GERMANTOWN, 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 Germantown, Tennessee, said it had funds from operations of $185.7 million, or $1.57 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.53 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 $61 million, or 53 cents per share.
The real estate investment trust posted revenue of $407.4 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $405.7 million.
Mid-America Apartment Communities expects full-year funds from operations to be $6.20 to $6.36 per share.
The company's shares have risen 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $117.84, an increase of 17% in the last 12 months.