MEMPHIS, Tenn. (AP) — Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Memphis, Tennessee, said it had funds from operations of $177.2 million, or $1.50 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.50 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 $51.9 million, or 46 cents per share.
The real estate investment trust posted revenue of $397.1 million in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $395.5 million.
Mid-America Apartment Communities expects full-year funds from operations in the range of $5.99 to $6.11 per share.
The company's shares have fallen roughly 2 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $98.61, a fall of roughly 4 percent in the last 12 months.