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 real estate investment trust, based in Germantown, Tennessee, said it had funds from operations of $194.4 million, or $1.64 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.61 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 $46.3 million, or 40 cents per share.

The real estate investment trust posted revenue of $425 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $423.9 million.

For the current quarter ending in July, Mid-America Apartment Communities expects its per-share funds from operations to range from $1.53 to $1.69.

The company expects full-year funds from operations in the range of $6.35 to $6.65 per share.

The company's shares have increased 22% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $154.34, a climb of 38% in the last 12 months.

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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