MAA reports Q2 core FFO $2.15, consensus $2.14

Reports Q2 revenue $549.9M, consensus $551.37M. CEO Brad Hill said, “Q2 Core FFO results exceeded our expectations. Despite increased macroeconomic uncertainty, we are encouraged by the record demand for rental housing that persists in our markets, leading to second quarter blended lease performance 40 bps higher than last year. Our uniquely diversified portfolio, backed by a strong operating and resident service platform, delivered record resident retention and robust renewal pricing, resulting in strong occupancy and a 100 bps sequential improvement in Same Store blended pricing. As we move further from the peak level of supply reached in 2024, the strengthening demand/supply dynamic coupled with our growing development pipeline, which is nearing $1B, should support robust revenue and earnings performance and enhance long-term value creation.”