May 1 (Reuters) - Mid-America Apartment Communities ( MAA )

, a multifamily-focused real estate investment trust

(REIT), on Wednesday reported first-quarter core funds from

operations (FFO) per share in line with estimates amid supply

pressures in key Sunbelt markets.

Mid-America Communities operates multi-family apartment

communities primarily located in the Southeast, Southwest and

Mid-Atlantic regions of the United States. As per its latest

annual report, the REIT currently owns and operates about 300

such communities across 16 states and the District of Columbia.

"Core FFO results for the first quarter were in line with

our expectations, reflecting the impact of new supply deliveries

across a number of markets," said CEO Eric Bolton.

The Sunbelt region has been under pressure from an

increasing number of apartment constructions, which have led to

subdued year-on-year rent growth in this region.

The Memphis, Tennessee-based company reported

first-quarter core FFO at $2.22 per share, down from $2.28 per

share last year, but in line with the analysts' average estimate

of $2.22 per share, according to LSEG data.

The company expects full-year 2024 core FFO, a key

performance measure for REITs, to be in the range of $8.70 to

$9.06 per share, the midpoint of which is slightly missing

analysts' average estimate of $8.90 per share.