GERMANTOWN, Tenn. (AP) _ Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Germantown, Tennessee, said it had funds from operations of $188.9 million, or $1.59 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.54 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 $74.1 million, or 65 cents per share.
The real estate investment trust posted revenue of $413 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $410.6 million.
The company's shares have declined 14% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $113.92, a decrease of slightly more than 4% in the last 12 months.