VOL. 115 | NO. 189 | Tuesday, November 6, 2001
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.
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.
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
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.
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.
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.
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.