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 $260.8 million, or $2.32 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.28 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 $192.7 million, or $1.67 per share.
The real estate investment trust posted revenue of $528 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $525.5 million.
For the year, the company reported funds from operations of $1.01 billion, or $8.50 per share. Revenue was reported as $2.02 billion.
Mid-America Apartment Communities expects full-year funds from operations in the range of $8.88 to $9.28 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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