MAA-PI delivered a solid QQ1 2025 operating backdrop despite a challenging new-lease pricing environment driven by ongoing new supply in several markets. Occupancy rose 30 basis points YoY to 95.6%, with net delinquency at 0.3% of billed rents and same-store revenue growth of 0.1% for the quarter. Renewal pricing remained resilient, with renewal rates up 4.5% on a lease-over-lease basis, supporting blended leasing results and offsetting weaker new-lease economics. New-lease pricing deteriorated, with lease-over-lease new-lease pricing down 6.3% for the quarter and blended pricing down 0.5% QoQ, though the sequential improvement from 4Q24 (160 bps) suggests a stabilizing trend as the summer leasing season approaches. Core FFO came in at $2.20 per diluted share, $0.04 ahead of the midpoint of management’s Q1 guidance, aided by approximately $0.025 of favorable same-store NOI and $0.025 of favorable overhead/interest timing, partially offset by $0.01 of non-same-store NOI pressure. The company maintains its 2025 guidance, signaling confidence that renewed leasing momentum and a moderated supply trajectory will support earnings growth through the year. The balance sheet remains sturdy, with net debt at ~4.0x EBITDA, ~94% fixed debt, and roughly $1.0B of liquidity under a revolving facility, enabling continued development and selective dispositions as the portfolio evolves.