables, and high-end electronic components for information technology, automotive, communications, electronics, and infrastructure companies. The company operates through five core business segments: Power & Telecommunication Systems, Automotive Products, Electronics Business, Real Estate, and Others. Superconducting technologies are categorized under the "Others" segment. This division encompasses a diverse product portfolio, including superconductors and medical and millimeter-wave (mmWave) wireless communication modules. Fujikura is a recognized provider of yttrium-based second-generation (2G) high-temperature superconducting (HTS) wires, typically ranging from 4 to 12 mm in width. These wires are characterized by high critical current capacity, extended continuous lengths, and superior uniformity, making them well-suited for energy systems, magnetic resonance imaging (MRI) systems, particle accelerators, and scientific instrumentation solutions. The company maintains a robust global footprint, with 98 consolidated entities and a widespread manufacturing presence across Japan, China, South Korea, Malaysia, Vietnam, Thailand, Indonesia, India, the United States, Mexico, Paraguay, Brazil, Germany, Spain, the Czech Republic, Romania, Morocco, Ukraine, and Moldova. This extensive operational network ensures a resilient supply chain and broad market accessibility, including coverage in the Middle East and Africa. For more information, Inquire Now! Related Reports: Wire & Cable Market Americas Cables Market Get access to the latest updates on Superconducting Wire Companies and Superconducting Wire Industry About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC.1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content: SOURCE MarketsandMarkets Sign in to access your portfolio
Yahoo
12 hours ago
- Yahoo
MAA REPORTS SECOND QUARTER 2025 RESULTS
GERMANTOWN, Tenn., July 30, 2025 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the three months ended June 30, 2025. Three months ended June 30, Six months ended June 30,2025 2024 2025 2024Earnings per common share - diluted (1)$ 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
Yahoo
13 hours ago
- Yahoo
Royce Micro-Cap Trust (NYSE: RMT) as of Jun 30, 2025
Average weekly trading volume of approximately 589,245 shares Fund's adviser has more than 50 years of small- and micro-cap investment experience NEW YORK, July 30, 2025 /PRNewswire/ -- CLOSING PRICES AS OF 06/30/25NAV 10.56 MKT 9.25 AVERAGE ANNUAL TOTAL RETURN AS OF 06/30/25 NAV (%) MKT (%) One-Month* 8.32 7.89 Year to Date* 0.33 -1.03 One-Year 8.64 9.34 Three-Year 13.24 12.87 Five-Year 13.38 14.30 10-Year 9.25 9.50 *Not Annualized Important Performance and Expense Information All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. PORTFOLIO DIAGNOSTICSAverage Market Cap1 $740.7M Weighted Average P/B2 1.8x Net Assets $555.3M Net Leverage 3.4 % 1Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large orsmall holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market capthan a simple mean or median.2Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per leverage is the percentage, in excess of 100 %, of the total value of equity type investments, divided by net assets. Portfolio Composition TOP 10 POSITIONS % OF NET ASSETS (SUBJECT TOCHANGE) Magnite 1.3 Bel Fuse 1.3 Sprott 1.3 American Superconductor 1.2 Universal Technical Institute 1.2 Graham Corporation 1.2 Sandstorm Gold 1.2 Lindsay Corporation 1.2 Clearfield 1.1 Nova 1.1 TOP FIVE SECTORS % OF NET ASSETS (SUBJECT TO CHANGE) Industrials 28.3 Information Technology 21.1 Financials 17.5 Health Care 10.6 Consumer Discretionary 9.8 Recent DevelopmentsRoyce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) are listed and traded on the New York Stock Exchange. The Fund's investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $1 billion or less. Daily net asset values (NAVs) for Royce Micro-Cap Trust, Inc. are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XOTCX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at An investor in Royce Micro-Cap Trust should consider the Fund's investment goals, risks, fees, and expenses carefully before investing. Important Disclosure InformationClosed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund. Royce Fund Services, LLC. ("RFS") is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds. View original content: SOURCE Royce Micro-Cap Trust, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
