Memphis-based MAA’s second quarter was marked by positive leasing conditions, year-over-year revenue growth and strong pricing trends, the real estate investment trust reported in its Aug. 5, conference call.

Net income available for common shareholders for the quarter ended June 30 was $7.4 million, or $0.20 per diluted common share, as compared to $1.4 million, or $0.04 per diluted common share, during the same quarter last year.

Funds from operations – a widely accepted measure of performance for real estate investment trusts – was $36.2 million, representing $0.93 per diluted share per unit for the quarter, as compared to $26.4 million, or $0.80 per share, in Q2 2010.

Formerly known as Mid-America Apartment Communities Inc., MAA is a self-administered, self-managed apartment-only REIT that currently owns or has ownership interest in 48,189 apartment units throughout the Sunbelt region of the U.S.

Chairman and CEO Eric Bolton said the company’s strong second quarter is a direct result of positive leasing conditions with solid pricing momentum across the portfolio.

“We made significant progress during the quarter in executing on our long-term financing strategy, further increasing the strength and flexibility of our balance sheet,” Bolton said in a statement. “Our new value growth opportunities also remain robust with a higher than expected volume of property acquisitions completed during the quarter. Despite continued sluggishness in the economy, we expect to capture steady upward pricing trends into 2012.”

Markets with the strongest performance continue to be Dallas, Houston and Phoenix, while Atlanta remains slow, Bolton said. It also reported strong pricing trends in Memphis, Jackson, Miss., and Little Rock.

During the quarter, MAA completed five wholly owned acquisitions totaling 1,239 units for a total investment of approximately $153 million. Year to date, these purchases bring MAA’s total acquisition investment to approximately $208 million in 1,879 units, including $24.8 million purchased for Mid-America Multifamily Fund II LLC, with an overall average cap rate on first years projected cash flows between 5.75 percent and 6 percent.

MAA’s development pipeline, including three ongoing construction projects, comprises 950 units with a total projected cost of slightly more than $109 million, of which $27.7 million was funded at the close of the quarter.

There were no dispositions of apartment communities during Q2, but the company has one community, the 260-unit Lodge at Timberglen in Dallas, that has been classified as held for sale. It is expected to close during the third quarter for net proceeds of approximately $10.5 million.

Full-year 2011 funds from operations are now expected to be in the range of $3.92 to $4.12 per share, or $4.02 at the mid-point, which is an increase of $0.02 per share from previous guidance.