Mid-America Apartment Communities (MAA) Misses Q2 EPS by 5c

Mid-America Apartment Communities (NYSE: MAA) reported Q2 EPS of $1.20, $0.05 worse than the analyst estimate of $1.25. Revenue for the quarter came in at $244.5 million versus the consensus estimate of $246.79 million.

Eric Bolton, Chairman and Chief Executive Officer, said, "Second quarter results were driven by steady growth in pricing with same store rents increasing 3.1% over the prior year, off-set by a slight decline in effective occupancy, generating 2.6% growth in revenues. While new supply trends are expected to remain elevated in several of our markets, good job growth and resulting demand across the majority of our markets support our outlook for solid growth in net operating income for the full year.

Merger and integration activities surrounding our combination with Colonial Properties Trust continue to go well. Our operating and management reporting teams were very busy in the second quarter wrapping up the consolidation of the MAA and Colonial operating platforms. In addition, we continue to make good progress on selling the remaining non-core assets acquired in the Colonial merger, with several additional sales contracts in place."

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

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