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MAA Revises FY24 Core FFO From $8.68-$9.08 To $8.70-$9.06

Benzinga ·  May 1 16:45
2024 Guidance
Previous Range
Previous Midpoint
Revised Range
Revised Midpoint
Earnings:
Full Year 2024
Full Year 2024
Full Year 2024
Full Year 2024
Earnings per common share - diluted
$4.45 to $4.85
$4.65
$4.66 to $5.02
$4.84
Core FFO per Share - diluted
$8.68 to $9.08
$8.88
$8.70 to $9.06
$8.88
Core AFFO per Share - diluted
$7.72 to $8.12
$7.92
$7.74 to $8.10
$7.92









MAA Same Store Portfolio:







Property revenue growth
0.15% to 1.65%
0.90 %
No Change
N/A
Property operating expense growth
4.10% to 5.60%
4.85 %
No Change
N/A
NOI growth
-2.80% to 0.20%
-1.30 %
No Change
N/A

MAA expects Core FFO for the second quarter of 2024 to be in the range of $2.11 to $2.27 per diluted Share, or $2.19 per diluted Share at the midpoint. The difference between Core FFO per diluted Share for the first quarter of 2024 to the midpoint of MAA's guidance for the second quarter of 2024 is summarized below:



Core FFO per diluted Share
Q1 2024 reported results
$2.22
Same Store Revenues

0.01
Same Store Expenses (1)

(0.08)
Non-Same Store NOI

0.02
Overhead

0.04
Interest expense and Other non-operating income (expense)

(0.02)
Q2 2024 guidance midpoint
$2.19


(1) The projected quarter-over-quarter change in Same Store operating expenses represents a 4.9% increase from the second quarter of 2023 and is primarily driven by higher expected building repair and maintenance, personnel and marketing costs. This pattern of higher operating expense is typical between the first and second quarter as we transition into the busier summer leasing season.

MAA 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.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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