Mid-America Apartment Communities: Q2 Earnings Snapshot

GERMANTOWN, Tenn. (AP) — 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 $273.3 million, or $2.28 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $2.27 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 $144.8 million, or $1.24 per share.

The real estate investment trust, based in Germantown, Tennessee, posted revenue of $535.1 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $534.2 million.

For the current quarter ending in September, Mid-America Apartment Communities expects its per-share funds from operations to range from $2.18 to $2.34.

The company expects full-year funds from operations in the range of $9 to $9.28 per share.

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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