Mid-America Apartment Communities: 4Q Earnings Snapshot

Updated

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

The Germantown, Tennessee-based real estate investment trust said it had funds from operations of $195.4 million, or $1.65 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.64 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 $82.4 million, or 72 cents per share.

The real estate investment trust posted revenue of $423.7 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $422.3 million.

For the year, the company reported funds from operations of $761.4 million, or $6.43 per share. Revenue was reported as $1.68 billion.

Mid-America Apartment Communities expects full-year funds from operations in the range of $6.30 to $6.60 per share.

The company's shares have climbed slightly more than 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $134.71, a drop of nearly 2% in the last 12 months.

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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

Originally published

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