Mid-America Apartment Communities: 1Q Earnings Snapshot

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

The Germantown, Tennessee-based real estate investment trust said it had funds from operations of $191.2 million, or $1.62 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.60 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 $35.7 million, or 31 cents per share.

The real estate investment trust posted revenue of $418.1 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $417.8 million.

The company's shares have dropped 17% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $110.01, increasing slightly in the last 12 months.

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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