The following is a summary of the Mid-America Apartment Communities, Inc. (MAA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Mid-America Apartment Communities' reported revenue growth of 1.4% for Q1 2024.

• Net delinquency represented less than 0.4% of billed rents.

• The company reported core FFO per share of $2.22, $0.02 above the midpoint of its Q1 guidance.

• The core FFO guidance for the year has been maintained at $8.70 to $9.06 per share.

Business Progress:

• MAA exhibited strong performance with high retention rates aided by its superior resident services.

• Construction is currently ongoing for a 302-unit project in Charlotte, North Carolina, with an upcoming 345-unit project in Phoenix and a 306-unit purchase in Raleigh.

• Over 94,000 smart home upgrades have been completed, highlighting the company's commitment to redevelopment.

• The company expects ongoing solid demand leading to improved occupancy rates.

• MAA predicts a stronger leasing environment through at least 2028 due to normalization in supply.

• Mid-America Apartment Communities intends to accelerate its leasing pace in several markets, including DC, Houston, Florida markets.

• Plans are in place to start more development projects to take advantage of an undersupplied period in 2026-2028.

• One-time storm-related costs in Q1 2024 are viewed as non-recurring, with confidence expressed in hitting future guidance.

• The company plans to increase operational efficiency through upgraded marketing initiatives, technology use, and enhanced customer journey and experience.

• Mid-America Apartment Communities will continue to target larger and mid-tier markets.

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