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VOL. 113 | NO. 184 | Tuesday, September 28, 1999

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Mid-America Apartment Communities The Memphis Area Association of Realtors and the Memphis Metro CCIM chapter will sponsor a seminar titled "Selling in Cyberspace" from 9 a.m. to 5 p.m. Friday at MAARs headquarters, 6393 Poplar Ave. The seminar will feature John M. Peckham III, executive director of the Real Estate Cyberspace Society. For more information, call Margaret Burrows at 818-2419. Crye-Leike Relocation Services announced a new affiliation with GMAC Home Services that will allow Crye-Leike agents to service customers referred by GMACs relocation division. Fogelman Management Group announced it has been awarded the management of two apartment communities in Durham, N.C., the 100-unit Stonewood Apartments and the 120-unit Scotts Brooke Apartments. The Best Western Springdale Hotel and Conference Center in the Cincinnati area and the Hotel Royal Plaza at the Walt Disney World Resort in Orlando, Fla., are the latest additions to the list of properties managed by Davidson Hotel Co. Retenbach Constructors Inc. announced it has been awarded a contract with the U.S. Postal Service for a 55,000-square-foot processing and distribution center expansion in Cape Girardeau, Mo. The design/build project with local engineering firm PDR and J&A Mechanical has an estimated completion date of early 2001. Mid-America Apartment Communities Inc. announced it expects 1999 funds from operations to be about $2.74 per share, or 11 cents below current estimates. The consensus estimate reported by First Call/Thomson Financial was $2.85 per share. The real estate investment trust earlier released a statement detailing reductions in its own FFO expectations totaling $0.125 per share, including the impact of slower than expected growth and an $80 million stock buyback funded with asset sales. The trust said it expects to incur about 1.5 cents per share of additional costs associated with financing activities in the final half of the year due to higher interest expense, partially related to the asset sale and share repurchase program. It also announced the completion of the lease-up of its new apartment community in Conyers, Ga.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 288 2,335
MORTGAGES 85 341 2,894
FORECLOSURE NOTICES 11 68 477
BUILDING PERMITS 167 765 5,003
BANKRUPTCIES 38 258 1,779
BUSINESS LICENSES 22 150 896
UTILITY CONNECTIONS 33 119 1,012
MARRIAGE LICENSES 19 80 343

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