Mid-America Apartment Communities Inc. Announces Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year of 2018
For the year, the company reported rental and other property revenues of $1,528,987,000 compared to $1,125,348,000 a year ago. Income before income tax expense was $341,785,000 against $225,860,000 a year ago. Income from continuing operations before joint venture activity was $339,166,000 against $224,161,000 a year ago. Net income was $340,536,000 against $224,402,000 a year ago. Net income attributable to non-controlling interests was $12,157,000 against $12,180,000 a year ago. Net income available for shareholders was $328,379,000 against $212,222,000 a year ago. Net income available for company common shareholders was $324,691,000 against $211,915,000 a year ago. Net income per basic and diluted share was $2.86 against $2.69 a year ago. Funds from operations attributable to the company were $699,561,000 or $5.94 per share against $463,385,000 or $5.59 per share a year ago. Adjusted funds from operations were $624,326,000 or $5.30 per share against $411,653,000 or $4.96 per share a year ago. Total NOI was $952,256,000 against $701,992,000 a year ago. EBITDA was $991,614,000 against $679,006,000 a year ago. Adjusted EBITDA was $860,898,000 against $596,045,000 a year ago. Net debt was $4,443,639,000 against $4,407,917,000 a year ago. Recurring capital expenditures totaled $75.2 million for the year ended December 31, 2017, or approximately $0.64 per Share, as compared to $51.7 million, or $0.62 per Share, for the year ended December 31, 2016.
For the year of 2018, the company expects net income per diluted common share in the midpoint of $1.93 in the range of $1.78 to $2.08, ffo per share diluted to be in the midpoint of $6.00 in the range of $5.85 to $6.15, affo per share diluted in the midpoint of $5.39 in the range of $5.24 to $5.54. Property revenue growth to be 1.75% to 2.25%, income tax expense is expected to be in the range of $2.5 million to $3.0 million. MAA expects total recurring capital expenditures for the full year will be approximately $72.0 million, which would produce expected AFFO of $5.30 to $5.54 per Share.