03:50 PM EDT, 04/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target by $13 to $148 using a wider risk premium and a forward P/FFO of 16.5x, just above the 16.0x peer average given MAA's properties are in fast-growing Sun Belt markets. We keep our FFO estimates at $8.95 in 2024 and $9.25 in 2025. Sun Belt markets are experiencing both population and job growth to spur higher multi-family residential demand, but new supply in many of these markets has created some pricing pressure on rents. We believe excess supply will be absorbed in 2024 to set up MAA for a more stabilized market for rent increases in 2025. In Q3 2024, average rents were $1,685 monthly, +2.2% Y/Y, with the highest rental rate growth in Savannah +5.6%, Charleston +4.1%, San Antonio +4.1%, and Northern VA +4.8%. MAA has new initiatives aimed at enhancing its leasing platform. In February, MAA guided $350M-$400M in property acquisitions and $100M in dispositions. MAA wants to reward shareholders with dividend growth from an enhanced and diversified profile to generate funds from operations.