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GERMANTOWN, Tenn. (AP) — GERMANTOWN, Tenn. (AP) — Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Germantown, Tennessee-based real estate investment trust said it had funds from operations of $244.2 million, or $2.20 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.16 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $180.8 million, or $1.54 per share.
The real estate investment trust, based in Germantown, Tennessee, posted revenue of $549.3 million in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $551.3 million.
Mid-America Apartment Communities expects full-year funds from operations in the range of $8.61 to $8.93 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAA at https://www.zacks.com/ap/MAA