On Friday real estate investment trust Mid America Apartment Communities Inc (MAA) reported an increase in profit on higher revenues, beating Wall Street estimates.
The Memphis, Tennessee based company reported third-quarter funds from operations (FFO) of $48.2 million, or $1.11 per share, compared with $39.2 million, or $1.00 per share, a year earlier. Analysts polled by Thomson Reuters expected MAA to report FFO of $1.10 per share.
Revenues for the REIT rose to $126.90 million, up 15% from $110.06 million a year ago. Analysts expected revenue to be $126.32 million.
Looking ahead, the company now expects full-year 2012 FFO per share to range from $4.46 to $4.56, which is a $0.04 per share increase over the prior forecast.
MAA shares were up 37 cents, or +0.57%, in morning trading on Friday.
Mid America Apartment Communities Inc (MAA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.