Mid-America Apartment Communities' MAA third-quarter results were roughly in line with our expectations, so we're sticking with our fair value estimate. Total revenue for this apartment landlord increased 0.8% on a year-over-year basis, but that relative resilience was due to properties that came on line in 2009. Same-store sales are more demonstrative of how unemployment has hampered Mid-America's earnings power. On a same-store basis, year-over-year revenue and net operating income dropped 1.7% and 2.1%, respectively. With unemployment expected to remain elevated in Texas, Florida, and Georgia, continued near-term operating softness for Mid-America is likely. Still, the firm remains in fine financial health, with earnings before interest, taxes, depreciation, and amortization covering its interest payment more than 3 times in the third quarter.

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