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28 February, 2024 17:37 IST
Mid America Apartment Communities first-quarter earnings decline by 3.47 percent on a YOY basis
Source: IRIS | 01 Jul, 2017, 04.09PM

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Mid-America Apartment Communities, Inc. (MAA) has reported a 3.47 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $41.90 million, or $0.36 a share in the quarter, compared with $43.41 million, or $0.58 a share for the same period last year.     

Revenue from real estate activities during the quarter surged 40.85 percent or $109.89 million to $378.91 million.

Cost of revenue surged 39.18 percent or $30.45 million during the quarter to $108.19 million. Gross margin for the quarter expanded 34 basis points over the previous year period to 71.45 percent.

Total expenses were $301.25 million for the quarter, up 56.65 percent or $108.94 million from year-ago period. Operating margin for the quarter contracted 802 basis points over the previous year period to 20.49 percent.

Operating income for the quarter was $77.66 million, compared with $76.71 million in the previous year period.

For fiscal year 2017, Mid-America Apartment Communities, Inc. expects diluted earnings per share to be in the range of $2.54 to $2.74.

For the second-quarter 2017, Mid-America Apartment Communities, Inc.  expects diluted earnings per share to be in the range of $1.36 to $1.46.

Income from operating leases during the quarter surged 42.95 percent or $105.51 million to $351.18 million.

Revenue from other real estate activities during the quarter was $27.73 million, up 18.76 percent or $4.38 million from year-ago period.

Eric Bolton, chairman and chief executive officer, said, "Our portfolio of quality apartment homes diversified across the high-growth Sunbelt markets captured solid results in the first quarter. Integration activities surrounding the merger of MAA and Post Properties platforms are going smoothly and the value proposition that we have previously outlined is very much intact. As the current apartment real estate cycle continues to play out, we believe MAA is well positioned to capture steady results as well as take advantage of attractive new opportunities that are presented."

Accounts payable surged 62.32 percent or $5.12 million to $13.35 million on Mar. 31, 2017.

Total assets jumped 69.30 percent or $4,731.78 million to $11,559.70 million on Mar. 31, 2017. On the other hand, total liabilities were at $4,963.74 million as on Mar. 31, 2017, up 34.76 percent or $1,280.46 million from year-ago.

Return on assets moved down 45 basis points to 0.69 percent in the quarter. At the same time, return on equity moved down 76 basis points to 0.62 percent in the quarter.

Debt increases substantially
Total debt was at $4,557.18 million as on Mar. 31, 2017, up 32.32 percent or $1,113.22 million from year-ago. Shareholders equity stood at $6,586.83 million as on Mar. 31, 2017, up 110.09 percent or $3,451.60 million from year-ago. As a result, debt to equity ratio went down 41 basis points to 0.69 percent in the quarter.
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