MidAmerica Apartment Communities Inc. (MAA, Financial) filed Annual Report for the period ended 2011-12-31.
Mid-amer Apt Cm has a market cap of $2.39 billion; its shares were traded at around $63.13 with a P/E ratio of 15.9 and P/S ratio of 5.3. The dividend yield of Mid-amer Apt Cm stocks is 4.2%. Mid-amer Apt Cm had an annual average earning growth of 8% over the past 10 years.
We experienced an increase in income from continuing operations in 2011 as increases in revenues outpaced increases in expenses. The increases in revenues came from a 4.2% increase in our large market same store segment, a 4.6% increase in our secondary market same store segment and a 150.6% increase in our non-same store and other segment which was primarily a result of acquisitions. The increase in expense came from a 4.0% increase in our large market same store segment, a 3.3% increase in our secondary market same store segment and a 119.4% increase in our non-same store and other segment which was primarily a result of acquisitions as well as an approximately $5.8 million increase in general and administrative costs, the majority of which was related to a $1.8 million out of period adjustment related to our restricted stock plans and a $1.4 million increase in employee medical insurance. Our same store portfolio represents those communities that have been held and have been stabilized for at least 12 months. Communities excluded from the same store portfolio would include recent acquisitions, communities being developed or in lease-up, communities undergoing extensive renovations, and communities identified as discontinued operations.
Overall same store revenues increased 4.4% for the year ended December 31, 2011 as compared to the year ended December 31, 2010. This included an increase of $3.1 million due to our new bulk cable program. With cable expense netted into cable revenues, same store revenues increased 4.0% over this period. As expected, more robust revenue growth resumed in 2011 as compared to 2010 as rents continued the upward trend that began in the latter part of 2010. Although some increase in development is expected, we believe the continued reduced availability of financing for new apartment construction will likely limit new apartment construction to levels well below pre-recession deliveries. Also, more sustainable credit terms for residential mortgages should work to favor rental demand at existing multi-family properties. Long term, we expect demographic trends (including the growth of prime age groups for rentals and immigration and population movement to the southeast and southwest) will continue to build apartment rental demand for our markets.
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Mid-amer Apt Cm has a market cap of $2.39 billion; its shares were traded at around $63.13 with a P/E ratio of 15.9 and P/S ratio of 5.3. The dividend yield of Mid-amer Apt Cm stocks is 4.2%. Mid-amer Apt Cm had an annual average earning growth of 8% over the past 10 years.
Highlight of Business Operations:
We have traditionally emphasized property management, and over the past several years, we have deepened our asset management functions to provide additional support in marketing, training, ancillary income and revenue management. A majority of our property managers are Certified Apartment Managers, a designation established by the National Apartment Association, which provides training for on-site manager professionals. We also provide our own in-house leadership development program consisting of an 18-month, three-module program followed by two comprehensive case studies, which was developed with the assistance of U.S. Learning, Inc.We experienced an increase in income from continuing operations in 2011 as increases in revenues outpaced increases in expenses. The increases in revenues came from a 4.2% increase in our large market same store segment, a 4.6% increase in our secondary market same store segment and a 150.6% increase in our non-same store and other segment which was primarily a result of acquisitions. The increase in expense came from a 4.0% increase in our large market same store segment, a 3.3% increase in our secondary market same store segment and a 119.4% increase in our non-same store and other segment which was primarily a result of acquisitions as well as an approximately $5.8 million increase in general and administrative costs, the majority of which was related to a $1.8 million out of period adjustment related to our restricted stock plans and a $1.4 million increase in employee medical insurance. Our same store portfolio represents those communities that have been held and have been stabilized for at least 12 months. Communities excluded from the same store portfolio would include recent acquisitions, communities being developed or in lease-up, communities undergoing extensive renovations, and communities identified as discontinued operations.
Overall same store revenues increased 4.4% for the year ended December 31, 2011 as compared to the year ended December 31, 2010. This included an increase of $3.1 million due to our new bulk cable program. With cable expense netted into cable revenues, same store revenues increased 4.0% over this period. As expected, more robust revenue growth resumed in 2011 as compared to 2010 as rents continued the upward trend that began in the latter part of 2010. Although some increase in development is expected, we believe the continued reduced availability of financing for new apartment construction will likely limit new apartment construction to levels well below pre-recession deliveries. Also, more sustainable credit terms for residential mortgages should work to favor rental demand at existing multi-family properties. Long term, we expect demographic trends (including the growth of prime age groups for rentals and immigration and population movement to the southeast and southwest) will continue to build apartment rental demand for our markets.
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