Stock Monitor: Ellington Residential Mortgage Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 15, 2018 / Active-Investors.com has just released a free earnings report on Mid-America Apartment Communities, Inc. (NYSE: MAA) ("MAA"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=MAA. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 31, 2018. The Memphis, Tennessee-based real estate investment trust beat funds from operations (FFO) estimates, and provided guidance for the upcoming quarter and full year 2018. Register today and get access to over 1000 Free Research Reports by joining our site below:
www.active-investors.com/registration-sg
Active-Investors.com is currently working on the research report for Ellington Residential Mortgage REIT (NYSE: EARN), which also belongs to the Financial sector as the Company Mid-America Apartment Communities. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/'symbol=EARN
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Mid-America Apartment Communities most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=MAA
Earnings Highlights and Summary
For the quarter ended December 31, 2017, MAA recorded rental and other property revenues of $382.74 million, up 25% compared to $307.20 million in Q4 2016. The Company's revenue numbers lagged analysts' estimates of $386.3 million.
For the full year FY17, MAA generated rental and other property revenues of $1.53 billion, reflecting a growth of 35% versus $1.13 billion in FY16.
During Q4 2017, the Company's net income available for common shareholders was $122.5 million, or $1.08 per diluted common share, compared to $39.1 million, or $0.44 per diluted common share, for Q4 2016. The Company's reported quarter results included gains related to the sale of real estate assets of $0.60 per share; merger and integration costs related to the merger transaction with Post Properties, Inc. of $0.05 per share; and non-cash income related to an embedded derivative in the preferred shares issued in the Post Properties Merger of $0.03 per share. MAA's Q4 2016 results included gains related to the sale of real estate assets of $0.36 per share, and merger and integration costs related to the Post Properties Merger of $0.42 per share.
For Q4 2017, MMA's FFO was $177.2 million, or $1.50 per diluted share, compared to $104.2 million, or $1.13 per diluted share, for Q4 2016. The Company's reported quarter results included a non-cash income related to an embedded derivative in the preferred shares of $0.03 per share, and merger and integration costs related to the Post Properties Merger of $0.05 per share compared to $0.40 per share for Q4 2016. The Company's FFO numbers beat Wall Street's estimates of $1.48 per share.
For FY17, the Company's net income available for common shareholders was $324.7 million, or $2.86 per diluted common share, compared to $211.9 million, or $2.69 per diluted common share, for FY16. MAA's FFO was $699.6 million, or $5.94 per share, for FY17 compared to $463.4 million, or $5.59 per share, for FY16.
Operating Highlights
During Q4 2017, MAA's combined adjusted same store portfolio generated a 1.8% growth in revenues, supported by a strong average physical occupancy of 96.2%, and an effective rent growth of 1.7%. Resident turnover for the combined adjusted same store portfolio remained low at 50.1% on a rolling twelve-month basis for the reported quarter.
Acquisition and Disposition Activities
During Q4 2017, MAA acquired a newly-developed apartment community, Acklen West End, a 320-unit property located in the Downtown/West End submarket of Nashville, Tennessee, for a purchase price of $71.8 million.
During Q4 2017, MAA sold two properties located in Atlanta, Georgia, for combined proceeds of $97.4 million, resulting in total net gains recognized on the sale of real estate assets of approximately $68.3 million. The sale of these two apartment communities, which had an average age of 19 years, achieved an economic cap rate after capital expenditure of 5.9%.
Development and Lease-up Activities
As of December 31, 2017, MAA had three development communities under construction, consisting of two new development communities and one expansion project. The total development costs for the three communities are projected to be $214.0 million, of which an estimated $46.3 million remained to be funded as of the end of Q4 2017.
MAA had five apartment communities, containing a total of 1,538 units, remaining in initial lease-up as of the end of Q4 2017. Physical occupancy for the five lease-up projects averaged 62.5% as of December 31, 2017.
Redevelopment Activities
During Q4 2017, MAA redeveloped a total of 1,832 units at an average cost of $6,503 per unit, bringing the total units renovated to 8,375 during the year ended December 31, 2017, at an average cost of $5,463; achieving average rental rate increases of 8.8% above non-renovated units.
Financing Activities
During Q4 2017, MAA paid $47.5 million relating to the remaining balances on two secured property mortgages, and $80.0 million relating to the partial pay-down of its secured credit facility with the Federal National Mortgage Association.
Balance Sheet
As of December 31, 2017, MAA's total debt to total assets ratio was 33.2% compared to 33.9% as of December 31, 2016. The Company's total debt outstanding was $4.5 billion at an average effective interest rate of 3.6%. Out of the total debt, 83.0% of total debt was fixed or hedged against rising interest rates for an average of 4.7 years. MAA had approximately $598.3 million of combined cash and capacity under its unsecured revolving credit facility.
Outlook
For FY18, MAA is forecasting net income per diluted share to be in the range of $1.78 to $2.08. The Company is expecting FFO per share to be in the band of $5.85 to $6.15 for FY18. MAA's initial guidance is based on projections of revenue growth for the MAA same store portfolio of 1.75% to 2.25% for FY18, while expense growth is expected to be in the range of 1.5% to 2.5%.
For Q1 2018, MAA is forecasting FFO per share to be in the band of $1.38 to $1.48. The Company does not forecast net income per diluted share on a quarterly basis.
Stock Performance Snapshot
February 14, 2018 - At Wednesday's closing bell, Mid-America Apartment Communities' stock marginally fell 0.16%, ending the trading session at $87.85.
Volume traded for the day: 751.72 thousand shares, which was above the 3-month average volume of 746.03 thousand shares.
After yesterday's close, Mid-America Apartment Communities' market cap was at $9.97 billion.
Price to Earnings (P/E) ratio was at 56.17.
The stock has a dividend yield of 4.20%.
The stock is part of the Financial sector, categorized under the REIT - Residential industry. This sector was up 1.8% at the end of the session.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visithttp://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
