MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL DATA SCHEDULES - November 6, 2013

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MAA November 6, 2013 Supplemental Data S-1
     
MULTIFAMILY COMMUNITIES AND UNITS
Dollars in thousands    

 

MULTIFAMILY COMMUNITIES

 

   Number of Units   Number of Communities 
   2013   2012   2013   2012 
   Sept 30 (1)   Jun 30   Mar 31   Dec 31   Sept 30   Sept 30 (2)   Jun 30   Mar 31   Dec 31   Sept 30 
Same store communities   41,682    41,682    41,682    40,609    40,609    138    138    138    136    136 
Stabilized non-same store communities   4,549    4,969    5,697    6,460    6,700    15    18    21    22    23 
Development communities   564    564    774    774    1,220    2    2    2    2    3 
Lease-up communities   782    1,210    740    740    -    2    3    2    2    - 
Wholly-owned communities   47,577    48,425    48,893    48,583    48,529    157    161    163    162    162 
Joint venture communities   1,156    1,156    1,472    1,782    1,782    4    4    5    6    6 
Total Multifamily communities   48,733    49,581    50,365    50,365    50,311    161    165    168    168    168 
                                                   
   (1) The Number of Units for Development Communities includes  390 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

1.1% of Multifamily Gross Assets

 

      Units as of September 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    174    169    225   $33,500   $124   $29,700   1Q12  4Q13  2Q13  2Q14
220 Riverside  Jacksonville   294    -    -    -   $40,500   $138   $13,400   4Q12  4Q14  3Q14  4Q15
Total      564    174    169    225   $74,000   $131   $43,100             

 

LEASE-UP COMMUNITIES         
2.7% of Multifamily Gross Assets  As of Sept 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    96%  $29,200   $94   $29,100   3Q12  4Q13
1225 South Church Phase II  Charlotte   210    99%  $27,500   $131   $27,100   2Q13  4Q13
Station Square at Cosner's Corner  Fredericksburg   260    91%    N/A      N/A      N/A    N/A  4Q13
Total      782    95%  $56,700   $109   $56,200       

 

DEVELOPMENT AND LEASE-UP OPERATING DATA

 

   2013   2012 
   Sept 30   Jun 30   Mar 31   Dec 31   Sept 30 
Revenue from development communities  $609   $99   $48   $2   $1,649 
Revenue from lease-up communities   2,575    3,406    2,422    2,139    - 
Total development and lease-up revenues   3,184    3,505    2,470    2,141    1,649 
                          
Operating expenses from development communities   242    111    85    7    593 
Operating expenses from lease-up communities   859    1,109    828    618    - 
Total development and lease-up operating expenses   1,101    1,220    913    625    593 
                          
Total development and lease-up NOI  $2,083   $2,285   $1,557   $1,516   $1,056 
Number of communities represented (3)   4    5    4    4    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 November 6, 2013 Supplemental Data S-2

 

MULTIFAMILY COMMUNITY STATISTICS

Dollars in thousands except Average Effective Rent

 

                       Average 
                       Effective 
       As of September 30, 2013   Rent for the 
               Percent to       Three Months 
       Completed   Gross   Total of Gross   Physical   Ended 
       Units   Real Assets   Real Assets   Occupancy   Sept 30, 2013 
                         
Dallas, TX        4,810   $362,468    9.4%   96.4%  $929.86 
Atlanta, GA        2,998   $304,040    7.9%   96.1%  $973.25 
Nashville, TN        3,207   $286,498    7.4%   96.8%  $1,009.03 
Jacksonville, FL        3,202   $241,295    6.3%   96.3%  $890.85 
Houston, TX        2,909   $221,920    5.8%   96.3%  $938.41 
Austin, TX        2,255   $176,668    4.6%   96.7%  $969.89 
Raleigh/Durham, NC        1,549   $160,741    4.2%   95.4%  $962.66 
Tampa, FL        1,786   $131,379    3.4%   96.1%  $956.57 
Phoenix, AZ        1,024   $116,028    3.0%   94.0%  $785.53 
Orlando, FL        682   $65,841    1.7%   95.9%  $946.62 
South Florida        480   $56,292    1.5%   96.5%  $1,406.92 
Charlotte, NC        196   $27,342    0.7%   94.4%  $1,219.12 
Large Markets        25,098   $2,150,512    55.9%   96.2%  $954.64 
                               
Memphis, TN        3,305   $196,456    5.1%   96.9%  $767.66 
San Antonio, TX        1,176   $112,703    2.9%   97.1%  $991.29 
Greenville, SC        1,748   $92,911    2.4%   96.6%  $697.67 
Columbus, GA        1,509   $86,922    2.3%   96.3%  $752.93 
Little Rock, AR        1,056   $80,143    2.1%   97.6%  $813.52 
Savannah, GA        782   $72,907    1.9%   94.4%  $943.35 
Jackson, MS        1,241   $68,141    1.8%   97.2%  $812.05 
Lexington, KY        924   $65,815    1.7%   96.1%  $805.90 
Norfolk, Hampton, VA Beach, VA        536   $55,767    1.4%   98.3%  $1,071.70 
Kansas City, MO        323   $52,248    1.4%   93.5%  $1,245.31 
Tallahassee, FL        604   $46,578    1.2%   95.2%  $924.79 
Birmingham, AL        440   $44,443    1.2%   96.6%  $1,023.36 
Charleston, SC        488   $44,393    1.2%   95.5%  $1,011.75 
Chattanooga, TN        943   $44,002    1.0%   95.7%  $743.84 
Richmond, VA        300   $42,189    1.0%   95.7%  $1,255.74 
Macon, GA        694   $42,421    1.1%   93.1%  $736.79 
All Other Secondary Markets by State (individual markets <$40MM gross real assets)                 
Florida        1,874   $126,799    3.3%   96.9%  $822.80 
Georgia        1,257   $75,090    2.0%   96.2%  $725.78 
Alabama        752   $48,775    1.3%   97.2%  $742.41 
Virginia        232   $39,285    0.9%   96.6%  $1,315.72 
Tennessee        665   $38,190    1.0%   95.5%  $700.47 
South Carolina        576   $34,507    0.9%   97.4%  $748.16 
Kentucky        624   $34,072    0.9%   95.2%  $783.96 
North Carolina        240   $9,680    0.3%   97.1%  $598.68 
Secondary Markets        22,289   $1,554,437    40.3%   96.4%  $822.10 
                               
Subtotal        47,387   $3,704,949    96.2%   96.3%  $892.30 
     Total                           
    Units                          
Charleston, SC Secondary   270    174   $29,665    0.8%   76.6%  $1,233.68 
Little Rock, AR Secondary   312    312   $29,217    0.8%   96.5%  $1,033.57 
Charlotte, NC Large   210    210   $27,081    0.7%   98.6%  $938.19 
Jacksonville, FL Large   294    -   $12,284    0.3%   N/A    N/A 
Fredericksburg, VA Secondary   260    260   $44,318    1.2%   90.8%  $1,289.25 
Lease-up and Development   1,346    956   $142,565    3.8%   91.8%  $1,118.58 
                               
Total Multifamily Communities   48,733    48,343   $3,847,514    100.0%   96.2%  $896.78 

 

 
 

 

MAA November 6, 2013 Supplemental Data S-3

 

SAME STORE SUMMARY

Dollars in thousands

 

   Comparison to Prior Year 
           Percent           Percent 
   3Q13   3Q12   Change   YTD 2013   YTD 2012   Change 
Revenues  $117,167   $112,611    4.0%  $346,896   $332,315    4.4%
Expense   48,659    47,095    3.3%   140,642    137,531    2.3%
NOI  $68,508   $65,516    4.6%  $206,254   $194,784    5.9%

 

   Comparison to Prior Quarter 
           Percent 
   3Q13   2Q13   Change 
Revenues  $117,167   $115,684    1.3%
Expense   48,659    46,742    4.1%
NOI  $68,508   $68,942    -0.6%

 

   Percent Change From   Percent Change From 
   Prior Year   Prior Quarter 
   1Q13   2Q13   3Q13   YTD13   1Q13   2Q13   3Q13 
Revenues   4.7%   4.4%   4.0%   4.4%   0.7%   1.4%   1.3%
Expense   0.6%   2.9%   3.3%   2.3%   0.1%   3.3%   4.1%
NOI   7.7%   5.5%   4.6%   5.9%   1.1%   0.2%   -0.6%

 

NOI BRIDGE

Dollars in thousands

 

   Three Months Ended   Nine Months Ended 
   9/30/13   6/30/13   9/30/12   9/30/13   9/30/12 
                     
NOI                         
Large market same store  $38,159   $37,793   $35,700   $113,707   $105,675 
Secondary market same store   30,349    31,149    29,816    92,547    89,109 
Total same store   68,508    68,942    65,516    206,254    194,784 
Non-same store   12,470    12,722    9,015    36,798    22,657 
Total NOI   80,978    81,664    74,531    243,052    217,441 
Held for sale NOI included above   (837)   (2,241)   (2,839)   (5,655)   (11,198)
Management fee income   146    142    209    465    687 
Depreciation and amortization   (33,000)   (32,456)   (30,979)   (97,883)   (89,701)
Acquisition expense   -    (489)   (1,343)   (499)   (1,574)
Property management expenses   (5,193)   (5,446)   (5,460)   (15,970)   (16,484)
General and administrative expenses   (3,976)   (3,389)   (3,527)   (10,604)   (10,436)
Merger related expenses   (5,561)   (5,737)   -    (11,298)   - 
Integration related expenses   (35)   -    -    (35)   - 
Interest and other non-property income   16    23    89    86    343 
Interest expense   (14,941)   (15,208)   (14,530)   (45,715)   (42,428)
(Loss) gain on debt extinguishment   (218)   -    -    (387)   5 
Amortization of deferred financing costs   (820)   (803)   (971)   (2,427)   (2,611)
Net casualty gain (loss) and other settlement proceeds   -    439    (22)   455    (24)
Gain on sale of non-depreciable                         
or non-real estate assets   -    -    48    -    45 
Gain (loss) from real estate joint ventures   60    47    (72)   161    (170)
Discontinued operations   29,437    44,482    16,944    75,343    42,723 
Net income attributable to noncontrolling interests   (1,772)   (1,939)   (1,212)   (4,536)   (3,702)
Net income attributable to MAA  $44,284   $59,089   $30,866   $124,553   $82,916 

 

 
 

 

MAA November 6, 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 September 30, 2013, unless otherwise noted

 

       Three Months Ended September 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   $13,835   $5,857   $7,978   $930.12   $1,056.53    94.5%   95.7%   96.3%   58.5%
Jacksonville, FL   3,202   $8,972   $3,544   $5,428   $890.85   $982.43    92.8%   95.1%   96.3%   55.0%
Nashville, TN   2,779   $8,454   $3,166   $5,288   $935.69   $1,051.59    94.3%   96.4%   96.7%   59.7%
Atlanta, GA   2,109   $6,191   $2,493   $3,698   $891.93   $1,021.73    93.3%   95.8%   96.3%   51.6%
Houston, TX   2,281   $6,912   $3,087   $3,825   $926.15   $1,046.76    94.6%   96.5%   96.2%   60.8%
Raleigh/Durham, NC   1,549   $4,813   $1,708   $3,105   $962.66   $1,090.31    93.5%   95.0%   95.4%   53.7%
Austin, TX   1,776   $5,464   $2,457   $3,007   $923.56   $1,062.42    95.4%   96.5%   96.6%   56.9%
Phoenix, AZ   1,024   $2,622   $1,187   $1,435   $785.53   $916.86    90.9%   93.1%   94.0%   63.0%
Tampa, FL   1,552   $4,804   $2,025   $2,779   $938.82   $1,081.19    93.9%   95.4%   96.1%   48.8%
South Florida   480   $2,049   $804   $1,245   $1,406.92   $1,500.64    91.3%   94.8%   96.5%   51.3%
Orlando, FL   288   $707   $336   $371   $805.42   $872.88    91.4%   93.7%   94.1%   53.1%
Large Markets Total   21,600   $64,823   $26,664   $38,159   $925.36   $1,046.13    93.8%   95.6%   96.2%   56.5%
                                                   
Secondary Markets                                                  
Memphis, TN   3,305   $8,147   $3,867   $4,280   $767.66   $863.76    92.5%   95.1%   96.9%   55.0%
Greenville, SC   1,748   $4,037   $1,684   $2,353   $697.67   $804.92    93.5%   95.6%   96.6%   57.2%
Little Rock, AR   1,056   $2,741   $1,084   $1,657   $813.52   $908.44    93.2%   95.3%   97.6%   50.3%
Savannah, GA   782   $2,320   $864   $1,456   $943.35   $1,045.22    92.4%   94.6%   94.4%   62.5%
Jackson, MS   1,241   $3,293   $1,273   $2,020   $812.05   $922.83    93.5%   95.9%   97.2%   55.9%
Lexington, KY   924   $2,336   $902   $1,434   $805.90   $883.37    93.2%   95.4%   96.1%   55.0%
Columbus, GA   1,008   $2,597   $1,096   $1,501   $816.68   $928.07    88.6%   92.5%   95.1%   68.8%
San Antonio, TX   740   $2,171   $1,038   $1,133   $912.07   $1,018.42    93.8%   96.0%   96.8%   75.4%
Birmingham, AL   440   $1,434   $521   $913   $1,023.36   $1,131.81    92.1%   96.0%   96.6%   57.7%
Charleston, SC   488   $1,640   $615   $1,025   $1,011.75   $1,163.09    94.5%   96.3%   95.5%   69.7%
Chattanooga, TN   943   $2,360   $1,044   $1,316   $743.84   $875.23    93.8%   95.3%   95.7%   57.2%
Richmond, VA   300   $1,172   $332   $840   $1,255.74   $1,358.58    94.4%   95.8%   95.7%   60.3%
Fredericksburg, VA   232   $988   $305   $683   $1,315.72   $1,477.53    94.5%   96.0%   96.6%   53.9%
Gainesville, FL   468   $1,422   $584   $838   $959.19   $1,033.35    95.7%   98.0%   97.4%   41.5%
Jackson, TN   665   $1,476   $720   $756   $700.47   $789.95    91.5%   93.7%   95.5%   63.9%
Columbia, SC   576   $1,451   $721   $730   $748.16   $880.07    90.9%   95.4%   97.4%   60.9%
Augusta, GA/Aiken, SC   640   $1,528   $681   $847   $723.31   $838.54    93.0%   94.9%   94.8%   67.5%
Huntsville, AL   544   $1,296   $633   $663   $724.25   $841.59    91.1%   94.4%   97.6%   57.9%
Warner Robins, GA   504   $1,226   $486   $740   $729.88   $859.93    90.2%   94.3%   97.8%   61.5%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)                   
Florida   1,710   $4,368   $1,786   $2,582   $792.95   $894.96    92.8%   95.1%   96.5%   60.2%
Kentucky   624   $1,513   $552   $961   $783.96   $848.95    92.8%   95.2%   95.2%   55.8%
Georgia   400   $898   $438   $460   $729.45   $818.21    85.9%   91.5%   92.5%   51.8%
Virginia   296   $919   $347   $572   $923.80   $1,074.10    92.1%   96.4%   98.6%   68.2%
Alabama   208   $530   $219   $311   $789.88   $883.27    92.5%   96.1%   96.2%   53.4%
North Carolina   240   $481   $203   $278   $598.68   $692.86    94.6%   96.5%   97.1%   59.6%
Secondary Markets Total   20,082   $52,344   $21,995   $30,349   $807.70   $913.12    92.6%   95.2%   96.4%   58.7%
                                                   
Total Same Store   41,682   $117,167   $48,659   $68,508   $868.67   $982.21    93.3%   95.4%   96.3%   57.6%

 

 
 

 

MAA November 6, 2013 Supplemental Data S-5

 

SAME STORE GROWTH DETAILS

 

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

FROM THREE MONTHS ENDED JUNE 30, 2013 (PRIOR QUARTER) AND THREE MONTHS ENDED SEPTEMBER 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   2.8%   5.4%   5.6%   1.0%   0.8%   9.0%   1.9%   5.3%   0.5%   -0.1%
Jacksonville, FL   0.8%   4.0%   3.0%   3.3%   -0.6%   4.4%   1.0%   4.3%   -0.1%   -1.0%
Nashville, TN   2.2%   5.9%   2.4%   -1.3%   2.0%   10.8%   2.4%   6.4%   -0.7%   0.3%
Atlanta, GA   1.8%   5.8%   2.8%   1.7%   1.2%   8.7%   2.4%   4.3%   0.0%   1.0%
Houston, TX   2.2%   6.2%   1.3%   6.7%   2.9%   5.8%   2.3%   6.1%   -0.3%   1.0%
Raleigh/Durham, NC   1.5%   4.1%   3.8%   2.5%   0.2%   5.0%   1.6%   3.7%   -0.3%   -0.4%
Austin, TX   1.8%   6.6%   0.2%   6.4%   3.1%   6.7%   2.1%   6.9%   0.0%   -0.9%
Phoenix, AZ   -1.0%   1.5%   -0.7%   3.2%   -1.2%   0.1%   -0.2%   1.7%   -0.2%   -0.6%
Tampa, FL   0.8%   4.0%   2.5%   -0.2%   -0.4%   7.4%   0.7%   3.5%   -0.7%   0.6%
South Florida   0.8%   3.6%   -3.4%   1.4%   3.8%   5.1%   0.0%   2.6%   2.5%   0.7%
Orlando, FL   3.7%   3.5%   20.4%   23.5%   -7.9%   -9.7%   1.7%   4.5%   1.0%   -3.1%
Large Markets Total   1.7%   5.0%   2.8%   2.5%   1.0%   6.9%   1.7%   4.9%   0.0%   0.0%
                                                   
Secondary Markets                                                  
Memphis, TN   0.3%   1.9%   16.5%   11.5%   -11.0%   -5.4%   -0.3%   0.5%   0.5%   1.2%
Greenville, SC   1.4%   5.5%   0.7%   -0.6%   1.8%   10.4%   1.2%   3.7%   0.4%   0.5%
Little Rock, AR   2.2%   2.2%   5.4%   3.5%   0.2%   1.3%   -1.5%   -0.4%   2.5%   1.0%
Savannah, GA   1.6%   3.0%   4.1%   5.5%   0.1%   1.6%   1.8%   2.7%   -1.1%   -0.4%
Jackson, MS   0.4%   6.3%   3.9%   2.7%   -1.7%   8.7%   0.9%   4.0%   0.3%   2.0%
Lexington, KY   3.1%   4.2%   1.8%   -0.3%   3.9%   7.3%   2.2%   3.8%   -0.1%   0.2%
Columbus, GA   -1.7%   -3.3%   2.4%   -0.1%   -4.5%   -5.5%   -1.4%   -2.2%   3.5%   -0.5%
San Antonio, TX   -0.2%   2.5%   1.3%   18.2%   -1.5%   -8.7%   0.1%   -0.4%   0.7%   0.2%
Birmingham, AL   -1.1%   -0.1%   -9.7%   -19.5%   4.6%   15.7%   1.3%   -0.2%   -0.4%   3.4%
Charleston, SC   2.2%   4.5%   2.5%   5.7%   2.1%   3.9%   0.8%   2.0%   -2.0%   -1.6%
Chattanooga, TN   0.2%   2.2%   -6.0%   3.9%   5.7%   0.9%   0.6%   2.6%   -0.4%   -1.0%
Richmond, VA   2.3%   3.9%   1.5%   -0.6%   2.6%   5.8%   1.5%   2.7%   -1.3%   1.0%
Fredericksburg, VA   0.5%   2.8%   7.4%   4.8%   -2.3%   1.9%   -3.6%   -1.7%   0.5%   0.9%
Gainesville, FL   3.3%   6.0%   19.4%   36.8%   -5.6%   -8.3%   2.8%   3.7%   -0.9%   3.2%
Jackson, TN   0.3%   2.6%   4.3%   -4.8%   -3.3%   10.7%   0.9%   3.7%   1.4%   -1.3%
Columbia, SC   1.3%   2.6%   8.6%   7.9%   -5.1%   -2.1%   -1.0%   1.4%   2.6%   -0.2%
Augusta, GA/Aiken, SC   1.7%   0.9%   3.7%   0.4%   0.2%   1.3%   -0.6%   -0.4%   -0.5%   0.3%
Huntsville, AL   2.0%   6.6%   14.9%   12.8%   -7.8%   1.2%   -0.2%   1.6%   3.7%   5.9%
Warner Robins, GA   -0.9%   2.5%   3.8%   -1.2%   -3.8%   5.1%   -1.4%   -1.9%   0.8%   1.4%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)                   
Florida   0.0%   4.3%   3.8%   0.8%   -2.5%   6.9%   1.7%   3.8%   0.3%   0.8%
Kentucky   1.4%   2.6%   10.6%   4.9%   -3.2%   1.4%   1.5%   4.1%   -0.2%   -1.9%
Georgia   -6.0%   -1.9%   14.4%   -1.6%   -19.6%   -2.1%   -0.5%   0.0%   -5.3%   -0.8%
Virginia   3.6%   2.8%   7.1%   0.9%   1.6%   4.0%   -1.1%   1.3%   2.7%   -0.7%
Alabama   -0.4%   -0.6%   -4.4%   0.9%   2.6%   -1.6%   1.0%   1.3%   0.5%   -2.4%
North Carolina   4.6%   -0.4%   9.1%   2.5%   1.5%   -2.5%   3.1%   0.5%   2.5%   0.0%
Secondary Markets Total   0.7%   2.8%   5.7%   4.3%   -2.6%   1.8%   0.4%   1.6%   0.5%   0.6%
                                                   
Total Same Store   1.3%   4.0%   4.1%   3.3%   -0.6%   4.6%   1.1%   3.4%   0.3%   0.3%

 

 
 

 

MAA November 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 September 30, 2013, unless otherwise noted

 

                       Percent Change From 
       Nine Months Ended September 30, 2013   Nine Months Ended September 30, 2012 
                   Average               Average 
                   Effective               Effective 
   Units   Revenue   Expense   NOI   Rent   Revenue   Expense   NOI   Rent 
Large Markets                                             
Dallas, TX   4,560   $40,651   $16,869   $23,782   $914.77    5.6%   0.8%   9.3%   5.5%
Jacksonville, FL   3,202   $26,676   $10,271   $16,405   $880.09    4.7%   1.3%   7.0%   4.2%
Nashville, TN   2,779   $24,776   $9,147   $15,629   $916.36    6.2%   0.2%   10.0%   7.0%
Atlanta, GA   2,109   $18,147   $7,375   $10,772   $876.39    4.1%   3.5%   4.5%   4.0%
Houston, TX   2,281   $20,312   $9,025   $11,287   $907.43    6.6%   4.5%   8.4%   6.1%
Raleigh/Durham, NC   1,549   $14,258   $4,939   $9,319   $947.02    5.8%   1.8%   8.0%   4.8%
Austin, TX   1,776   $16,107   $7,247   $8,860   $904.79    8.6%   6.7%   10.1%   7.3%
Phoenix, AZ   1,024   $7,914   $3,491   $4,423   $786.93    3.0%   2.5%   3.5%   2.4%
Tampa, FL   1,552   $14,265   $5,909   $8,356   $930.35    4.2%   0.3%   7.2%   4.1%
South Florida   480   $6,068   $2,393   $3,675   $1,401.05    2.3%   6.6%   -0.3%   3.8%
Orlando, FL   288   $2,072   $873   $1,199   $794.62    1.0%   6.9%   -2.8%   4.8%
Large Markets Total   21,600   $191,246   $77,539   $113,707   $911.06    5.4%   2.3%   7.6%   5.2%
                                              
Secondary Markets                                             
Memphis, TN   3,305   $24,406   $10,806   $13,600   $766.73    2.2%   2.5%   1.9%   2.0%
Greenville, SC   1,748   $11,919   $4,977   $6,942   $688.32    5.6%   1.2%   9.0%   4.5%
Little Rock, AR   1,056   $8,114   $3,147   $4,967   $820.79    1.9%   4.4%   0.4%   1.7%
Savannah, GA   782   $6,858   $2,468   $4,390   $930.34    3.1%   -1.4%   5.8%   3.5%
Jackson, MS   1,241   $9,762   $3,656   $6,106   $801.45    5.2%   2.0%   7.2%   3.7%
Lexington, KY   924   $6,828   $2,576   $4,252   $792.34    3.7%   -0.3%   6.2%   4.8%
Columbus, GA   1,008   $7,880   $3,190   $4,690   $826.25    -0.5%   0.0%   -0.8%   -0.4%
San Antonio, TX   740   $6,453   $2,913   $3,540   $907.48    3.2%   11.8%   -3.0%   0.2%
Birmingham, AL   440   $4,259   $1,655   $2,604   $1,005.88    0.1%   -4.0%   2.9%   -0.2%
Charleston, SC   488   $4,815   $1,757   $3,058   $1,004.42    4.5%   1.7%   6.1%   3.3%
Chattanooga, TN   943   $7,054   $3,122   $3,932   $739.11    3.7%   5.9%   2.1%   4.1%
Richmond, VA   300   $3,425   $992   $2,433   $1,239.42    5.0%   2.6%   6.0%   3.8%
Fredericksburg, VA   232   $2,936   $863   $2,073   $1,347.31    5.4%   6.3%   5.1%   3.4%
Gainesville, FL   468   $4,152   $1,564   $2,588   $938.48    4.8%   5.6%   4.4%   3.7%
Jackson, TN   665   $4,403   $2,098   $2,305   $692.88    3.3%   -1.1%   7.6%   3.9%
Columbia, SC   576   $4,287   $2,058   $2,229   $747.86    3.5%   6.2%   1.0%   3.5%
Augusta, GA/Aiken, SC   640   $4,518   $1,974   $2,544   $724.26    0.6%   1.2%   0.1%   0.7%
Huntsville, AL   544   $3,849   $1,708   $2,141   $720.51    4.5%   7.0%   2.6%   2.5%
Warner Robins, GA   504   $3,712   $1,422   $2,290   $736.95    1.4%   -1.3%   3.1%   -0.1%
All Other Secondary Markets by State (individual markets <$30MM gross real assets)                                             
Florida   1,710   $12,999   $5,218   $7,781   $780.13    4.6%   0.8%   7.3%   3.7%
Kentucky   624   $4,486   $1,543   $2,943   $772.24    3.8%   0.4%   5.6%   5.1%
Georgia   400   $2,819   $1,191   $1,628   $730.11    3.6%   -3.7%   9.6%   1.5%
Virginia   296   $2,710   $994   $1,716   $926.97    2.3%   2.8%   2.1%   2.2%
Alabama   208   $1,589   $642   $947   $784.18    -1.2%   3.2%   -4.1%   1.2%
North Carolina   240   $1,417   $569   $848   $592.49    1.0%   -1.7%   2.9%   1.4%
Secondary Markets Total   20,082   $155,650   $63,103   $92,547   $802.81    3.2%   2.2%   3.9%   2.7%
                                              
Total Same Store   41,682   $346,896   $140,642   $206,254   $858.91    4.4%   2.3%   5.9%   4.1%

 

 
 

 

MAA November 6, 2013 Supplemental Data S-7

 

EBITDA AND BALANCE SHEET RATIOS

Dollars in thousands

 

   Three Months     
   Ended     
   September 30,   Trailing 
   2013   4 Quarters 
Net income attributable to MAA  $44,284   $146,860 
Depreciation and amortization   33,000    130,320 
Interest expense   14,941    61,322 
Loss on debt extinguishment   218    1,046 
Amortization of deferred financing costs   820    3,368 
Net casualty gain and other settlement proceeds   1    (473)
Depreciation of discontinued operations   110    2,961 
Gain on sale of discontinued operations   (28,788)   (75,070)
EBITDA   64,586    270,334 
Acquisition expense   -    506 
Merger related expenses   5,561    11,298 
Integration related expenses   35    35 
Mark-to-market debt adjustments   (442)   (1,174)
Recurring EBITDA  $69,740   $280,999 

 

   Three Months Ended 
   September 30, 
   2013   2012 
Recurring EBITDA/Debt Service   4.19x   4.13x
Fixed Charge Coverage (1)   4.67x   4.40x
Total Debt/Total Capitalization (2)   40.1%   37.4%
Total Debt/Total Gross Assets   45.3%   45.1%
Total Net Debt (3)/Total Gross Assets   40.8%   44.7%
Total Net Debt (3)/Recurring EBITDA   5.98x   6.96x
Unencumbered Assets/Total Gross Assets   60.1%   51.1%

 

(1)Fixed charge coverage represents Recurring 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 November 6, 2013 Supplemental Data S-8

 

DEBT AS OF SEPTEMBER 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  $691,817    3.6    4.9%
Conventional - Variable Rate - Capped  (1)(2)   213,136    2.4    0.9%
Tax-free - Variable Rate - Capped (1)   89,217    2.9    0.9%
Total Secured Fixed or Hedged Rate Debt   994,170    3.3    3.7%
Conventional - Variable Rate   56,032    0.2    0.7%
Total Secured Debt   1,050,202    3.1    3.5%
Unsecured Debt               
Fixed Rate or Swapped   460,000    6.4    3.8%
Variable Rate   350,000    0.1    1.3%
Total Unsecured Debt   810,000    3.7    2.7%
Total Debt  $1,860,202    3.4    3.2%
                
Total Fixed or Hedged Debt  $1,454,170    4.3    3.7%

 

(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 5.6% 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  $1,151,817    61.9%   4.4%   4.7 
Capped debt   302,353    16.3%   0.9%   2.6 
Floating (unhedged) debt   406,032    21.8%   1.2%   0.1 
Total  $1,860,202    100.0%   3.2%   3.4 

 

           Effective   Years to 
       Percent of   Interest   Contract 
Secured Versus Unsecured Debt  Balance   Total   Rate   Maturity 
Unsecured debt  $810,000    43.5%   2.7%   5.3 
Secured debt   1,050,202    56.5%   3.5%   4.8 
Total  $1,860,202    100.0%   3.2%   5.0 

 

   Total   Percent of   3Q13   Percent of 
Unencumbered Versus Encumbered Assets  Cost   Total   NOI   Total 
Unencumbered gross assets  $2,471,605    60.1%  $46,023    56.8%
Encumbered gross assets   1,639,331    39.9%   34,955    43.2%
Total  $4,110,936    100.0%  $80,978    100.0%

 

 
 

 

MAA November 6, 2013 Supplemental Data S-9

 

DEBT AS OF SEPTEMBER 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  $453,938   $453,938   $-    6.1 
Freddie Mac Credit Facilities   198,247    198,247    -    0.8 
Other Secured Borrowings   398,017    398,017    -    5.4 
Unsecured Credit Facility   498,637    350,000    148,637    3.9 
Other Unsecured Debt   460,000    460,000    -    6.4 
Term Loan   250,000    -    250,000    0.8 
Total Debt  $2,258,839   $1,860,202   $398,637    5.0 

 

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    17,936    198,247    -    34,460    -    -    250,643 
 2015    105,785    -    -    34,988    -    -    140,773 
 2016    80,000    -    -    15,200    -    -    95,200 
 2017    80,000    -    350,000    59,817    168,000    -    657,817 
 Thereafter    170,217    -    -    253,552    292,000    -    715,769 
 Total   $453,938   $198,247   $350,000   $398,017   $460,000   $-   $1,860,202 

 

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   $-   $40,000   $40,000    4.8%  $-   $40,000      
 2014    34,460    144,000    178,460    5.1%   59,494    237,954      
 2015    34,988    75,000    109,988    5.6%   40,000    149,988      
 2016    -    -    -    -    104,480    104,480      
 2017    127,817    150,000    277,817    2.7%   65,511    343,328      
 Thereafter    545,552    -    545,552    4.7%   32,868    578,420      
 Total   $742,817   $409,000   $1,151,817    4.4%  $302,353   $1,454,170    4.3 

 

 
 

 

MAA November 6, 2013 Supplemental Data S-10

 

JOINT VENTURE OPERATIONS

Dollars in thousands

 

OPERATING DATA (MAA'S PRO-RATA SHARE)

 

   Three Months Ended,   Nine Months Ended, 
   September 30,   September 30, 
   2013   2012   2013   2012 
Property revenues  $1,139   $1,683   $3,883   $5,509 
Property operating expenses   524    831    1,752    2,700 
Net Operating Income   615    852    2,131    2,809 
                     
Interest expense   290    447    1,003    1,444 
Depreciation and amortization   255    444    919    1,444 
Other   10    33    48    91 
Total Other Expenses   555    924    1,970    2,979 
Gain (loss) from real estate joint ventures  $60   $(72)  $161   $(170)

 

BALANCE SHEET DATA

 

   September 30,   December 31, 
   2013   2012 
Gross real estate assets  $86,545   $149,790 
Accumulated depreciation   (8,578)   (17,354)
Real estate assets, net   77,967    132,436 
Other assets   5,205    7,266 
Total assets   83,172    139,702 
           
Notes payable   68,994    106,081 
Other liabilities   3,843    6,208 
Total liabilities   72,837    112,289 
           
Member's equity   10,335    27,413 
Total liabilities and member's equity  $83,172   $139,702 
           
MAA's investment in real estate joint venture  $3,237   $4,837 
MAA's pro-rata share of joint venture debt  $22,996   $35,357 
MAA's pro-rata share of joint venture gross real estate assets  $28,845   $49,925 
Percent of MAA wholly owned gross real estate assets   1%   1%

 

COMMUNITY DATA (as of end of period)

 

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

 

 
 

 

MAA November 6, 2013 Supplemental Data S-11

 

UPDATED 2013 GUIDANCE

Excluding merger related expenses

 

COMBINED COMPANY

 

   Fourth Quarter 2013   Full Year 2013 
Results:          
Core FFO per Share - diluted   $1.09 to $1.19    $4.81 to $4.91 
Midpoint  $1.14   $4.86 
AFFO per Share - diluted   $0.98 to $1.08    $4.20 to $4.30 
           
Estimated Average Diluted Shares / Units   79 to 79.5 million    53 to 53.5 million 
           
Corporate Expenses:          
General and administrative and property management expenses   $14.5 to $15.5 million    $41.5 to $42.5 million 
           
Transaction/Investment Volume:          
Acquisition Volume (wholly-owned)        $175 to $225 million 
Disposition Volume (wholly-owned)        $131 million 
Development Investment        $60 to $65 million 
           
Debt:          
Average Interest Rate        3.8% to 4.0% 
Capitalized Interest        $1.75 to $2.25 million 
Leverage (Total Net Debt/Total Gross Assets)        42% to 44% 
Unencumbered Asset Pool (Percent of Total Gross Assets)        60% to 65% 

 

LEGACY MAA

 

   Full Year 2013 
Same Store Communities:     
Number of Units   41,682 
Property Revenue Growth   4% to 4.5% 
Property Operating Expense Growth   3% to 3.5% 
Property NOI Growth   4.5% to 5.5% 
Real Estate Tax Expense Growth   7.5% to 8% 
Physical Occupancy   95% to 96% 

 

LEGACY COLONIAL PROPERTIES TRUST

 

   Fourth Quarter 2013 
Portfolio:     
Colonial Same Store Units   30,938 
Colonial Same Store NOI   $52 to $54 million 
Colonial Pro Forma Revenue Growth (1)   3.25% to 3.75% 
Colonial Pro Forma Expense Growth (1)   4.75% to 5.25% 
Colonial Pro Forma NOI Growth (1)   2.5% to 3% 
Colonial Non-Same Store and Lease-Up Units (wholly-owned)   3,432 
Colonial Non-Same Store and Lease-Up NOI (wholly-owned)   $7 to $7.5 million 
Colonial Commercial Property NOI   $2 to $2.5 million 
      
Debt:     
Colonial Debt Balance at September 30, 2013   $1.677 billion 
Colonial Average Interest Rate at September 30, 2013   5.0%
Mark-to-Market Adjustment at Merger   $90 to $91 million 
Projected Amortization of Debt MTM   $7 to $7.5 million 

 

(1) Year over year fourth quarter growth as if owned in both periods.

 

MAA provides guidance on Core 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, merger and acquisition expenses 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 Core FFO.

 

 
 

 

MAA November 6, 2013 Supplemental Data S-12

 

UPDATED 2013 GUIDANCE
 
PRO FORMA CURRENT MULTIFAMILY DEVELOPMENTS (based on September 30, 2013 values)
Dollars in millions except Estimated Cost per Unit

 

     Total   Units   Cost   Estimated Cost 
     Units   Delivered   to Date   to Complete   Total   Per Unit 
Legacy MAA Developments                              
River's Walk Charleston   270    174   $29.7   $3.8   $33.5   $124 
220 Riverside Jacksonville   294    -   $13.4   $27.1   $40.5   $138 
      564    174   $43.1   $30.9   $74.0   $131 
                                 
Legacy Colonial Properties Trust Developments            
CR at South End  Charlotte   353    -   $45.0   $14.3   $59.3   $168 
CG at Randal Lakes Orlando   462    176   $43.1   $13.9   $57.0   $123 
CG at Lake Mary Phase III Orlando   132    -   $6.0   $10.1   $16.1   $122 
CG at Bellevue Phase II Nashville   220    -   $6.3   $23.8   $30.1   $137 
      1,167    176   $100.4   $62.1   $162.5   $139 
                                 
Total Current Multifamily Developments   1,731    350   $143.5   $93.0   $236.5   $137 

 

 

 

MID AMERICA APARTMENT COMMUNITIES INC. Reports