Mid-America Apartment Communities Inc. (MAA) reported that its fourth-quarter Funds from Operations, or FFO was $53.4 million or $1.21 per share, compared to $43.1 million or $1.07 per Share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusted funds from operations per share for the quarter rose to $1.13 from $0.97 last year.
Net income available for common shareholders for the latest-quarter was $22.3 million, or $0.52 per share, compared to $18.8 million, or $0.49 per share in the year ago quarter.
Net income results for the latest-quarter results included $3.2 million, or $0.07 per common share, related to the gain on the sale of one apartment community during the period, compared to $7.9 million, or $0.20 per common share, included in the results for the prior year quarter also related to a gain on the sale of one apartment community.
Property revenues for the quarter rose to $131.18 million from $112.77 million in the year ago quarter. Ten analysts had consensus revenue estimate of $128.97 million for the quarter.
FFO per Share for the first quarter of 2013 is expected to be $1.13 to $1.25 per Share, or $1.19 at the mid-point. Analysts expect the company to report earnings of $1.16 per share for the first-quarter.
Full-year FFO per Share for 2013 is expected to be $4.73 to $4.93, or $4.83 at the mid-point. Analysts expect the company to report earnings of $4.81 per share for fiscal 2013.
The company's initial FFO guidance for 2013 is based on projections of same store property revenue growth of 4% to 5%, property operating expense growth of 3.5% to 4.5%, and NOI growth of 4% to 6%.
Recurring capital expenditures are projected to be $30 million, or about $0.67 per Share for 2013, producing AFFO of $4.06 to $4.26 per Share.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.