MAA Posts Higher Profit In Q3, Updates FY22 Outlook

(RTTNews) - Real estate investment trust Mid-America Apartment Communities, Inc., or MAA (MAA), on Wednesday posted improved third-quarter results. The company also updated its full year 2022 outlook.

The company posted net income of $121.4 million or $1.05 per share in the third quarter, higher than $83.5 million or $0.73 per share in the same period last year. Funds from operations or FFO for the period came in at $2.19, up from $1.85 per share in the year ago quarter.

The company's rental and other property revenues climbed to $520.8 million from $452.6 million a year ago. On average, 5 analysts polled by Thomson Reuters expected the company to post earnings of $1.11 per share on revenues of $508.2 million for the third quarter.

Looking ahead, the company updated its full year 2022 outlook. Earnings per share are now expected between $5.59 and $5.75 from the earlier range of $5.65 and $5.89. Core FFO per share is revised to the range of $8.37 and $8.53 from the previous range of $8.13 and $8.37.