Mid-America Apartment Communities Q2 Profit Rises - Quick Facts

(RTTNews) - Mid-America Apartment Communities Inc. (MAA) reported that its second-quarter net income for shareholders increased to $59.1 million, or $1.37 per share, from $28.2 million, or $0.69 per share last year. The results for the quarter included $43.1 million, or $0.97 per share, related to gains on the sale of apartment communities and $5.7 million, or $0.13 per share, related to merger expenses incurred during the period.

Funds from Operations, or FFO, was $50.8 million, or $1.14 per share/unit, compared to $48.3 million, or $1.13 per share, last year. Excluding the merger related expenses, FFO per share for the second quarter would have been $1.27 per share.

On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.23 for the quarter. Analysts' estimates typically exclude special items.

Property revenues increased to $133.97 million, from $118.80 milion last year. Analysts expected revenue of $135.38 million for the quarter. For 2013, the company updated its earnings guidance on a standalone or pre-merger basis. Excluding expected merger related expenses, management believes full-year 2013 FFO per share guidance in a range of $4.83 to $5.03, $4.93 at the midpoint, compared to an earlier provided range of $4.77 to $4.97. Analysts expect the company to report fiscal 2013 profit per share of $4.93.

FFO per Share, excluding merger related expenses, is now expected to be $1.16 to $1.26 for the third quarter, and $1.15 to $1.25 for the fourth quarter. Analysts expect the company to report third-quarter profit per share of $1.22.