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Mid-America Apartment (MAA) Tops Q1 FFO by 5c

April 29, 2015 5:08 PM EDT

Mid-America Apartment (NYSE: MAA) reported Q1 FFO of $1.34, $0.05 better than the analyst estimate of $1.29. Revenue for the quarter came in at $257.8 million versus the consensus estimate of $252.78 million.

Eric Bolton, Chairman and Chief Executive Officer, said, "Strong operating performance for the quarter was driven by steady growth in rents and higher occupancy as job growth across our portfolio continued to outpace national trends. We expect this favorable leasing environment, along with several new operating initiatives and growing efficiencies resulting from our merger and capital recycling efforts, will support another year of record results for MAA.

"We have been successful in executing on previously announced property disposition plans with a total of 18 properties, including 3,503 units, having been sold since the first of the year. Since 2010 we have significantly up-graded our portfolio of properties through the disposition of 11,462 units at an average age of 26 years and steadily repositioned the portfolio with a stronger earnings profile through acquiring and developing $1.8 billion in newer properties and invested $66.0 million in redeveloping and upgrading a number of our best investments."

For earnings history and earnings-related data on Mid-America Apartment (MAA) click here.



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