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Sep 30, 2024
MAA Q3 2024 Earnings Report
Reported strong demand for apartment housing and steady absorption of new supply.
Key Takeaways
MAA reported third quarter 2024 results with strong demand for apartment housing and steady absorption of new supply. Resident turnover is at record low levels, lease renewal pricing is strong and occupancy is steady.
MAA’s Same Store Portfolio captured strong Average Physical Occupancy of 95.7%, matching the performance in the same period in the prior year.
MAA’s Same Store Portfolio produced flat revenue growth, as compared to the same period in the prior year, with Average Effective Rent per Unit down 0.4%, offset by a 2.6% increase in other property revenues.
MAA’s Same Store Portfolio property operating expense increased by 3.0% and MAA's Same Store Portfolio Net Operating Income (NOI) decreased by 1.7%, in each case as compared to the same period in the prior year.
Resident turnover remained historically low at 42.8% on a trailing twelve month basis with a record low level of move-outs associated with buying single family-homes.
Revenue by Segment
Forward Guidance
MAA is updating its prior 2024 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance. MAA expects Core FFO for the fourth quarter of 2024 to be in the range of $2.15 to $2.31 per diluted Share, or $2.23 per diluted Share at the midpoint.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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