MAA reports Q1 core FFO $2.13, consensus $2.12

Reports Q1 revenue $553.73M, consensus $555.48M. Brad Hill, President and Chief Executive Officer, said, “We are encouraged by our first quarter results, with Core FFO exceeding our expectations, driven in part by focus on expense management and strong resident retention. Our blended lease-over-lease pricing was ahead of our performance last year, and we have now seen five consecutive quarters of improving year-over-year blended rent performance. Demand has held up well across our footprint, with absorption outpacing deliveries and market level occupancies increasing during the quarter. Our teams are executing with discipline, focusing on expense management while delivering a great resident experience. This focus combined with a low level of move outs to buy a home is driving strong retention, pushing our trailing twelve-month resident turnover to the lowest level in our history. We’re optimistic about the growth opportunities ahead in our high-demand markets as the supply-demand fundamentals continue to improve.”