NYSE$MAA
Mid-America Apartment Communities Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported results ahead of expectations, driven by strong demand and a diversified portfolio.
MAA reported second quarter 2024 results exceeding expectations, with new supply being absorbed steadily and strong demand for apartment housing. The company's diversified portfolio and operating platform contributed to higher performance and lower volatility.
- Same Store Portfolio revenue grew by 0.7% with Average Effective Rent per Unit up 0.5%.
- Same Store Portfolio property operating expense increased by 3.7% and NOI decreased by 1.0%.
- Resident turnover remained historically low at 43.5% on a trailing twelve month basis.
- MAA acquired a newly built 306-unit multifamily apartment community in Raleigh, North Carolina.
Headline financials
Revenue & EPS history
MAA · Revenue · Quarterly
$546M
Forward guidance
MAA is updating its prior 2024 guidance for Earnings per diluted common share, Core FFO per diluted Share, Core AFFO per diluted Share and Same Store performance.
Tailwinds
- Earnings per common share - diluted revised range: $4.37 to $4.65
- Core FFO per Share - diluted revised range: $8.74 to $9.02
- Core AFFO per Share - diluted revised range: $7.78 to $8.06
- Property revenue growth revised range: 0.15% to 1.15%
- Property operating expense growth revised range: 3.75% to 4.75%
Headwinds
- NOI growth revised range: -2.50% to -0.10%
- MAA expects Core FFO for the third quarter of 2024 to be in the range of $2.08 to $2.24 per diluted Share
- Same Store Revenues 0.01
- Same Store Expenses (0.05 )
- Storm Costs included in NOI (1) (0.03 )
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.3%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+1.5%
Avg return
30 days after
56%
38 / 68 earnings
Positive
+10.8%
Q2 2011
Best reaction
-6.2%
Q2 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.3% | +0.3% | -0.5% | |
| Q4 2025 | -3.2% | +1.0% | -1.7% | |
| Q3 2025 | +2.0% | +2.2% | +7.6% | |
| Q1 2025 | +1.5% | +3.1% | -1.9% | |
| Q4 2024 | +1.3% | -0.5% | +6.0% | |
| Q3 2024 | +0.2% | +0.8% | +8.7% | |
| Q2 2024 | +3.6% | +3.7% | +14.9% | |
| Q1 2024 | +1.3% | +5.2% | +2.9% | |
| Q4 2023 | -0.9% | -0.1% | +7.4% | |
| Q3 2023 | -6.1% | -9.5% | -5.5% | |
| Q2 2023 | -1.6% | -1.4% | -4.7% | |
| Q1 2023 | +2.4% | +4.5% | -1.3% | |
| Q4 2022 | +4.4% | +3.6% | -4.3% | |
| Q3 2022 | +0.0% | +2.3% | +4.9% | |
| Q2 2022 | +5.9% | +4.7% | +0.1% | |
| Q1 2022 | +1.3% | -6.7% | -9.6% | |
| Q4 2021 | +3.8% | +2.5% | +4.4% | |
| Q3 2021 | +1.8% | -0.6% | +0.4% | |
| Q2 2021 | +2.6% | +3.7% | +0.5% | |
| Q1 2021 | +0.2% | +0.9% | +3.6% | |
| Q4 2020 | -0.5% | -0.1% | -1.2% | |
| Q3 2020 | -1.2% | +4.3% | +8.0% | |
| Q2 2020 | +4.0% | +3.4% | +3.7% | |
| Q1 2020 | +1.2% | +0.5% | +10.7% | |
| Q4 2019 | +0.0% | -0.2% | -6.0% | |
| Q3 2019 | +2.6% | +2.8% | +0.5% | |
| Q2 2019 | +1.3% | -1.4% | +6.3% | |
| Q1 2019 | +0.1% | +0.4% | +4.4% | |
| Q4 2018 | -2.0% | -0.7% | -0.3% | |
| Q3 2018 | -1.8% | -2.6% | +3.6% | |
| Q2 2018 | -0.9% | +0.5% | +2.8% | |
| Q1 2018 | -0.8% | +0.6% | +2.2% | |
| Q4 2017 | -1.3% | -4.4% | -7.8% | |
| Q3 2017 | -4.3% | -2.1% | +0.0% | |
| Q2 2017 | +1.5% | +2.1% | +5.6% | |
| Q1 2017 | -3.4% | -1.8% | -0.3% | |
| Q4 2016 | +2.9% | +3.0% | +6.5% | |
| Q3 2016 | -2.4% | -0.4% | -1.1% | |
| Q2 2016 | -1.9% | -0.0% | -11.3% | |
| Q1 2016 | +3.2% | — | — | |
| Q4 2015 | -5.2% | — | — | |
| Q3 2015 | +1.6% | — | — | |
| Q2 2015 | +3.9% | — | — | |
| Q1 2015 | -2.8% | — | — | |
| Q4 2014 | -2.2% | — | — | |
| Q3 2014 | -0.2% | — | — | |
| Q2 2014 | -6.2% | — | — | |
| Q1 2014 | +0.2% | — | — | |
| Q4 2013 | +1.3% | — | — | |
| Q3 2013 | -2.5% | — | — | |
| Q2 2013 | -2.8% | — | — | |
| Q1 2013 | +0.1% | — | — | |
| Q4 2012 | +0.4% | — | — | |
| Q3 2012 | -0.4% | — | — | |
| Q2 2012 | -0.4% | — | — | |
| Q1 2012 | -1.2% | — | — | |
| Q4 2011 | +0.9% | — | — | |
| Q3 2011 | -1.3% | — | — | |
| Q2 2011 | +10.8% | — | — | |
| Q1 2010 | +1.3% | — | — | |
| Q1 2011 | +2.1% | — | — | |
| Q4 2010 | +2.1% | — | — | |
| Q4 2008 | +2.1% | — | — | |
| Q3 2009 | +2.9% | — | — | |
| Q3 2010 | +2.9% | — | — | |
| Q4 2009 | -1.9% | — | — | |
| Q2 2010 | -1.9% | — | — | |
| Q2 2009 | -1.9% | — | — |
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