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Mid-America Apartment Communities Inc. Message Board

  • REIT1234 REIT1234 Dec 29, 1999 3:33 AM Flag

    total return/george cates

    i don't know if anyone has noticed, but the stock
    price is actually up for the year. in an industry where
    management in many cos still thinks its running a private
    enterprise, george cates et al have consisitently put the sh
    (and stock price) first. given the carnage in the
    industry and the radical change in maa strategy, to my
    mind this is a noteworhty accomplishment. here's to
    more asset sales/ share repurchases and a prosperous
    new year.

    best regards.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • First Manhattan appears to be a non-event until someone offers them $30 per share when the stock is trading at $22. It will probably then become an event. It will be for this writer.

    • AHMEN.... I can't figure out this market. Your
      comment is right on and the overal strategy of MAA
      management will take another year or so to manifest itself
      in the ffo results. This stock and its preferred
      sister are a great value. If you are pure income
      oriented investor check the MAApb issue. It pays interest
      monthly and is priced almost 100bp below the comparable
      MAApa. The MAApb is yeilding about 14.4% at its current
      price!

    • Everyone is, I'm sure, aware of the Walden
      situation and the beating up of the Pfd. issues........now
      lets compare the MAA Pfd.C and the Walden (WDN)
      Pfd.S

      At a price of 15 9/16 the yield would be 15.04% for
      the MAA Pfd. C ($2.34 yearly)
      At a price of 15 5/8
      the yield would be 14.72% for the Walden Pfd. S ( 2+
      months for dvd.payment.......$2.30 yearly)

      What's
      going on to have our Pfd C issue pay a higher rate of
      return than the Comparable WDN issue???????

      • 1 Reply to Curtispvd992
      • Who can say why the market prices a stock, any
        stock, the way it does! There's little interest in our
        (or most other) preferred, and the daily changes is
        often - generally? - illogical.

        I'm so
        "worried" about our preferreds that, for the very first
        time in my life, I bought 10,000 shares (market basket
        mix of A, B and C) a few weeks ago. I'm a buyer and
        believer in the common, first and foremost, but just
        couldn't pass up the arbitrage available between our
        preferred and prevailing interest rates. Time will tell;
        I'm extremely confident of our preferred dividend
        safety, so the test of the investment will come with its
        relation with market interest rates fluctuations, of
        course.

        ...and other than this single foray into the preferred
        arena, I'm still intending, as always, to put other cash
        I can scrape up from time to time into (hold on for
        a real surprise!) the common.

    • Sam Zell, a person with wide experience in
      involving REITs, gave an interview in
      Barrons,12/27/99.

      In the article, regarding the REIT Modification Act
      of 1999, Mr. Zell gos on to say," The new bill will
      remove the remaining shackles, allowing REITs to more
      aggressively and effectively provide services to tenants. We
      will be able to manage our properties and look after
      our tenants as customers by offering things like
      broadband communications directly through 100% owned
      subsidiaries."

      United Dominion Resources, (UDR) has just announced an
      agreement in conjunction with CAIS Internet, to provide
      broadband communications for tenants in their 84000
      appartments (for a percentage.)

      • 1 Reply to Curtispvd992
      • Who would not want to rent a luxury 2BR for
        $250?......Who would not want to be able to rent a luxury 2BR
        for $250 and still make money.

        This writer has
        an idea based on the fact that 80%+ of all renters
        leave to buy a home and the "REIT Modification Act of
        1999."

        Basicly, the renter will give $500 back of let say $750
        (for one year) rent when the tenant leaves to buy a
        home......however the tenant must buy from a particular builder(s)
        in which the landlord has a business relationship as
        a realator.

        The closing would look like
        this:
        A) Ex-tenant receives $6000 for buying the
        home......basicly a downpayment.
        B) The landlord (MAA?) would
        receive $7200
        (6% of $120,000 home) as a finders fee
        or acting as a realator.

        There is nothing to
        keep the landlord from also becoming a morgage broker
        to find a morgage for the tenant, sell him the
        insurance to cover the home as well as the furniture in the
        home.....

        Just an example in which one can play with numbers
        after looking at the idea......

        The best....

 
MAA
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