After posting mixed Q4 2022 results, Mid America Apartment Communities ( NYSE: MAA ) issued on Wednesday its full-year outlook for ne operating income growth that falls below expectations.
For 2023, the residential REIT expects NOI to grow by 5.30%-7.30% compared with the 8% Visible Alpha consensus. Property revenue growth for the year is expected to be 5.25%-7.25% vs. 6.9% Visible Alpha consensus.
Also, core FFO per share is targeted to be $8.88-$9.28 in 2023, compared with $9.21 Visible Alpha consensus.
Q4 core FFO of $2.32, exceeding the average analyst estimate of $2.27, climbed from $1.90 in the year-ago quarter. Revenue of $527.97M, missing the $529.90M consensus, increased from $463.58M in Q4 2021.
Total NOI stood at $346.79M for the three months ended Dec. 31, 2022, up from $296.48M for the three months ended Dec. 31, 2021.
Recurring capital expenditures was $13.83M vs. $19.3M in Q4 2021.
Adjusted EBITDAre of $316.46M ascended from $267.92M a year before.
Earlier, Mid America Apartment Communities FFO of $2.32 beats by $0.05, revenue of $527.97M misses by $1.93M .
For further details see:
Mid America Apartment Communities guides for below-consensus 2023 NOI growth