MEMPHIS, Tenn. (AP) _ Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Memphis, Tennessee, said it had funds from operations of $182.9 million, or $1.55 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.48 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 $58.9 million, or 52 cents per share.
The real estate investment trust posted revenue of $390.1 million in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $390.2 million.
For the current quarter ending in October, Mid-America Apartment Communities expects its per-share funds from operations to range from $1.45 to $1.55.
The company expects full-year funds from operations in the range of $5.96 to $6.16 per share.
The company's shares have increased almost 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $101.12, a decrease of almost 3 percent 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