MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 31, 2013

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MAA July 31, 2013 Supplemental Data S-1

MULTIFAMILY COMMUNITIES AND UNITS

Dollars in thousands

 

MULTIFAMILY COMMUNITIES

   Number of Units   Number of Communities 
   2013   2012   2013   2012 
   Jun 30 (1)   Mar 31   Dec 31   Sept 30   Jun 30   Jun 30 (2)   Mar 31   Dec 31   Sept 30   Jun 30 
Same store communities   41,682    41,682    40,609    40,609    40,609    138    138    136    136    136 
Stabilized non-same store communities   4,969    5,697    6,460    6,700    6,206    18    21    22    23    24 
Development communities   564    774    774    1,220    1,220    2    2    2    3    3 
Lease-up communities   1,210    740    740    -    -    3    2    2    -    - 
Wholly-owned communities   48,425    48,893    48,583    48,529    48,035    161    163    162    162    163 
Joint venture communities   1,156    1,472    1,782    1,782    1,782    4    5    6    6    6 
Total Multifamily communities   49,581    50,365    50,365    50,311    49,817    165    168    168    168    169 

 

  (1) The Number of Units for Development Communities includes 468 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

0.9% of Multifamily Gross Assets

      Units as of June 30, 2013                             
      Total to   Available           Estimated Cost   Cost   Construction     Initial     Expected 
   MSA  be Built   to Occupy   Occupied   Leased   Total   per Unit   to Date     Start     Finish     Occupancy     Stabilized 
River's Walk  Charleston   270    96    72    145   $33,400   $124   $27,100    1Q12    4Q13    2Q13    4Q14 
220 Riverside  Jacksonville   294    -    -    -   $40,400   $137   $10,700    4Q12    4Q14    3Q14    4Q15 
Total      564    96    72    145   $73,800   $131   $37,800                     

 

LEASE-UP COMMUNITIES                       
4.1% of Multifamily Gross Assets  As of June 30, 2013                     
      Total   Percent   Estimated Cost   Cost     Construction     Expected 
   MSA  Units   Occupied   Total   per Unit   to Date     Finished     Stabilized 
Ridge at Chenal Valley  Little Rock   312    89%  $29,200   $94   $29,100    3Q12    4Q13 
Cool Springs  Nashville   428    90%  $56,400   $132   $56,300    4Q12    4Q13 
1225 South Church Phase II  Charlotte   210    57%  $27,500   $131   $27,100    2Q13    1Q14 
Station Square at Cosner's Corner  Fredericksburg   260    79%    N/A      N/A      N/A     N/A    4Q13 
Total      1,210    82%  $113,100   $119   $112,500           

 

DEVELOPMENT AND LEASE-UP OPERATING DATA

   2013   2012 
   Jun 30   Mar 31   Dec 31   Sept 30   Jun 30 
Revenue from development communities  $99   $48   $2   $1,649   $771 
Revenue from lease-up communities   3,406    2,422    2,139    -    - 
Total development and lease-up revenues   3,505    2,470    2,141    1,649    771 
                          
Operating expenses from development communities   111    85    7    593    379 
Operating expenses from lease-up communities   1,109    828    618    -    - 
Total development and lease-up operating expenses   1,220    913    625    593    379 
                          
Total development and lease-up NOI  $2,285   $1,557   $1,516   $1,056   $392 
Number of communities represented (3)   5    4    4    3    3 

 

(3)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 July 31, 2013 Supplemental Data S-2

 

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

 

                   Average 
                   Effective 
   As of June 30, 2013   Rent for the 
           Percent to       Three Months 
   Completed   Gross   Total of Gross   Physical   Ended 
   Units   Real Assets   Real Assets   Occupancy   Jun 30, 2013 
                     
Dallas, TX   4,810   $361,458    9.3%   95.8%  $912.26 
Atlanta, GA   2,998   $303,544    7.8%   95.5%  $951.03 
Jacksonville, FL   3,322   $245,301    6.3%   96.5%  $875.71 
Nashville, TN   2,779   $229,141    5.9%   97.4%  $914.06 
Houston, TX   2,909   $222,436    5.8%   96.5%  $917.27 
Austin, TX   2,255   $179,744    4.7%   96.8%  $949.03 
Raleigh/Durham, NC   1,549   $160,314    4.1%   95.7%  $947.04 
Tampa, FL   1,786   $130,861    3.4%   96.5%  $950.30 
Phoenix, AZ   1,024   $115,803    3.0%   94.2%  $787.40 
Orlando, FL   682   $65,585    1.7%   94.6%  $932.32 
South Florida   480   $56,093    1.5%   94.0%  $1,406.34 
Charlotte, NC   196   $27,332    0.7%   95.4%  $1,204.11 
Large Markets   24,790   $2,097,612    54.2%   96.1%  $928.37 
                          
Memphis, TN   3,305   $195,092    5.0%   96.4%  $770.04 
San Antonio, TX   1,176   $112,206    2.9%   96.1%  $987.50 
Greenville, SC   1,748   $92,559    2.4%   96.2%  $689.35 
Columbus, GA   1,509   $86,646    2.2%   93.8%  $761.59 
Little Rock, AR   1,056   $79,521    2.1%   95.1%  $826.22 
Savannah, GA   782   $72,694    1.9%   95.5%  $926.77 
Jackson, MS   1,241   $67,138    1.7%   96.9%  $804.89 
Lexington, KY   924   $65,632    1.7%   96.2%  $788.79 
Norfolk, Hampton, VA Beach, VA   536   $55,489    1.4%   95.9%  $1,071.63 
Kansas City, MO   323   $52,168    1.4%   96.9%  $1,193.74 
Tallahassee, FL   604   $46,334    1.2%   96.2%  $916.08 
Augusta, GA/Aiken, SC   912   $45,568    1.2%   95.7%  $697.62 
Birmingham, AL   440   $44,243    1.1%   97.0%  $1,009.84 
Charleston, SC   488   $44,165    1.1%   97.5%  $1,003.79 
Chattanooga, TN   943   $43,668    1.1%   96.1%  $739.16 
Richmond, VA   300   $42,093    1.1%   97.0%  $1,237.06 
Macon, GA   694   $42,097    1.1%   96.5%  $749.28 
All Other Secondary Markets by State (individual markets <$40MM gross real assets)           
Florida   1,874   $126,126    3.3%   96.7%  $807.59 
Georgia   1,073   $63,301    1.6%   97.1%  $703.00 
Alabama   752   $48,480    1.3%   94.4%  $741.02 
Virginia   232   $39,273    1.0%   96.1%  $1,365.10 
Tennessee   665   $38,002    1.0%   94.1%  $694.36 
South Carolina   576   $34,414    0.9%   94.8%  $755.35 
Kentucky   624   $33,704    0.9%   95.4%  $772.40 
North Carolina   240   $9,675    0.2%   94.6%  $580.82 
Secondary Markets   23,017   $1,580,288    40.8%   96.0%  $813.19 
                          
Subtotal   47,807   $3,677,900    95.0%   96.1%  $872.91 
                                      
      Total                     
      Units                     
Nashville, TN  Large   428    428   $56,321    1.5%   90.0%  $1,456.79 
Charleston, SC  Secondary   270    96   $27,049    0.7%   76.6%  $891.93 
Little Rock, AR  Secondary   312    312   $29,183    0.8%   88.8%  $1,023.14 
Charlotte, NC  Large   210    210   $27,068    0.7%   57.1%  $1,076.12 
Jacksonville, FL  Large   294    -   $9,591    0.2%   N/A     N/A  
Fredericksburg, VA  Secondary   260    260   $44,297    1.1%   79.2%  $1,131.43 
Lease-up and Development  1,774    1,306   $193,509    5.0%   81.3%  $1,185.69 
                                  
Total Multifamily Communities  49,581    49,113   $3,871,409    100.0%   95.7%  $881.23 

 

 
 

 

MAA July 31, 2013 Supplemental Data S-3

 

SAME STORE SUMMARY

Dollars in thousands

 

   Comparison to Prior Year 
           Percent           Percent 
   2Q13   2Q12   Change   YTD 2013   YTD 2012   Change 
Revenues  $115,684   $110,803    4.4%  $229,729   $219,704    4.6%
Expense   46,742    45,446    2.9%   91,983    90,436    1.7%
NOI  $68,942   $65,357    5.5%  $137,746   $129,268    6.6%

 

   Comparison to Prior Quarter 
           Percent 
   2Q13   1Q13   Change 
Revenues  $115,684   $114,045    1.4%
Expense   46,742    45,241    3.3%
NOI  $68,942   $68,804    0.2%

 

   Percent Change From 
   Prior Year   Prior Quarter 
   1Q13   2Q13   YTD13   1Q13   2Q13 
Revenues   4.7%   4.4%   4.6%   0.7%   1.4%
Expense   0.6%   2.9%   1.7%   0.1%   3.3%
NOI   7.7%   5.5%   6.6%   1.1%   0.2%

 

NOI BRIDGE

Dollars in thousands

 

   Three Months Ended   Six Months Ended 
   6/30/13   3/31/13   6/30/12   6/30/13   6/30/12 
NOI                         
Large market same store  $37,793   $37,755   $35,376   $75,548   $69,975 
Secondary market same store   31,149    31,049    29,981    62,198    59,293 
Total same store   68,942    68,804    65,357    137,746    129,268 
Non-same store   12,722    11,609    8,037    24,331    13,642 
Total NOI   81,664    80,413    73,394    162,077    142,910 
Held for sale NOI included above   (1,446)   (1,743)   (3,319)   (3,189)   (6,775)
Management fee income   142    177    209    319    478 
Depreciation and amortization   (32,730)   (32,676)   (30,246)   (65,406)   (59,228)
Acquisition expense   (489)   (10)   (865)   (499)   (231)
Property management expenses   (5,446)   (5,331)   (5,570)   (10,777)   (11,024)
General and administrative expenses   (3,389)   (3,239)   (3,462)   (6,628)   (6,909)
Merger related expenses   (5,737)   -    -    (5,737)   - 
Interest and other non-property income   23    47    112    70    254 
Interest expense   (15,271)   (15,635)   (14,073)   (30,906)   (28,058)
(Loss) gain on debt extinguishment   -    (169)   (15)   (169)   5 
Amortization of deferred financing costs   (803)   (804)   (869)   (1,607)   (1,640)
Net casualty gain (loss) and other settlement proceeds   439    16    2    455    (2)
Loss on sale of non-depreciable or non-real estate assets   -    -    (3)   -    (3)
Gain (loss) from real estate joint ventures   47    54    (67)   101    (98)
Discontinued operations   44,024    905    14,244    44,929    24,861 
Net income attributable to noncontrolling interests   (1,939)   (825)   (1,312)   (2,764)   (2,490)
Net income attributable to MAA  $59,089   $21,180   $28,160   $80,269   $52,050 

 

 
 

 

MAA July 31, 2013 Supplemental Data S-4

 

CURRENT PERIOD SAME STORE DETAILS 

Dollars in thousands except Average Effective Rent per Unit and Average Total Revenue per Occupied Unit

 

SAME STORE CURRENT PERIOD ACTUALS As of June 30, 2013, unless otherwise noted

 

       Three Months Ended June 30, 2013         
                   Average   Average       Average         
                   Effective   Total Revenue   Average   Daily   Period End   Twelve 
                   Rent   per Occupied   Economic   Physical   Physical   Month 
   Units   Revenue   Expense   NOI   per Unit   Unit   Occupancy   Occupancy   Occupancy   Turn Rate 
Large Markets                                                  
Dallas, TX   4,560   $13,460   $5,544   $7,916   $912.33   $1,031.58    93.9%   95.4%   95.8%   57.2%
Jacksonville, FL   3,202   $8,903   $3,441   $5,462   $882.14   $967.60    94.1%   95.8%   96.4%   55.0%
Nashville, TN   2,779   $8,275   $3,092   $5,183   $914.06   $1,036.39    94.1%   95.8%   97.4%   58.8%
Atlanta, GA   2,109   $6,080   $2,426   $3,654   $871.21   $1,013.57    93.2%   94.8%   96.3%   52.3%
Houston, TX   2,281   $6,763   $3,046   $3,717   $905.46   $1,028.17    94.1%   96.1%   96.5%   60.5%
Raleigh/Durham, NC   1,549   $4,744   $1,646   $3,098   $947.04   $1,074.51    93.9%   95.0%   95.7%   54.3%
Austin, TX   1,776   $5,367   $2,451   $2,916   $904.16   $1,044.38    95.3%   96.5%   96.6%   56.1%
Phoenix, AZ   1,024   $2,648   $1,195   $1,453   $787.40   $910.85    92.7%   94.6%   94.2%   63.2%
Tampa, FL   1,552   $4,766   $1,975   $2,791   $931.93   $1,071.76    94.3%   95.5%   96.8%   48.1%
South Florida   480   $2,032   $832   $1,200   $1,406.34   $1,498.39    91.6%   94.2%   94.0%   48.1%
Orlando, FL   288   $682   $279   $403   $792.31   $839.27    90.3%   94.0%   93.1%   50.0%
Large Markets Total   21,600   $63,720   $25,927   $37,793   $910.02   $1,029.63    93.9%   95.5%   96.2%   56.0%
                                                   
Secondary Markets                                                  
Memphis, TN   3,305   $8,126   $3,319   $4,807   $770.04   $862.84    92.6%   95.0%   96.4%   53.3%
Greenville, SC   1,748   $3,983   $1,672   $2,311   $689.35   $793.13    94.1%   95.8%   96.2%   58.0%
Little Rock, AR   1,056   $2,682   $1,028   $1,654   $826.22   $903.75    92.5%   93.7%   95.1%   53.3%
Savannah, GA   782   $2,284   $830   $1,454   $926.77   $1,033.94    92.7%   94.1%   95.5%   64.2%
Jackson, MS   1,241   $3,280   $1,225   $2,055   $804.89   $913.58    94.3%   96.4%   96.9%   57.0%
Lexington, KY   924   $2,266   $886   $1,380   $788.79   $863.49    92.2%   94.7%   96.2%   58.9%
Columbus, GA   1,008   $2,642   $1,070   $1,572   $828.50   $950.10    89.4%   92.0%   91.6%   68.4%
San Antonio, TX   740   $2,175   $1,025   $1,150   $911.25   $1,017.06    94.8%   96.3%   96.1%   75.3%
Birmingham, AL   440   $1,450   $577   $873   $1,009.84   $1,145.09    93.6%   95.9%   97.0%   61.8%
Charleston, SC   488   $1,604   $600   $1,004   $1,003.79   $1,135.51    95.5%   96.4%   97.5%   62.3%
Chattanooga, TN   943   $2,356   $1,111   $1,245   $739.16   $875.83    93.8%   95.1%   96.1%   58.9%
Richmond, VA   300   $1,146   $327   $819   $1,237.06   $1,333.09    93.3%   95.5%   97.0%   53.7%
Fredericksburg, VA   232   $983   $284   $699   $1,365.10   $1,488.99    94.1%   94.9%   96.1%   49.6%
Gainesville, FL   468   $1,377   $489   $888   $933.35   $1,025.95    93.9%   95.6%   98.3%   44.9%
Jackson, TN   665   $1,472   $690   $782   $694.36   $772.02    93.6%   95.5%   94.1%   62.0%
Columbia, SC   576   $1,433   $664   $769   $755.35   $872.68    91.4%   95.0%   94.8%   59.7%
Augusta, GA/Aiken, SC   640   $1,502   $657   $845   $727.67   $831.85    92.4%   94.1%   95.3%   63.9%
Huntsville, AL   544   $1,270   $551   $719   $725.37   $832.75    89.7%   93.4%   93.9%   57.9%
Warner Robins, GA   504   $1,237   $468   $769   $740.09   $859.95    92.0%   95.1%   97.0%   57.5%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida   1,710   $4,370   $1,721   $2,649   $779.92   $887.07    93.9%   96.0%   96.2%   58.9%
Kentucky   624   $1,492   $499   $993   $772.40   $846.83    92.5%   94.1%   95.4%   56.9%
Georgia   400   $955   $383   $572   $733.03   $838.70    92.2%   94.8%   97.8%   54.0%
Virginia   296   $887   $324   $563   $933.83   $1,055.05    90.3%   94.7%   95.9%   66.9%
Alabama   208   $532   $229   $303   $781.97   $890.39    94.3%   95.8%   95.7%   53.8%
North Carolina   240   $460   $186   $274   $580.82   $704.15    89.3%   90.7%   94.6%   64.6%
Secondary Markets Total   20,082   $51,964   $20,815   $31,149   $804.58   $908.19    92.9%   95.0%   95.9%   58.6%
Total Same Store   41,682   $115,684   $46,742   $68,942   $859.22   $971.29    93.4%   95.2%   96.0%   57.2%

 

 
 

 

MAA July 31, 2013 Supplemental Data S-5

 

SAME STORE GROWTH DETAILS

 

SAME STORE PERCENT CHANGE TO THREE MONTHS ENDED JUNE 30, 2013

FROM THREE MONTHS ENDED MARCH 31, 2013 (PRIOR QUARTER) AND THREE MONTHS ENDED JUNE 30, 2012 (PRIOR YEAR)

 

                           Quarterly Average   Period End 
   Revenue   Expense   NOI   Effective Rent   Physical Occupancy 
   Prior   Prior   Prior   Prior   Prior   Prior   Prior   Prior   Prior   Prior 
   Quarter   Year   Quarter   Year   Quarter   Year   Quarter   Year   Quarter   Year 
Large Markets                                                  
Dallas, TX   0.8%   4.8%   1.4%   1.6%   0.4%   7.2%   1.2%   5.2%   -0.3%   -0.1%
Jacksonville, FL   1.2%   5.2%   4.7%   0.4%   -1.0%   8.4%   1.7%   4.5%   -0.8%   -0.1%
Nashville, TN   2.8%   6.5%   7.0%   -0.1%   0.5%   10.8%   1.6%   7.0%   1.6%   0.2%
Atlanta, GA   3.5%   4.4%   -1.2%   3.1%   6.8%   5.3%   0.6%   3.5%   2.4%   2.2%
Houston, TX   1.9%   6.6%   5.3%   7.6%   -0.7%   5.7%   1.7%   6.2%   0.4%   -1.1%
Raleigh/Durham, NC   0.9%   5.4%   3.8%   2.2%   -0.6%   7.2%   1.7%   5.0%   -0.1%   -1.2%
Austin, TX   1.7%   9.1%   4.8%   11.1%   -0.7%   7.6%   2.0%   7.2%   -0.7%   -0.2%
Phoenix, AZ   0.2%   3.2%   7.8%   5.8%   -5.3%   1.3%   -0.1%   1.7%   -1.8%   0.0%
Tampa, FL   1.5%   4.5%   3.5%   -0.9%   0.2%   8.6%   1.3%   4.1%   0.8%   1.3%
South Florida   2.3%   1.1%   9.9%   15.1%   -2.4%   -6.7%   1.2%   4.5%   -1.5%   -1.5%
Orlando, FL   -0.1%   0.1%   8.1%   -0.7%   -5.2%   0.8%   0.8%   4.4%   -2.4%   -2.4%
Large Markets Total   1.6%   5.3%   3.9%   3.3%   0.1%   6.8%   1.4%   5.2%   0.1%   0.0%
                                                   
Secondary Markets                                                  
Memphis, TN   -0.1%   1.8%   -8.3%   -4.6%   6.5%   6.8%   1.0%   2.3%   -0.6%   0.1%
Greenville, SC   2.2%   6.0%   3.1%   3.9%   1.4%   7.6%   1.7%   4.4%   -0.2%   0.9%
Little Rock, AR   -0.3%   1.3%   -0.7%   4.6%   -0.1%   -0.7%   0.4%   2.6%   -0.1%   -1.8%
Savannah, GA   1.3%   3.4%   7.2%   -1.1%   -1.8%   6.2%   0.6%   2.9%   0.9%   -0.4%
Jackson, MS   2.9%   5.6%   5.8%   2.0%   1.2%   7.8%   2.2%   3.7%   -0.2%   1.3%
Lexington, KY   1.8%   2.9%   12.4%   5.7%   -4.0%   1.1%   0.8%   4.9%   1.6%   0.5%
Columbus, GA   0.0%   1.1%   4.5%   1.5%   -2.8%   0.8%   -0.6%   -0.9%   -3.8%   -2.3%
San Antonio, TX   3.2%   3.9%   20.6%   20.0%   -8.5%   -7.3%   1.4%   0.2%   -1.6%   0.5%
Birmingham, AL   5.5%   -0.1%   3.6%   4.2%   6.7%   -2.7%   2.6%   -0.9%   0.5%   -0.2%
Charleston, SC   2.1%   5.2%   10.7%   5.3%   -2.4%   5.1%   0.6%   4.0%   2.0%   2.7%
Chattanooga, TN   0.8%   3.6%   14.9%   13.9%   -9.2%   -4.2%   0.7%   4.3%   0.5%   -1.0%
Richmond, VA   3.5%   5.1%   -1.8%   4.5%   5.8%   5.4%   0.9%   3.9%   3.3%   3.0%
Fredericksburg, VA   1.9%   7.8%   3.6%   10.9%   1.2%   6.6%   0.3%   5.5%   2.6%   -0.9%
Gainesville, FL   1.8%   4.4%   -0.4%   -7.2%   3.0%   12.1%   1.1%   3.5%   2.6%   0.9%
Jackson, TN   1.2%   3.6%   0.3%   -0.7%   2.0%   7.7%   1.5%   3.7%   -3.0%   -0.2%
Columbia, SC   2.1%   4.6%   -1.3%   4.7%   5.3%   4.5%   2.1%   4.8%   -0.9%   -0.2%
Augusta, GA/Aiken, SC   0.9%   0.3%   3.3%   3.8%   -0.8%   -2.3%   0.8%   1.1%   1.3%   -0.6%
Huntsville, AL   -1.0%   1.3%   5.2%   7.0%   -5.3%   -2.7%   1.9%   3.5%   -0.4%   -1.3%
Warner Robins, GA   -1.0%   1.0%   0.0%   -2.9%   -1.5%   3.5%   -0.1%   -0.2%   0.4%   2.6%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida   2.6%   5.5%   0.6%   1.4%   3.9%   8.4%   1.6%   3.4%   -1.1%   1.9%
Kentucky   0.7%   3.4%   1.4%   -3.1%   0.4%   7.0%   1.6%   5.5%   0.5%   -1.6%
Georgia   -1.1%   4.3%   3.5%   -4.3%   -4.0%   10.9%   0.7%   2.4%   0.5%   1.0%
Virginia   -1.9%   1.5%   0.3%   4.2%   -3.1%   0.0%   1.1%   2.3%   -0.3%   -0.3%
Alabama   0.9%   -0.7%   18.0%   14.5%   -9.0%   -9.8%   0.2%   0.8%   -1.9%   -2.9%
North Carolina   -3.4%   1.1%   3.3%   -7.9%   -7.4%   8.3%   -2.9%   -0.5%   2.9%   -2.5%
Secondary Markets Total   1.2%   3.3%   2.6%   2.4%   0.3%   3.9%   1.1%   2.8%   -0.2%   0.1%
Total Same Store   1.4%   4.4%   3.3%   2.9%   0.2%   5.5%   1.2%   4.1%   0.0%   0.1%

 

 
 

 

MAA July 31, 2013 Supplemental Data S-6

 

SAME STORE YEAR TO DATE 

Dollars in thousands except Average Effective Rent

 

SAME STORE YEAR TO DATE ACTUALS

 

                       Percent Change From 
       Six Months Ended June 30, 2013   Six Months Ended June 30, 2012 
                   Average               Average 
                   Effective               Effective 
   Units   Revenue   Expense   NOI   Rent   Revenue   Expense   NOI   Rent 
Large Markets                                             
Dallas, TX   4,560   $26,816   $11,012   $15,804   $907.09    5.7%   0.8%   9.5%   5.7%
Jacksonville, FL   3,202   $17,704   $6,727   $10,977   $874.71    5.1%   0.2%   8.3%   4.2%
Nashville, TN   2,779   $16,322   $5,981   $10,341   $906.69    6.3%   1.0%   9.7%   7.2%
Atlanta, GA   2,109   $11,956   $4,882   $7,074   $868.61    3.3%   4.4%   2.5%   3.9%
Houston, TX   2,281   $13,400   $5,938   $7,462   $898.06    6.8%   3.4%   9.7%   6.2%
Raleigh/Durham, NC   1,549   $9,445   $3,231   $6,214   $939.20    6.6%   1.4%   9.6%   5.4%
Austin, TX   1,776   $10,643   $4,790   $5,853   $895.40    9.6%   6.9%   12.0%   7.6%
Phoenix, AZ   1,024   $5,292   $2,304   $2,988   $787.63    3.8%   2.1%   5.2%   2.8%
Tampa, FL   1,552   $9,461   $3,884   $5,577   $926.11    4.3%   0.5%   7.1%   4.4%
South Florida   480   $4,019   $1,589   $2,430   $1,398.12    1.7%   9.4%   -2.8%   4.5%
Orlando, FL   288   $1,365   $537   $828   $789.22    -0.2%   -1.5%   0.6%   4.9%
Large Markets Total   21,600   $126,423   $50,875   $75,548   $903.92    5.6%   2.2%   8.0%   5.4%
                                              
Secondary Markets                                             
Memphis, TN   3,305   $16,259   $6,939   $9,320   $766.27    2.3%   -1.9%   5.7%   2.7%
Greenville, SC   1,748   $7,882   $3,293   $4,589   $683.64    5.6%   2.1%   8.3%   4.8%
Little Rock, AR   1,056   $5,373   $2,063   $3,310   $824.42    1.8%   4.9%   -0.1%   2.7%
Savannah, GA   782   $4,538   $1,604   $2,934   $923.83    3.1%   -4.8%   8.0%   3.9%
Jackson, MS   1,241   $6,469   $2,383   $4,086   $796.15    4.7%   1.7%   6.5%   3.6%
Lexington, KY   924   $4,492   $1,674   $2,818   $785.56    3.4%   -0.2%   5.7%   5.4%
Columbus, GA   1,008   $5,283   $2,094   $3,189   $831.03    0.9%   0.0%   1.6%   0.5%
San Antonio, TX   740   $4,282   $1,875   $2,407   $905.18    3.6%   8.6%   0.0%   0.5%
Birmingham, AL   440   $2,825   $1,134   $1,691   $997.13    0.2%   5.3%   -2.9%   -0.2%
Charleston, SC   488   $3,175   $1,142   $2,033   $1,000.75    4.4%   -0.3%   7.3%   4.0%
Chattanooga, TN   943   $4,694   $2,078   $2,616   $736.75    4.5%   7.0%   2.6%   4.9%
Richmond, VA   300   $2,253   $660   $1,593   $1,231.25    5.5%   4.3%   6.1%   4.4%
Fredericksburg, VA   232   $1,948   $558   $1,390   $1,363.11    6.8%   7.1%   6.7%   6.0%
Gainesville, FL   468   $2,730   $980   $1,750   $928.12    4.2%   -7.0%   11.7%   3.6%
Jackson, TN   665   $2,927   $1,378   $1,549   $689.08    3.6%   1.0%   6.2%   4.0%
Columbia, SC   576   $2,836   $1,337   $1,499   $747.71    3.9%   5.3%   2.7%   4.6%
Augusta, GA/Aiken, SC   640   $2,990   $1,293   $1,697   $724.74    0.4%   1.7%   -0.5%   1.2%
Huntsville, AL   544   $2,553   $1,075   $1,478   $718.64    3.5%   3.9%   3.3%   3.0%
Warner Robins, GA   504   $2,486   $936   $1,550   $740.48    0.8%   -1.4%   2.2%   0.8%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)
Florida   1,710   $8,631   $3,432   $5,199   $773.72    4.7%   0.8%   7.5%   3.6%
Kentucky   624   $2,973   $991   $1,982   $766.38    4.4%   -2.0%   7.8%   5.6%
Georgia   400   $1,921   $753   $1,168   $730.44    6.3%   -4.9%   15.1%   2.3%
Virginia   296   $1,791   $647   $1,144   $928.55    2.1%   3.9%   1.1%   2.6%
Alabama   208   $1,059   $423   $636   $781.33    -1.6%   4.4%   -5.2%   1.1%
North Carolina   240   $936   $366   $570   $589.39    1.7%   -3.9%   5.8%   1.8%
Secondary Markets Total   20,082   $103,306   $41,108   $62,198   $800.37    3.3%   1.1%   4.9%   3.2%
Total Same Store   41,682   $229,729   $91,983   $137,746   $854.03    4.6%   1.7%   6.6%   4.4%

 

 
 

 

MAA July 31, 2013 Supplemental Data S-7

 

EBITDA AND BALANCE SHEET RATIOS

Dollars in thousands

 

   Three Months     
   Ended     
   June 30,   Trailing 
   2013   4 Quarters 
Net income attributable to MAA  $59,089   $133,442 
Depreciation and amortization   32,730    129,329 
Interest expense   15,271    61,194 
Loss on debt extinguishment   -    828 
Amortization of deferred financing costs   803    3,519 
Net casualty gain and other settlement proceeds   (435)   (551)
Gain on sale of non-depreciable or non-real estate assets   -    (48)
Depreciation of discontinued operations   466    3,242 
Gain on sale of discontinued operations   (43,121)   (62,374)
EBITDA  $64,803   $268,581 

 

   Three Months Ended 
   June 30, 
   2013   2012 
EBITDA/Debt Service   3.88x   4.13x
Fixed Charge Coverage (1)   4.24x   4.41x
Total Debt/Total Capitalization (2)   36.0%   35.2%
Total Debt/Total Gross Assets   43.4%   44.1%
Total Net Debt (3)/Total Gross Assets   43.2%   43.5%
Total Net Debt (3)/EBITDA   6.27x   6.71x
Unencumbered Assets/Total Gross Assets   56.4%   48.6%

 

(1)Fixed charge coverage represents EBITDA divided by interest expense and any preferred dividends.
(2)Total Capitalization equals the 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 Services (4)   BBB   Stable

 

(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 July 31, 2013 Supplemental Data S-8
DEBT AS OF JUNE 30, 2013
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  $722,759    3.8    4.9%
Conventional - Variable Rate - Capped  (1)(2)   213,136    2.7    0.9%
Tax-free - Variable Rate - Capped (1)   89,615    3.1    0.9%
Total Secured Fixed or Hedged Rate Debt   1,025,510    3.5    3.7%
Conventional - Variable Rate   81,031    0.2    0.7%
Total Secured Debt   1,106,541    3.3    3.5%
Unsecured Debt               
Fixed Rate or Swapped   460,000    6.6    3.8%
Variable Rate   125,000    0.1    1.4%
Total Unsecured Debt   585,000    5.2    3.3%
Total Debt  $1,691,541    4.0    3.5%
                
Total Fixed or Hedged Debt  $1,485,510    4.5    3.8%

 

(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  $1,182,759    69.9%   4.5%   4.9 
Capped debt   302,751    17.9%   0.9%   2.8 
Floating (unhedged) debt   206,031    12.2%   1.2%   0.1 
Total  $1,691,541    100.0%   3.5%   4.0 

 

           Effective   Years to 
       Percent of   Interest   Contract 
Secured Versus Unsecured Debt  Balance   Total   Rate   Maturity 
Unsecured debt  $585,000    34.6%   3.3%   5.7 
Secured debt   1,106,541    65.4%   3.5%   5.0 
Total  $1,691,541    100.0%   3.5%   5.2 

 

   Total   Percent of   2Q13   Percent of 
Unencumbered Versus Encumbered Assets  Cost   Total   NOI   Total 
Unencumbered gross assets  $2,200,937    56.4%  $43,304    53.1%
Encumbered gross assets   1,698,578    43.6%   38,185    46.9%
Total  $3,899,515    100.0%  $81,489    100.0%

 

 
 

 

MAA July 31, 2013 Supplemental Data S-9
DEBT AS OF JUNE 30, 2013 continued
Dollars in thousands

 

OUTSTANDING BALANCES

 

               Average 
   Available       Remaining   Years to 
   Credit   Amount   Available   Contract 
   Limit   Borrowed   Capacity   Maturity 
Fannie Mae Credit Facilities  $529,335   $504,335   $25,000    5.9 
Freddie Mac Credit Facilities   198,247    198,247   $-    1.0 
Other Secured Borrowings   403,959    403,959   $-    5.8 
Unsecured Credit Facility   323,637    125,000   $198,637    2.3 
Other Unsecured Debt   460,000    460,000   $-    6.6 
Term Loan   250,000    -   $250,000    1.0 
Total Debt  $2,165,178   $1,691,541   $473,637    5.2 

 

DEBT MATURITIES OF OUTSTANDING BALANCES

 

    Credit Facility Amounts Borrowed                 
    Secured   Unsecured   Other   Other         
Maturity   Fannie Mae   Freddie Mac   Facility   Secured   Unsecured   Term Loan   Total 
 2013   $-   $-   $-   $-   $-   $-   $- 
 2014    53,720    198,247    -    34,876    -    -   $286,843 
 2015    120,000    -    125,000    35,187    -    -   $280,187 
 2016    80,000    -    -    15,200    -    -   $95,200 
 2017    80,000    -    -    60,180    168,000    -   $308,180 
 Thereafter    170,615    -    -    258,516    292,000    -   $721,131 
 Total   $504,335   $198,247   $125,000   $403,959   $460,000   $-   $1,691,541 

 

FIXED OR HEDGED INTEREST RATE MATURITIES

 

                            Average 
    Fixed   Interest   Total       Interest   Total   Years to 
    Rate   Rate   Fixed Rate   Contract   Rate   Fixed or   Rate 
Maturity   Debt   Swaps   Balances   Rate   Caps   Hedged   Maturity 
 2013   $-   $65,000   $65,000    5.2%  $-   $65,000      
 2014    34,876    144,000    178,876    5.1%   59,532   $238,408      
 2015    35,187    75,000    110,187    5.6%   55,200   $165,387      
 2016    -    -    -    0.0%   89,280   $89,280      
 2017    128,180    150,000    278,180    2.7%   65,813   $343,993      
 Thereafter    550,516    -    550,516    4.7%   32,926   $583,442      
 Total   $748,759   $434,000   $1,182,759    4.4%  $302,751   $1,485,510    4.5 

 

 
 

 

MAA July 31, 2013 Supplemental Data S-10
JOINT VENTURE OPERATIONS
Dollars in thousands

 

OPERATING DATA (MAA'S PRO-RATA SHARE)

 

   Three Months Ended,   Six Months Ended, 
   June 30,   June 30, 
   2013   2012   2013   2012 
Property revenues  $1,224   $1,674   $2,744   $3,826 
Property operating expenses   561    832    1,228    1,869 
Net Operating Income   663    842    1,516    1,957 
                     
Interest expense   315    439    713    997 
Depreciation and amortization   282    442    664    1,000 
Other   19    28    38    58 
Total Other Expenses   616    909    1,415    2,055 
Gain (loss) from real estate joint ventures  $47   $(67)  $101   $(98)

 

BALANCE SHEET DATA

 

   June 30,   December 31, 
   2013   2012 
Gross real estate assets  $86,299   $149,790 
Accumulated depreciation   (7,813)   (17,354)
Real estate assets, net   78,486    132,436 
Other assets   5,060    7,266 
Total assets   83,546    139,702 
           
Notes payable   69,249    106,081 
Other liabilities   4,444    6,208 
Total liabilities   73,693    112,289 
           
Member's equity   9,853    27,413 
Total liabilities and member's equity  $83,546   $139,702 
           
MAA's investment in real estate joint venture  $3,178   $4,837 
MAA's pro-rata share of joint venture debt  $23,081   $35,357 
MAA's pro-rata share of joint venture gross real estate assets  $28,763   $49,925 
Percent of MAA wholly owned gross real estate assets   1%   1%

 

COMMUNITY DATA (as of end of period)

 

   June 30,   December 31, 
   2013   2012 
Number of communities   4    6 
Number of units   1,156    1,782 

 

 
 

 

MAA July 31, 2013 Supplemental Data S-11
2013 GUIDANCE
Excluding merger related expenses

 

   Updated
   Full Year
   2013 Guidance
    
Results:   
FFO per Share - diluted  $4.83 to $5.03
Midpoint  $4.93
AFFO per Share - diluted  $4.21 to $4.41
    
Same Store Communities:   
Number of Units  41,682
Property Revenue Growth  4% to 5%
Property Operating Expense Growth  3% to 4%
Property NOI Growth  4% to 6%
Real Estate Tax Expense Growth  6% to 7%
Physical Occupancy  95% to 96%
    
Transaction/Investment Volume:   
Acquisition Volume (wholly-owned)  $225 to $275 million
Acqusition Expenses  $1.5 to $2.0 million
Disposition Volume (wholly-owned)  $140 to $150 million
Development Investment  $40 to $50 million
    
Debt:   
Average Interest Rate  3.7% to 3.9%
Capitalized Interest  $1.5 to $2.0 million
Leverage (Total Net Debt/Total Gross Assets)  43% to 45%
Unencumbered Asset Pool (Percent of Total Gross Assets)  58% to 60%
    
Corporate Expenses:   
General and administrative and property management expenses  $36 to $37 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