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Midamerica Apartment Communities Inc. has a market cap of $2.02 billion; its shares were traded at around $61.67 with a P/E ratio of 17.1 and P/S ratio of 5.3. The dividend yield of Midamerica Apartment Communities Inc. stocks is 4%. Midamerica Apartment Communities Inc. had an annual average earning growth of 4.2% over the past 10 years.MAA is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, 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 depreciation. Property operating expenses, excluding depreciation, for the three months ended September 30, 2010 were approximately $45.1 million, an increase of approximately $3.0 million from the three months ended September 30, 2009 due primarily to increases in property operating expenses of (i) $0.2 million from our large market same store group, (ii) $0.7 million from our secondary market same store group, and (iii) $2.1 million from our non-same store and other group, mainly as a result of acquisitions. The increases in the large and secondary market same store groups include $1.0 million and $1.2 million, respectively, related to the accounting for our new bulk cable program.
Depreciation expense for the three months ended September 30, 2010 was approximately $26.5 million, an increase of approximately $2.6 million from the three months ended September 30, 2009 primarily due to the increases in depreciation expense of (i) $0.3 million from our large market same store group, (ii) $0.4 million from our secondary market same store group, and (iii) $1.9 million from our non-same store and other group, mainly as a result of acquisitions. Increases of depreciation expense from our large and secondary market same store groups resulted from asset additions made during the normal course of business.
Property revenues for the nine months ended September 30, 2010 were approximately $297.3 million, an increase of $14.3 million from the nine months ended September 30, 2009 due to an increase in property revenues of (i) $2.3 million from our secondary market same store group primarily as a result of a $3.0 million increase related to the accounting for our new bulk cable program, and (ii) $13.2 million from our non-same store and other group, mainly as a result of acquisitions. These increases were partially offset by a decrease of $1.2 million from our large market 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 depreciation. Property operating expenses, excluding depreciation, for the nine months ended September 30, 2010 were approximately $129.3 million, an increase of approximately $10.0 million from the nine months ended September 30, 2009 due primarily to increases in property operating expenses of (i) $2.0 million from our large market same store group, (ii) $2.6 million from our secondary market same store group, and (iii) $5.4 million from our non-same store and other group, mainly as a result of acquisitions. The increases in the large and secondary market same store groups include $2.7 million and $3.0 million, respectively, related to the accounting for our new bulk cable program.
Depreciation expense for the nine months ended September 30, 2010 was approximately $76.5 million, an increase of approximately $5.2 million from the nine months ended September 30, 2009 primarily due to the increases in depreciation expense of (i) $0.7 million from our large market same store group, (ii) $1.0 million from our secondary market same store group, and (iii) $3.5 million from our non-same store and other group, mainly as a result of acquisitions. Increases of depreciation expense from our large and secondary market same store groups resulted from asset additions made during the normal course of business.
FFO for the nine month period ended September 30, 2010 decreased approximately $0.6 million from the nine months ended September 30, 2009. The increase in property revenues of approximately $14.3 million for the nine month period ended September 30, 2010 from the nine month period ended September 30, 2009 discussed above was only partially offset by the $10.0 million increase in property operating expenses over the same period. FFO for the nine months ended September 30, 2010 was impacted by a $1.9 million asset impairment charge related to one of our original initial public offering communities. FFO for the nine months ended September 30, 2010 was also impacted by a decrease in preferred dividends of $3.1 million from the nine months ended September 30, 2009 due to the redemption of the Series H shares. This decrease was more than offset by the recognition of approximately $5.1 million on the condensed consolidated statements of operations representing the write-off of premiums and original issuance costs for the Series H redemption.
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