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.
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