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

The Germantown, Tennessee-based real estate investment trust said it had funds from operations of $264.8 million, or $2.21 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $2.18 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 $114.3 million, or 98 cents per share.

The real estate investment trust, based in Germantown, Tennessee, posted revenue of $551.1 million in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $549.4 million.

For the current quarter ending in December, Mid-America Apartment Communities expects its per-share funds from operations to range from $2.15 to $2.31.

The company expects full-year funds from operations in the range of $8.80 to $8.96 per share.

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