MAA - Mid-America Apartment Communities Inc. (MAA) Q1 2024 Earnings Call Transcript
2024-05-02 13:58:06 ET
Mid-America Apartment Communities, Inc. (MAA)
Q1 2024 Results Conference Call
May 02, 2024 10:00 AM ET
Company Participants
Andrew Schaeffer - Senior Vice President, Treasurer & Director, Capital Markets
Eric Bolton - Chairman & Chief Executive Officer
Brad Hill - Executive Vice President & Chief Investment Officer
Tim Argo - Executive Vice President, Chief Strategy & Analysis Officer
Clay Holder - Senior Vice President & Chief Accounting Officer
Conference Call Participants
Austin Wurschmidt - KeyBanc
Brad Heffern - RBC Capital Markets
Michael Goldsmith - UBS
Eric Wolfe - Citi
Dan Tricarico - Scotiabank
Haendel St. Juste - Mizuho Securities
Adam Kramer - Morgan Stanley
John Kim - BMO Capital
Jamie Feldman - Wells Fargo
Alexander Goldfarb - Piper Sandler
Linda Tsai - Jefferies
Presentation
Operator
Good morning, and welcome to Mid-America Apartment Communities or MAA's First Quarter 2024 Earnings Conference Call. During management prepare comments all participants will be in a listen-only mode. Afterwards, the company will conduct a question-and-answer session. [Operator Instructions]. This conference call is being recorded today Thursday, May 2, 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.
Andrew Schaeffer
Thank you, Regina, 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 with prepared comments are Eric Bolton, Brad Hill, Tim Argo and Clay Holder. DelPriore and Joe Fracchia are also participating and available for questions as well.
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 release and our 34 Act filings with the SEC, which describe risk factors that may impact future results.
During this call, we will also discuss certain non-GAAP financial measures. A presentation of the most directly comparable GAAP financial measures as well as reconciliations of the differences between non-GAAP and comparable GAAP measures can be found in our earnings release and supplemental financial debt.
Our earnings release and supplement are currently available on the for Investors page of our website at www.maac.com. A copy of our prepared comments and an audio recording of this call will also be available on our website later today. After some brief prepared comments, the management team will be available to answer questions.
I will now turn the call over to Eric.
Eric Bolton
Thanks, Andrew, and performance trends in the first quarter were in line with our expectations, and we enter the summer leasing season well-positioned. Pricing trends for new resident move-ins continue to reflect the impact from new supply delivering in several of our markets.
Our renewal pricing remained strong. Encouragingly, blended lease-over-lease pricing in the first quarter captured 100 basis points improvement as compared to the prior quarter, followed by April pricing that was ahead of the first quarter performance. While the bulk of the leasing year is still in front of us, we do like our early positioning as we head into the summer leasing season.
We continue to believe that our high-growth markets are producing solid demand sufficient to absorb the new supply in a steady manner that will enable continued stable occupancy, strong renewal pricing, strong collections and overall revenue results that are aligned with the outlook that we provided in our prior guidance....
Mid-America Apartment Communities, Inc. (MAA) Q1 2024 Earnings Call Transcript