Mid-America Apartment Communities Inc. (NYSE:MAA) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.94%.
Mid-America Apartment Communities Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 12.39% to $1.27 in the quarter versus EPS of $1.13 in the year-earlier quarter.
Revenue: Rose 8.89% to $133.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mid-America Apartment Communities Inc. reported adjusted EPS income of $1.27 per share. By that measure, the company beat the mean analyst estimate of $1.23. It missed the average revenue estimate of $135.38 million.
Quoting Management: Eric Bolton, Chairman and Chief Executive Officer, said, “The leasing environment across our markets continues to support solid rent growth and strong occupancy. Steady employment growth and favorable trends driving higher demand for apartment housing across our Sunbelt region supports an outlook for continued solid rent growth despite the uptick in new apartment deliveries.
“We are progressing towards a close of the merger of MAA and Colonial Properties Trust in line with our expectations and timeframes set out upon the announcement of the pending merger. We continue to believe that a close of the transaction at some point in September is likely. Early integration efforts are well underway and we remain very enthusiastic about the opportunities surrounding the combination of the two platforms.”
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