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MidAmerica Apartment Communities Inc. Reports Operating Results (10-Q)

August 05, 2010 | About:
10qk

10qk

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MidAmerica Apartment Communities Inc. (MAA) filed Quarterly Report for the period ended 2010-06-30.

Midamerica Apartment Communities Inc. has a market cap of $1.74 billion; its shares were traded at around $57.83 with a P/E ratio of 15.3 and P/S ratio of 4.6. The dividend yield of Midamerica Apartment Communities Inc. stocks is 4.2%. Midamerica Apartment Communities Inc. had an annual average earning growth of 4.2% over the past 10 years.MAA is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc, Kenneth Fisher of Fisher Asset Management, LLC, Manning & Napier Advisors, Inc.

Highlight of Business Operations:

Property operating expenses include costs for property personnel, property personnel bonuses, building repairs and maintenance, real estate taxes and insurance, utilities, landscaping and other property related costs. Property operating expenses for the three months ended June 30, 2010 were approximately $42.7 million, an increase of approximately $3.7 million from the three months ended June 30, 2009 due primarily to increases in property operating expenses of (i) $0.9 million from our large same store group, (ii) $1.1 million from our secondary same store group, and (iii) $1.7 million from our non-same store group, mainly as a result of acquisitions. The increases in the large and secondary same store groups include $0.8 million and $1.0 million, respectively, related to the accounting for our new bulk cable program.

Depreciation expense for the three months ended June 30, 2010 was approximately $24.9 million, an increase of approximately $1.1 million from the three months ended June 30, 2009 primarily due to the increases in depreciation expense of (i) $0.2 million from our large same store group, (ii) $0.3 million from our secondary same store group, and (iii) $0.6 million from our non-same store group, mainly as a result of acquisitions. Increases of depreciation expense from our same store groups resulted from asset additions made during the normal course of business.

Property revenues for the six months ended June 30, 2010 were approximately $196.1 million, an increase of $8.0 million from the six months ended June 30, 2009 due to an increase in property revenues of (i) $1.9 million from our secondary same store group primarily as a result of a $1.5 million increase from our new bulk cable program, and (ii) $6.8 million from our non-same store group, mainly as a result of acquisitions. These increases were partially offset by a decrease of $0.7 million from our large same store group.

Property operating expenses include costs for property personnel, property personnel bonuses, building repairs and maintenance, real estate taxes and insurance, utilities, landscaping and other property related costs. Property operating expenses for the six months ended June 30, 2010 were approximately $84.2 million, an increase of approximately $7.0 million from the six months ended June 30, 2009 due primarily to increases in property operating expenses of (i) $1.8 million from our large same store group, (ii) $1.9 million from our secondary same store group, and (iii) $3.3 million from our non-same store group, mainly as a result of acquisitions. The increases in the large and secondary same store groups include $1.5 million and $1.7 million, respectively, related to the accounting for our new bulk cable program.

Depreciation expense for the six months ended June 30, 2010 was approximately $50.0 million, an increase of approximately $2.6 million from the six months ended June 30, 2009 primarily due to the increases in depreciation expense of (i) $0.4 million from our large same store group, (ii) $0.6 million from our secondary same store group, and (iii) $1.6 million from our non-same store group, mainly as a result of acquisitions. Increases of depreciation expense from our same store groups resulted from asset additions made during the normal course of business.

Net cash used in investing activities was approximately $33.0 million during the six months ended June 30, 2009 compared to $51.6 million during the six months ended June 30, 2010, mainly related to acquisition activity. In the six months ended June 30, 2009, acquisition cash outflows of $17.7 million were mainly related to the acquisition of the Sky View Ranch apartments. In the six months ended June 30, 2010, acquisition cash outflows of $69.7 million were mainly related to the acquisition of three communities. The increased cash outflows due to acquisitions were partially offset by an increase in cash inflows from dispositions of real estate assets. In the six months ended June 30, 2009, we had cash inflows of $14.7 million, mainly related to the dispositions of two properties. In the six months ended June 30, 2010, we had cash inflows of $42.1 million, mainly related to the contribution of a previously acquired property into one of our joint ventures.

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