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.