Mid-America meets

third quarter expectations

Mid-America Apartment Communities Inc. announced funds from operations for the third quarter ended Sept. 30 of $14.3 million, or 70 cents per share. This is in line with recently revised earnings estimates and represents a 4.5 percent growth in FFO per share as compared to $13.7 million or 67 cents per share reported for the same quarter last year.

FFO is a widely accepted measure of a real estate investment trust's performance. Net income available for common shareholders per share increased to 52 cents per share for the quarter, compared to 9 cents per share for the same period one year ago, which includes a $9.9 million gain on sale of assets.

``While we have recently experienced growing pressure on operating performance from a combination of slower job growth and softness from excess new development in a few markets, we are pleased to see other factors working to off-set some of this current drag on earnings, said Eric Bolton, president and chief executive officer.

We continue to take advantage of the low interest rate environment through favorable refinancing transactions and have further reduced our debt costs. In addition, unit turnover year to date continued its improvement, now running 0.5 percent below last year.

Memphis Hotel Owners LP, a Delaware limited partnership, financed $11.9 million through Lehman Brothers Holdings Inc., securing the loan with property at 2240 Democrat Road, according to a trust deed filed in the Shelby County Register's Office Oct. 30.

Kevin Hyneman Cos. Inc., a Mississippi corporation, financed $2.6 million through Union Planters Bank, securing the loan with property known as River Park Estates at Auction Street and Island Drive and 61.9 acres in Fayette County, according to a trust deed filed Friday in the Shelby County Register's Office.

Race-Radiological Assistance, Consulting and Engineering LLC, a Tennessee limited liability company, financed $1.4 million through Insurors Bank of Tennessee, securing the loan with five acres at Pier and Channel avenues, according to a trust deed filed in the Shelby County Register's Office Thursday.