GERMANTOWN, Tenn. (AP) — GERMANTOWN, Tenn. (AP) — Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The Germantown, Tennessee-based real estate investment trust said it had funds from operations of $266.2 million, or $2.22 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $2.23 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 $142.8 million, or $1.22 per share.
The real estate investment trust, based in Germantown, Tennessee, posted revenue of $543.6 million in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $541.8 million.
Mid-America Apartment Communities expects full-year funds from operations in the range of $8.70 to $9.06 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
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