MidAmerica Apartment Communities Inc. (MAA, Financial) filed Quarterly Report for the period ended 2012-06-30.
Mid America Apartment Communities Inc has a market cap of $2.84 billion; its shares were traded at around $69.35 with a P/E ratio of 16.8 and P/S ratio of 6.3. The dividend yield of Mid America Apartment Communities Inc stocks is 3.8%. Mid America Apartment Communities Inc had an annual average earning growth of 6.1% over the past 10 years.
Property revenues for the three months ended June 30, 2012 were approximately $123.7 million, an increase of approximately $16.8 million from the three months ended June 30, 2011 due to (i) a $3.1 million increase in property revenues from our large market same store group primarily as a result of an increase in average rent per unit, (ii) a $1.5 million increase in property revenues from our secondary market same store group primarily as a result of an increase in average rent per unit, and (iii) a $12.2 million increase in property revenues from our non-same store and other group, primarily as a result of acquisitions.
Property revenues for the six months ended June 30, 2012 were approximately $241.6 million, an increase of approximately $31.3 million from the six months ended June 30, 2011 due to (i) a $5.9 million increase in property revenues from our large market same store group primarily as a result of an increase in average rent per unit, (ii) a $3.1 million increase in property revenues from our secondary market same store group primarily as a result of an increase in average rent per unit, and (iii) a $22.3 million increase in property revenues from our non-same store and other group, primarily as a result of acquisitions.
FFO for the three and six month periods ended June 30, 2012 increased approximately $12.1 million and $21.5 million, respectively from the three and six month periods ended June 30, 2011 primarily as a result of the increases in property revenues of approximately $16.8 million and $31.3 million discussed above that were only partially offset by the $5.2 million and $10.7 million increase in property operating expenses, excluding depreciation and amortization.
Net cash flow provided by operating activities increased to $100.9 million for the six months ended June 30, 2012 from $83.6 million for the six months ended June 30, 2011. This change is mainly a result of cash inflows from property operations induced by the $16.8 million increase in operating revenue for the six months ended June 30, 2012 from the six months ended June 30, 2011 being above the $5.2 million increase in property operating expenses, excluding depreciation and amortization, and other incremental operating expenses in total over the same period. The change is also due to the timing of payments of operating liabilities.
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Mid America Apartment Communities Inc has a market cap of $2.84 billion; its shares were traded at around $69.35 with a P/E ratio of 16.8 and P/S ratio of 6.3. The dividend yield of Mid America Apartment Communities Inc stocks is 3.8%. Mid America Apartment Communities Inc had an annual average earning growth of 6.1% over the past 10 years.
Highlight of Business Operations:
As of June 30, 2012, our wholly-owned portfolio consisted of 47,220 apartment units in 162 communities, compared to 45,928 apartment units in 157 communities at June 30, 2011. For these communities, the average effective rent per apartment unit, excluding units in lease-up, increased to $828 per unit at June 30, 2012 from $762 per unit at June 30, 2011. For these same communities, overall occupancy at June 30, 2012 and 2011 was 96.0% and 96.3%, respectively. Average effective rent per unit is equal to the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. We believe average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.Property revenues for the three months ended June 30, 2012 were approximately $123.7 million, an increase of approximately $16.8 million from the three months ended June 30, 2011 due to (i) a $3.1 million increase in property revenues from our large market same store group primarily as a result of an increase in average rent per unit, (ii) a $1.5 million increase in property revenues from our secondary market same store group primarily as a result of an increase in average rent per unit, and (iii) a $12.2 million increase in property revenues from our non-same store and other group, primarily as a result of acquisitions.
Property revenues for the six months ended June 30, 2012 were approximately $241.6 million, an increase of approximately $31.3 million from the six months ended June 30, 2011 due to (i) a $5.9 million increase in property revenues from our large market same store group primarily as a result of an increase in average rent per unit, (ii) a $3.1 million increase in property revenues from our secondary market same store group primarily as a result of an increase in average rent per unit, and (iii) a $22.3 million increase in property revenues from our non-same store and other group, primarily as a result of acquisitions.
FFO for the three and six month periods ended June 30, 2012 increased approximately $12.1 million and $21.5 million, respectively from the three and six month periods ended June 30, 2011 primarily as a result of the increases in property revenues of approximately $16.8 million and $31.3 million discussed above that were only partially offset by the $5.2 million and $10.7 million increase in property operating expenses, excluding depreciation and amortization.
Net cash flow provided by operating activities increased to $100.9 million for the six months ended June 30, 2012 from $83.6 million for the six months ended June 30, 2011. This change is mainly a result of cash inflows from property operations induced by the $16.8 million increase in operating revenue for the six months ended June 30, 2012 from the six months ended June 30, 2011 being above the $5.2 million increase in property operating expenses, excluding depreciation and amortization, and other incremental operating expenses in total over the same period. The change is also due to the timing of payments of operating liabilities.
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