MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - FORM 8-K - MID AMERICA APARTMENT COMMUNITIES INC.	v311656_8k.htm
EX-99.1 - EXHIBIT 99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	v311656_ex99-1.htm

MAA

May 3, 2012

Supplemental Data S-1

COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

											Average
											Effective
	As of March 31, 2012										Rent for the
					Percent to						Three Months
			Gross		Total of			Physical			Ended
	Units		Real Assets		Gross Assets			Occupancy			Mar 31, 2012

Dallas, TX		5,220	$	377,513		10.7	%		95.9	%	$	835.12
Jacksonville, FL		3,950	$	277,706		7.9	%		96.7	%	$	819.12
Atlanta, GA		3,253	$	256,534		7.3	%		96.6	%	$	786.44
Houston, TX		2,909	$	221,340		6.3	%		96.4	%	$	866.73
Nashville, TN		2,779	$	224,816		6.4	%		96.7	%	$	836.57
Austin, TX		2,255	$	164,474		4.6	%		96.5	%	$	868.66
Tampa, FL		1,786	$	127,729		3.6	%		97.3	%	$	901.25
Raleigh/Durham, NC		1,549	$	157,878		4.5	%		96.8	%	$	879.60
Phoenix, AZ		1,024	$	114,801		3.2	%		95.5	%	$	758.71
South Florida		480	$	54,710		1.5	%		96.7	%	$	1,330.48
Richmond, VA		300	$	41,115		1.2	%		95.3	%	$	1,168.87
Orlando, FL		288	$	15,377		0.4	%		96.5	%	$	745.90
Charlotte, NC		196	$	27,262		0.8	%		95.9	%	$	1,099.77
Large Markets		25,989	$	2,061,255		58.4	%		96.5	%	$	851.39

Memphis, TN		3,305	$	189,697		5.4	%		96.7	%	$	765.20
Columbus, GA		1,509	$	84,294		2.4	%		94.4	%	$	746.43
Greenville, SC		1,396	$	73,645		2.1	%		96.4	%	$	648.51
Jackson, MS		1,241	$	64,524		1.8	%		96.2	%	$	760.08
Little Rock, AR		1,056	$	75,289		2.1	%		96.1	%	$	799.62
Lexington, KY		924	$	63,268		1.8	%		93.9	%	$	739.30
Savannah, GA		782	$	71,369		2.0	%		93.9	%	$	878.65
San Antonio, TX		740	$	59,955		1.7	%		96.2	%	$	891.00
All Other Secondary		11,595	$	726,587		20.6	%		96.2	%	$	754.09
Secondary Markets		22,548	$	1,408,628		39.9	%		96.0	%	$	759.34

Subtotal		48,537	$	3,469,883		98.3	%		96.2	%	$	808.63

Lease-up and Development		148	$	61,672		1.7	%		84.9	%	$	1,262.02

Total Multifamily Portfolio		48,685	$	3,531,555		100.0	%		96.2	%	$	810.01

MULTIFAMILY UNITS

	2012		2011
	Mar 31		Dec 31		Sept 30		Jun 30		Mar 31

100% Owned Properties		46,424		46,872		46,365		45,928		44,689
Properties in Joint Ventures		2,261		2,261		2,261		2,261		2,261
Total Multifamily Portfolio		48,685		49,133		48,626		48,189		46,950

RETAIL UNITS

	2012		2011
	Mar 31		Dec 31		Sept 30		Jun 30		Mar 31
Gross Leasable Area in Square Feet		81,000		81,000		81,000		78,000		78,000

MAA

May 3, 2012

Supplemental Data S-2

DEVELOPMENT COMMUNITIES

Dollars in thousands

UNITS

	Total		As of March 31, 2012
	Development		Units		Units		Units
	Units		Completed		Occupied		Leased
Cool Springs		428		114		96		126
Ridge at Chenal Valley		312		34		30		50
1225 South Church Phase II		210		-		-		-
Cooper River Village		270		-		-		-
Total		1,220		148		126		176

TIMELINE

Construction

Initial

Expected

Start

Finish

Occupancy

Stabilization

Cool Springs

4Q10

4Q12

1Q12

4Q13

Ridge at Chenal Valley

2Q11

4Q12

1Q12

3Q13

1225 South Church Phase II

2Q11

4Q12

4Q13

Cooper River Village

1Q12

4Q13

2Q13

4Q14

EXPENDITURES

	Current		Estimated		Current
	Estimated		Cost		Cost
	Cost		per Unit		to Date
Cool Springs	$	55,300	$	129	$	41,940
Ridge at Chenal Valley		28,600		92		19,721
1225 South Church Phase II		26,700		127		13,218
Cooper River Village		33,100		123		6,388
Total	$	143,700	$	118	$	81,267

MAA

May 3, 2012

Supplemental Data S-3

SAME STORE SUMMARY

Dollars in thousands

	Three Months Ended March 31,
					Percent
	2012		2011		Change
Revenues	$	102,507	$	98,128		4.5	%
Expense		42,626		40,801		4.5	%
NOI	$	59,881	$	57,327		4.5	%

	Percent Change from Prior Year
	1Q12			2Q12	3Q12	4Q12	YTD
Revenues		4.5	%					4.5	%
Expense		4.5	%					4.5	%
NOI		4.5	%					4.5	%

	Percent Change from Prior Quarter
	1Q12			2Q12	3Q12	4Q12
Revenues		1.7	%
Expense		1.4	%
NOI		1.9	%

NOI BRIDGE

Dollars in thousands

	Three Months Ended
	3/31/12			12/31/11			3/31/11
NOI
Large market same store	$	32,098		$	31,240		$	30,276
Secondary market same store		27,783			27,499			27,051
Total same store		59,881			58,739			57,327
Non-same store		9,635			10,074			4,188
Total NOI		69,516			68,813			61,515
Held for sale NOI included above		4			(842	)		(1,122	)
Management fee income		269			266			223
Depreciation and amortization		(30,643	)		(30,705	)		(27,216	)
Acquisition credit (expense)		634			(988	)		(219	)
Property management expenses		(5,454	)		(5,458	)		(5,144	)
General and administrative expenses		(3,447	)		(4,078	)		(4,610	)
Interest and other non-property income		108			117			235
Interest expense		(14,350	)		(14,979	)		(13,914	)
Gain (loss) on debt extinguishment		20			(644	)		-
Amortization of deferred financing costs		(771	)		(756	)		(715	)
Net casualty (loss) gain and other settlement proceeds		(4	)		73			(141	)
Gain on sale of non-depreciable or non-real estate assets		-			921			(6	)
Loss from real estate joint ventures		(31	)		(63	)		(245	)
Discontinued operations		9,217			8,268			514
Net income attributable to noncontrolling interests		(1,178	)		(1,187	)		(311	)
Net income attributable to MAA	$	23,890		$	18,758		$	8,844

MAA

May 3, 2012

Supplemental Data S-4

SAME STORE DETAILS

Dollars in thousands except Average Effective Rent

CURRENT PERIOD ACTUALS As of March 31, 2012, unless otherwise noted

			Three Months Ended March 31, 2012
									Average					Quarterly			Twelve
									Effective		Physical			Economic			Month
	Units		Revenue		Expense		NOI		Rent		Occupancy			Occupancy ⁽¹⁾			Turn Rate
Large Markets
Dallas, TX		3,791	$	10,040	$	4,311	$	5,729	$	814.39		95.8	%		94.0	%		55.5	%
Jacksonville, FL		3,471	$	8,382	$	3,366	$	5,016	$	771.69		96.7	%		94.2	%		54.5	%
Nashville, TN		2,479	$	6,666	$	2,519	$	4,147	$	823.59		96.6	%		94.4	%		50.7	%
Houston, TX		2,281	$	6,185	$	2,902	$	3,283	$	839.52		96.4	%		93.8	%		59.6	%
Atlanta, GA		2,109	$	5,744	$	2,312	$	3,432	$	830.38		96.3	%		94.3	%		51.5	%
Austin, TX		1,776	$	4,781	$	2,266	$	2,515	$	821.51		96.2	%		92.7	%		52.9	%
Tampa, FL		1,552	$	4,505	$	1,865	$	2,640	$	878.05		97.4	%		95.9	%		48.7	%
Raleigh/Durham, NC		1,341	$	3,556	$	1,265	$	2,291	$	819.08		97.2	%		94.7	%		48.5	%
Phoenix, AZ		1,024	$	2,520	$	1,113	$	1,407	$	758.71		95.5	%		93.5	%		61.0	%
South Florida		480	$	1,942	$	727	$	1,215	$	1,330.48		96.7	%		94.9	%		48.5	%
Orlando, FL		288	$	686	$	263	$	423	$	745.90		96.5	%		94.8	%		42.0	%
Subtotal		20,592	$	55,007	$	22,909	$	32,098	$	826.74		96.4	%		94.2	%		53.5	%

Secondary Markets
Memphis, TN		3,305	$	7,892	$	3,579	$	4,313	$	738.87		96.7	%		94.4	%		57.0	%
Columbus, GA		1,509	$	3,626	$	1,461	$	2,165	$	746.43		94.4	%		92.9	%		73.4	%
Greenville, SC		1,396	$	2,951	$	1,225	$	1,726	$	648.51		96.4	%		93.1	%		56.9	%
Jackson, MS		1,241	$	3,067	$	1,137	$	1,930	$	760.08		96.2	%		93.6	%		60.1	%
Lexington, KY		924	$	2,133	$	832	$	1,301	$	739.30		93.9	%		91.7	%		58.9	%
Little Rock, AR		808	$	1,838	$	702	$	1,136	$	718.01		96.3	%		95.0	%		51.6	%
Savannah, GA		526	$	1,491	$	563	$	928	$	876.13		95.1	%		94.0	%		55.3	%
San Antonio, TX		400	$	1,126	$	455	$	671	$	898.60		96.8	%		95.6	%		71.5	%
All Other Secondary		9,908	$	23,376	$	9,763	$	13,613	$	723.22		96.2	%		94.3	%		58.7	%
Subtotal		20,017	$	47,500	$	19,717	$	27,783	$	732.68		96.0	%		94.0	%		59.4	%

Total Same Store		40,609	$	102,507	$	42,626	$	59,881	$	780.38		96.2	%		94.1	%		56.4	%

⁽¹⁾

Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.

PERCENT CHANGE FROM THREE MONTHS ENDED DECEMBER 31, 2011 (PRIOR QUARTER) AND THREE MONTHS ENDED MARCH 31, 2011 (PRIOR YEAR)

																									Average
	Revenue						Expense						NOI						Physical Occupancy						Effective Rent
	Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior
	Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year
Large Markets
Dallas, TX		2.4	%		7.3	%		1.0	%		2.1	%		3.4	%		11.6	%		0.8	%		-0.3	%		1.5	%		8.0	%
Jacksonville, FL		0.8	%		1.7	%		4.1	%		5.4	%		-1.3	%		-0.6	%		0.7	%		0.2	%		0.5	%		3.0	%
Nashville, TN		1.9	%		7.5	%		-6.2	%		1.8	%		7.5	%		11.3	%		1.2	%		2.0	%		1.0	%		5.8	%
Houston, TX		1.9	%		6.7	%		5.0	%		6.9	%		-0.8	%		6.5	%		2.1	%		2.0	%		1.5	%		6.0	%
Atlanta, GA		1.6	%		4.3	%		-1.2	%		5.7	%		3.6	%		3.4	%		2.3	%		-0.1	%		0.5	%		4.7	%
Austin, TX		3.1	%		7.5	%		6.7	%		8.1	%		0.2	%		7.0	%		-0.1	%		0.5	%		1.0	%		9.7	%
Tampa, FL		1.8	%		3.3	%		1.5	%		0.2	%		2.0	%		5.7	%		1.2	%		0.3	%		0.5	%		3.4	%
Raleigh/Durham, NC		1.2	%		5.6	%		-2.7	%		3.4	%		3.5	%		6.9	%		2.3	%		2.2	%		-0.1	%		5.2	%
Phoenix, AZ		1.8	%		3.4	%		-3.0	%		1.3	%		6.0	%		5.1	%		2.7	%		1.8	%		0.6	%		4.1	%
South Florida		3.8	%		1.4	%		-4.1	%		10.3	%		9.2	%		-3.3	%		2.3	%		-0.2	%		0.6	%		2.8	%
Orlando, FL		5.9	%		6.7	%		0.8	%		0.8	%		9.3	%		10.7	%		-1.1	%		0.0	%		1.3	%		4.3	%
Subtotal		1.9	%		5.2	%		0.8	%		4.2	%		2.7	%		6.0	%		1.3	%		0.7	%		0.9	%		5.5	%

Secondary Markets
Memphis, TN		1.3	%		3.6	%		4.1	%		6.3	%		-1.0	%		1.5	%		1.8	%		-0.2	%		-0.8	%		3.3	%
Columbus, GA		0.2	%		1.7	%		0.8	%		4.4	%		-0.1	%		0.0	%		0.5	%		-2.0	%		-0.3	%		4.7	%
Greenville, SC		2.5	%		6.6	%		4.5	%		5.9	%		1.1	%		7.1	%		1.1	%		1.8	%		0.6	%		6.1	%
Jackson, MS		1.0	%		5.7	%		3.7	%		14.2	%		-0.6	%		1.3	%		1.0	%		1.1	%		0.3	%		5.0	%
Lexington, KY		-0.7	%		2.4	%		-0.6	%		7.8	%		-0.7	%		-0.8	%		-2.2	%		-3.6	%		0.8	%		4.6	%
Little Rock, AR		0.2	%		2.7	%		5.1	%		8.7	%		-2.7	%		-0.6	%		-0.1	%		-0.1	%		-0.1	%		3.1	%
Savannah, GA		2.5	%		4.6	%		10.2	%		-0.5	%		-1.7	%		8.0	%		-1.3	%		-0.7	%		0.7	%		5.1	%
San Antonio, TX		3.1	%		10.7	%		2.0	%		3.6	%		3.9	%		16.1	%		2.3	%		1.8	%		1.2	%		6.9	%
All Other Secondary		1.9	%		3.0	%		0.8	%		3.2	%		2.7	%		2.9	%		1.2	%		0.1	%		0.4	%		3.2	%
Subtotal		1.5	%		3.6	%		2.1	%		4.8	%		1.0	%		2.7	%		0.9	%		-0.1	%		0.2	%		3.8	%

Total Same Store		1.7	%		4.5	%		1.4	%		4.5	%		1.9	%		4.5	%		1.1	%		0.3	%		0.5	%		4.7	%

MAA

May 3, 2012

Supplemental Data S-5

OPERATING RESULTS

Dollars in thousands

	Three Months
	Ended
	March 31,			Trailing
	2012			4 Quarters
Net income attributable to MAA	$	23,890		$	63,867
Depreciation and amortization		30,643			117,940
Interest expense		14,350			58,854
(Gain) loss on debt extinguishment		(20	)		735
Amortization of deferred financing costs		771			2,958
Net casualty loss and other settlement proceeds		4			482
Gain on sale of non-depreciable or non-real estate assets		-			(1,068	)
Net casualty loss and other settlement
proceeds of discontinued operations		54			59
Depreciation of discontinued operations		135			1,524
Gain on sale of discontinued operations		(9,500	)		(22,299	)
EBITDA	$	60,327		$	223,052

	Three Months Ended
	March 31
	2012			2011
EBITDA/Debt Service		3.98	x		3.52	x
Fixed Charge Coverage ⁽¹⁾		4.20	x		3.69	x
Total Debt/Total Gross Assets		43.8	%		46.4	%
Total Net Debt ⁽²⁾/Total Gross Assets		42.6	%		44.9	%
Total Net Debt ⁽²⁾/EBITDA		6.72	x		7.23	x
Unencumbered Assets/Total Gross Assets		35.9	%		14.8	%

⁽¹⁾

Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

⁽²⁾

Total Net Debt equals Total Debt less Cash and Cash Equivalents.

DEBT AS OF MARCH 31, 2012

Dollars in thousands

SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES

			Average Years
	Principal		to Rate		Effective
	Balance		Maturity		Rate
Secured Debt
Conventional - Fixed Rate or Swapped	$	886,111		4.4		5.1	%
Tax-free - Fixed Rate or Swapped		17,800		0.5		4.4	%
Conventional - Variable Rate - Capped^{(1) (2)}		213,136		3.8		1.0	%
Tax-free - Variable Rate - Capped ⁽¹⁾		72,715		1.9		1.0	%
Total Secured Fixed or Hedged Rate Debt		1,189,762		4.1		4.1	%
Conventional - Variable Rate		163,294		0.2		0.7	%
Total Secured Debt		1,353,056		3.6		3.7	%
Unsecured Debt
Fixed Rate or Swapped ⁽³⁾		185,000		7.5		4.3	%
Variable Rate		2,000		-		2.7	%
Total Unsecured Debt		187,000		7.4		4.3	%
Total Debt	$	1,540,056		4.1		3.8	%

Total Fixed or Hedged Debt	$	1,374,762		4.6		4.1	%

⁽¹⁾

The effective rate represents the average rate on the underlying variable debt unless the cap rates are reached, which average 4.6% of LIBOR for conventional caps and 5.4% of SIFMA for tax-free caps.

⁽²⁾

Includes a $15.2 million mortgage with an imbedded cap at a 7% all-in interest rate.

⁽³⁾

$50 million of balance is fixed at 2.7% by interest rate swaps that do not go into effect until June 1, 2012.

The unswapped rate was used for first quarter.

MAA

May 3, 2012

Supplemental Data S-6

DEBT AS OF MARCH 31, 2012 continued

Dollars in thousands

SUMMARY OF OUTSTANDING BALANCES

			Amount
			Collateralized				Average Years
	Line		and/or		Amount		to Contract
	Limit		Available		Borrowed		Maturity
Fannie Mae Credit Facilities	$	964,429	$	884,429	$	787,498		5.4
Freddie Mac Credit Facilities		200,000		198,247		198,247		2.3
Other Secured Borrowings		367,311		367,311		367,311		8.1
Unsecured Credit Facility		250,000		248,827		2,000		3.6
Other Unsecured Debt		285,000		185,000		185,000		7.5
Total Debt	$	2,066,740	$	1,883,814	$	1,540,056		6.0

TOTAL BORROWING CAPACITY CONTRACT MATURITIES

		Credit Facility Line Limits
		Secured				Unsecured		Other		Other
Maturity		Fannie Mae		Freddie Mac		KeyBank		Secured		Unsecured		Total
	2012	$	80,000	$	-	$	-	$	-	$	-	$	80,000
	2013		203,193		-		-		-		-		203,193
	2014		229,721		200,000		-		16,853		-		446,574
	2015		120,000		-		250,000		51,340		-		421,340
	2016		80,000		-		-		-		-		80,000
	2017		80,000		-		-		28,782		150,000		258,782
	Thereafter		171,515		-		-		270,336		135,000		576,851
	Total	$	964,429	$	200,000	$	250,000	$	367,311	$	285,000	$	2,066,740

TOTAL AMOUNT OUTSTANDING CONTRACT MATURITIES

		Credit Facility Amount Borrowed
		Secured				Unsecured		Other		Other
Maturity		Fannie Mae		Freddie Mac		KeyBank		Secured		Unsecured		Total
	2012	$	-	$	-	$	-	$	-	$	-	$	-
	2013		106,262		-		-		-		-		106,262
	2014		229,721		198,247		-		16,853		-		444,821
	2015		120,000		-		2,000		51,340		-		173,340
	2016		80,000		-		-		-		-		80,000
	2017		80,000		-		-		28,782		50,000		158,782
	Thereafter		171,515		-		-		270,336		135,000		576,851
	Total	$	787,498	$	198,247	$	2,000	$	367,311	$	185,000	$	1,540,056

SWAPS AND FIXED RATE MATURITIES

	Swap Balances								Total
			SIFMA		Fannie Mae		Fixed Rate				Contract
	LIBOR ⁽¹⁾		(formerly BMA)		Facility		Balances		Balance		Rate
2012	$	75,000	$	17,800	$	-	$	-	$	92,800		5.0	%
2013		190,000		-		-		-		190,000		5.2	%
2014		144,000		-		-		16,853		160,853		5.7	%
2015		75,000		-		-		36,140		111,140		5.6	%
2016		-		-		-		-		-		-
2017		50,000		-		50,000		28,782		128,782		3.8	%
Thereafter		-		-		-		405,336		405,336		5.0	%
Total	$	534,000	$	17,800	$	50,000	$	487,111	$	1,088,911		5.1	%

⁽¹⁾

$50 million of the 2017 balance represents interest rate swaps that do not go into effect until June 1, 2012.

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - May 3, 2012

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports