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Mid-America Apartment guides for modest FFO growth in 2016

  • Q4 core FFO of $115.5M or $1.45 per share vs. $104.7M and $1.32 one year  ago.
  • Same-store revenue growth of 5.4% Y/Y, expenses up 2.4%, NOI up 7.3%. Average effective rent per unit up 4.4%. Average physical occupancy of 96.1% down 10 basis points. On balance large markets did far better than secondary markets, with NOI in large up 8.4% Y/Y, and in secondary up 5.3%.
  • Full-year 2016 core FFO guidance of $5.68-$5.88 per share vs. $5.69 for 2015. Guidance includes dilution of $0.04-$0.06 from asset recycling plans. Q1 core FFO per share is guided to $1.34-$1.44 in Q1, $1.39-$1.49 in Q2, $1.41-$1.51 in Q3, and $1.44-$1.54 in Q4.
  • Conference call tomorrow at 9 ET
  • Previously: Mid America Apartment Communities beats by $0.05, misses on revenue (Feb. 3)
  • MAA flat premarket

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Mid-America Apartment Communities, Inc.