It has been about a month since the last earnings report for Mid-America Apartment Communities (MAA). Shares have added about 3.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Mid-America Apartment Communities due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Mid-America Apartment Beats Q1 FFO & Revenue EstimatesMAA reported first-quarter 2019 FFO of $1.58 per share, surpassing the Zacks Consensus Estimate of $1.50. The bottom line came in higher than the prior-year quarter’s reported figure of $1.44.This residential REIT’s quarterly results reflected growth in same-store NOI and rise in average effective rent per unit for the same-store portfolio. Further, during the March-end quarter the company recorded the strongest year-over-year rent growth of the past two years.Rental and other property revenues came in at $401.2 million in the quarter, outpacing the Zacks Consensus Estimate of $400.7 million. Further, the reported tally comes in higher than the prior-year figure of $386 million.Quarter in DetailDuring the first quarter, the same-store portfolio revenues increased 2.3%, backed by rise in average effective rent per unit of 3.1% year over year. Same-store NOI increased to $251.8 million, registering 2.5% year-over-year growth. Moreover, average physical occupancy for the same-store portfolio was 95.9%.As of Mar 31, 2019, MAA held cash and cash equivalents of nearly $44.6 million, up from approximately $34.2 million as of Dec 31, 2018.Furthermore, as of the same date, around $967.2 million of combined cash and capacity were available under its unsecured revolving credit facility.Portfolio ActivityDuring the quarter, MAA purchased a 345-unit multifamily apartment community development — Novel Midtown — in Phoenix, AZ. On the other hand, the companyclosed on the sale of a 42,000-square-foot office property in Memphis, TN for proceeds of $3.3 million.Moreover, MAA completed the renovation of 1,679 units under its redevelopment program during the reported quarter. Notably, the company attained an increase in the average rental rate of 10.9%, above non-renovated units. Further, it expects to redevelop a total of 7,500-8,500 units in 2019.At the end of the first quarter, MAA had five development community projects under construction, with total projected cost of $230.5 million. Notably, an estimated $171 million remained to be funded as of Mar 31, 2019.OutlookFor second-quarter 2019, MAA expects FFO per share in the range of $1.45-$1.57. The company revised its guidance for 2019 FFO per share to $6.11-$6.35 from the previous estimate of $6.03-$6.27.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresAt this time, Mid-America Apartment Communities has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Mid-America Apartment Communities has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Mid-America Apartment Communities, Inc. (MAA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research