MAA - Mid-America Apartment Communities: Still A Buy Despite Short-Term Headwinds
2024-05-06 03:05:59 ET
Summary
- Q1 2024 earnings for Mid-America Apartment Communities show stagnation in cash generation and a decrease in core FFO per share.
- MAA faces challenges from new supply in the market, making it difficult to stipulate new contracts at higher rent levels.
- Despite suboptimal Q1 results, MAA's strong occupancy, record rent leasing spreads, and growth plans indicate long-term value creation.
- In this article, I dissect the Q1 2024 earnings deck and provide a color on why I still consider MAA stock a solid buy.
Just before we transitioned into 2024, I wrote a fairly bullish article on Mid-America Apartment Communities ( MAA ), which was a follow-up piece for my initial thesis on MAA back in September 2023....
Mid-America Apartment Communities: Still A Buy Despite Short-Term Headwinds