GERMANTOWN, Tenn. (AP) _ Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Germantown, Tennessee, said it had funds from operations of $239.9 million, or $2.02 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2 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 $209.8 million, or $1.82 per share.
The real estate investment trust posted revenue of $495 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $491.4 million.
Mid-America Apartment Communities expects full-year funds from operations in the range of $8.13 to $8.37 per share.
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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