Solid outlook supports Mid-America Apartment Communities Inc (NYSE: MAA) stock

Free $100 Forex No-Deposit Bonus

Mid-America Apartment Communities Inc (NYSE: MAA) stock rose over 0.9% on 31st October, 2019 (as of 9:48 am GMT-4; Source: Google finance) after the company posted mixed results for the third quarter of FY 19. For the quarter ended September 30, 2019, the company has reported the net income available for MAA common shareholders to $77.7 million compared to $51.9 million, for the quarter ended September 30, 2018. For the quarter ended September 30, 2019, the company’s FFO has increased to $202.9 million, compared to $177.2 million, for the third quarter ended September 30, 2018.

At the end of the third quarter of 2019, MAA had six development projects under construction, containing 1,686 units, with a total projected cost of $389.5 million and an estimated $282.8 million remaining to be funded.

MAA in the third quarter of FY 19 has reported the adjusted funds from operations per share of $1.53, while adjusted revenue of $415.63 million in the third quarter of FY 19

The Property revenues from the Same Store Portfolio have risen by 4% during the third quarter of 2019 as compared to the same period in the prior year. It is also an 80-basis point expansion from the performance in the second quarter of 2019.  This growth is due to 3.9% growth in Average Effective Rent per Unit for the Same Store Portfolio and continued strong Average Physical Occupancy for the Same Store Portfolio of 96.1%.

Additionally, during the third quarter, the company’s Recurring capital expenditures were of $21.5 million as compared to $21.7 million for the same period in the prior year. Redevelopment, revenue enhancing, commercial and other capital expenditures during the third quarter of 2019 had risen to $33.9 million from $31.6 million for the same period in the prior year.

The company has raised the 2019 guidance for Net income per diluted common share, as well as FFO per Share and AFFO per Share. The company expects 2019 Net income per diluted common share to be in the range of $2.97 to $3.05 per diluted common share.  FFO per Share for the year is expected to be in the range of $6.46 to $6.54 per Share.  AFFO per Share for the year 2019 is expected to be in the range of $5.82 to $5.90 per Share.  MAA expects FFO for the fourth quarter of 2019 to be in the range of $1.59 to $1.67 per Share.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.