MAA feels the merger, rental demand love in Q3
Send this to a friend
Mid-America Apartment Communities Inc. on Wednesday reported an increase in funds from operations on the strength of third-quarter rental demand.
Memphis-based MAA (NYSE: MAA) said its FFO rose to $103.8 million for the quarter ended Sept. 30, compared to $50.1 million for the same quarter of 2013. Excluding costs related to MAA's merger with Colonial Properties Trust last year, its quarterly FFO rose to $101.6 million from $55.4 million.
Eric Bolton, chairman and CEO of MAA, said the integration with Colonial is now finished, which will allow MAA to "fully harvest" the opportunities to grow operating margins and efficiency. The third quarter results also reflect the "growing benefits of scale" from the merger, he said.
But even without the added power from the merger, MAA is riding a wave of demand for apartments.
"Third quarter results reflect a continued strong level of rental demand across our portfolio," Bolton said in a prepared statement. "Solid rent growth and strong occupancy performance continue as the demand for apartment housing outpaces new supply trends across the Sunbelt region."
For more information about the company's earnings, click here.
Ryan Poe covers commercial real estate; transportation and logistics; construction; and Downtown Memphis. Contact him at rpoe@bizjournals.com.
Most Popular
- Most popular
- Emailed
- Mobile
- Newby's plans big menu, venue, hours changes to avoid closure
- Another 'Big Four' accounting firm is leaving Downtown Memphis
- The highest paid executives in Memphis
- Wright Medical merges with international company, gets FDA nod
- Memphis' billion-dollar companies, ranked
- Best BBQ:
- New data center will create 20 jobs, $8.7M in investment in Memphis
- Hard Rock CEO in talks to build 200-room hotel in Memphis
- Memphis Business Journal names CFOof the Year winners
- crye leike
-
Production Print Technician NOVACOPY | Memphis, TN
-
Accounts Receivable Manager Youth Villages | Memphis, TN
-
Travel Occupational Therapist / OT Supplemental Health Care - MiracleWorkers | Memphis, TN
-
Customer Support Specialist (CC) AT&T Call Center -CR | Memphis, TN
-
Data Center Operator Vaco Technology | Memphis, TN
Featured Property
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.