Mid-America Apartment Communities Inc. (MAA) reported that its second-quarter Funds from operations, or FFO was $48.3 million, or $1.13 per share/unit, up from to $36.2 million, or $0.93 share/unit in the year ago quarter.
FFO results for the quarter ended June 30, 2011 included $1.8 million, or $0.05 per Share, of non-cash expense related to the cumulative adjustment to the company's restricted stock plans.
Net income available for common shareholders for the quarter was $28.2 million, or $0.69 per share, compared to $7.4 million, or $0.20 per share, last year.
Property revenues for the quarter rose to $123.71 million from $106.94 million in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share on revenues of $121.39 million for the quarter. Analysts' estimates typically exclude special items.
FFO per Share is now expected to be in the $1.04 to $1.14 range for the third quarter and in the $1.08 to $1.18 range for the fourth quarter. Earlier, FFO is expected to be in the range of $1.02 to $1.12 per Share for third quarter of 2012, and in the range of $1.07 to $1.17 per Share for the fourth quarter.Analysts expect the company to report earnings of $1.09 per share for the third-quarter.
The company raised its full-year 2012 FFO per share guidance to a range of $4.37 to $4.57 from the prior outlook of $4.28 to $4.48 per share. Analysts expect the company to report earnings of $4.77 per share for fiscal 2012.
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