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

The Germantown, Tennessee-based real estate investment trust said it had funds from operations of $251.4 million, or $2.32 per share, in the period.

The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $2.30 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 $159.6 million, or $1.37 per share.

The real estate investment trust, based in Germantown, Tennessee, posted revenue of $542.2 million in the period, falling short of Street forecasts. Ten analysts surveyed by Zacks expected $543.4 million.

For the year, the company reported funds from operations of $986.4 million. Revenue was reported as $2.15 billion.

For the current quarter ending in March, Mid-America Apartment Communities expects its per-share funds from operations to range from $2.12 to $2.28.

The company expects full-year funds from operations in the range of $8.68 to $9.08 per share.


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