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

The real estate investment trust, based in Germantown, Tennessee, said it had funds from operations of $259.5 million, or $2.19 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.09 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 $121.4 million, or $1.05 per share.

The real estate investment trust posted revenue of $520.8 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $506.2 million.

Mid-America Apartment Communities expects full-year funds from operations in the range of $8.37 to $8.53 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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News