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Mid-America Apartment Communities Inc. Message Board

  • zebraspit zebraspit Jul 23, 2003 11:46 AM Flag

    Where does all that preferred money go?

    In a couple of weeks, when the preferred shares are redeemed, there will be upwards to, what
    - $150 million or so? - available for re-investment.
    Much of that money obviously likes MAA and wants to continue to enjoy the better-than-average 8%+ yield, so you might figure that significant amounts of that cash may be soon coming in to buy the common.

    Given that on an average day only about $1 million in common is traded, what will happen when many times that amount suddenly shows up, all at once, looking for a new home?

    Anyway, I wouldn't be surprised to a spike in the next several weeks that takes us well above $30.

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