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Mar 31, 2024
MAA Q1 2024 Earnings Report
Operating results for Q1 2024 were announced, showing revenues of $543.622 million and earnings per share of $1.22.
Key Takeaways
MAA reported first quarter 2024 results, with performance trends and Core FFO results in line with expectations, reflecting the impact of new supply deliveries across a number of markets.
Same Store Portfolio produced growth in revenues of 1.4% with Average Effective Rent per Unit up 1.5% and Average Physical Occupancy of 95.3%.
Same Store Portfolio property operating expense increased by 5.4% and Net Operating Income (NOI) decreased by 0.7%.
Resident turnover remained historically low at 44.4% on a trailing twelve month basis.
As of March 31, 2024, MAA had five communities under development, representing 1,970 units once complete, with a projected total cost of $647.3 million.
Forward Guidance
MAA is updating its prior 2024 guidance for Earnings per diluted common share and reaffirming its prior 2024 guidance for Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance.
Positive Outlook
- Earnings per common share - diluted revised range $4.66 to $5.02
- Core FFO per Share - diluted revised range $8.70 to $9.06
- Core AFFO per Share - diluted revised range $7.74 to $8.10
- Property revenue growth Previous Range 0.15% to 1.65%
- Property operating expense growth 4.10% to 5.60%
Challenges Ahead
- NOI growth -2.80% to 0.20%
- Second quarter of 2024 Same Store Expenses projected increase of 4.9% from the second quarter of 2023
- New lease pricing declined 6.2% during the first quarter of 2024
- Same Store Portfolio Net Operating Income (NOI) decreased by 0.7%
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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