Mid-America's quarterly core AFFO declines on muted rental demand
MAA•Key operating and guidance metrics
- The Tennessee-based REIT manages more than 250 apartment buildings in the Southeast, Southwest and Mid-Atlantic regions, with cities such as Austin, Memphis and Phoenix among its key markets.
- Mid-America narrowed its target for 2026 core adjusted FFO, a key measure of REIT performance, to a range of $7.38 to $7.62 per share, compared with its earlier forecast of $7.34 to $7.66.
- The company posted core adjusted FFO of $1.77 per share for the quarter ended June 30, compared with $1.85 a year earlier.
- The average effective rent per apartment unit was little changed from last year's levels, down 0.2%.
- The occupancy rate, which measures the percentage of units occupied by residents, was at 95.3% during the quarter.
Quarterly core AFFO falls as supply weighs on demand
July 29 (Reuters) - Real estate investment trust Mid-America Apartment Communities (MAA.N) posted a fall in second-quarter core adjusted funds from operations (AFFO) on Wednesday, as increased supply hurt rental demand in its key markets.
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