MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 1, 2018

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PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2018 (In apartment units)
 
 
Same Store
 
Non-Same Store(1)
 
Lease-up
 
Total Completed Communities
 
Development Units Delivered
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
10,664

 
—

 
332

 
10,996

 
272

 
11,268

Dallas, TX
 
9,404

 
362

 
—

 
9,766

 
—

 
9,766

Austin, TX
 
6,475

 
298

 
344

 
7,117

 
—

 
7,117

Charlotte, NC
 
6,149

 
—

 
—

 
6,149

 
—

 
6,149

Orlando, FL
 
4,498

 
776

 
—

 
5,274

 
—

 
5,274

Tampa, FL
 
5,220

 
—

 
—

 
5,220

 
—

 
5,220

Raleigh/Durham, NC
 
4,397

 
803

 
—

 
5,200

 
—

 
5,200

Houston, TX
 
4,479

 
388

 
—

 
4,867

 
—

 
4,867

Nashville, TN
 
3,776

 
279

 
320

 
4,375

 
—

 
4,375

Fort Worth, TX
 
4,249

 
—

 
—

 
4,249

 
—

 
4,249

Washington, DC
 
4,080

 
—

 
—

 
4,080

 
—

 
4,080

Jacksonville, FL
 
3,496

 
—

 
—

 
3,496

 
—

 
3,496

Charleston, SC
 
2,726

 
302

 
—

 
3,028

 
—

 
3,028

Phoenix, AZ
 
2,301

 
322

 
—

 
2,623

 
—

 
2,623

Savannah, GA
 
2,219

 
—

 
—

 
2,219

 
—

 
2,219

Greenville, SC
 
1,748

 
336

 
—

 
2,084

 
—

 
2,084

Richmond, VA
 
1,668

 
336

 
—

 
2,004

 
—

 
2,004

Memphis, TN
 
1,811

 
—

 
—

 
1,811

 
—

 
1,811

San Antonio, TX
 
1,504

 
—

 
—

 
1,504

 
—

 
1,504

Birmingham, AL
 
1,462

 
—

 
—

 
1,462

 
—

 
1,462

Little Rock, AR
 
1,368

 
—

 
—

 
1,368

 
—

 
1,368

Jackson, MS
 
1,241

 
—

 
—

 
1,241

 
—

 
1,241

Huntsville, AL
 
1,228

 
—

 
—

 
1,228

 
—

 
1,228

Other
 
7,320

 
449

 
887

 
8,656

 
—

 
8,656

Total Multifamily Units
 
93,483

 
4,651

 
1,883

 
100,017

 
272

 
100,289


(1)Non-Same Store total excludes 269 units in joint venture property in Washington, D.C.



Supplemental Data S-1



PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS(1) 
Dollars in thousands, except Average Effective Rent
 
 
As of June 30, 2018
 
Average Effective Rent for the Three Months Ended June 30, 2018
 
As of June 30, 2018
 
 
Gross Real Assets
 
Percent to Total of Gross Real Assets
 
Physical Occupancy
 
 
Completed Units
 
Total Units, Including Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
$
1,759,821

 
13.3
%
 
96.2
%
 
$
1,365

 
10,664

 
 
Dallas, TX
 
1,354,687

 
10.2
%
 
96.0
%
 
1,262

 
9,766

 
 
Washington, DC
 
939,596

 
7.1
%
 
96.8
%
 
1,726

 
4,080

 
 
Charlotte, NC
 
932,905

 
7.1
%
 
96.0
%
 
1,172

 
6,149

 
 
Tampa, FL
 
850,628

 
6.4
%
 
96.5
%
 
1,383

 
5,220

 
 
Orlando, FL
 
809,525

 
6.1
%
 
95.7
%
 
1,392

 
5,274

 
 
Austin, TX
 
759,782

 
5.8
%
 
96.2
%
 
1,166

 
6,773

 
 
Raleigh/Durham, NC
 
656,692

 
5.0
%
 
95.7
%
 
1,066

 
5,200

 
 
Houston, TX
 
593,378

 
4.5
%
 
96.7
%
 
1,146

 
4,867

 
 
Nashville, TN
 
447,521

 
3.4
%
 
96.4
%
 
1,196

 
4,055

 
 
Fort Worth, TX
 
383,675

 
2.9
%
 
96.3
%
 
1,118

 
4,249

 
 
Phoenix, AZ
 
370,002

 
2.8
%
 
96.2
%
 
1,119

 
2,623

 
 
Charleston, SC
 
361,763

 
2.7
%
 
96.3
%
 
1,159

 
3,028

 
 
Jacksonville, FL
 
287,963

 
2.2
%
 
97.5
%
 
1,073

 
3,496

 
 
Richmond, VA
 
256,924

 
1.9
%
 
97.7
%
 
1,121

 
2,004

 
 
Savannah, GA
 
235,290

 
1.8
%
 
96.5
%
 
1,041

 
2,219

 
 
San Antonio, TX
 
159,966

 
1.2
%
 
96.7
%
 
1,061

 
1,504

 
 
Kansas City, MO-KS
 
156,824

 
1.2
%
 
96.9
%
 
1,208

 
956

 
 
Birmingham, AL
 
152,829

 
1.2
%
 
96.7
%
 
965

 
1,462

 
 
Greenville, SC
 
152,465

 
1.1
%
 
96.9
%
 
865

 
2,084

 
 
Memphis, TN
 
126,970

 
1.0
%
 
97.2
%
 
944

 
1,811

 
 
All Other Markets by State (individual markets <1% gross real assets)
 
 
 
 
 
 
Florida
 
$
171,945

 
1.3
%
 
97.8
%
 
$
1,245

 
1,806

 
 
Alabama
 
154,278

 
1.2
%
 
98.2
%
 
896

 
1,648

 
 
Virginia
 
149,498

 
1.1
%
 
97.6
%
 
1,227

 
1,039

 
 
Arkansas
 
116,542

 
0.9
%
 
96.1
%
 
875

 
1,368

 
 
Kentucky
 
91,406

 
0.7
%
 
96.8
%
 
855

 
1,308

 
 
Mississippi
 
71,835

 
0.5
%
 
97.0
%
 
861

 
1,241

 
 
Nevada
 
68,381

 
0.5
%
 
94.9
%
 
962

 
721

 
 
Tennessee
 
50,115

 
0.4
%
 
96.4
%
 
837

 
943

 
 
South Carolina
 
35,798

 
0.3
%
 
95.8
%
 
814

 
576

 
 
Subtotal
$
12,659,004

 
95.8
%
 
96.4
%
 
$
1,193

 
98,134

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denver, CO
 
$
187,514

 
1.4
%
 
64.8
%
 
$
1,692

 
733

 
733

Atlanta, GA
 
172,246

 
1.3
%
 
33.0
%
 
2,122

 
604

 
770

Nashville, TN
 
72,161

 
0.5
%
 
91.6
%
 
1,654

 
320

 
320

Austin, TX
 
61,781

 
0.5
%
 
91.6
%
 
1,427

 
344

 
344

Kansas City, MO-KS
 
24,985

 
0.2
%
 
74.7
%
 
1,205

 
154

 
154

Charleston, SC
 
21,835

 
0.2
%
 
—
%
 
—

 
—

 
140

Dallas, TX
 
7,248

 
0.1
%
 
—
%
 
—

 
—

 
348

Raleigh/Durham, NC
 
2,700

 
0.0
%
 
—
%
 
—

 
—

 
150

Lease-up and Development
$
550,470

 
4.2
%
 
62.6
%
 
$
1,729

 
2,155

 
2,959

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholly Owned Multifamily Communities
$
13,209,474

 
100.0
%
 
95.6
%
 
$
1,205

 
100,289

 
101,093


(1) Schedule excludes one joint venture property in Washington, D.C.

Supplemental Data S-2



COMPONENTS OF NET OPERATING INCOME
Dollars in thousands
 
As of June 30, 2018
 
Three Months Ended
 
Apartment Units
 
Gross Real Assets
 
June 30, 2018
 
June 30, 2017
 
Percent Change
Operating Revenue
 
 
 
 
 
 
 
 
 
Same Store Communities
93,483

 
$
11,868,442

 
$
358,503

 
$
353,330

 
1.5
%
Non-Same Store Communities
4,651

 
790,562

 
19,859

 
24,003

 

Lease up/Development Communities
2,155

 
550,470

 
6,171

 
66

 

Total Multifamily Portfolio
100,289

 
$
13,209,474

 
$
384,533

 
$
377,399

 
 
Commercial Property/Land
—

 
$
220,247

 
$
5,540

 
$
5,392

 
 
Total Operating Revenue
100,289

 
$
13,429,721

 
$
390,073

 
$
382,791

 

 
 
 
 
 
 
 
 
 
 
Property Operating Expenses
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
134,303

 
$
132,856

 
1.1
%
Non-Same Store Communities

 

 
9,068

 
11,063

 

Lease up/Development Communities

 

 
3,105

 
229

 

Total Multifamily Portfolio

 

 
$
146,476

 
$
144,148

 
 
Commercial Property/Land
 
 

 
$
2,254

 
$
1,821

 
 
Total Property Operating Expenses
 

 
$
148,730

 
$
145,969

 

 
 
 
 
 
 
 
 
 
 
Net Operating Income
 
 
 
 
 
 
 
 
 
Same Store Communities

 

 
$
224,200

 
$
220,474

 
1.7
%
Non-Same Store Communities

 

 
10,791

 
12,940

 

Lease up/Development Communities

 

 
3,066

 
(163
)
 

Total Multifamily Portfolio

 

 
$
238,057

 
$
233,251

 
 
Commercial Property/Land
 
 

 
$
3,286

 
$
3,571

 
 
Total Net Operating Income

 

 
$
241,343

 
$
236,822

 
1.9
%



COMPONENTS OF SAME STORE PROPERTY OPERATING EXPENSES
Dollars in thousands
 
Three Months Ended
 
Six Months Ended
 
June 30, 2018
 
June 30, 2017
 
Percent Increase/(Decrease)
 
June 30, 2018
 
June 30, 2017
 
Percent Increase/(Decrease)
Personnel
$
32,568

 
$
31,656

 
2.9
 %
 
$
64,103

 
$
62,443

 
2.7
 %
Building Repair and Maintenance
16,040

 
16,881

 
(5.0
)%
 
29,997

 
31,875

 
(5.9
)%
Utilities
26,054

 
25,131

 
3.7
 %
 
52,018

 
49,668

 
4.7
 %
Marketing
4,285

 
4,091

 
4.7
 %
 
7,790

 
7,979

 
(2.4
)%
Office Operations
4,969

 
5,131

 
(3.2
)%
 
11,028

 
10,423

 
5.8
 %
Property Taxes
47,759

 
46,524

 
2.7
 %
 
95,569

 
93,114

 
2.6
 %
Insurance
2,628

 
3,442

 
(23.6
)%
 
5,295

 
6,768

 
(21.8
)%
Total Property Operating Expenses
$
134,303

 
$
132,856

 
1.1
 %
 
$
265,800

 
$
262,270

 
1.3
 %



Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio
 
 
Average Physical Occupancy
 
Apartment Units
 
Percent of Same Store NOI
 
Three Months Ended
 
Six Months Ended
 
 
 
June 30, 2018
 
June 30, 2017
 
June 30, 2018
 
June 30, 2017
Atlanta, GA
10,664
 
13.4
%
 
95.6
%
 
96.0
%
 
95.8
%
 
96.0
%
Dallas, TX
9,404
 
9.4
%
 
95.1
%
 
95.4
%
 
95.3
%
 
95.2
%
Charlotte, NC
6,149
 
7.2
%
 
96.1
%
 
96.4
%
 
96.3
%
 
96.4
%
Washington, DC
4,080
 
6.9
%
 
96.6
%
 
96.6
%
 
96.6
%
 
96.9
%
Tampa, FL
5,220
 
6.6
%
 
96.0
%
 
95.7
%
 
96.2
%
 
95.8
%
Austin, TX
6,475
 
5.9
%
 
95.5
%
 
95.6
%
 
95.7
%
 
95.6
%
Orlando, FL
4,498
 
5.8
%
 
96.3
%
 
96.2
%
 
96.3
%
 
96.0
%
Raleigh/Durham, NC
4,397
 
4.5
%
 
95.9
%
 
96.4
%
 
96.3
%
 
96.5
%
Nashville, TN
3,776
 
4.3
%
 
96.0
%
 
95.9
%
 
95.9
%
 
95.6
%
Fort Worth, TX
4,249
 
4.1
%
 
95.6
%
 
96.0
%
 
95.7
%
 
95.8
%
Houston, TX
4,479
 
3.9
%
 
96.0
%
 
95.9
%
 
96.4
%
 
95.3
%
Jacksonville, FL
3,496
 
3.5
%
 
96.8
%
 
96.7
%
 
96.7
%
 
96.9
%
Charleston, SC
2,726
 
2.9
%
 
95.9
%
 
96.4
%
 
96.0
%
 
96.1
%
Phoenix, AZ
2,301
 
2.6
%
 
96.2
%
 
96.8
%
 
96.5
%
 
97.1
%
Savannah, GA
2,219
 
2.1
%
 
96.3
%
 
97.0
%
 
96.7
%
 
96.7
%
Richmond, VA
1,668
 
1.8
%
 
96.9
%
 
96.9
%
 
96.9
%
 
96.3
%
Memphis, TN
1,811
 
1.4
%
 
96.7
%
 
96.7
%
 
96.2
%
 
96.2
%
Greenville, SC
1,748
 
1.3
%
 
96.1
%
 
96.2
%
 
96.4
%
 
96.4
%
San Antonio, TX
1,504
 
1.3
%
 
96.1
%
 
95.8
%
 
95.8
%
 
95.9
%
Birmingham, AL
1,462
 
1.2
%
 
95.9
%
 
96.1
%
 
95.8
%
 
96.3
%
Little Rock, AR
1,368
 
1.0
%
 
95.4
%
 
95.5
%
 
95.7
%
 
95.5
%
Huntsville, AL
1,228
 
1.0
%
 
97.6
%
 
96.3
%
 
97.4
%
 
96.3
%
Jackson, MS
1,241
 
1.0
%
 
96.2
%
 
96.9
%
 
95.9
%
 
96.5
%
Other
7,320
 
6.9
%
 
96.5
%
 
96.4
%
 
96.5
%
 
96.2
%
Total Same Store
93,483
 
100.0
%
 
96.0
%
 
96.1
%
 
96.1
%
 
96.0
%


Supplemental Data S-4



MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q2 2018
 
Q2 2017
 
% Chg
 
Q2 2018
 
Q2 2017
 
% Chg
 
Q2 2018
 
Q2 2017
 
% Chg
 
Q2 2018
 
Q2 2017
 
% Chg
Atlanta, GA
10,664

 
$
46,511

 
$
46,317

 
0.4
 %
 
$
16,328

 
$
16,360

 
(0.2
)%
 
$
30,183

 
$
29,957

 
0.8
 %
 
$
1,365

 
$
1,347

 
1.3
 %
Dallas, TX
9,404

 
37,628

 
37,560

 
0.2
 %
 
16,440

 
16,275

 
1.0
 %
 
21,188

 
21,285

 
(0.5
)%
 
1,270

 
1,266

 
0.3
 %
Charlotte, NC
6,149

 
23,188

 
22,928

 
1.1
 %
 
7,136

 
7,197

 
(0.8
)%
 
16,052

 
15,731

 
2.0
 %
 
1,172

 
1,156

 
1.4
 %
Washington, DC
4,080

 
22,273

 
21,836

 
2.0
 %
 
6,741

 
7,112

 
(5.2
)%
 
15,532

 
14,724

 
5.5
 %
 
1,726

 
1,698

 
1.6
 %
Tampa, FL
5,220

 
22,905

 
22,499

 
1.8
 %
 
8,160

 
7,873

 
3.6
 %
 
14,745

 
14,626

 
0.8
 %
 
1,383

 
1,351

 
2.4
 %
Austin, TX
6,475

 
24,216

 
24,214

 
0.0
 %
 
10,915

 
10,887

 
0.3
 %
 
13,301

 
13,327

 
(0.2
)%
 
1,148

 
1,149

 
(0.1
)%
Orlando, FL
4,498

 
20,112

 
19,189

 
4.8
 %
 
7,118

 
6,841

 
4.0
 %
 
12,994

 
12,348

 
5.2
 %
 
1,403

 
1,342

 
4.5
 %
Raleigh/Durham, NC
4,397

 
15,149

 
14,830

 
2.2
 %
 
5,101

 
5,106

 
(0.1
)%
 
10,048

 
9,724

 
3.3
 %
 
1,047

 
1,024

 
2.2
 %
Nashville, TN
3,776

 
14,418

 
14,373

 
0.3
 %
 
4,810

 
5,006

 
(3.9
)%
 
9,608

 
9,367

 
2.6
 %
 
1,177

 
1,163

 
1.2
 %
Fort Worth, TX
4,249

 
15,750

 
15,453

 
1.9
 %
 
6,509

 
6,718

 
(3.1
)%
 
9,241

 
8,735

 
5.8
 %
 
1,118

 
1,088

 
2.8
 %
Houston, TX
4,479

 
16,145

 
16,133

 
0.1
 %
 
7,362

 
7,284

 
1.1
 %
 
8,783

 
8,849

 
(0.7
)%
 
1,128

 
1,124

 
0.4
 %
Jacksonville, FL
3,496

 
12,046

 
11,625

 
3.6
 %
 
4,265

 
4,050

 
5.3
 %
 
7,781

 
7,575

 
2.7
 %
 
1,073

 
1,031

 
4.1
 %
Charleston, SC
2,726

 
10,149

 
10,115

 
0.3
 %
 
3,690

 
3,506

 
5.2
 %
 
6,459

 
6,609

 
(2.3
)%
 
1,131

 
1,127

 
0.4
 %
Phoenix, AZ
2,301

 
8,261

 
7,925

 
4.2
 %
 
2,495

 
2,511

 
(0.6
)%
 
5,766

 
5,414

 
6.5
 %
 
1,107

 
1,052

 
5.2
 %
Savannah, GA
2,219

 
7,597

 
7,482

 
1.5
 %
 
2,781

 
2,748

 
1.2
 %
 
4,816

 
4,734

 
1.7
 %
 
1,041

 
1,015

 
2.6
 %
Richmond, VA
1,668

 
5,897

 
5,596

 
5.4
 %
 
1,947

 
1,816

 
7.2
 %
 
3,950

 
3,780

 
4.5
 %
 
1,067

 
1,014

 
5.2
 %
Memphis, TN
1,811

 
5,539

 
5,373

 
3.1
 %
 
2,338

 
2,177

 
7.4
 %
 
3,201

 
3,196

 
0.2
 %
 
944

 
913

 
3.4
 %
Greenville, SC
1,748

 
4,785

 
4,710

 
1.6
 %
 
1,933

 
1,873

 
3.2
 %
 
2,852

 
2,837

 
0.5
 %
 
821

 
802

 
2.4
 %
San Antonio, TX
1,504

 
5,172

 
5,199

 
(0.5
)%
 
2,362

 
2,341

 
0.9
 %
 
2,810

 
2,858

 
(1.7
)%
 
1,061

 
1,067

 
(0.6
)%
Birmingham, AL
1,462

 
4,773

 
4,719

 
1.1
 %
 
2,044

 
1,970

 
3.8
 %
 
2,729

 
2,749

 
(0.7
)%
 
965

 
962

 
0.3
 %
Little Rock, AR
1,368

 
3,870

 
3,856

 
0.4
 %
 
1,574

 
1,531

 
2.8
 %
 
2,296

 
2,325

 
(1.2
)%
 
875

 
880

 
(0.6
)%
Huntsville, AL
1,228

 
3,576

 
3,368

 
6.2
 %
 
1,336

 
1,361

 
(1.8
)%
 
2,240

 
2,007

 
11.6
 %
 
834

 
795

 
4.9
 %
Jackson, MS
1,241

 
3,580

 
3,628

 
(1.3
)%
 
1,386

 
1,355

 
2.3
 %
 
2,194

 
2,273

 
(3.5
)%
 
861

 
869

 
(0.9
)%
Other
7,320

 
24,963

 
24,402

 
2.3
 %
 
9,532

 
8,958

 
6.4
 %
 
15,431

 
15,444

 
(0.1
)%
 
1,044

 
1,024

 
2.0
 %
Total Same Store
93,483

 
$
358,503

 
$
353,330

 
1.5
 %
 
$
134,303

 
$
132,856

 
1.1
 %
 
$
224,200

 
$
220,474

 
1.7
 %
 
$
1,189

 
$
1,169

 
1.7
 %












Supplemental Data S-5



MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
Q2 2018
 
Q1 2018
 
% Chg
 
Q2 2018
 
Q1 2018
 
% Chg
 
Q2 2018
 
Q1 2018
 
% Chg
 
Q2 2018
 
Q1 2018
 
% Chg
Atlanta, GA
10,664

 
$
46,511

 
$
46,504

 
0.0
 %
 
$
16,328

 
$
16,004

 
2.0
 %
 
$
30,183

 
$
30,500

 
(1.0
)%
 
$
1,365

 
$
1,355

 
0.7
%
Dallas, TX
9,404

 
37,628

 
37,735

 
(0.3
)%
 
16,440

 
16,292

 
0.9
 %
 
21,188

 
21,443

 
(1.2
)%
 
1,270

 
1,265

 
0.4
%
Charlotte, NC
6,149

 
23,188

 
23,097

 
0.4
 %
 
7,136

 
6,601

 
8.1
 %
 
16,052

 
16,496

 
(2.7
)%
 
1,173

 
1,160

 
1.1
%
Washington, DC
4,080

 
22,273

 
22,080

 
0.9
 %
 
6,741

 
7,024

 
(4.0
)%
 
15,532

 
15,056

 
3.2
 %
 
1,726

 
1,712

 
0.8
%
Tampa, FL
5,220

 
22,905

 
22,868

 
0.2
 %
 
8,160

 
7,904

 
3.2
 %
 
14,745

 
14,964

 
(1.5
)%
 
1,383

 
1,366

 
1.2
%
Austin, TX
6,475

 
24,216

 
24,166

 
0.2
 %
 
10,915

 
10,849

 
0.6
 %
 
13,301

 
13,317

 
(0.1
)%
 
1,148

 
1,141

 
0.6
%
Orlando, FL
4,498

 
20,112

 
19,885

 
1.1
 %
 
7,118

 
6,996

 
1.7
 %
 
12,994

 
12,889

 
0.8
 %
 
1,403

 
1,381

 
1.6
%
Raleigh/Durham, NC
4,397

 
15,149

 
15,138

 
0.1
 %
 
5,101

 
4,969

 
2.7
 %
 
10,048

 
10,169

 
(1.2
)%
 
1,047

 
1,039

 
0.8
%
Nashville, TN
3,776

 
14,418

 
14,362

 
0.4
 %
 
4,810

 
4,621

 
4.1
 %
 
9,608

 
9,741

 
(1.4
)%
 
1,177

 
1,167

 
0.9
%
Fort Worth, TX
4,249

 
15,750

 
15,737

 
0.1
 %
 
6,509

 
6,664

 
(2.3
)%
 
9,241

 
9,073

 
1.9
 %
 
1,118

 
1,110

 
0.7
%
Houston, TX
4,479

 
16,145

 
15,970

 
1.1
 %
 
7,362

 
7,355

 
0.1
 %
 
8,783

 
8,615

 
2.0
 %
 
1,128

 
1,107

 
1.9
%
Jacksonville, FL
3,496

 
12,046

 
11,928

 
1.0
 %
 
4,265

 
4,008

 
6.4
 %
 
7,781

 
7,920

 
(1.8
)%
 
1,073

 
1,059

 
1.3
%
Charleston, SC
2,726

 
10,149

 
10,123

 
0.3
 %
 
3,690

 
3,513

 
5.0
 %
 
6,459

 
6,610

 
(2.3
)%
 
1,131

 
1,121

 
0.9
%
Phoenix, AZ
2,301

 
8,261

 
8,163

 
1.2
 %
 
2,495

 
2,394

 
4.2
 %
 
5,766

 
5,769

 
(0.1
)%
 
1,107

 
1,084

 
2.1
%
Savannah, GA
2,219

 
7,597

 
7,533

 
0.8
 %
 
2,781

 
2,774

 
0.3
 %
 
4,816

 
4,759

 
1.2
 %
 
1,041

 
1,024

 
1.7
%
Richmond, VA
1,668

 
5,897

 
5,789

 
1.9
 %
 
1,947

 
1,935

 
0.6
 %
 
3,950

 
3,854

 
2.5
 %
 
1,067

 
1,045

 
2.1
%
Memphis, TN
1,811

 
5,539

 
5,438

 
1.9
 %
 
2,338

 
2,320

 
0.8
 %
 
3,201

 
3,118

 
2.7
 %
 
944

 
924

 
2.2
%
Greenville, SC
1,748

 
4,785

 
4,765

 
0.4
 %
 
1,933

 
1,741

 
11.0
 %
 
2,852

 
3,024

 
(5.7
)%
 
821

 
808

 
1.6
%
San Antonio, TX
1,504

 
5,172

 
5,158

 
0.3
 %
 
2,362

 
2,389

 
(1.1
)%
 
2,810

 
2,769

 
1.5
 %
 
1,061

 
1,059

 
0.2
%
Birmingham, AL
1,462

 
4,773

 
4,722

 
1.1
 %
 
2,044

 
1,943

 
5.2
 %
 
2,729

 
2,779

 
(1.8
)%
 
965

 
956

 
0.9
%
Little Rock, AR
1,368

 
3,870

 
3,879

 
(0.2
)%
 
1,574

 
1,521

 
3.5
 %
 
2,296

 
2,358

 
(2.6
)%
 
875

 
873

 
0.2
%
Huntsville, AL
1,228

 
3,576

 
3,490

 
2.5
 %
 
1,336

 
1,290

 
3.6
 %
 
2,240

 
2,200

 
1.8
 %
 
834

 
818

 
2.0
%
Jackson, MS
1,241

 
3,580

 
3,580

 
0.0
 %
 
1,386

 
1,385

 
0.1
 %
 
2,194

 
2,195

 
0.0
 %
 
861

 
861

 
0.0
%
Other
7,320

 
24,963

 
24,737

 
0.9
 %
 
9,532

 
9,005

 
5.9
 %
 
15,431

 
15,732

 
(1.9
)%
 
1,044

 
1,030

 
1.4
%
Total Same Store
93,483

 
$
358,503

 
$
356,847

 
0.5
 %
 
$
134,303

 
$
131,497

 
2.1
 %
 
$
224,200

 
$
225,350

 
(0.5
)%
 
$
1,189

 
$
1,177

 
1.0
%










Supplemental Data S-6



MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF JUNE 30, 2018
Dollars in thousands, except unit and per unit data
 
Units
 
Revenues
 
Expenses
 
NOI
 
Effective Rent per Unit
 
 
 
YTD 2018
 
YTD 2017
 
% Chg
 
YTD 2018
 
YTD 2017
 
% Chg
 
YTD 2018
 
YTD 2017
 
% Chg
 
YTD 2018
 
YTD 2017
 
% Chg
Atlanta, GA
10,664

 
$
93,015

 
$
92,389

 
0.7
 %
 
$
32,332

 
$
32,735

 
(1.2
)%
 
$
60,683

 
$
59,654

 
1.7
 %
 
$
1,360

 
$
1,343

 
1.3
 %
Dallas, TX
9,404

 
75,363

 
74,940

 
0.6
 %
 
32,732

 
32,044

 
2.1
 %
 
42,631

 
42,896

 
(0.6
)%
 
1,268

 
1,263

 
0.4
 %
Charlotte, NC
6,149

 
46,285

 
45,668

 
1.4
 %
 
13,737

 
13,974

 
(1.7
)%
 
32,548

 
31,694

 
2.7
 %
 
1,166

 
1,151

 
1.3
 %
Washington, DC
4,080

 
44,353

 
43,552

 
1.8
 %
 
13,765

 
13,926

 
(1.2
)%
 
30,588

 
29,626

 
3.2
 %
 
1,719

 
1,689

 
1.8
 %
Tampa, FL
5,220

 
45,773

 
44,883

 
2.0
 %
 
16,064

 
15,725

 
2.2
 %
 
29,709

 
29,158

 
1.9
 %
 
1,375

 
1,349

 
1.9
 %
Austin, TX
6,475

 
48,382

 
48,394

 
0.0
 %
 
21,764

 
21,703

 
0.3
 %
 
26,618

 
26,691

 
(0.3
)%
 
1,144

 
1,148

 
(0.3
)%
Orlando, FL
4,498

 
39,997

 
38,189

 
4.7
 %
 
14,114

 
13,543

 
4.2
 %
 
25,883

 
24,646

 
5.0
 %
 
1,392

 
1,335

 
4.3
 %
Raleigh/Durham, NC
4,397

 
30,287

 
29,525

 
2.6
 %
 
10,070

 
9,892

 
1.8
 %
 
20,217

 
19,633

 
3.0
 %
 
1,043

 
1,018

 
2.5
 %
Nashville, TN
3,776

 
28,780

 
28,520

 
0.9
 %
 
9,431

 
9,562

 
(1.4
)%
 
19,349

 
18,958

 
2.1
 %
 
1,172

 
1,159

 
1.1
 %
Fort Worth, TX
4,249

 
31,487

 
30,621

 
2.8
 %
 
13,173

 
12,789

 
3.0
 %
 
18,314

 
17,832

 
2.7
 %
 
1,114

 
1,079

 
3.2
 %
Houston, TX
4,479

 
32,115

 
32,390

 
(0.8
)%
 
14,717

 
14,904

 
(1.3
)%
 
17,398

 
17,486

 
(0.5
)%
 
1,118

 
1,137

 
(1.7
)%
Jacksonville, FL
3,496

 
23,974

 
23,113

 
3.7
 %
 
8,273

 
8,066

 
2.6
 %
 
15,701

 
15,047

 
4.3
 %
 
1,066

 
1,025

 
4.0
 %
Charleston, SC
2,726

 
20,272

 
20,050

 
1.1
 %
 
7,203

 
6,777

 
6.3
 %
 
13,069

 
13,273

 
(1.5
)%
 
1,126

 
1,120

 
0.5
 %
Phoenix, AZ
2,301

 
16,424

 
15,792

 
4.0
 %
 
4,889

 
4,882

 
0.1
 %
 
11,535

 
10,910

 
5.7
 %
 
1,096

 
1,044

 
5.0
 %
Savannah, GA
2,219

 
15,130

 
14,843

 
1.9
 %
 
5,555

 
5,336

 
4.1
 %
 
9,575

 
9,507

 
0.7
 %
 
1,033

 
1,009

 
2.4
 %
Richmond, VA
1,668

 
11,686

 
11,071

 
5.6
 %
 
3,882

 
3,681

 
5.5
 %
 
7,804

 
7,390

 
5.6
 %
 
1,056

 
1,006

 
5.0
 %
Memphis, TN
1,811

 
10,977

 
10,664

 
2.9
 %
 
4,658

 
4,543

 
2.5
 %
 
6,319

 
6,121

 
3.2
 %
 
934

 
906

 
3.1
 %
Greenville, SC
1,748

 
9,550

 
9,414

 
1.4
 %
 
3,674

 
3,596

 
2.2
 %
 
5,876

 
5,818

 
1.0
 %
 
814

 
800

 
1.8
 %
San Antonio, TX
1,504

 
10,330

 
10,355

 
(0.2
)%
 
4,751

 
4,611

 
3.0
 %
 
5,579

 
5,744

 
(2.9
)%
 
1,060

 
1,064

 
(0.4
)%
Birmingham, AL
1,462

 
9,495

 
9,393

 
1.1
 %
 
3,987

 
3,936

 
1.3
 %
 
5,508

 
5,457

 
0.9
 %
 
960

 
955

 
0.5
 %
Little Rock, AR
1,368

 
7,749

 
7,721

 
0.4
 %
 
3,095

 
2,969

 
4.2
 %
 
4,654

 
4,752

 
(2.1
)%
 
874

 
882

 
(0.9
)%
Huntsville, AL
1,228

 
7,066

 
6,704

 
5.4
 %
 
2,626

 
2,637

 
(0.4
)%
 
4,440

 
4,067

 
9.2
 %
 
826

 
790

 
4.6
 %
Jackson, MS
1,241

 
7,160

 
7,220

 
(0.8
)%
 
2,771

 
2,699

 
2.7
 %
 
4,389

 
4,521

 
(2.9
)%
 
861

 
868

 
(0.8
)%
Other
7,320

 
49,700

 
48,516

 
2.4
 %
 
18,537

 
17,740

 
4.5
 %
 
31,163

 
30,776

 
1.3
 %
 
1,037

 
1,019

 
1.8
 %
Total Same Store
93,483

 
$
715,350

 
$
703,927

 
1.6
 %
 
$
265,800

 
$
262,270

 
1.3
 %
 
$
449,550

 
$
441,657

 
1.8
 %
 
$
1,183

 
$
1,165

 
1.5
 %





Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units as of June 30, 2018
 
 
 
Projected
 
Development Costs
 
 
 
 
 
 
 
 
 
 
 
Initial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Start
 
Occupancy
 
Completion
 
Stabilization
 
Total
 
Thru
 
 
 
Location
 
Total
 
Delivered
 
Leased
 
Date
 
Date
 
Date
 
Date(1)
 
Cost
 
Q2 2018
 
After
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1201 Midtown II
Charleston, SC
 
140

 
—

 
2

 
2Q17
 
3Q18
 
4Q18
 
3Q19
 
$
29,500

 
$
21,835

 
$
7,665

Post Centennial Park
Atlanta, GA
 
438

 
272

 
51

 
1Q16
 
2Q18
 
3Q18
 
4Q19
 
96,300

 
90,953

 
5,347

Post Parkside at Wade III
Raleigh, NC
 
150

 
—

 
—

 
2Q18
 
3Q19
 
4Q19
 
1Q20
 
25,000

 
2,700

 
22,300

Post Sierra at Frisco Bridges II
Dallas, TX
 
348

 
—

 
—

 
2Q18
 
2Q20
 
3Q20
 
3Q21
 
69,000

 
7,248

 
61,752

Total Active
 
 
1,076

 
272

 
53

 
 
 
 
 
 
 
 
 
$
219,800

 
$
122,736

 
$
97,064


(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.

MULTIFAMILY REDEVELOPMENT PIPELINE
Dollars in thousands, except Per Redeveloped Unit data
 
 
 
 
Year to date as of June 30, 2018
 
 
Units Redeveloped
 
Redevelopment Spend
 
Spend Per Redeveloped Unit
 
Average Effective Rent Increase Per Redeveloped Unit
 
Average Effective Rent Increase Per Redeveloped Unit
 
Estimated Units Remaining in Pipeline
4,020

 
$
22,358

 
$
5,562

 
$
121

 
10.9
%
 
22,000 - 25,000

MULTIFAMILY LEASE-UP COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2018
 
 
 
 
 
 
 
Total
 
Percent
 
Construction
 
Expected
 
Location
 
Units
 
Occupied
 
Finished
 
Stabilization(1)
Acklen West End
Nashville, TN
 
320

 
91.6
%
 
(2) 
 
3Q18
Post South Lamar II
Austin, TX
 
344

 
91.6
%
 
4Q17
 
3Q18
The Denton II
Kansas City, MO
 
154

 
74.7
%
 
4Q17
 
4Q18
Post Midtown
Atlanta, GA
 
332

 
68.4
%
 
3Q17
 
4Q18
Sync 36
Denver, CO
 
374

 
73.5
%
 
(2) 
 
1Q19
Post River North
Denver, CO
 
359

 
55.7
%
 
1Q18
 
2Q19
Total
 
 
1,883

 
75.7
%
 
 
 
 

(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Properties were acquired while still in lease-up; construction was complete prior to acquisition by MAA.

2018 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2018)
Dollars in thousands
 
Multifamily Acquisitions
 
Market
 
Apartment Units
 
Year Built
 
Closing Date
 
YTD NOI
Sync 36
 
Denver, CO
 
374
 
2018
 
April 26, 2018
 
$
729


2018 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2018)
Land Dispositions
 
Market
 
Acres
 
Closing Date
Craft Farms Residential - Outparcel
 
Gulf Shores, AL
 
3
 
January 24, 2018
Randal Park - Outparcel
 
Orlando, FL
 
34
 
February 27, 2018
Colonial Grand at Azure - Outparcel
 
Las Vegas, NV
 
29
 
April 19, 2018

Supplemental Data S-8



INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
Dollars in thousands
 

MAA holds an investment in a joint venture with institutional investors and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property
 
Market
 
# of units
 
Ownership Interest
Post Massachusetts Avenue
 
Washington, D.C.
 
269
 
35%

 
 
As of June 30, 2018
Joint Venture Property
 
Gross Investment in Real Estate
 
Mortgage Notes Payable
 
Company's Equity Investment
Post Massachusetts Avenue
 
$
78,495

(1) 
$
50,981

(2) 
$
44,770


 
 
Three months ended June 30, 2018
 
Six months ended June 30, 2018
Joint Venture Property
 
Entity NOI
 
Company's Equity in Income
 
Entity NOI
 
Company's Equity in Income
Post Massachusetts Avenue
 
$
1,714

 
$
356

 
$
3,553

 
$
854



(1) Represents GAAP basis net book value plus accumulated depreciation.

(2) This mortgage note has an outstanding principal value of $51 million, bears interest at a stated fixed rate of 3.5% and matures in February 2019. This note is currently prepayable without penalty.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF JUNE 30, 2018
Dollars in thousands
 
 
 
 
DEBT SUMMARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Rate
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Floating Versus Fixed Rate or Hedged Debt
 
 
 
 
 
 
 
 
 
 
Fixed rate or swapped debt
 
$
4,059,210

 
89.2
%
 
3.9
%
 
4.2
%
 
4.9

Capped debt
 
25,000

 
0.6
%
 
2.5
%
 
2.5
%
 
0.1

Floating (unhedged) debt
 
464,425

 
10.2
%
 
2.9
%
 
2.9
%
 
0.1

Total
 
$
4,548,635

 
100.0
%
 
3.7
%
 
4.0
%
 
4.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective
 
Contract
 
Average Years
 
 
 
 
Percent of
 
Interest
 
Interest
 
to Contract
 
 
Balance
 
Total
 
Rate
 
Rate
 
Maturity
Secured Versus Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
$
3,621,824

 
79.6
%
 
3.7
%
 
3.7
%
 
5.6

Secured debt
 
926,811

 
20.4
%
 
3.9
%
 
5.4
%
 
1.3

Total
 
$
4,548,635

 
100.0
%
 
3.7
%
 
4.0
%
 
4.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Percent of
 
 
 
Q2 2018
 
Percent of
 
 
Cost
 
Total
 
 
 
NOI
 
Total
Unencumbered Versus Encumbered Assets
 
 
 
 
 
 
 
 
 
 
Unencumbered gross assets
 
$
11,688,617

 
84.9
%
 
 
 
$
205,890

 
85.3
%
Encumbered gross assets
 
2,074,707

 
15.1
%
 

 
35,453

 
14.7
%
Total
 
$
13,763,324

 
100.0
%
 
 
 
$
241,343

 
100.0
%

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
2018
 
$
50,000

 
$
250,043

 
$
300,043

 
3.7
%
 
$
25,000

 
$
325,043

 
 
2019
 
572,000

 
—

 
572,000

 
5.9
%
 
—

 
572,000

 
 
2020
 
161,086

 
299,250

 
460,336

 
3.2
%
 
—

 
460,336

 
 
2021
 
196,383

 
—

 
196,383

 
5.2
%
 
—

 
196,383

 
 
2022
 
365,019

 
—

 
365,019

 
3.6
%
 
—

 
365,019

 
 
Thereafter
 
2,165,429

 
—

 
2,165,429

 
3.9
%
 
—

 
2,165,429

 
 
Total
 
$
3,509,917

 
$
549,293

 
$
4,059,210

 
4.2
%
 
$
25,000

 
$
4,084,210

 
4.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 










Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF JUNE 30, 2018 (CONTINUED)
Dollars in thousands
 
 
 
 

DEBT MATURITIES OF OUTSTANDING BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key Bank Unsecured
 
Public Bonds
 
Other Unsecured
 
Secured
 
Total
2018
 
$
—

 
$
—

 
$
300,043

 
$
80,000

 
$
380,043

2019
 
—

 
—

 
19,976

 
552,024

 
572,000

2020
 
110,000

 
—

 
149,829

 
161,086

 
420,915

2021
 
—

 
—

 
222,193

 
123,787

 
345,980

2022
 
—

 
248,333

 
415,936

 
—

 
664,269

Thereafter
 
—

 
2,123,365

 
32,149

 
9,914

 
2,165,428

Total
 
$
110,000

 
$
2,371,698

 
$
1,140,126

 
$
926,811

 
$
4,548,635


DEBT COVENANT ANALYSIS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenants
 
Required
 
Actual
 
Compliance
Total debt to total assets
 
60% or less
 
33.1%
 
Yes
Total secured debt to total assets
 
40% or less
 
6.7%
 
Yes
Consolidated income available for debt service to total annual debt service charge
 
1.5x or greater for trailing 4 quarters
 
5.20x
 
Yes
Total unencumbered assets to total unsecured debt
 
Greater than 150%
 
323%
 
Yes
 
 
 
 
 
 
 
Bank Covenants
 
Required
 
Actual
 
Compliance
Total debt to total capitalized asset value
 
60% or less
 
29.5%
 
Yes
Total secured debt to total capitalized asset value
 
40% or Less
 
6.0%
 
Yes
Total adjusted EBITDA to fixed charges
 
1.5x or greater for trailing 4 quarters
 
4.64x
 
Yes
Total unsecured debt to total unsecured capitalized asset value
 
60% or less
 
27.5%
 
Yes
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP's debt agreements.

Supplemental Data S-11



2018 GUIDANCE
 
 
 
MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below.
 
Full Year 2018
Earnings
 
Earnings per common share - diluted
$1.85 to $2.05
Midpoint
$1.95
FFO per Share - diluted
$5.96 to $6.16
Midpoint
$6.06
AFFO per Share - diluted
$5.35 to $5.55
Midpoint
$5.45
 
 
MAA Same Store Communities:
 
Number of units
93,483
Lease over lease pricing growth for new leases and renewals
2.25% to 2.75%
Average physical occupancy
95.75% to 96.25%
Property revenue growth
1.75% to 2.25%
Property operating expense growth
1.50% to 2.50%
NOI growth
2.00% to 2.50%
Real estate tax expense growth
3.50% to 4.50%
 
 
Corporate Expenses:
 
General and administrative expenses
$38.0 to $39.0 million
Property management expenses
$49.0 to $50.0 million
Total overhead (Gross of capitalized development overhead)
$87.0 to $89.0 million
Capitalized development overhead
($2.0 million)
Total overhead (Net of capitalized development overhead)
$85.0 to $87.0 million
 
 
Income tax expense
$2.5 to $3.0 million
 
 
Transaction/Investment Volume:
 
Acquisition volume
$300.0 to $350.0 million
Disposition volume
$0.00 million
Development investment
$75.0 to $100.0 million
 
 
Debt:
 
Average effective interest rate
3.80% to 4.00%
Average cash interest rate
4.00% to 4.20%
Capitalized interest
$1.5 to $2.5 million
Mark to market adjustment
$9.5 to $10.5 million
 
 
Other Items:
 
Merger and integration expenses
$8.0 to $10.0 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
 
2018 Full Year Guidance Range
 
Low
 
High
Earnings per common share - diluted
$
1.85

 
$
2.05

Real estate depreciation
4.05

 
4.05

Amortization other
0.06

 
0.06

FFO per Share - diluted
5.96

 
6.16

Recurring capital expenditures
(0.61
)
 
(0.61
)
AFFO per Share - diluted
$
5.35

 
$
5.55


Supplemental Data S-12



CREDIT RATINGS
 
 
 
 
 
 
 
 
Rating
 
Outlook
Fitch Ratings (1)
BBB+
 
Stable
Moody's Investors Service (2)
Baa1
 
Stable
Standard & Poor's Ratings Services (1)
BBB+
 
Stable

(1) 
Corporate credit rating assigned to MAA and MAALP
(2) 
Corporate credit rating assigned to MAALP, the primary operating partnership of MAA
COMMON STOCK
 
 
 
 
 
 
 
 
 
 
Stock Symbol:
MAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
NYSE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
Q3 2018
 
Q4 2018
 
Q1 2019
 
Q2 2019
 
 
Earnings release & conference call
Late October
 
Late January
 
Early May
 
Late July
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
Q2 2017
 
Q3 2017
 
Q4 2017
 
Q1 2018
 
Q2 2018
Declaration date
5/23/2017

 
9/26/2017

 
12/5/2017

 
3/13/2018

 
5/22/2018

Record date
7/14/2017

 
10/13/2017

 
1/12/2018

 
4/13/2018

 
7/13/2018

Payment date
7/31/2017

 
10/31/2017

 
1/31/2018

 
4/30/2018

 
7/31/2018

Distributions per share
$
0.8700

 
$
0.8700

 
$
0.9225

 
$
0.9225

 
$
0.9225


INVESTOR RELATIONS DATA
 
 
 
 
 
 
 
 
 
 
 
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.
 
 
 
 
 
 
 
 
 
 
 
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of MAA's website at www.maac.com.
 
 
 
 
 
 
 
 
 
 
 
For Questions Contact:
 
 
 
 
 
 
 
 
 
 
Name
 
Title
 
Tim Argo
 
Senior Vice President, Finance
 
Jennifer Patrick
 
Investor Relations
 
Phone: 866-576-9689 (toll free)
 
Email: investor.relations@maac.com


Supplemental Data S-13

MID AMERICA APARTMENT COMMUNITIES INC. Reports