April 30 (Reuters) - Mid-America Apartment Communities MAA.N missed first-quarter adjusted funds from operations (FFO) estimates on Wednesday, hurt by weak rental demand in its key markets due to increased supply.
The company, which counts cities such as Austin, Memphis and Phoenix as its key markets, has had ownership interest in 104,469 apartment units across 16 states and the District of Columbia, according to its website.
The Memphis, Tennessee-based REIT manages more than 250 apartment buildings in the Southeast, Southwest and Mid-Atlantic regions.
The company posted adjusted FFO, a key measure of performance for a REIT, at $2.04 per share for the quarter ended March 31, compared with analysts' average estimate of $2.17 per share, according to data compiled by LSEG.
The REIT's rental and other property revenue was at $549.3 million for the first quarter, just missing the analyst average estimates of $550.8 million.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Tasim Zahid)
((Anshuman.Tripathy@thomsonreuters.com;))
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