MAA reports Q1 core FFO $2.22, consensus $2.23

Reports Q2 revenue $543.62M, consensus $540.85M. CEO Eric Bolton said, “Performance trends and Core FFO results for Q1 were in line with our expectations reflecting the impact of new supply deliveries across a number of markets. We enter the busy summer leasing season well positioned with stable occupancy, high leasing traffic, low resident turnover, and strong collections performance. With continued solid demand and the resulting steady absorption of the new supply pipeline, we continue to believe that the decline in new supply deliveries expected late this year and into 2025 will fuel a strong and quick rebound in rent performance. MAA‘s investment-grade balance sheet is well positioned for both the near-term leasing conditions and to capture emerging new growth opportunities.”