Mid-America Apartment Communities: 3Q Earnings Snapshot
GERMANTOWN, Tenn. (AP) _ Mid-America Apartment Communities Inc. (MAA) on Wednesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The Germantown, Tennessee-based real estate investment trust said it had funds from operations of $181.3 million, or $1.53 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.55 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 $77.7 million, or 68 cents per share.
The real estate investment trust posted revenue of $415.6 million in the period, beating Street forecasts. Eight analysts surveyed by Zacks expected $411.3 million.
The company’s shares have increased 43% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $136.71, a climb of 37% in the last 12 months.