MAA reports Q3 core FFO $2.29, consensus $2.28

Reports Q3 revenue $542.04M, consensus $540.42M. Eric Bolton, CEO, said, “Q3 results were ahead of our expectations supported by the continued solid demand for apartment housing. Stable employment conditions along with continued positive migration trends to our markets and historically low resident move-outs are combining to drive solid demand. The delivery of new apartment supply is currently impacting rent growth performance associated with new move-in residents, and we expect this pressure to persist for another few quarters. The volume of new apartment starts has begun to decline, and we expect that leasing conditions will be supportive of higher rent growth in late 2024 as markets absorb the current development pipeline. MAA‘s uniquely diversified portfolio, along with a strong operating platform and balance sheet, is well positioned to work through the current new supply pipeline, as well as pursue new growth opportunities that are emerging.”