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Mid-America Apartment outlines Q3 expectations with latest results

Mid-America Apartment Communities Inc. disclosed second-quarter funds from operations attributable to the company of $185.7 million, or $1.57 per share, a rise on a per-share basis from $182.9 million, or $1.55 per share, in the 2018 second quarter.

The multifamily real estate investment trust said the latest results included $4.6 million, or 4 cents per share, of noncash income related to the embedded derivative in the preferred shares.

For the quarter, adjusted FFO grew year over year on a per-share basis to $161.4 million, or $1.37 per share, from $158.0 million, or $1.34 per share.

The S&P Global Market Intelligence consensus FFO estimate for the quarter was $1.53 per share.

For the second quarter, rental and other property revenues came to $407.4 million, a 4.4% rise from $390.1 million in the 2018 second quarter.

Mid-America Apartment said it expects FFO per share in the range of $1.51 to $1.59 for the third quarter. The company also expects FFO for the full year at between $6.20 and $6.36 per share. The company previously offered guidance in the range of $6.11 to $6.35 per share for the metric. For the full year, AFFO is expected at a range of $5.56 to $5.72 per share.

For the third quarter, the S&P Global Market Intelligence consensus FFO-per-share estimate is $1.54, while analysts expect 2019 FFO per share at $6.24.

In April, the company completed the sale of a 4-acre land parcel in the Huntsville, Ala., market.

As of the end of the second quarter, the REIT had five development communities under construction, with total development costs estimated at $230.5 million.