We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Mid-America Apartment (MAA) Q3 FFO & Revenues Top Estimates
Read MoreHide Full Article
Mid-America Apartment Communities, Inc. (MAA - Free Report) , commonly referred to as MAA, reported third-quarter 2020 core funds from operations (FFO) per share of $1.57, surpassing the Zacks Consensus Estimate of $1.53. The reported figure remained flat year over year.
The residential REIT’s quarterly results reflect rise in average effective rent per unit for the same-store portfolio. However, fall in same-store net operating income (NOI) hurt the company’s performance.
Rental and other property revenues came in at $423.2 million during the September-end quarter, outpacing the Zacks Consensus Estimate of $414.1 million. The reported figure was also came in 1.8% higher than the year-ago quarter’s $415.6 million.
The company stated that as of Oct 26, rent cash receipts and deferred payments aggregated 99.2% and 98.8% of billed residential rent for the third quarter and October, respectively. As of the same date, average physical occupancy for the same-store portfolio was 95.6% for October.
Quarter in Detail
The same-store portfolio revenues grew 2.1% on rise in average effective rent per unit of 1.8%, year over year. During the September-end quarter, the company’s same-store NOI edged down 1.1% year over year. Moreover, average physical occupancy for the same-store portfolio for the third quarter was 95.6%, contracting 50 basis points (bps), year over year.
During the third quarter, rent growth in the company’s same-store portfolio for both new and renewing leases, compared with the prior lease, came in at 0.8% on a combined basis.
As of Sep 30, 2020, unencumbered NOI was 93.2% of total NOI, higher than the 91.1% reported as of Jun 30, 2020.
As of Sep 30, 2020, MAA held cash and cash equivalents of $18.4 million, down from $20.5 million as of Dec 31, 2019. Additionally, as of the same date, total debt outstanding was $4.4 billion.
Furthermore, as of the same date, $980 million of combined cash and capacity were available under its unsecured revolving credit facility, net of commercial paper borrowings.
Portfolio Activity
During the July-September period, MAA sold a land parcel in Huntsville, AL, spanning an area of 27 acres for net proceeds of $2.6 million, resulting in a gain on sale of non-depreciable real estate assets of $1.3 million.
During the third quarter, the company redeveloped 1205 units. As of Sep 30, 2020, it had six development communities under construction with an expected average stabilized NOI yield of 6.1%.
MidAmerica Apartment Communities, Inc. Price, Consensus and EPS Surprise
Boston Properties Inc.’s (BXP - Free Report) third-quarter 2020 FFO per share of $1.57 missed the Zacks Consensus Estimate of $1.64. The reported figure also decreased 4.3% from the year-ago quarter’s $1.64.
SITE Centers Corp.’s (SITC - Free Report) third-quarter operating FFO per share of 23 cents came in line with the Zacks Consensus Estimate. The reported figure, however, declined 23.3% year over year.
Highwoods Properties, Inc. (HIW - Free Report) third-quarter 2020 FFO per share of 86 cents lagged the Zacks Consensus Estimate of 88 cents. The figure includes 5 cents from debt extinguishment charges and non-cash straight-line credit losses. Nonetheless, the reported figure improved 3.6% from the 83 cents reported in the year-ago period.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Mid-America Apartment (MAA) Q3 FFO & Revenues Top Estimates
Mid-America Apartment Communities, Inc. (MAA - Free Report) , commonly referred to as MAA, reported third-quarter 2020 core funds from operations (FFO) per share of $1.57, surpassing the Zacks Consensus Estimate of $1.53. The reported figure remained flat year over year.
The residential REIT’s quarterly results reflect rise in average effective rent per unit for the same-store portfolio. However, fall in same-store net operating income (NOI) hurt the company’s performance.
Rental and other property revenues came in at $423.2 million during the September-end quarter, outpacing the Zacks Consensus Estimate of $414.1 million. The reported figure was also came in 1.8% higher than the year-ago quarter’s $415.6 million.
The company stated that as of Oct 26, rent cash receipts and deferred payments aggregated 99.2% and 98.8% of billed residential rent for the third quarter and October, respectively. As of the same date, average physical occupancy for the same-store portfolio was 95.6% for October.
Quarter in Detail
The same-store portfolio revenues grew 2.1% on rise in average effective rent per unit of 1.8%, year over year. During the September-end quarter, the company’s same-store NOI edged down 1.1% year over year. Moreover, average physical occupancy for the same-store portfolio for the third quarter was 95.6%, contracting 50 basis points (bps), year over year.
During the third quarter, rent growth in the company’s same-store portfolio for both new and renewing leases, compared with the prior lease, came in at 0.8% on a combined basis.
As of Sep 30, 2020, unencumbered NOI was 93.2% of total NOI, higher than the 91.1% reported as of Jun 30, 2020.
As of Sep 30, 2020, MAA held cash and cash equivalents of $18.4 million, down from $20.5 million as of Dec 31, 2019. Additionally, as of the same date, total debt outstanding was $4.4 billion.
Furthermore, as of the same date, $980 million of combined cash and capacity were available under its unsecured revolving credit facility, net of commercial paper borrowings.
Portfolio Activity
During the July-September period, MAA sold a land parcel in Huntsville, AL, spanning an area of 27 acres for net proceeds of $2.6 million, resulting in a gain on sale of non-depreciable real estate assets of $1.3 million.
During the third quarter, the company redeveloped 1205 units. As of Sep 30, 2020, it had six development communities under construction with an expected average stabilized NOI yield of 6.1%.
MidAmerica Apartment Communities, Inc. Price, Consensus and EPS Surprise
MidAmerica Apartment Communities, Inc. price-consensus-eps-surprise-chart | MidAmerica Apartment Communities, Inc. Quote
MAA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITS
Boston Properties Inc.’s (BXP - Free Report) third-quarter 2020 FFO per share of $1.57 missed the Zacks Consensus Estimate of $1.64. The reported figure also decreased 4.3% from the year-ago quarter’s $1.64.
SITE Centers Corp.’s (SITC - Free Report) third-quarter operating FFO per share of 23 cents came in line with the Zacks Consensus Estimate. The reported figure, however, declined 23.3% year over year.
Highwoods Properties, Inc. (HIW - Free Report) third-quarter 2020 FFO per share of 86 cents lagged the Zacks Consensus Estimate of 88 cents. The figure includes 5 cents from debt extinguishment charges and non-cash straight-line credit losses. Nonetheless, the reported figure improved 3.6% from the 83 cents reported in the year-ago period.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>