Apartment REIT Sector Update and Target Updates Q2 2024

Summary:

Most of the apartment REITs were able to increase guidance for Core FFO per share and same-store NOI (Net Operating Income).

The coastal apartment REITs had larger increases to guidance. However, recently the Sunbelt REITs had modestly larger rallies (share price gains).

MAA projects that apartment REITs are through the worst quarter with things i…