Mid-America Apartment Communities: Q3 Earnings Snapshot

GERMANTOWN, Tenn. (AP) — GERMANTOWN, Tenn. (AP) — Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.

The real estate investment trust, based in Germantown, Tennessee, said it had funds from operations of $238.5 million, or $2.29 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.28 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 $109.8 million, or 94 cents per share.

The real estate investment trust, based in Germantown, Tennessee, posted revenue of $542 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $540.3 million.

For the current quarter ending in December, Mid-America Apartment Communities expects its per-share funds from operations to range from $2.21 to $2.37.

The company expects full-year funds from operations in the range of $9.06 to $9.22 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