Q3 2024 Mid-America Apartment Communities Inc Earnings Call Transcript
Key Points
- Core FFO for the third quarter exceeded expectations, driven by better-than-forecasted same-store NOI.
- Record low resident turnover and strong collections contributed positively to the quarter's performance.
- The company is seeing early positive trends in new lease pricing, suggesting that the worst of pricing pressures from new supply may be behind them.
- MAA's development pipeline is robust, with eight projects under construction, representing a significant investment and future growth potential.
- The company has a strong balance sheet with low leverage, providing flexibility for future investments and growth opportunities.
- New lease pricing growth continues to be impacted by elevated new supply deliveries, particularly in markets like Austin and Atlanta.
- Despite positive trends, the company still faces challenges from high supply levels, which are expected to moderate but remain a concern.
- The transaction market remains relatively low in volume, with cap rates trending down, which could impact acquisition opportunities.
- There are ongoing concerns about the impact of elevated supply on pricing growth, especially in high-supply markets.
- The company has incurred significant storm cleanup costs throughout the year, which have impacted financial results.
Good morning, and welcome to Mid-America Apartment Communities or MAA's third-quarter 2024 earnings conference call. (Operator Instructions) This conference call is being recorded today, Thursday, October 31, 2024.
I will now turn the call over to Andrew Schaeffer, Senior Vice President, Treasurer, and Director of Capital Markets of MAA for opening comments.
Thank you, Julianne, and good morning, everyone. This is Andrew Schaeffer, Treasurer and Director of Capital Markets for MAA. Members of the management team participating on the call this morning are Eric Bolton, Brad Hill, Tim Argo, Clay Holder, and Rob DelPriore. Before we begin with prepared comments this morning, I want to point out that as part of this discussion, company management will be making forward-looking statements. Actual results may differ materially from our projections.
We encourage you to refer to the forward-looking statements section in yesterday's earnings
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