MEMPHIS, Tenn. (AP) _ Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its fourth quarter. The results met 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 six analysts surveyed by Zacks Investment Research was for funds from operations of $1.55 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 $60.4 million, or 53 cents per share.
The real estate investment trust posted revenue of $398.1 million in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $400.2 million.
For the year, the company reported funds from operations of $712.7 million, or $6.04 per share. Revenue was reported as $1.57 billion.
The company's shares have risen almost 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $104.14, a rise of 12 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