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<<Ralph, is the apartment REIT you mentioned Mid-American or Mid-America (MAA)?>>

It is MAA. Again, I do not follow this company closely, but unlike USV it IS in my REIT survey. My recollection is that most of the assets are located in Florida, Georgia, Tennessee and Texas, which are of course low barrier to entry markets. I recall some data showing that same-store NOI growth has been below that of most of its peers. (I am not sure of this, and so please feel free to correct me on it). Dividend coverage is very tight; "free cash flow," as defined by the company, was $2.37 last year (up slightly from $2.34 in '00), and the dividend is $2.34. AFFO estimates for this year and next are below the current dividend rate (though I am not suggesting that a cut is imminent (I just don't know). In Q4, same-store NOI was up 1.2% (but was slightly negative for Q4).

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