MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 6, 2013

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8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC.v333737_8k.htm
EX-99.1 - EXHIBIT 99.1 - MID AMERICA APARTMENT COMMUNITIES INC.v333737_ex99-1.htm

 

 

MAA February 6, 2013 Supplemental Data S-1

 

MULTIFAMILY COMMUNITIES AND UNITS

Dollars in thousands

 

MULTIFAMILY COMMUNITIES

   Number of Units   Number of Communities 
   2012   2011   2012   2011 
   Dec 31 (1)   Sept 30   Jun 30   Mar 31   Dec 31   Dec 31 (2)   Sept 30   Jun 30   Mar 31   Dec 31 
Same store communities   40,609    40,609    40,609    40,609    40,181    136    136    136    136    135 
Stabilized non-same store communities   6,460    6,700    6,206    5,667    6,691    22    23    24    22    25 
Development communities   774    1,220    1,220    1,220    950    2    3    3    3    2 
Lease-up communities   740    -    -    -    -    2    -    -    -    - 
Wholly-owned communities   48,583    48,529    48,035    47,496    47,822    162    162    163    161    162 
Joint venture communities   1,782    1,782    1,782    2,261    2,261    6    6    6    7    7 
Total Multifamily communities   50,365    50,311    49,817    49,757    50,083    168    168    169    168    169 
                                                   
    

(1) The Number of Units for Development Communities includes 774 units which have not yet been delivered and are unavailable for occupancy.

    

(2) The Number of Communities for Development Communities excludes one development which is a phase II to an existing community.

 
                                                   

DEVELOPMENT PIPELINE

3.4% of Multifamily Gross Assets  Units                         
           Percent   Percent of          Current             
           Available   Available to Occupy  Estimated Cost   Cost   Construction  Initial  Expected
   MSA   Total   to Occupy   Occupied    Leased  Total   per Unit   to Date   Start  Finish  Occupancy  Stabilized
River's Walk  Charleston    270    0%  N/A   N/A  $33,400   $124   $15,200   1Q12  4Q13  2Q13  4Q14
1225 South Church Phase II  Charlotte    210    0%  N/A   N/A  $27,300   $130   $23,400   2Q11  1Q13  1Q13  1Q14
220 Riverside  Jacksonville    294    0%  N/A   N/A  $40,400   $137   $5,300   4Q12  4Q14  3Q14  4Q15
Total        774    0%  N/A   N/A  $101,100   $131   $43,900             
                                                   

                      Current       
LEASE-UP COMMUNITIES  Total   Percent   Estimated Cost   Cost   Construction  Expected
   MSA  Units   Occupied   Total   per Unit   to Date   Finished  Stabilized
Ridge at Chenal Valley  Little Rock   312    77%  $29,200   $94   $29,100   3Q12  3Q13
Cool Springs  Nashville   428    77%  $56,400   $132   $56,300   4Q12  4Q13
Total      740    77%  $85,600   $116   $85,400       

 

DEVELOPMENT AND LEASE-UP OPERATING DATA

   2012   2011 
   Dec 31   Sept 30   Jun 30   Mar 31   Dec 31 
Revenue from development communities  $2   $1,649   $771   $197   $2 
Revenue from lease-up communities   2,139    -    -    -    - 
Total development and lease-up revenues   2,141    1,649    771    197    2 
                          
Operating expenses from development communities   7    593    379    232    55 
Operating expenses from lease-up communities   618    -    -    -    - 
Total development and lease-up operating expenses   625    593    379    232    55 
                          
Total development and lease-up NOI  $1,516   $1,056   $392   $(35)  $(53)
Number of communities represented (4)   4    3    3    3    2 

 

(4) The Number of Communities Represented excludes one development community which is a phase II to an existing community; however, values for the phase are included in the table.

 

 
 

 

MAA February 6, 2013 Supplemental Data S-2

 

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

 

                       Average 
                       Effective 
       As of December 31, 2012   Rent for the 
               Percent to       Three Months 
       Completed   Gross   Total of Gross   Physical   Ended 
       Units   Real Assets   Real Assets   Occupancy   Dec 31, 2012 
                         
Dallas, TX        4,810   $359,330    9.3%   95.6%  $895.72 
Atlanta, GA        2,998   $304,859    7.9%   93.2%  $963.00 
Jacksonville, FL        3,950   $280,971    7.3%   96.3%  $844.84 
Nashville, TN        2,779   $227,612    5.9%   94.9%  $892.36 
Houston, TX        2,909   $222,726    5.8%   95.0%  $898.61 
Austin, TX        2,255   $178,390    4.6%   96.0%  $928.86 
Raleigh/Durham, NC        1,549   $159,525    4.2%   96.0%  $927.73 
Tampa, FL        1,786   $129,383    3.4%   94.8%  $935.85 
Phoenix, AZ        1,024   $115,519    3.0%   95.5%  $783.36 
Orlando, FL        682   $64,745    1.7%   94.6%  $904.05 
South Florida        480   $55,539    1.4%   93.8%  $1,379.49 
Richmond, VA        300   $41,968    1.1%   92.0%  $1,232.55 
Charlotte, NC        196   $27,284    0.7%   96.4%  $1,190.32 
Large Markets        25,718   $2,167,851    56.3%   95.2%  $914.28 
                               
Memphis, TN        3,305   $192,438    5.0%   96.2%  $763.14 
San Antonio, TX        1,176   $111,752    2.9%   93.2%  $986.43 
Greenville, SC        1,748   $91,810    2.4%   95.0%  $679.10 
Columbus, GA        1,509   $85,771    2.2%   94.7%  $754.43 
Little Rock, AR        1,056   $78,063    2.0%   95.6%  $821.67 
Savannah, GA        782   $72,168    1.9%   92.2%  $925.22 
Jackson, MS        1,241   $66,497    1.7%   95.2%  $780.04 
Lexington, KY        924   $64,738    1.7%   93.5%  $778.97 
Norfolk, Hampton, VA Beach, VA        536   $55,121    1.4%   95.9%  $1,072.19 
Kansas City, MO        323   $52,092    1.4%   92.9%  $1,222.15 
Tallahassee, FL        604   $45,662    1.2%   95.7%  $896.16 
Augusta, GA/Aiken, SC        912   $45,005    1.2%   94.6%  $692.99 
Birmingham, AL        440   $43,924    1.1%   90.9%  $996.67 
Charleston, SC        488   $43,865    1.1%   96.1%  $1,003.47 
Chattanooga, TN        943   $43,083    1.1%   94.5%  $731.33 
Macon, GA        694   $41,599    1.1%   95.2%  $752.19 
All Other Secondary Markets by State (individual markets <$40MM gross real assets)          
Florida        2,130   $138,452    3.6%   95.1%  $784.71 
Georgia        1,233   $74,140    1.9%   98.3%  $712.89 
Alabama        752   $47,997    1.3%   94.1%  $727.79 
Virginia        232   $39,216    1.0%   94.0%  $1,358.83 
Tennessee        665   $37,324    1.0%   95.5%  $678.82 
South Carolina        576   $33,997    0.9%   93.6%  $748.22 
Kentucky        624   $33,325    0.9%   95.8%  $759.08 
North Carolina        240   $9,643    0.3%   96.3%  $597.84 
Secondary Markets        23,133   $1,547,682    40.3%   95.0%  $798.94 
                               
Subtotal        48,851   $3,715,533    96.6%   95.1%  $859.66 
    Total                          
    Units                          
Nashville, TN             Large   428    428   $56,273    1.5%   76.6%  $1,422.55 
Charleston, SC           Secondary   270    -   $15,170    0.4%   N/A    N/A 
Little Rock, AR          Secondary   312    312   $29,134    0.8%   77.2%  $1,013.43 
Charlotte, NC             Large   210    -   $23,400    0.6%   N/A    N/A 
Jacksonville, FL         Large   294    -   $5,298    0.1%   N/A    N/A 
Lease-up and Development   1,514    740   $129,275    3.4%   76.9%  $1,195.14 
                               
Total Multifamily Communities   50,365    49,591   $3,844,808    100.0%   94.8%  $865.49 

 

 
 

 

MAA February 6, 2013 Supplemental Data S-3

 

SAME STORE SUMMARY

Dollars in thousands

 

  Three Months Ended December 31,   Twelve Months Ended December 31, 
           Percent           Percent 
   2012   2011   Change   2012   2011   Change 
Revenues  $106,713   $101,016    5.6%  $419,863   $401,002    4.7%
Expense   42,998    42,276    1.7%   174,285    170,531    2.2%
NOI  $63,715   $58,740    8.5%  $245,578   $230,471    6.6%

 

   Percent Change from Prior Year 
   1Q12   2Q12   3Q12   4Q12   YTD 
Revenues   4.5%   4.6%   4.2%   5.6%   4.7%
Expense   4.5%   1.9%   1.0%   1.7%   2.2%
NOI   4.5%   6.5%   6.7%   8.5%   6.6%

 

   Percent Change from Prior Quarter 
   1Q12   2Q12   3Q12   4Q12 
Revenues   1.7%   1.5%   1.5%   0.7%
Expense   1.4%   1.1%   3.5%   -4.3%
NOI   1.9%   1.8%   0.1%   4.4%

 

NOI BRIDGE

Dollars in thousands

 

   Three Months Ended   Twelve Months Ended 
   12/31/12   9/30/12   12/31/11   12/31/12   12/31/11 
NOI                         
Large market same store  $34,807   $33,058   $31,240   $132,711   $122,447 
Secondary market same store   28,908    27,952    27,500    112,867    108,024 
Total same store   63,715    61,010    58,740    245,578    230,471 
Non-same store   15,920    13,521    10,073    51,498    27,565 
Total NOI   79,635    74,531    68,813    297,076    258,036 
Held for sale NOI included above   (180)   (462)   (2,557)   (4,136)   (10,824)
Management fee income   212    209    266    899    1,017 
Depreciation and amortization   (33,449)   (31,984)   (29,767)   (126,136)   (110,870)
Acquisition expense   (7)   (1,343)   (988)   (1,581)   (3,319)
Property management expenses   (5,600)   (5,460)   (5,458)   (22,084)   (20,700)
General and administrative expenses   (3,326)   (3,527)   (4,078)   (13,762)   (18,123)
Interest and other non-property income   87    89    203    430    802 
Interest expense   (15,773)   (14,698)   (14,734)   (58,751)   (57,415)
Loss on debt extinguishment   (659)   -    (644)   (654)   (755)
Amortization of deferred financing costs   (941)   (971)   (756)   (3,552)   (2,902)
Net casualty gain (loss) and other settlement proceeds   18    (22)   73    (6)   (619)
Gain (loss) on sale of non-depreciable or non-real estate assets   -    48    921    45    1,084 
Loss from real estate joint ventures   (53)   (72)   (63)   (223)   (593)
Discontinued operations   3,243    15,740    8,714    42,260    16,412 
Net income attributable to noncontrolling interests   (900)   (1,212)   (1,187)   (4,602)   (2,410)
Net income attributable to MAA  $22,307   $30,866   $18,758   $105,223   $48,821 

 

 
 

 

MAA February 6, 2013 Supplemental Data S-4

 

CURRENT PERIOD SAME STORE DETAILS

Dollars in thousands except Average Effective Rent

 

SAME STORE CURRENT PERIOD ACTUALS As of December 31, 2012, unless otherwise noted

 

       Three Months Ended December 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   $10,685   $4,352   $6,333   $861.60    95.6%   94.3%   54.7%
Jacksonville, FL   3,471   $8,762   $3,277   $5,485   $796.11    96.5%   94.2%   53.3%
Nashville, TN   2,479   $7,108   $2,638   $4,470   $879.06    95.0%   93.0%   58.0%
Atlanta, GA   2,109   $5,900   $2,363   $3,537   $860.34    92.7%   90.5%   50.7%
Houston, TX   2,281   $6,529   $2,870   $3,659   $884.14    95.0%   92.7%   56.7%
Raleigh/Durham, NC   1,341   $3,753   $1,348   $2,405   $860.40    96.1%   94.0%   51.5%
Austin, TX   1,776   $5,207   $2,235   $2,972   $879.40    95.9%   95.0%   54.2%
Phoenix, AZ   1,024   $2,638   $1,161   $1,477   $783.36    95.5%   92.9%   61.1%
Tampa, FL   1,552   $4,623   $1,856   $2,767   $914.96    94.7%   93.6%   49.4%
South Florida   480   $2,024   $732   $1,292   $1,379.49    93.8%   91.2%   44.8%
Orlando, FL   288   $695   $285   $410   $778.45    93.8%   91.4%   46.9%
Large Markets Total   20,592   $57,924   $23,117   $34,807   $867.53    95.2%   93.3%   54.0%
                                         
Secondary Markets                                        
Memphis, TN   3,305   $8,001   $3,484   $4,517   $763.14    96.2%   92.8%   53.5%
Greenville, SC   1,748   $3,860   $1,615   $2,245   $679.10    95.0%   92.0%   57.5%
Columbus, GA   1,509   $3,671   $1,474   $2,197   $754.43    94.7%   91.2%   66.3%
Jackson, MS   1,241   $3,094   $1,192   $1,902   $780.04    95.2%   91.6%   61.2%
Lexington, KY   924   $2,236   $841   $1,395   $778.97    93.5%   91.9%   60.9%
Little Rock, AR   808   $1,846   $724   $1,122   $731.60    96.2%   93.7%   54.6%
Savannah, GA   526   $1,571   $546   $1,025   $920.12    94.9%   93.9%   61.2%
Augusta, GA/Aiken, SC   912   $2,056   $889   $1,167   $692.99    94.6%   93.3%   62.7%
Charleston, SC   488   $1,591   $570   $1,021   $1,003.47    96.1%   94.4%   62.3%
Chattanooga, TN   943   $2,312   $991   $1,321   $731.33    94.5%   93.7%   57.1%
Jackson, TN   665   $1,443   $679   $764   $678.82    95.5%   93.2%   57.4%
Columbia, SC   576   $1,440   $672   $768   $748.22    93.6%   89.8%   50.7%
Huntsville, AL   544   $1,258   $523   $735   $708.31    93.0%   90.3%   55.0%
Warner Robins, GA   504   $1,242   $478   $764   $742.57    99.8%   95.3%   56.3%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)                    
Florida   2,230   $5,552   $2,211   $3,341   $774.54    95.2%   92.9%   56.4%
Georgia   1,126   $2,536   $1,065   $1,471   $703.87    97.3%   93.8%   59.1%
Kentucky   624   $1,492   $513   $979   $759.08    95.8%   93.5%   52.4%
Texas   400   $1,166   $471   $695   $921.12    96.8%   94.5%   70.3%
Alabama   408   $1,043   $436   $607   $758.92    97.1%   95.2%   55.1%
Virginia   296   $908   $316   $592   $928.32    96.3%   93.8%   67.2%
North Carolina   240   $471   $191   $280   $597.84    96.3%   94.0%   65.4%
Secondary Markets Total   20,017   $48,789   $19,881   $28,908   $757.04    95.5%   92.8%   58.2%
                                         
Total Same Store   40,609   $106,713   $42,998   $63,715   $813.07    95.4%   93.1%   56.1%

 

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

 

 
 

 

MAA February 6, 2013 Supplemental Data S-5

 

SAME STORE GROWTH DETAILS

 

SAME STORE PERCENT CHANGE TO THREE MONTHS ENDED DECEMBER 31, 2012

FROM THREE MONTHS ENDED SEPTEMBER 30, 2012 (PRIOR QUARTER) AND THREE MONTHS ENDED DECEMBER 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   0.9%   8.7%   -5.2%   1.5%   5.6%   14.3%   -1.1%   0.6%   1.3%   7.4%
Jacksonville, FL   1.8%   5.1%   -7.2%   0.8%   8.0%   7.9%   -0.7%   0.5%   0.8%   3.7%
Nashville, TN   0.6%   8.4%   -8.8%   -2.2%   7.2%   15.9%   -1.3%   -0.4%   1.3%   7.9%
Atlanta, GA   0.8%   4.2%   -3.6%   0.6%   4.0%   6.8%   -2.6%   -1.3%   0.6%   4.1%
Houston, TX   0.3%   7.3%   -0.8%   3.5%   1.2%   10.6%   -0.2%   0.7%   1.2%   6.9%
Raleigh/Durham, NC   0.1%   6.0%   -3.2%   1.7%   2.0%   8.6%   0.5%   1.2%   -0.1%   4.9%
Austin, TX   1.5%   12.1%   -3.2%   4.8%   5.4%   18.4%   -1.6%   -0.4%   1.8%   8.1%
Phoenix, AZ   2.1%   6.4%   1.0%   0.7%   3.1%   11.4%   0.9%   2.7%   1.4%   3.9%
Tampa, FL   0.1%   4.3%   -8.6%   0.8%   6.9%   6.9%   -0.8%   -1.5%   0.8%   4.7%
South Florida   2.4%   8.1%   -7.7%   -3.7%   9.1%   16.1%   -2.0%   -0.6%   0.6%   4.3%
Orlando, FL   1.8%   7.1%   4.8%   8.8%   -0.2%   5.9%   -3.4%   -3.8%   1.0%   5.7%
Large Markets Total   1.0%   7.1%   -4.9%   1.2%   5.3%   11.4%   -1.0%   0.1%   1.0%   5.9%
                                                   
Secondary Markets                                                  
Memphis, TN   0.1%   2.5%   0.5%   1.0%   -0.2%   3.7%   0.5%   1.3%   0.0%   2.4%
Greenville, SC   0.9%   7.6%   -4.7%   4.3%   5.3%   10.0%   -1.1%   -0.1%   1.0%   5.6%
Columbus, GA   -1.3%   0.2%   -6.9%   -1.5%   2.9%   1.3%   -1.3%   0.8%   -0.9%   0.8%
Jackson, MS   -0.1%   1.7%   -3.8%   8.4%   2.3%   -2.0%   0.0%   0.0%   -0.1%   3.0%
Lexington, KY   -0.2%   3.8%   -7.1%   -0.5%   4.4%   6.5%   -2.4%   -2.6%   0.3%   6.2%
Little Rock, AR   -0.7%   0.5%   0.6%   8.1%   -1.5%   -3.9%   -0.1%   -0.2%   0.0%   1.8%
Savannah, GA   2.6%   7.8%   -1.8%   6.4%   5.1%   8.6%   -0.5%   -1.5%   0.9%   5.7%
Augusta, GA/Aiken, SC   -0.9%   2.9%   -4.2%   1.0%   1.7%   4.3%   0.6%   -0.2%   -0.4%   2.3%
Charleston, SC   1.5%   5.6%   -2.1%   5.9%   3.5%   5.4%   -1.0%   1.2%   1.1%   4.7%
Chattanooga, TN   0.1%   6.4%   -1.5%   3.7%   1.4%   8.6%   -2.2%   0.3%   0.8%   5.4%
Jackson, TN   0.3%   3.7%   -10.2%   -4.6%   11.9%   12.5%   -1.3%   0.9%   0.5%   4.6%
Columbia, SC   1.8%   7.3%   0.7%   10.2%   2.8%   4.9%   -4.0%   -1.5%   1.4%   6.5%
Huntsville, AL   3.5%   4.5%   -7.1%   -2.2%   12.6%   9.9%   1.3%   0.2%   -0.6%   2.6%
Warner Robins, GA   3.8%   5.1%   -2.8%   -5.9%   8.5%   13.4%   3.4%   4.2%   -0.2%   2.3%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)                              
Florida   0.4%   5.1%   -4.9%   0.8%   4.2%   8.1%   -0.5%   0.0%   0.0%   4.0%
Georgia   0.6%   2.2%   -8.0%   0.1%   7.8%   3.7%   1.6%   1.9%   -0.3%   0.7%
Kentucky   1.2%   8.2%   -2.5%   6.0%   3.2%   9.4%   -1.3%   0.0%   0.8%   7.4%
Texas   0.5%   6.6%   3.1%   5.1%   -1.1%   7.6%   -1.5%   2.3%   0.1%   3.7%
Alabama   1.0%   2.9%   -5.6%   2.1%   6.3%   3.4%   -0.4%   -0.9%   -0.1%   2.5%
Virginia   1.7%   3.5%   -8.1%   9.3%   7.8%   0.7%   -3.0%   2.0%   1.8%   1.6%
North Carolina   -2.3%   1.1%   -3.5%   7.9%   -1.4%   -3.1%   -0.8%   0.5%   0.4%   4.4%
Secondary Markets Total   0.4%   3.9%   -3.6%   2.3%   3.4%   5.1%   -0.5%   0.4%   0.2%   3.5%
                                                   
Total Same Store   0.7%   5.6%   -4.3%   1.7%   4.4%   8.5%   -0.7%   0.3%   0.6%   4.8%

 

 
 

 

MAA February 6, 2013 Supplemental Data S-6

 

SAME STORE YEAR TO DATE

Dollars in thousands except Average Effective Rent

 

SAME STORE YEAR TO DATE ACTUALS As of December 31, 2012, unless otherwise noted

 

                       Percent Change From 
       Twelve Months Ended December 31, 2012   Twelve Months Ended December 31, 2011 
                   Average               Average 
                   Effective               Effective 
   Units   Revenue   Expense   NOI   Rent   Revenue   Expense   NOI   Rent 
Large Markets                                             
Dallas, TX   3,791   $41,677   $17,675   $24,002   $839.29    7.9%   2.1%   12.6%   8.0%
Jacksonville, FL   3,471   $34,260   $13,668   $20,592   $784.69    3.2%   2.9%   3.3%   3.5%
Nashville, TN   2,479   $27,742   $10,871   $16,871   $853.34    7.7%   3.6%   10.5%   7.2%
Atlanta, GA   2,109   $23,332   $9,491   $13,841   $846.93    3.9%   2.0%   5.3%   4.7%
Houston, TX   2,281   $25,582   $11,508   $14,074   $862.33    6.9%   3.5%   9.8%   6.4%
Raleigh/Durham, NC   1,341   $14,757   $5,382   $9,375   $845.21    6.1%   1.8%   8.7%   5.9%
Austin, TX   1,776   $20,042   $9,025   $11,017   $852.00    10.2%   4.7%   15.1%   9.3%
Phoenix, AZ   1,024   $10,318   $4,566   $5,752   $772.05    4.7%   0.9%   7.9%   4.2%
Tampa, FL   1,552   $18,314   $7,750   $10,564   $898.94    3.8%   3.1%   4.4%   4.3%
South Florida   480   $7,954   $2,976   $4,978   $1,356.88    4.4%   4.2%   4.4%   3.6%
Orlando, FL   288   $2,747   $1,102   $1,645   $763.54    5.8%   5.4%   6.1%   5.3%
Large Markets Total   20,592   $226,725   $94,014   $132,711   $848.75    6.0%   2.9%   8.4%   6.0%
                                              
Secondary Markets                                             
Memphis, TN   3,305   $31,884   $14,025   $17,859   $754.58    2.7%   0.3%   4.6%   3.1%
Greenville, SC   1,748   $15,151   $6,533   $8,618   $663.97    6.8%   2.7%   10.1%   5.8%
Columbus, GA   1,509   $14,717   $6,073   $8,644   $755.57    -0.1%   0.0%   -0.2%   3.1%
Jackson, MS   1,241   $12,372   $4,775   $7,597   $774.41    3.5%   5.5%   2.2%   3.8%
Lexington, KY   924   $8,821   $3,424   $5,397   $761.64    3.4%   1.3%   4.7%   5.6%
Little Rock, AR   808   $7,396   $2,824   $4,572   $725.97    1.4%   2.5%   0.8%   2.4%
Savannah, GA   526   $6,093   $2,228   $3,865   $900.17    5.2%   2.4%   6.9%   5.3%
Augusta, GA/Aiken, SC   912   $8,227   $3,579   $4,648   $689.28    1.2%   -1.4%   3.3%   1.0%
Charleston, SC   488   $6,199   $2,298   $3,901   $980.16    5.3%   0.9%   8.1%   5.5%
Chattanooga, TN   943   $9,112   $3,939   $5,173   $715.48    5.5%   3.2%   7.3%   5.9%
Jackson, TN   665   $5,705   $2,799   $2,906   $669.79    3.4%   -0.2%   7.2%   4.9%
Columbia, SC   576   $5,584   $2,609   $2,975   $728.87    4.7%   3.7%   5.6%   5.0%
Huntsville, AL   544   $4,940   $2,121   $2,819   $704.07    1.5%   2.0%   1.1%   2.4%
Warner Robins, GA   504   $4,904   $1,919   $2,985   $738.92    0.7%   -4.9%   4.6%   2.9%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)                          
Florida   2,230   $21,953   $9,045   $12,908   $765.45    3.2%   2.0%   4.1%   3.6%
Georgia   1,126   $10,077   $4,377   $5,700   $702.16    0.6%   1.1%   0.2%   1.0%
Kentucky   624   $5,815   $2,050   $3,765   $740.73    6.1%   2.6%   8.0%   7.1%
Texas   400   $4,610   $1,859   $2,751   $913.38    7.7%   0.7%   13.0%   6.5%
Alabama   408   $4,149   $1,740   $2,409   $754.27    3.3%   1.8%   4.5%   3.6%
Virginia   296   $3,555   $1,284   $2,271   $912.53    0.7%   0.6%   0.8%   0.8%
North Carolina   240   $1,874   $770   $1,104   $587.82    2.5%   2.5%   2.5%   4.8%
Secondary Markets Total   20,017   $193,138   $80,271   $112,867   $747.66    3.2%   1.4%   4.5%   3.8%
                                              
Total Same Store   40,609   $419,863   $174,285   $245,578   $798.92    4.7%   2.2%   6.6%   5.0%

 

 
 

 

MAA February 6, 2013 Supplemental Data S-7

 

EBITDA AND BALANCE SHEET RATIOS

Dollars in thousands

 

   Three Months     
   Ended     
   December 31,   Trailing 
   2012   4 Quarters 
Net income attributable to MAA  $22,307   $105,223 
Depreciation and amortization   33,449    126,136 
Interest expense   15,773    58,751 
Loss on debt extinguishment   659    654 
Amortization of deferred financing costs   941    3,552 
Net casualty gain and other settlement proceeds   (23)   (42)
Gain on sale of non-depreciable or non-real estate assets   -    (45)
Depreciation of discontinued operations   93    2,507 
Gain on sale of discontinued operations   (3,161)   (41,635)
EBITDA  $70,038   $255,101 

 

   Three Months Ended 
   December 31, 
   2012   2011 
EBITDA/Debt Service   4.13x   3.68x
Fixed Charge Coverage (1)   4.44x   3.88x
Total Debt/Total Market Capitalization (2)   37.0%   39.2%
Total Debt/Total Gross Assets   44.1%   47.1%
Total Net Debt (3)/Total Gross Assets   43.9%   45.5%
Total Net Debt (3)/EBITDA   6.53x   7.47x
Unencumbered Assets/Total Gross Assets   52.5%   30.5%

 

(1)Fixed charge coverage represents EBITDA divided by interest expense and any preferred dividends.
(2)Total Market Capitalization equals the total number of shares of common stock and units at period end times the closing stock price at period end plus total debt outstanding.
(3)Total Net Debt equals Total Debt less Cash and Cash Equivalents.

 

CREDIT RATINGS

 

  Rating   Outlook
Fitch Ratings (4) BBB   Stable
Moody's Investors Service (5) Baa2   Stable
Standard & Poor's Ratings Service (4) BBB-   Positive

 

(4)Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP.
(5)Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc.

 

 
 

 

MAA February 6, 2013 Supplemental Data S-8

 

DEBT AS OF DECEMBER 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  $831,382    3.8    5.0%
Conventional - Variable Rate - Capped (1)(2)   213,136    3.1    1.0%
Tax-free - Variable Rate - Capped (1)   90,515    3.2    0.9%
Total Secured Fixed or Hedged Rate Debt   1,135,033    3.6    4.0%
Conventional - Variable Rate   55,815    0.2    0.7%
Total Secured Debt   1,190,848    3.4    3.8%
Unsecured Debt               
Fixed Rate or Swapped   460,000    7.1    3.8%
Variable Rate   23,000    -    1.5%
Total Unsecured Debt   483,000    6.8    3.7%
Total Debt  $1,673,848    4.4    3.8%
                
Total Fixed or Hedged Debt  $1,595,033    4.6    3.9%

 

(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 million mortgage with an embedded cap at a 7% all-in interest rate.

 

OTHER SUMMARIES

 

           Effective   Years to 
       Percent of   Interest   Rate 
Floating Versus Fixed Rate or Hedged Debt  Balance   Total   Rate   Maturity 
Fixed rate or swapped debt  $1,291,382    77.2%   4.6%   5.0 
Capped debt   303,651    18.1%   1.0%   3.1 
Floating (unhedged) debt   78,815    4.7%   0.9%   0.1 
Total  $1,673,848    100.0%   3.8%   4.4 

 

           Effective   Years to 
       Percent of   Interest   Contract 
Secured Versus Unsecured Debt  Balance   Total   Rate   Maturity 
Unsecured debt  $483,000    28.9%   3.7%   6.9 
Secured debt   1,190,848    71.1%   3.8%   5.2 
Total  $1,673,848    100.0%   3.8%   5.7 

 

   Total   Percent of   4Q12   Percent of 
Unencumbered Versus Encumbered Assets  Cost   Total   NOI   Total 
Unencumbered gross assets  $1,990,671    52.5%  $39,051    49.0%
Encumbered gross assets   1,800,870    47.5%   40,584    51.0%
Total  $3,791,541    100.0%  $79,635    100.0%

 

 
 

 

MAA February 6, 2013 Supplemental Data S-9

 

DEBT AS OF DECEMBER 31, 2012 continued
Dollars in thousands

 

OUTSTANDING BALANCES

               Average 
   Available       Remaining   Years to 
   Credit   Amount   Available   Contract 
   Limit   Borrowed   Capacity   Maturity 
Fannie Mae Credit Facilities  $605,019   $605,019   $-    5.7 
Freddie Mac Credit Facilities   198,247    198,247   $-    1.5 
Other Secured Borrowings   387,582    387,582   $-    6.5 
Unsecured Credit Facility   323,637    23,000   $300,637    2.8 
Other Unsecured Debt   460,000    460,000   $-    7.1 
Total Debt  $1,974,485   $1,673,848   $300,637    5.7 

 

DEBT MATURITIES OF OUTSTANDING BALANCES

 

   Credit Facility Amounts Borrowed             
   Secured   Unsecured   Other   Other     
Maturity  Fannie Mae   Freddie Mac   Facility   Secured   Unsecured   Total 
2013  $-   $-   $-   $-   $-   $- 
2014   153,721    198,247    -    16,312    -   $368,280 
2015   120,000    -    23,000    50,777    -   $193,777 
2016   80,000    -    -    -    -   $80,000 
2017   80,000    -    -    60,855    168,000   $308,855 
Thereafter   171,298    -    -    259,638    292,000   $722,936 
Total  $605,019   $198,247   $23,000   $387,582   $460,000   $1,673,848 

 

FIXED OR HEDGED INTEREST RATE MATURITIES

 

   Fixed   Interest   Total       Interest   Total   Average 
   Rate   Rate   Fixed Rate   Contract   Rate   Fixed or   Years to 
Maturity  Debt   Swaps   Balances   Rate   Caps   Hedged   Maturity 
2013  $-   $190,000   $190,000    5.2%  $7,945   $197,945      
2014   16,312    144,000    160,312    5.7%   59,631   $219,943      
2015   35,577    75,000    110,577    5.6%   55,200   $165,777      
2016   -    -    -    0.0%   89,280   $89,280      
2017   128,855    150,000    278,855    2.7%   66,595   $345,450      
Thereafter   551,638    -    551,638    4.7%   25,000   $576,638      
Total  $732,382   $559,000   $1,291,382    4.5%  $303,651   $1,595,033    4.6 

 

 
 

 

MAA February 6, 2013 Supplemental Data S-10

 

JOINT VENTURE OPERATIONS
Dollars in thousands

 

OPERATING DATA (MAA'S PRO-RATA SHARE)

 

   Three Months Ended,   Twelve Months Ended, 
   December 31,   December 31, 
   2012   2011   2012   2011 
Property revenues  $1,701   $2,126   $7,210   $8,143 
Property operating expenses   819    1,009    3,519    4,020 
Net Operating Income   882    1,117    3,691    4,123 
                     
Interest expense   452    574    1,897    2,200 
Depreciation and amortization   450    556    1,895    2,272 
Other   33    50    122    244 
Total Other Expenses   935    1,180    3,914    4,716 
Gain (loss) from real estate joint ventures  $(53)  $(63)  $(223)  $(593)

 

BALANCE SHEET DATA

 

   December 31,   December 31, 
   2012   2011 
Gross real estate assets  $149,790   $195,069 
Accumulated depreciation   (17,354)   (14,882)
Real estate assets, net   132,436    180,187 
Other assets   7,266    7,552 
Total assets   139,702    187,739 
           
Notes payable   106,081    131,012 
Other liabilities   6,208    7,128 
Total liabilities   112,289    138,140 
           
Member's equity   27,413    49,599 
Total liabilities and member's equity  $139,702   $187,739 
           
MAA's investment in real estate joint venture  $4,837   $17,006 
MAA's pro-rata share of joint venture debt  $35,357   $43,666 
MAA's pro-rata share of joint venture gross real estate assets  $49,925   $65,016 
Percent of MAA wholly owned gross real estate assets   1%   2%

 

COMMUNITY DATA (as of end of period)

 

   December 31,   December 31, 
   2012   2011 
Number of communities   6    7 
Number of units   1,782    2,261 

 

 
 

 

MAA February 6, 2013 Supplemental Data S-11

 

2013 GUIDANCE

 

   Full Year
   2013 Guidance
    
Results:   
FFO per Share – diluted  $4.73 to $4.93
Midpoint  $4.83
AFFO per Share - diluted  $4.06 to $4.26
    
Same Store Communities:   
Number of Units  41,682
Property Revenue Growth  4% to 5%
Property Operating Expense Growth  3.5% to 4.5%
Property NOI Growth  4% to 6%
Real Estate Tax Expense Growth  5.5% to 6.5%
Physical Occupancy  95% to 96%
    
Transaction/Investment Volume:   
Acquisition Volume (wholly-owned)  $250 to $300 million
Acqusition Expenses  $1.5 to $2 million
Disposition Volume (wholly-owned)  $150 to $160 million
Development Investment  $40 to $50 million
    
Debt:   
Average Interest Rate  3.8% to 4.0%
Capitalized Interest  $1 to $1.5 million
Leverage (Total Debt/Total Gross Assets)  43% to 45%
Unencumbered Asset Pool (Percent of Total Gross Assets)  55% to 60%
    
Corporate Expenses:   
General and administrative and property management expenses  $37 to $38 million

 

MAA provides guidance on FFO per Share but does not forecast net income available for common shareholders per diluted share. It is not possible to reasonably predict the timing and certainty of acquisitions and dispositions that would materially affect depreciation, capital gains or losses and net income attributable to noncontrolling interests or to forecast extraordinary items, which, combined, generally represent the difference between net income available for common shareholders and FFO.

 

 

MID AMERICA APARTMENT COMMUNITIES INC. Reports