GERMANTOWN, Tenn. (AP) _ Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Germantown, Tennessee, said it had funds from operations of $186.4 million, or $1.58 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.50 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 $62.7 million, or 55 cents per share.
The real estate investment trust posted revenue of $401.2 million in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $400.7 million.
Mid-America Apartment Communities expects full-year funds from operations to be $6.11 to $6.35 per share.
The company's shares have climbed 14% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $109.25, a rise of 18% in the last 12 months.
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