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MEMPHIS, TN-Mid-America Apartment Communities, Inc. experienced third-quarter growth both in FFO and net income.

The REIT reported that FFO for the third quarter ending Sept. 30, 2001 of $14.27 million, or 70 cents per share. This represents a 4.5% growth in FFO per share as compared to $13.69 million or 67 cents per share reported for third quarter 2000.

Net income was $9.01 million, compared to $1.60 million in the comparable period last year. That works out to 52 cents per share for the quarter, compared to nine cents per share for the same period in 2000.

“While 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,” Eric Bolton, president and CEO, says in a prepared statement.

Bolton says, “We continue to take advantage of the low interest rate environment through favorable refinancing transactions and have further reduced our debt costs.”

Overall occupancy at the end of the third quarter was 94.4%, .7% below the same point last year but up slightly from 94.3% at the end of the second quarter this year. In addition, unit turnover year to date continued its improvement, now running .5% below last year.

Mid-America anticipates an FFO of $2.80 per share for the full year of 2001, and a range of $2.82-$2.92 per share for 2002.

Mid-America is a self-administered, self-managed apartment-only REIT that owns or has ownership interest in 33,480 apartment units throughout the southeast and south-central United States and in Texas.

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