Feb 5 (Reuters) - Mid-America Apartment Communities MAA.N forecast its annual funds from operations below analysts' expectations on Wednesday, indicating that high supply pressure in its key markets continues to push down asking rents.
The real estate investment trust, which counts cities such as Austin, Memphis and Phoenix as its key markets, has had ownership interest in 104,469 apartment units, including communities currently in development, across 16 states and the District of Columbia, according to its website.
It also manages more than 250 apartment buildings in the Southeast, Southwest and Mid-Atlantic regions.
The Memphis, Tennessee-based company expects its core FFO, a key performance metric, to be between $8.61 and $8.93 per share for 2025. The midpoint is below analysts' average estimate of $8.87 per share, according to data compiled by LSEG.
The REIT's rental and other property revenue was at $549.8 million for the fourth quarter, missing the estimates of $551.8 million.
It posted core FFO of $2.23 per share for the quarter ended December 31, compared with analysts' expectations of $2.24 per share.
(Reporting by Anshuman Tripathy and Abhinav Parmar in Bengaluru; Editing by Shilpi Majumdar)
((Anshuman.Tripathy@thomsonreuters.com))
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