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Mid-America Apartment Communities Inc. Message Board

  • jimmydenoh jimmydenoh Apr 9, 2002 4:00 AM Flag

    Ferdie, yours on MAA

    yesterday (on the KTR board) calling it a "disaster" is a gross exaggeration imho. The numbers are these (for FY01): FFO $2.80, FAD $2.23, FCF $2.37, DIVS $2.34. You are correct that DIVS exceed FAD, but they are BELOW FCF, which is defined as FAD plus "addback of other non-cash items, primarily non-real estate depreciation and amortization." In point of fact, year to year they were able to reduce funded debt slightly ($1.4 million), so they are not borrowing to pay DIVS. Management, which has demonstrated high professionalism and dedication to shareholders, expresses strong support for the dividend at its present level and, unless the bottom falls out of their apartment markets, the numbers appear sufficient to maintain it. Tight for sure, tighter than I'd like, but sufficient reward for risk today an an 8.9% yield, assuming of course the FY02 Qtr 1 numbers show no unexpected deterioration. Am I missing something important here?
    PS: Let me add, at the risk of sounding like a leftist program caller to Rush Limbaugh, that I've followed your comments on various boards for quite some time and I've profited from your insight. IOW, you've made me money, friend.

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