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Mid-America beats estimates despite Post Properties merger dilution

Mid-America Apartment Communities Inc. reported better-than-expected core funds from operations results for the 2016 fourth quarter and full year, and offered guidance for the 2017 first quarter and full year.

Fourth-quarter FFO totaled $104.2 million, or $1.13 per share and unit, down from $118.6 million, or $1.49 per share, in the year-ago quarter. Core FFO attributable to the company for the quarter came to $138.5 million, or $1.50 per share, compared to $115.5 million, or $1.45 per share, in the corresponding 2015 quarter.

For the full year, FFO totaled $463.4 million, or $5.59 per share, compared to $452.4 million, or $5.69 per share, in 2015. Core FFO for the year was $490.3 million, or $5.91 per share, compared to $438.6 million, or $5.51 per share, in the previous year.

The core FFO figures for both the 2016 fourth quarter and full year were diluted by 2 cents per share related to the closing of the company's merger with Post Properties Inc.

The S&P Capital IQ consensus FFO-per-share estimates for the 2016 fourth quarter and full year were $1.48 and $5.90, respectively. In an earnings release, Chairman and CEO Eric Bolton attributed the core FFO beat to "solid" leasing conditions and strong occupancy.

With its results, the company offered FFO-per-share guidance for the 2017 first quarter of $1.33 to $1.43, and FFO-per-share guidance for the 2017 full year in the range of $5.72 to $5.92.

The company also offered AFFO-per-share guidance for 2017 in the range of $5.12 to $5.32.

The S&P Capital IQ consensus FFO-per-share estimates for the 2017 first quarter and full year are, respectively, $1.44 and $5.97.