Attached files
file | filename |
---|---|
EX-99.1 - EX-99.1 - MID AMERICA APARTMENT COMMUNITIES INC. | maa-ex991_7.htm |
8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC. | maa-8k_20200129.htm |
Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2019 (In apartment units) (1)
|
|
Same Store |
|
|
Non-Same Store |
|
|
Lease-up |
|
|
Total Completed Communities |
|
|
Development Units Delivered |
|
|
Total |
|
||||||
Atlanta, GA |
|
|
10,664 |
|
|
|
770 |
|
|
|
— |
|
|
|
11,434 |
|
|
|
— |
|
|
|
11,434 |
|
Dallas, TX |
|
|
9,404 |
|
|
|
362 |
|
|
|
— |
|
|
|
9,766 |
|
|
|
— |
|
|
|
9,766 |
|
Austin, TX |
|
|
6,475 |
|
|
|
642 |
|
|
|
— |
|
|
|
7,117 |
|
|
|
— |
|
|
|
7,117 |
|
Charlotte, NC |
|
|
6,149 |
|
|
|
— |
|
|
|
— |
|
|
|
6,149 |
|
|
|
— |
|
|
|
6,149 |
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
803 |
|
|
|
150 |
|
|
|
5,350 |
|
|
|
— |
|
|
|
5,350 |
|
Orlando, FL |
|
|
5,274 |
|
|
|
— |
|
|
|
— |
|
|
|
5,274 |
|
|
|
— |
|
|
|
5,274 |
|
Tampa, FL |
|
|
5,220 |
|
|
|
— |
|
|
|
— |
|
|
|
5,220 |
|
|
|
— |
|
|
|
5,220 |
|
Houston, TX |
|
|
4,867 |
|
|
|
— |
|
|
|
— |
|
|
|
4,867 |
|
|
|
— |
|
|
|
4,867 |
|
Nashville, TN |
|
|
4,055 |
|
|
|
320 |
|
|
|
— |
|
|
|
4,375 |
|
|
|
— |
|
|
|
4,375 |
|
Fort Worth, TX |
|
|
4,249 |
|
|
|
— |
|
|
|
— |
|
|
|
4,249 |
|
|
|
35 |
|
|
|
4,284 |
|
Washington, DC |
|
|
4,080 |
|
|
|
— |
|
|
|
— |
|
|
|
4,080 |
|
|
|
— |
|
|
|
4,080 |
|
Jacksonville, FL |
|
|
3,496 |
|
|
|
— |
|
|
|
— |
|
|
|
3,496 |
|
|
|
— |
|
|
|
3,496 |
|
Charleston, SC |
|
|
2,726 |
|
|
|
302 |
|
|
|
140 |
|
|
|
3,168 |
|
|
|
— |
|
|
|
3,168 |
|
Phoenix, AZ |
|
|
2,623 |
|
|
|
— |
|
|
|
— |
|
|
|
2,623 |
|
|
|
— |
|
|
|
2,623 |
|
Greenville, SC |
|
|
2,084 |
|
|
|
— |
|
|
|
271 |
|
|
|
2,355 |
|
|
|
— |
|
|
|
2,355 |
|
Savannah, GA |
|
|
2,219 |
|
|
|
— |
|
|
|
— |
|
|
|
2,219 |
|
|
|
— |
|
|
|
2,219 |
|
Richmond, VA |
|
|
2,004 |
|
|
|
— |
|
|
|
— |
|
|
|
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 |
|
Huntsville, AL |
|
|
1,228 |
|
|
|
— |
|
|
|
— |
|
|
|
1,228 |
|
|
|
— |
|
|
|
1,228 |
|
Other |
|
|
8,561 |
|
|
|
1,336 |
|
|
|
79 |
|
|
|
9,976 |
|
|
|
— |
|
|
|
9,976 |
|
Total Multifamily Units |
|
|
94,552 |
|
|
|
4,535 |
|
|
|
640 |
|
|
|
99,727 |
|
|
|
35 |
|
|
|
99,762 |
|
(1) Schedule excludes a 269-unit joint venture property in Washington, D.C.
Supplemental Data S-1
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
|
As of December 31, 2019 |
|
|
Average Effective |
|
|
As of December 31, 2019 |
|
|||||||||||||||
|
|
Gross Real Assets |
|
|
Percent to Total of Gross Real Assets |
|
|
Physical Occupancy |
|
|
Rent per Unit for the Three Months Ended December 31, 2019 |
|
|
Completed Units |
|
|
Total Units, Including Development |
|
||||||
Atlanta, GA |
|
$ |
1,978,670 |
|
|
|
14.6 |
% |
|
|
94.9 |
% |
|
$ |
1,462 |
|
|
|
11,434 |
|
|
|
|
|
Dallas, TX |
|
|
1,384,501 |
|
|
|
10.2 |
% |
|
|
95.5 |
% |
|
|
1,292 |
|
|
|
9,766 |
|
|
|
|
|
Washington, DC |
|
|
953,381 |
|
|
|
7.0 |
% |
|
|
95.7 |
% |
|
|
1,800 |
|
|
|
4,080 |
|
|
|
|
|
Charlotte, NC |
|
|
953,187 |
|
|
|
7.0 |
% |
|
|
96.2 |
% |
|
|
1,238 |
|
|
|
6,149 |
|
|
|
|
|
Tampa, FL |
|
|
872,087 |
|
|
|
6.4 |
% |
|
|
95.9 |
% |
|
|
1,476 |
|
|
|
5,220 |
|
|
|
|
|
Austin, TX |
|
|
834,286 |
|
|
|
6.1 |
% |
|
|
95.3 |
% |
|
|
1,260 |
|
|
|
7,117 |
|
|
|
|
|
Orlando, FL |
|
|
821,910 |
|
|
|
6.0 |
% |
|
|
95.6 |
% |
|
|
1,462 |
|
|
|
5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
|
667,455 |
|
|
|
4.9 |
% |
|
|
96.4 |
% |
|
|
1,145 |
|
|
|
5,200 |
|
|
|
|
|
Houston, TX |
|
|
599,645 |
|
|
|
4.4 |
% |
|
|
95.3 |
% |
|
|
1,214 |
|
|
|
4,867 |
|
|
|
|
|
Nashville, TN |
|
|
529,731 |
|
|
|
3.9 |
% |
|
|
95.8 |
% |
|
|
1,293 |
|
|
|
4,375 |
|
|
|
|
|
Fort Worth, TX |
|
|
391,789 |
|
|
|
2.9 |
% |
|
|
94.8 |
% |
|
|
1,169 |
|
|
|
4,249 |
|
|
|
|
|
Phoenix, AZ |
|
|
373,983 |
|
|
|
2.8 |
% |
|
|
97.0 |
% |
|
|
1,257 |
|
|
|
2,623 |
|
|
|
|
|
Charleston, SC |
|
|
369,192 |
|
|
|
2.7 |
% |
|
|
95.4 |
% |
|
|
1,208 |
|
|
|
3,028 |
|
|
|
|
|
Jacksonville, FL |
|
|
291,093 |
|
|
|
2.1 |
% |
|
|
96.9 |
% |
|
|
1,136 |
|
|
|
3,496 |
|
|
|
|
|
Richmond, VA |
|
|
263,122 |
|
|
|
1.9 |
% |
|
|
96.2 |
% |
|
|
1,207 |
|
|
|
2,004 |
|
|
|
|
|
Savannah, GA |
|
|
239,565 |
|
|
|
1.8 |
% |
|
|
96.2 |
% |
|
|
1,095 |
|
|
|
2,219 |
|
|
|
|
|
Denver, CO |
|
|
188,263 |
|
|
|
1.4 |
% |
|
|
95.6 |
% |
|
|
1,637 |
|
|
|
733 |
|
|
|
|
|
Kansas City, MO-KS |
|
|
183,726 |
|
|
|
1.4 |
% |
|
|
95.6 |
% |
|
|
1,267 |
|
|
|
1,110 |
|
|
|
|
|
San Antonio, TX |
|
|
161,767 |
|
|
|
1.2 |
% |
|
|
95.1 |
% |
|
|
1,118 |
|
|
|
1,504 |
|
|
|
|
|
Birmingham, AL |
|
|
156,589 |
|
|
|
1.2 |
% |
|
|
96.2 |
% |
|
|
1,060 |
|
|
|
1,462 |
|
|
|
|
|
Greenville, SC |
|
|
154,086 |
|
|
|
1.1 |
% |
|
|
94.9 |
% |
|
|
927 |
|
|
|
2,084 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
|
|||||||||||||||||||||||
Tennessee |
|
|
180,102 |
|
|
|
1.3 |
% |
|
|
95.2 |
% |
|
|
973 |
|
|
|
2,754 |
|
|
|
|
|
Florida |
|
|
174,988 |
|
|
|
1.3 |
% |
|
|
95.9 |
% |
|
|
1,351 |
|
|
|
1,806 |
|
|
|
|
|
Alabama |
|
|
157,738 |
|
|
|
1.2 |
% |
|
|
96.8 |
% |
|
|
1,000 |
|
|
|
1,648 |
|
|
|
|
|
Virginia |
|
|
152,045 |
|
|
|
1.1 |
% |
|
|
96.1 |
% |
|
|
1,320 |
|
|
|
1,039 |
|
|
|
|
|
Kentucky |
|
|
93,482 |
|
|
|
0.7 |
% |
|
|
96.0 |
% |
|
|
896 |
|
|
|
1,308 |
|
|
|
|
|
Mississippi |
|
|
73,526 |
|
|
|
0.5 |
% |
|
|
96.4 |
% |
|
|
899 |
|
|
|
1,241 |
|
|
|
|
|
Nevada |
|
|
70,080 |
|
|
|
0.5 |
% |
|
|
95.3 |
% |
|
|
1,105 |
|
|
|
721 |
|
|
|
|
|
South Carolina |
|
|
36,410 |
|
|
|
0.3 |
% |
|
|
95.0 |
% |
|
|
888 |
|
|
|
576 |
|
|
|
|
|
Stabilized Communities |
|
$ |
13,306,399 |
|
|
|
97.9 |
% |
|
|
95.7 |
% |
|
$ |
1,276 |
|
|
|
99,087 |
|
|
|
|
|
Greenville, SC |
|
$ |
72,063 |
|
|
|
0.5 |
% |
|
|
82.7 |
% |
|
$ |
1,742 |
|
|
|
271 |
|
|
|
271 |
|
Dallas, TX |
|
|
40,930 |
|
|
|
0.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
348 |
|
Denver, CO |
|
|
38,741 |
|
|
|
0.3 |
% |
|
|
45.6 |
% |
|
|
1,699 |
|
|
|
79 |
|
|
|
385 |
|
Phoenix, AZ |
|
|
30,116 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
345 |
|
Charleston, SC |
|
|
28,646 |
|
|
|
0.2 |
% |
|
|
92.9 |
% |
|
|
1,513 |
|
|
|
140 |
|
|
|
140 |
|
Orlando, FL |
|
|
26,974 |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
633 |
|
Raleigh/Durham, NC |
|
|
23,724 |
|
|
|
0.2 |
% |
|
|
96.7 |
% |
|
|
1,117 |
|
|
|
150 |
|
|
|
150 |
|
Fort Worth, TX |
|
|
18,533 |
|
|
|
0.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
168 |
|
Houston, TX |
|
|
10,468 |
|
|
|
0.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
308 |
|
Lease-up / Development Communities |
|
$ |
290,195 |
|
|
|
2.1 |
% |
|
|
83.6 |
% |
|
$ |
1,540 |
|
|
|
675 |
|
|
|
2,748 |
|
Total Multifamily Communities |
|
$ |
13,596,594 |
|
|
|
100.0 |
% |
|
|
95.6 |
% |
|
$ |
1,278 |
|
|
|
99,762 |
|
|
|
101,835 |
|
(1) Schedule excludes one joint venture property in Washington, D.C.
Supplemental Data S-2
Dollars in thousands
|
|
As of December 31, 2019 |
|
|
Three Months Ended |
|
||||||||||||||
|
|
Apartment Units |
|
|
Gross Real Assets |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Percent Change |
|
|||||
Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
94,552 |
|
|
$ |
12,424,609 |
|
|
$ |
385,116 |
|
|
$ |
369,963 |
|
|
|
4.1 |
% |
Non-Same Store Communities |
|
|
4,535 |
|
|
|
881,790 |
|
|
|
23,961 |
|
|
|
22,270 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
640 |
|
|
|
290,195 |
|
|
|
1,754 |
|
|
|
143 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
99,727 |
|
|
$ |
13,596,594 |
|
|
$ |
410,831 |
|
|
$ |
392,376 |
|
|
|
|
|
Commercial Property/Land |
|
|
— |
|
|
|
230,675 |
|
|
|
5,986 |
|
|
|
5,772 |
|
|
|
|
|
Total Operating Revenue |
|
|
99,727 |
|
|
$ |
13,827,269 |
|
|
$ |
416,817 |
|
|
$ |
398,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
|
$ |
137,377 |
|
|
$ |
133,997 |
|
|
|
2.5 |
% |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
|
9,583 |
|
|
|
10,140 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
|
326 |
|
|
|
100 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
$ |
147,286 |
|
|
$ |
144,237 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
|
2,501 |
|
|
|
2,477 |
|
|
|
|
|
Total Property Operating Expenses |
|
|
|
|
|
|
|
|
|
$ |
149,787 |
|
|
$ |
146,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
|
$ |
247,739 |
|
|
$ |
235,966 |
|
|
|
5.0 |
% |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
|
14,378 |
|
|
|
12,130 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
|
1,428 |
|
|
|
43 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
|
$ |
263,545 |
|
|
$ |
248,139 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
|
3,485 |
|
|
|
3,295 |
|
|
|
|
|
Total Net Operating Income |
|
|
|
|
|
|
|
|
|
$ |
267,030 |
|
|
$ |
251,434 |
|
|
|
6.2 |
% |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Percent Change |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Percent Change |
|
||||||
Personnel |
|
$ |
32,853 |
|
|
$ |
32,147 |
|
|
|
2.2 |
% |
|
$ |
135,470 |
|
|
$ |
131,790 |
|
|
|
2.8 |
% |
Building Repair and Maintenance |
|
|
13,984 |
|
|
|
14,051 |
|
|
|
(0.5 |
)% |
|
|
61,556 |
|
|
|
60,214 |
|
|
|
2.2 |
% |
Utilities |
|
|
26,483 |
|
|
|
26,763 |
|
|
|
(1.0 |
)% |
|
|
107,788 |
|
|
|
108,020 |
|
|
|
(0.2 |
)% |
Marketing |
|
|
4,252 |
|
|
|
4,019 |
|
|
|
5.8 |
% |
|
|
17,805 |
|
|
|
17,075 |
|
|
|
4.3 |
% |
Office Operations |
|
|
5,420 |
|
|
|
5,647 |
|
|
|
(4.0 |
)% |
|
|
21,138 |
|
|
|
21,958 |
|
|
|
(3.7 |
)% |
Property Taxes |
|
|
51,263 |
|
|
|
48,592 |
|
|
|
5.5 |
% |
|
|
206,053 |
|
|
|
196,070 |
|
|
|
5.1 |
% |
Insurance |
|
|
3,122 |
|
|
|
2,778 |
|
|
|
12.4 |
% |
|
|
11,990 |
|
|
|
11,093 |
|
|
|
8.1 |
% |
Total Property Operating Expenses |
|
$ |
137,377 |
|
|
$ |
133,997 |
|
|
|
2.5 |
% |
|
$ |
561,800 |
|
|
$ |
546,220 |
|
|
|
2.9 |
% |
Supplemental Data S-3
Same Store Portfolio
|
|
|
|
|
|
|
|
|
|
Average Physical Occupancy |
|
|||||||||||||
|
|
|
|
|
|
Percent of |
|
|
Three Months Ended |
|
|
Year Ended |
|
|||||||||||
|
|
Apartment Units |
|
|
Same Store NOI |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
||||||
Atlanta, GA |
|
|
10,664 |
|
|
12.3% |
|
|
|
95.2 |
% |
|
|
95.9 |
% |
|
|
95.6 |
% |
|
|
95.9 |
% |
|
Dallas, TX |
|
|
9,404 |
|
|
9.1% |
|
|
|
95.4 |
% |
|
|
95.4 |
% |
|
|
95.3 |
% |
|
|
95.3 |
% |
|
Charlotte, NC |
|
|
6,149 |
|
|
7.0% |
|
|
|
96.2 |
% |
|
|
96.4 |
% |
|
|
96.2 |
% |
|
|
96.2 |
% |
|
Tampa, FL |
|
|
5,220 |
|
|
6.7% |
|
|
|
96.0 |
% |
|
|
96.6 |
% |
|
|
96.0 |
% |
|
|
96.3 |
% |
|
Washington, DC |
|
|
4,080 |
|
|
6.6% |
|
|
|
96.3 |
% |
|
|
97.0 |
% |
|
|
96.7 |
% |
|
|
96.7 |
% |
|
Orlando, FL |
|
|
5,274 |
|
|
6.4% |
|
|
|
95.3 |
% |
|
|
95.9 |
% |
|
|
95.5 |
% |
|
|
96.0 |
% |
|
Austin, TX |
|
|
6,475 |
|
|
6.1% |
|
|
|
95.7 |
% |
|
|
95.9 |
% |
|
|
95.9 |
% |
|
|
95.8 |
% |
|
Raleigh/Durham, NC |
|
|
4,397 |
|
|
4.6% |
|
|
|
96.2 |
% |
|
|
96.5 |
% |
|
|
96.5 |
% |
|
|
96.3 |
% |
|
Nashville, TN |
|
|
4,055 |
|
|
4.5% |
|
|
|
95.6 |
% |
|
|
95.5 |
% |
|
|
95.9 |
% |
|
|
95.6 |
% |
|
Houston, TX |
|
|
4,867 |
|
|
4.4% |
|
|
|
94.9 |
% |
|
|
96.3 |
% |
|
|
95.3 |
% |
|
|
96.2 |
% |
|
Fort Worth, TX |
|
|
4,249 |
|
|
4.1% |
|
|
|
95.4 |
% |
|
|
95.7 |
% |
|
|
95.5 |
% |
|
|
95.8 |
% |
|
Jacksonville, FL |
|
|
3,496 |
|
|
3.4% |
|
|
|
95.9 |
% |
|
|
96.5 |
% |
|
|
96.2 |
% |
|
|
96.6 |
% |
|
Phoenix, AZ |
|
|
2,623 |
|
|
3.2% |
|
|
|
96.9 |
% |
|
|
97.3 |
% |
|
|
96.7 |
% |
|
|
96.6 |
% |
|
Charleston, SC |
|
|
2,726 |
|
|
2.7% |
|
|
|
94.9 |
% |
|
|
95.5 |
% |
|
|
95.4 |
% |
|
|
95.8 |
% |
|
Richmond, VA |
|
|
2,004 |
|
|
2.2% |
|
|
|
96.3 |
% |
|
|
96.5 |
% |
|
|
96.6 |
% |
|
|
96.7 |
% |
|
Savannah, GA |
|
|
2,219 |
|
|
2.0% |
|
|
|
95.1 |
% |
|
|
96.4 |
% |
|
|
95.4 |
% |
|
|
96.6 |
% |
|
Greenville, SC |
|
|
2,084 |
|
|
1.7% |
|
|
|
95.5 |
% |
|
|
96.3 |
% |
|
|
95.7 |
% |
|
|
96.1 |
% |
|
Memphis, TN |
|
|
1,811 |
|
|
1.4% |
|
|
|
95.3 |
% |
|
|
95.0 |
% |
|
|
95.7 |
% |
|
|
95.7 |
% |
|
Birmingham, AL |
|
|
1,462 |
|
|
1.4% |
|
|
|
96.5 |
% |
|
|
96.3 |
% |
|
|
96.6 |
% |
|
|
96.2 |
% |
|
San Antonio, TX |
|
|
1,504 |
|
|
1.3% |
|
|
|
95.7 |
% |
|
|
96.4 |
% |
|
|
96.3 |
% |
|
|
96.0 |
% |
|
Huntsville, AL |
|
|
1,228 |
|
|
1.1% |
|
|
|
97.9 |
% |
|
|
97.0 |
% |
|
|
97.6 |
% |
|
|
97.3 |
% |
|
Other |
|
|
8,561 |
|
|
7.8% |
|
|
|
95.6 |
% |
|
|
96.5 |
% |
|
|
96.2 |
% |
|
|
96.4 |
% |
|
Total Same Store |
|
|
94,552 |
|
|
100.0% |
|
|
|
95.7 |
% |
|
|
96.1 |
% |
|
|
95.9 |
% |
|
|
96.1 |
% |
Supplemental Data S-4
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2019 |
|
|
Q4 2018 |
|
|
% Chg |
|
|
Q4 2019 |
|
|
Q4 2018 |
|
|
% Chg |
|
|
Q4 2019 |
|
|
Q4 2018 |
|
|
% Chg |
|
|
Q4 2019 |
|
|
Q4 2018 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
10,664 |
|
|
$ |
48,536 |
|
|
$ |
47,026 |
|
|
|
3.2 |
% |
|
$ |
17,407 |
|
|
$ |
16,213 |
|
|
|
7.4 |
% |
|
$ |
31,129 |
|
|
$ |
30,813 |
|
|
|
1.0 |
% |
|
$ |
1,436 |
|
|
$ |
1,380 |
|
|
|
4.1 |
% |
Dallas, TX |
|
|
9,404 |
|
|
|
38,763 |
|
|
|
37,547 |
|
|
|
3.2 |
% |
|
|
16,146 |
|
|
|
16,495 |
|
|
|
(2.1 |
)% |
|
|
22,617 |
|
|
|
21,052 |
|
|
|
7.4 |
% |
|
|
1,301 |
|
|
|
1,267 |
|
|
|
2.7 |
% |
Charlotte, NC |
|
|
6,149 |
|
|
|
24,609 |
|
|
|
23,458 |
|
|
|
4.9 |
% |
|
|
7,359 |
|
|
|
6,937 |
|
|
|
6.1 |
% |
|
|
17,250 |
|
|
|
16,521 |
|
|
|
4.4 |
% |
|
|
1,238 |
|
|
|
1,187 |
|
|
|
4.3 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
24,707 |
|
|
|
23,632 |
|
|
|
4.5 |
% |
|
|
8,190 |
|
|
|
7,916 |
|
|
|
3.5 |
% |
|
|
16,517 |
|
|
|
15,716 |
|
|
|
5.1 |
% |
|
|
1,476 |
|
|
|
1,416 |
|
|
|
4.3 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
23,213 |
|
|
|
22,655 |
|
|
|
2.5 |
% |
|
|
6,901 |
|
|
|
6,708 |
|
|
|
2.9 |
% |
|
|
16,312 |
|
|
|
15,947 |
|
|
|
2.3 |
% |
|
|
1,800 |
|
|
|
1,744 |
|
|
|
3.2 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
24,610 |
|
|
|
23,872 |
|
|
|
3.1 |
% |
|
|
8,731 |
|
|
|
8,426 |
|
|
|
3.6 |
% |
|
|
15,879 |
|
|
|
15,446 |
|
|
|
2.8 |
% |
|
|
1,462 |
|
|
|
1,416 |
|
|
|
3.3 |
% |
Austin, TX |
|
|
6,475 |
|
|
|
25,886 |
|
|
|
24,526 |
|
|
|
5.5 |
% |
|
|
10,814 |
|
|
|
10,694 |
|
|
|
1.1 |
% |
|
|
15,072 |
|
|
|
13,832 |
|
|
|
9.0 |
% |
|
|
1,219 |
|
|
|
1,160 |
|
|
|
5.1 |
% |
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
16,507 |
|
|
|
15,513 |
|
|
|
6.4 |
% |
|
|
5,202 |
|
|
|
5,053 |
|
|
|
2.9 |
% |
|
|
11,305 |
|
|
|
10,460 |
|
|
|
8.1 |
% |
|
|
1,121 |
|
|
|
1,061 |
|
|
|
5.7 |
% |
Nashville, TN |
|
|
4,055 |
|
|
|
16,595 |
|
|
|
15,690 |
|
|
|
5.8 |
% |
|
|
5,416 |
|
|
|
5,344 |
|
|
|
1.3 |
% |
|
|
11,179 |
|
|
|
10,346 |
|
|
|
8.1 |
% |
|
|
1,267 |
|
|
|
1,198 |
|
|
|
5.7 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
18,647 |
|
|
|
18,227 |
|
|
|
2.3 |
% |
|
|
7,865 |
|
|
|
7,803 |
|
|
|
0.8 |
% |
|
|
10,782 |
|
|
|
10,424 |
|
|
|
3.4 |
% |
|
|
1,214 |
|
|
|
1,168 |
|
|
|
3.9 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
16,617 |
|
|
|
15,952 |
|
|
|
4.2 |
% |
|
|
6,340 |
|
|
|
6,088 |
|
|
|
4.1 |
% |
|
|
10,277 |
|
|
|
9,864 |
|
|
|
4.2 |
% |
|
|
1,169 |
|
|
|
1,132 |
|
|
|
3.3 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
12,494 |
|
|
|
12,250 |
|
|
|
2.0 |
% |
|
|
4,159 |
|
|
|
3,612 |
|
|
|
15.1 |
% |
|
|
8,335 |
|
|
|
8,638 |
|
|
|
(3.5 |
)% |
|
|
1,136 |
|
|
|
1,102 |
|
|
|
3.2 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
10,700 |
|
|
|
9,785 |
|
|
|
9.4 |
% |
|
|
2,878 |
|
|
|
2,864 |
|
|
|
0.5 |
% |
|
|
7,822 |
|
|
|
6,921 |
|
|
|
13.0 |
% |
|
|
1,257 |
|
|
|
1,151 |
|
|
|
9.2 |
% |
Charleston, SC |
|
|
2,726 |
|
|
|
10,427 |
|
|
|
10,140 |
|
|
|
2.8 |
% |
|
|
3,854 |
|
|
|
3,692 |
|
|
|
4.4 |
% |
|
|
6,573 |
|
|
|
6,448 |
|
|
|
1.9 |
% |
|
|
1,181 |
|
|
|
1,136 |
|
|
|
3.9 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
7,884 |
|
|
|
7,528 |
|
|
|
4.7 |
% |
|
|
2,435 |
|
|
|
2,364 |
|
|
|
3.0 |
% |
|
|
5,449 |
|
|
|
5,164 |
|
|
|
5.5 |
% |
|
|
1,207 |
|
|
|
1,146 |
|
|
|
5.3 |
% |
Savannah, GA |
|
|
2,219 |
|
|
|
7,884 |
|
|
|
7,759 |
|
|
|
1.6 |
% |
|
|
2,833 |
|
|
|
2,987 |
|
|
|
(5.2 |
)% |
|
|
5,051 |
|
|
|
4,772 |
|
|
|
5.8 |
% |
|
|
1,095 |
|
|
|
1,064 |
|
|
|
2.9 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
6,487 |
|
|
|
6,143 |
|
|
|
5.6 |
% |
|
|
2,317 |
|
|
|
2,461 |
|
|
|
(5.9 |
)% |
|
|
4,170 |
|
|
|
3,682 |
|
|
|
13.3 |
% |
|
|
927 |
|
|
|
880 |
|
|
|
5.4 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
5,868 |
|
|
|
5,620 |
|
|
|
4.4 |
% |
|
|
2,391 |
|
|
|
2,374 |
|
|
|
0.7 |
% |
|
|
3,477 |
|
|
|
3,246 |
|
|
|
7.1 |
% |
|
|
1,013 |
|
|
|
968 |
|
|
|
4.7 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,257 |
|
|
|
4,841 |
|
|
|
8.6 |
% |
|
|
1,840 |
|
|
|
1,992 |
|
|
|
(7.6 |
)% |
|
|
3,417 |
|
|
|
2,849 |
|
|
|
19.9 |
% |
|
|
1,060 |
|
|
|
986 |
|
|
|
7.5 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,422 |
|
|
|
5,215 |
|
|
|
4.0 |
% |
|
|
2,291 |
|
|
|
2,217 |
|
|
|
3.3 |
% |
|
|
3,131 |
|
|
|
2,998 |
|
|
|
4.4 |
% |
|
|
1,118 |
|
|
|
1,071 |
|
|
|
4.3 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
3,943 |
|
|
|
3,640 |
|
|
|
8.3 |
% |
|
|
1,302 |
|
|
|
1,281 |
|
|
|
1.6 |
% |
|
|
2,641 |
|
|
|
2,359 |
|
|
|
12.0 |
% |
|
|
949 |
|
|
|
873 |
|
|
|
8.7 |
% |
Other |
|
|
8,561 |
|
|
|
30,060 |
|
|
|
28,944 |
|
|
|
3.9 |
% |
|
|
10,706 |
|
|
|
10,476 |
|
|
|
2.2 |
% |
|
|
19,354 |
|
|
|
18,468 |
|
|
|
4.8 |
% |
|
|
1,093 |
|
|
|
1,036 |
|
|
|
5.5 |
% |
Total Same Store |
|
|
94,552 |
|
|
$ |
385,116 |
|
|
$ |
369,963 |
|
|
|
4.1 |
% |
|
$ |
137,377 |
|
|
$ |
133,997 |
|
|
|
2.5 |
% |
|
$ |
247,739 |
|
|
$ |
235,966 |
|
|
|
5.0 |
% |
|
$ |
1,265 |
|
|
$ |
1,212 |
|
|
|
4.3 |
% |
Supplemental Data S-5
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
Q4 2019 |
|
|
Q3 2019 |
|
|
% Chg |
|
|
Q4 2019 |
|
|
Q3 2019 |
|
|
% Chg |
|
|
Q4 2019 |
|
|
Q3 2019 |
|
|
% Chg |
|
|
Q4 2019 |
|
|
Q3 2019 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
10,664 |
|
|
$ |
48,536 |
|
|
$ |
48,561 |
|
|
|
(0.1 |
)% |
|
$ |
17,407 |
|
|
$ |
18,596 |
|
|
|
(6.4 |
)% |
|
$ |
31,129 |
|
|
$ |
29,965 |
|
|
|
3.9 |
% |
|
$ |
1,436 |
|
|
$ |
1,428 |
|
|
|
0.6 |
% |
Dallas, TX |
|
|
9,404 |
|
|
|
38,763 |
|
|
|
38,542 |
|
|
|
0.6 |
% |
|
|
16,146 |
|
|
|
16,233 |
|
|
|
(0.5 |
)% |
|
|
22,617 |
|
|
|
22,309 |
|
|
|
1.4 |
% |
|
|
1,301 |
|
|
|
1,295 |
|
|
|
0.4 |
% |
Charlotte, NC |
|
|
6,149 |
|
|
|
24,609 |
|
|
|
24,416 |
|
|
|
0.8 |
% |
|
|
7,359 |
|
|
|
7,772 |
|
|
|
(5.3 |
)% |
|
|
17,250 |
|
|
|
16,644 |
|
|
|
3.6 |
% |
|
|
1,238 |
|
|
|
1,233 |
|
|
|
0.4 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
24,707 |
|
|
|
24,534 |
|
|
|
0.7 |
% |
|
|
8,190 |
|
|
|
8,793 |
|
|
|
(6.9 |
)% |
|
|
16,517 |
|
|
|
15,741 |
|
|
|
4.9 |
% |
|
|
1,476 |
|
|
|
1,466 |
|
|
|
0.7 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
23,213 |
|
|
|
23,442 |
|
|
|
(1.0 |
)% |
|
|
6,901 |
|
|
|
7,202 |
|
|
|
(4.2 |
)% |
|
|
16,312 |
|
|
|
16,240 |
|
|
|
0.4 |
% |
|
|
1,800 |
|
|
|
1,804 |
|
|
|
(0.2 |
)% |
Orlando, FL |
|
|
5,274 |
|
|
|
24,610 |
|
|
|
24,477 |
|
|
|
0.5 |
% |
|
|
8,731 |
|
|
|
8,959 |
|
|
|
(2.5 |
)% |
|
|
15,879 |
|
|
|
15,518 |
|
|
|
2.3 |
% |
|
|
1,462 |
|
|
|
1,458 |
|
|
|
0.3 |
% |
Austin, TX |
|
|
6,475 |
|
|
|
25,886 |
|
|
|
25,739 |
|
|
|
0.6 |
% |
|
|
10,814 |
|
|
|
11,346 |
|
|
|
(4.7 |
)% |
|
|
15,072 |
|
|
|
14,393 |
|
|
|
4.7 |
% |
|
|
1,219 |
|
|
|
1,211 |
|
|
|
0.7 |
% |
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
16,507 |
|
|
|
16,254 |
|
|
|
1.6 |
% |
|
|
5,202 |
|
|
|
5,841 |
|
|
|
(10.9 |
)% |
|
|
11,305 |
|
|
|
10,413 |
|
|
|
8.6 |
% |
|
|
1,121 |
|
|
|
1,113 |
|
|
|
0.8 |
% |
Nashville, TN |
|
|
4,055 |
|
|
|
16,595 |
|
|
|
16,789 |
|
|
|
(1.2 |
)% |
|
|
5,416 |
|
|
|
5,775 |
|
|
|
(6.2 |
)% |
|
|
11,179 |
|
|
|
11,014 |
|
|
|
1.5 |
% |
|
|
1,267 |
|
|
|
1,255 |
|
|
|
0.9 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
18,647 |
|
|
|
18,646 |
|
|
|
0.0 |
% |
|
|
7,865 |
|
|
|
8,346 |
|
|
|
(5.8 |
)% |
|
|
10,782 |
|
|
|
10,300 |
|
|
|
4.7 |
% |
|
|
1,214 |
|
|
|
1,207 |
|
|
|
0.6 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
16,617 |
|
|
|
16,538 |
|
|
|
0.5 |
% |
|
|
6,340 |
|
|
|
7,005 |
|
|
|
(9.5 |
)% |
|
|
10,277 |
|
|
|
9,533 |
|
|
|
7.8 |
% |
|
|
1,169 |
|
|
|
1,165 |
|
|
|
0.4 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
12,494 |
|
|
|
12,620 |
|
|
|
(1.0 |
)% |
|
|
4,159 |
|
|
|
4,854 |
|
|
|
(14.3 |
)% |
|
|
8,335 |
|
|
|
7,766 |
|
|
|
7.3 |
% |
|
|
1,136 |
|
|
|
1,137 |
|
|
|
(0.1 |
)% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
10,700 |
|
|
|
10,504 |
|
|
|
1.9 |
% |
|
|
2,878 |
|
|
|
3,189 |
|
|
|
(9.8 |
)% |
|
|
7,822 |
|
|
|
7,315 |
|
|
|
6.9 |
% |
|
|
1,257 |
|
|
|
1,234 |
|
|
|
1.8 |
% |
Charleston, SC |
|
|
2,726 |
|
|
|
10,427 |
|
|
|
10,486 |
|
|
|
(0.6 |
)% |
|
|
3,854 |
|
|
|
4,055 |
|
|
|
(5.0 |
)% |
|
|
6,573 |
|
|
|
6,431 |
|
|
|
2.2 |
% |
|
|
1,181 |
|
|
|
1,180 |
|
|
|
0.1 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
7,884 |
|
|
|
7,858 |
|
|
|
0.3 |
% |
|
|
2,435 |
|
|
|
2,508 |
|
|
|
(2.9 |
)% |
|
|
5,449 |
|
|
|
5,350 |
|
|
|
1.9 |
% |
|
|
1,207 |
|
|
|
1,206 |
|
|
|
0.1 |
% |
Savannah, GA |
|
|
2,219 |
|
|
|
7,884 |
|
|
|
7,894 |
|
|
|
(0.1 |
)% |
|
|
2,833 |
|
|
|
3,038 |
|
|
|
(6.7 |
)% |
|
|
5,051 |
|
|
|
4,856 |
|
|
|
4.0 |
% |
|
|
1,095 |
|
|
|
1,094 |
|
|
|
0.1 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
6,487 |
|
|
|
6,331 |
|
|
|
2.5 |
% |
|
|
2,317 |
|
|
|
2,658 |
|
|
|
(12.8 |
)% |
|
|
4,170 |
|
|
|
3,673 |
|
|
|
13.5 |
% |
|
|
927 |
|
|
|
923 |
|
|
|
0.5 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
5,868 |
|
|
|
5,876 |
|
|
|
(0.1 |
)% |
|
|
2,391 |
|
|
|
2,485 |
|
|
|
(3.8 |
)% |
|
|
3,477 |
|
|
|
3,391 |
|
|
|
2.5 |
% |
|
|
1,013 |
|
|
|
1,007 |
|
|
|
0.6 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
5,257 |
|
|
|
5,178 |
|
|
|
1.5 |
% |
|
|
1,840 |
|
|
|
2,275 |
|
|
|
(19.1 |
)% |
|
|
3,417 |
|
|
|
2,903 |
|
|
|
17.7 |
% |
|
|
1,060 |
|
|
|
1,043 |
|
|
|
1.7 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
5,422 |
|
|
|
5,443 |
|
|
|
(0.4 |
)% |
|
|
2,291 |
|
|
|
2,460 |
|
|
|
(6.9 |
)% |
|
|
3,131 |
|
|
|
2,983 |
|
|
|
5.0 |
% |
|
|
1,118 |
|
|
|
1,113 |
|
|
|
0.5 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
3,943 |
|
|
|
3,893 |
|
|
|
1.3 |
% |
|
|
1,302 |
|
|
|
1,361 |
|
|
|
(4.3 |
)% |
|
|
2,641 |
|
|
|
2,532 |
|
|
|
4.3 |
% |
|
|
949 |
|
|
|
934 |
|
|
|
1.5 |
% |
Other |
|
|
8,561 |
|
|
|
30,060 |
|
|
|
30,292 |
|
|
|
(0.8 |
)% |
|
|
10,706 |
|
|
|
11,425 |
|
|
|
(6.3 |
)% |
|
|
19,354 |
|
|
|
18,867 |
|
|
|
2.6 |
% |
|
|
1,093 |
|
|
|
1,085 |
|
|
|
0.7 |
% |
Total Same Store |
|
|
94,552 |
|
|
$ |
385,116 |
|
|
$ |
384,313 |
|
|
|
0.2 |
% |
|
$ |
137,377 |
|
|
$ |
146,176 |
|
|
|
(6.0 |
)% |
|
$ |
247,739 |
|
|
$ |
238,137 |
|
|
|
4.0 |
% |
|
$ |
1,265 |
|
|
$ |
1,258 |
|
|
|
0.6 |
% |
Supplemental Data S-6
Dollars in thousands, except unit and per unit data
|
|
|
|
|
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average Effective Rent per Unit |
|
||||||||||||||||||||||||||||||||||||
|
|
Units |
|
|
2019 |
|
|
2018 |
|
|
% Chg |
|
|
2019 |
|
|
2018 |
|
|
% Chg |
|
|
2019 |
|
|
2018 |
|
|
% Chg |
|
|
2019 |
|
|
2018 |
|
|
% Chg |
|
|||||||||||||
Atlanta, GA |
|
|
10,664 |
|
|
$ |
192,161 |
|
|
$ |
187,204 |
|
|
|
2.6 |
% |
|
$ |
70,829 |
|
|
$ |
65,727 |
|
|
|
7.8 |
% |
|
$ |
121,332 |
|
|
$ |
121,477 |
|
|
|
(0.1 |
)% |
|
$ |
1,414 |
|
|
$ |
1,369 |
|
|
|
3.3 |
% |
Dallas, TX |
|
|
9,404 |
|
|
|
152,944 |
|
|
|
150,895 |
|
|
|
1.4 |
% |
|
|
65,426 |
|
|
|
66,324 |
|
|
|
(1.4 |
)% |
|
|
87,518 |
|
|
|
84,571 |
|
|
|
3.5 |
% |
|
|
1,287 |
|
|
|
1,268 |
|
|
|
1.4 |
% |
Charlotte, NC |
|
|
6,149 |
|
|
|
96,447 |
|
|
|
93,087 |
|
|
|
3.6 |
% |
|
|
30,118 |
|
|
|
28,033 |
|
|
|
7.4 |
% |
|
|
66,329 |
|
|
|
65,054 |
|
|
|
2.0 |
% |
|
|
1,220 |
|
|
|
1,178 |
|
|
|
3.6 |
% |
Tampa, FL |
|
|
5,220 |
|
|
|
96,885 |
|
|
|
92,836 |
|
|
|
4.4 |
% |
|
|
33,820 |
|
|
|
32,590 |
|
|
|
3.8 |
% |
|
|
63,065 |
|
|
|
60,246 |
|
|
|
4.7 |
% |
|
|
1,453 |
|
|
|
1,393 |
|
|
|
4.3 |
% |
Washington, DC |
|
|
4,080 |
|
|
|
92,439 |
|
|
|
89,460 |
|
|
|
3.3 |
% |
|
|
27,899 |
|
|
|
27,641 |
|
|
|
0.9 |
% |
|
|
64,540 |
|
|
|
61,819 |
|
|
|
4.4 |
% |
|
|
1,783 |
|
|
|
1,731 |
|
|
|
3.0 |
% |
Orlando, FL |
|
|
5,274 |
|
|
|
97,150 |
|
|
|
94,536 |
|
|
|
2.8 |
% |
|
|
35,121 |
|
|
|
34,372 |
|
|
|
2.2 |
% |
|
|
62,029 |
|
|
|
60,164 |
|
|
|
3.1 |
% |
|
|
1,445 |
|
|
|
1,398 |
|
|
|
3.4 |
% |
Austin, TX |
|
|
6,475 |
|
|
|
101,385 |
|
|
|
97,435 |
|
|
|
4.1 |
% |
|
|
44,682 |
|
|
|
43,894 |
|
|
|
1.8 |
% |
|
|
56,703 |
|
|
|
53,541 |
|
|
|
5.9 |
% |
|
|
1,195 |
|
|
|
1,152 |
|
|
|
3.7 |
% |
Raleigh/Durham, NC |
|
|
4,397 |
|
|
|
64,100 |
|
|
|
61,214 |
|
|
|
4.7 |
% |
|
|
21,358 |
|
|
|
20,479 |
|
|
|
4.3 |
% |
|
|
42,742 |
|
|
|
40,735 |
|
|
|
4.9 |
% |
|
|
1,096 |
|
|
|
1,053 |
|
|
|
4.0 |
% |
Nashville, TN |
|
|
4,055 |
|
|
|
65,332 |
|
|
|
62,546 |
|
|
|
4.5 |
% |
|
|
21,946 |
|
|
|
21,245 |
|
|
|
3.3 |
% |
|
|
43,386 |
|
|
|
41,301 |
|
|
|
5.0 |
% |
|
|
1,238 |
|
|
|
1,196 |
|
|
|
3.5 |
% |
Houston, TX |
|
|
4,867 |
|
|
|
74,079 |
|
|
|
71,811 |
|
|
|
3.2 |
% |
|
|
31,915 |
|
|
|
31,895 |
|
|
|
0.1 |
% |
|
|
42,164 |
|
|
|
39,916 |
|
|
|
5.6 |
% |
|
|
1,197 |
|
|
|
1,152 |
|
|
|
3.9 |
% |
Fort Worth, TX |
|
|
4,249 |
|
|
|
65,442 |
|
|
|
63,330 |
|
|
|
3.3 |
% |
|
|
26,982 |
|
|
|
26,172 |
|
|
|
3.1 |
% |
|
|
38,460 |
|
|
|
37,158 |
|
|
|
3.5 |
% |
|
|
1,156 |
|
|
|
1,122 |
|
|
|
3.0 |
% |
Jacksonville, FL |
|
|
3,496 |
|
|
|
49,879 |
|
|
|
48,439 |
|
|
|
3.0 |
% |
|
|
17,040 |
|
|
|
16,065 |
|
|
|
6.1 |
% |
|
|
32,839 |
|
|
|
32,374 |
|
|
|
1.4 |
% |
|
|
1,126 |
|
|
|
1,082 |
|
|
|
4.0 |
% |
Phoenix, AZ |
|
|
2,623 |
|
|
|
41,180 |
|
|
|
38,329 |
|
|
|
7.4 |
% |
|
|
11,885 |
|
|
|
11,654 |
|
|
|
2.0 |
% |
|
|
29,295 |
|
|
|
26,675 |
|
|
|
9.8 |
% |
|
|
1,212 |
|
|
|
1,126 |
|
|
|
7.6 |
% |
Charleston, SC |
|
|
2,726 |
|
|
|
41,511 |
|
|
|
40,600 |
|
|
|
2.2 |
% |
|
|
15,310 |
|
|
|
14,574 |
|
|
|
5.1 |
% |
|
|
26,201 |
|
|
|
26,026 |
|
|
|
0.7 |
% |
|
|
1,165 |
|
|
|
1,132 |
|
|
|
2.9 |
% |
Richmond, VA |
|
|
2,004 |
|
|
|
30,985 |
|
|
|
29,787 |
|
|
|
4.0 |
% |
|
|
9,770 |
|
|
|
9,532 |
|
|
|
2.5 |
% |
|
|
21,215 |
|
|
|
20,255 |
|
|
|
4.7 |
% |
|
|
1,187 |
|
|
|
1,126 |
|
|
|
5.4 |
% |
Savannah, GA |
|
|
2,219 |
|
|
|
31,390 |
|
|
|
30,666 |
|
|
|
2.4 |
% |
|
|
11,628 |
|
|
|
11,414 |
|
|
|
1.9 |
% |
|
|
19,762 |
|
|
|
19,252 |
|
|
|
2.6 |
% |
|
|
1,084 |
|
|
|
1,048 |
|
|
|
3.4 |
% |
Greenville, SC |
|
|
2,084 |
|
|
|
25,271 |
|
|
|
24,249 |
|
|
|
4.2 |
% |
|
|
10,080 |
|
|
|
9,874 |
|
|
|
2.1 |
% |
|
|
15,191 |
|
|
|
14,375 |
|
|
|
5.7 |
% |
|
|
910 |
|
|
|
868 |
|
|
|
4.8 |
% |
Memphis, TN |
|
|
1,811 |
|
|
|
23,178 |
|
|
|
22,164 |
|
|
|
4.6 |
% |
|
|
9,630 |
|
|
|
9,434 |
|
|
|
2.1 |
% |
|
|
13,548 |
|
|
|
12,730 |
|
|
|
6.4 |
% |
|
|
994 |
|
|
|
951 |
|
|
|
4.5 |
% |
Birmingham, AL |
|
|
1,462 |
|
|
|
20,209 |
|
|
|
19,160 |
|
|
|
5.5 |
% |
|
|
8,198 |
|
|
|
7,931 |
|
|
|
3.4 |
% |
|
|
12,011 |
|
|
|
11,229 |
|
|
|
7.0 |
% |
|
|
1,028 |
|
|
|
973 |
|
|
|
5.6 |
% |
San Antonio, TX |
|
|
1,504 |
|
|
|
21,513 |
|
|
|
20,763 |
|
|
|
3.6 |
% |
|
|
9,298 |
|
|
|
9,433 |
|
|
|
(1.4 |
)% |
|
|
12,215 |
|
|
|
11,330 |
|
|
|
7.8 |
% |
|
|
1,101 |
|
|
|
1,065 |
|
|
|
3.4 |
% |
Huntsville, AL |
|
|
1,228 |
|
|
|
15,231 |
|
|
|
14,345 |
|
|
|
6.2 |
% |
|
|
5,290 |
|
|
|
5,243 |
|
|
|
0.9 |
% |
|
|
9,941 |
|
|
|
9,102 |
|
|
|
9.2 |
% |
|
|
915 |
|
|
|
847 |
|
|
|
8.0 |
% |
Other |
|
|
8,561 |
|
|
|
119,164 |
|
|
|
114,604 |
|
|
|
4.0 |
% |
|
|
43,575 |
|
|
|
42,694 |
|
|
|
2.1 |
% |
|
|
75,589 |
|
|
|
71,910 |
|
|
|
5.1 |
% |
|
|
1,071 |
|
|
|
1,023 |
|
|
|
4.7 |
% |
Total Same Store |
|
|
94,552 |
|
|
$ |
1,517,875 |
|
|
$ |
1,467,460 |
|
|
|
3.4 |
% |
|
$ |
561,800 |
|
|
$ |
546,220 |
|
|
|
2.9 |
% |
|
$ |
956,075 |
|
|
$ |
921,240 |
|
|
|
3.8 |
% |
|
$ |
1,245 |
|
|
$ |
1,201 |
|
|
|
3.6 |
% |
Supplemental Data S-7
Dollars in thousands |
|
|
|
Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
December 31, 2019 |
|
|
|
|
Projected |
|
Development Costs |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start |
|
Occupancy |
|
Completion |
|
Stabilization |
|
Total |
|
|
Thru |
|
|
|
|
|
||
|
|
Location |
|
Total |
|
|
Delivered |
|
|
Leased |
|
|
Date |
|
Date |
|
Date |
|
Date(1) |
|
Cost |
|
|
Q4 2019 |
|
|
After |
|
||||||
Copper Ridge II |
|
Fort Worth, TX |
|
|
168 |
|
|
|
35 |
|
|
|
— |
|
|
1Q19 |
|
1Q20 |
|
2Q20 |
|
1Q21 |
|
$ |
30,000 |
|
|
$ |
18,533 |
|
|
$ |
11,467 |
|
MAA Frisco Bridges II |
|
Dallas, TX |
|
|
348 |
|
|
|
— |
|
|
|
— |
|
|
2Q18 |
|
2Q20 |
|
3Q20 |
|
4Q21 |
|
|
69,000 |
|
|
|
40,930 |
|
|
|
28,070 |
|
Novel Midtown (2) |
|
Phoenix, AZ |
|
|
345 |
|
|
|
— |
|
|
|
— |
|
|
1Q19 |
|
4Q20 |
|
2Q21 |
|
3Q22 |
|
|
82,000 |
|
|
|
30,116 |
|
|
|
51,884 |
|
Westglenn |
|
Denver, CO |
|
|
306 |
|
|
|
— |
|
|
|
— |
|
|
3Q19 |
|
2Q21 |
|
4Q21 |
|
3Q22 |
|
|
84,500 |
|
|
|
16,926 |
|
|
|
67,574 |
|
336 N Orange |
|
Orlando, FL |
|
|
369 |
|
|
|
— |
|
|
|
— |
|
|
3Q19 |
|
2Q21 |
|
4Q21 |
|
4Q22 |
|
|
99,000 |
|
|
|
11,574 |
|
|
|
87,426 |
|
Long Point |
|
Houston, TX |
|
|
308 |
|
|
|
— |
|
|
|
— |
|
|
4Q19 |
|
3Q21 |
|
1Q22 |
|
4Q22 |
|
|
57,000 |
|
|
|
10,468 |
|
|
|
46,532 |
|
Jefferson Sand Lake (3) |
|
Orlando, FL |
|
|
264 |
|
|
|
— |
|
|
|
— |
|
|
4Q19 |
|
2Q21 |
|
4Q21 |
|
4Q22 |
|
|
68,000 |
|
|
|
15,400 |
|
|
|
52,600 |
|
Total Active |
|
|
|
|
2,108 |
|
|
|
35 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
$ |
489,500 |
|
|
$ |
143,946 |
|
|
$ |
345,554 |
|
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
(3) MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data |
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
Year ended December 31, 2019 |
|
|
|
|||||||||||||
Units Redeveloped |
|
|
Redevelopment Spend |
|
|
Spend per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
|
Increase in Average Effective Rent per Unit |
|
|
Estimated Units Remaining in Pipeline |
|||||
|
8,329 |
|
|
$ |
48,945 |
|
|
$ |
5,876 |
|
|
$ |
114 |
|
|
9.8% |
|
|
12,000 - 14,000 |
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands |
|
|
|
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Total |
|
Percent |
|
|
Construction |
|
Expected |
|
Total |
|
|
|
|
Location |
|
Units |
|
Occupied |
|
|
Finished |
|
Stabilization(1) |
|
Cost |
|
|
Post Parkside at Wade III |
|
Raleigh, NC |
|
150 |
|
96.7% |
|
|
4Q19 |
|
1Q20 |
|
$ |
23,724 |
|
1201 Midtown II |
|
Charleston, SC |
|
140 |
|
92.9% |
|
|
4Q18 |
|
1Q20 |
|
|
28,646 |
|
Sync 36 II |
|
Denver, CO |
|
79 |
|
45.6% |
|
|
3Q19 |
|
2Q20 |
|
|
21,815 |
|
The Greene |
|
Greenville, SC |
|
271 |
|
82.7% |
|
|
(2) |
|
3Q20 |
|
|
72,063 |
|
Total |
|
|
|
640 |
|
83.6% |
|
|
|
|
|
|
$ |
146,248 |
|
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
2019 ACQUISITION ACTIVITY |
Dollars in thousands
Multifamily Acquisition |
|
Market |
|
Apartment Units |
|
|
Year Built |
|
Closing Date |
|
2019 NOI |
|
||
The Greene |
|
Greenville, SC |
|
|
271 |
|
|
2019 |
|
November 2019 |
|
$ |
382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily Development Acquisitions |
|
Market |
|
Apartment Units |
|
|
Projected Completion Date |
|
Closing Date |
|
|
|
|
|
Novel Midtown (1) |
|
Phoenix, AZ |
|
|
345 |
|
|
2Q21 |
|
February 2019 |
|
|
|
|
Jefferson Sand Lake (2) |
|
Orlando, FL |
|
264 |
|
|
4Q21 |
|
October 2019 |
|
|
|
|
(1) MAA owns 80% of the joint venture that owns this property.
(2) MAA owns 95% of the joint venture that owns this property.
Land Acquisition |
|
Market |
|
Acreage |
|
Closing Date |
|
|
|
|
North Orange Avenue |
|
Orlando, FL |
|
2 |
|
April 2019 |
|
|
|
|
Commercial Acquisition |
|
Market |
|
Square Feet |
|
|
Year Built |
|
Closing Date |
|
|
|
220 Riverside Retail |
|
Jacksonville, FL |
|
|
14,941 |
|
|
2015 |
|
August 2019 |
|
|
Supplemental Data S-8
Multifamily Dispositions |
|
Market |
|
Units |
|
Closing Date |
Ridge at Chenal Valley |
|
Little Rock, AR |
|
312 |
|
October 2019 |
Calais Forest |
|
Little Rock, AR |
|
260 |
|
November 2019 |
Napa Valley |
|
Little Rock, AR |
|
240 |
|
November 2019 |
Westside Creek |
|
Little Rock, AR |
|
308 |
|
November 2019 |
Palisades at Chenal Valley |
|
Little Rock, AR |
|
248 |
|
December 2019 |
|
|
|
|
|
|
|
Land Dispositions |
|
Market |
|
Acreage |
|
Closing Date |
Peachtree Road - Outparcel |
|
Atlanta, GA |
|
1 |
|
February 2019 |
Colonial Promenade - Outparcel |
|
Huntsville, AL |
|
4 |
|
April 2019 |
Forty Seven Canal Place - Outparcel |
|
Gulf Shores, AL |
|
45 |
|
October 2019 |
Craft Farms - Outparcel |
|
Gulf Shores, AL |
|
33 |
|
December 2019 |
Commercial Disposition |
|
Market |
|
Square Feet |
|
|
Closing Date |
|
Poplar Avenue Office |
|
Memphis, TN |
|
|
42,000 |
|
|
March 2019 |
Dollars in thousands
MAA holds an investment in a real estate joint venture with an institutional investor 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 December 31, 2019 |
|
|||||||||||
Joint Venture Property |
|
Gross Investment in Real Estate |
|
|
|
Mortgage Notes Payable |
|
|
|
Company's Equity Investment |
|
|||
Post Massachusetts Avenue |
|
$ |
79,257 |
|
(1) |
|
$ |
51,707 |
|
(2) |
|
$ |
43,674 |
|
|
|
Three months ended December 31, 2019 |
|
|
Year ended December 31, 2019 |
|
||||||||||
Joint Venture Property |
|
Entity NOI |
|
|
Company's Equity in Income |
|
|
Entity NOI |
|
|
Company's Equity in Income |
|
||||
Post Massachusetts Avenue |
|
$ |
2,000 |
|
|
$ |
444 |
|
|
$ |
7,639 |
|
|
$ |
1,654 |
|
(1) |
Represents GAAP basis net book value plus accumulated depreciation. |
(2) |
This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025. |
Supplemental Data S-9
Dollars in thousands
DEBT SUMMARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
Effective |
|
|
Years |
|
||
|
|
|
|
|
|
Percent of |
|
|
Interest |
|
|
to Rate |
|
|||
Floating Versus Fixed Rate or Hedged Debt |
|
Balance |
|
|
Total |
|
|
Rate |
|
|
Maturity |
|
||||
Fixed rate or hedged debt |
|
$ |
4,384,598 |
|
|
|
98.4 |
% |
|
|
3.9 |
% |
|
|
7.6 |
|
Floating (unhedged) debt |
|
|
70,000 |
|
|
|
1.6 |
% |
|
|
2.1 |
% |
|
|
0.1 |
|
Total |
|
$ |
4,454,598 |
|
|
|
100.0 |
% |
|
|
3.8 |
% |
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
Effective |
|
|
Years |
|
||
|
|
|
|
|
|
Percent of |
|
|
Interest |
|
|
to Contract |
|
|||
Secured Versus Unsecured Debt |
|
Balance |
|
|
Total |
|
|
Rate |
|
|
Maturity |
|
||||
Unsecured debt |
|
$ |
3,828,201 |
|
|
|
85.9 |
% |
|
|
3.7 |
% |
|
|
6.1 |
|
Secured debt |
|
|
626,397 |
|
|
|
14.1 |
% |
|
|
4.5 |
% |
|
|
17.3 |
|
Total |
|
$ |
4,454,598 |
|
|
|
100.0 |
% |
|
|
3.8 |
% |
|
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Percent of |
|
|
Q4 2019 |
|
|
Percent of |
|
||||
Unencumbered Versus Encumbered Assets |
|
Cost |
|
|
Total |
|
|
NOI |
|
|
Total |
|
||||
Unencumbered gross assets |
|
$ |
12,686,577 |
|
|
|
89.4 |
% |
|
$ |
240,838 |
|
|
|
90.2 |
% |
Encumbered gross assets |
|
|
1,499,126 |
|
|
|
10.6 |
% |
|
|
26,192 |
|
|
|
9.8 |
% |
Total |
|
$ |
14,185,703 |
|
|
|
100.0 |
% |
|
$ |
267,030 |
|
|
|
100.0 |
% |
FIXED OR HEDGED INTEREST RATE MATURITIES
|
|
Fixed |
|
|
Interest |
|
|
Total Fixed |
|
|
Effective |
|
||||
Maturity |
|
Rate Debt |
|
|
Rate Swaps |
|
|
or Hedged |
|
|
Rate |
|
||||
2020 |
|
$ |
137,805 |
|
|
$ |
299,557 |
|
|
$ |
437,362 |
|
|
|
2.9 |
% |
2021 |
|
|
193,535 |
|
|
|
— |
|
|
|
193,535 |
|
|
|
5.2 |
% |
2022 |
|
|
365,694 |
|
|
|
— |
|
|
|
365,694 |
|
|
|
3.6 |
% |
2023 |
|
|
359,715 |
|
|
|
— |
|
|
|
359,715 |
|
|
|
4.2 |
% |
2024 |
|
|
416,388 |
|
|
|
— |
|
|
|
416,388 |
|
|
|
4.0 |
% |
Thereafter |
|
|
2,611,904 |
|
|
|
— |
|
|
|
2,611,904 |
|
|
|
3.9 |
% |
Total |
|
$ |
4,085,041 |
|
|
$ |
299,557 |
|
|
$ |
4,384,598 |
|
|
|
3.9 |
% |
Supplemental Data S-10
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
|
|
Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾ |
|
|
Public Bonds |
|
|
Other Unsecured |
|
|
Secured |
|
|
Total |
|
|||||
2020 |
|
$ |
70,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
137,805 |
|
|
$ |
207,805 |
|
2021 |
|
|
— |
|
|
|
— |
|
|
|
72,673 |
|
|
|
120,862 |
|
|
|
193,535 |
|
2022 |
|
|
— |
|
|
|
248,899 |
|
|
|
416,352 |
|
|
|
— |
|
|
|
665,251 |
|
2023 |
|
|
— |
|
|
|
347,490 |
|
|
|
12,225 |
|
|
|
— |
|
|
|
359,715 |
|
2024 |
|
|
— |
|
|
|
396,438 |
|
|
|
19,950 |
|
|
|
— |
|
|
|
416,388 |
|
Thereafter |
|
|
— |
|
|
|
2,244,174 |
|
|
|
— |
|
|
|
367,730 |
|
|
|
2,611,904 |
|
Total |
|
$ |
70,000 |
|
|
$ |
3,237,001 |
|
|
$ |
521,200 |
|
|
$ |
626,397 |
|
|
$ |
4,454,598 |
|
(1) The $70.0 million maturing in 2020 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of December 31, 2019. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $500.0 million. For the three months ended December 31, 2019, our average daily borrowings outstanding under the commercial paper program were $140.0 million.
(2) There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of December 31, 2019. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
|
Required |
|
Actual |
|
|
Compliance |
|
Total debt to adjusted total assets |
|
60% or less |
|
31.4% |
|
|
Yes |
|
Total secured debt to adjusted total assets |
|
40% or less |
|
4.4% |
|
|
Yes |
|
Consolidated income available for debt service to total annual debt service charge |
|
1.5x or greater for trailing 4 quarters |
|
5.10x |
|
|
Yes |
|
Total unencumbered assets to total unsecured debt |
|
Greater than 150% |
|
331% |
|
|
Yes |
|
|
|
|
|
|
|
|
|
|
Bank Covenants |
|
Required |
|
Actual |
|
|
Compliance |
|
Total debt to total capitalized asset value |
|
60% or less |
|
27.1% |
|
|
Yes |
|
Total secured debt to total capitalized asset value |
|
40% or Less |
|
3.9% |
|
|
Yes |
|
Total adjusted EBITDA to fixed charges |
|
1.5x or greater for trailing 4 quarters |
|
4.9x |
|
|
Yes |
|
Total unsecured debt to total unsecured capitalized asset value |
|
60% or less |
|
25.6% |
|
|
Yes |
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP's debt agreements.
Supplemental Data S-11
MAA provides guidance on expected Core FFO per Share and Core 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 Core FFO per Share and Core AFFO per Share is provided below.
Earnings: |
|
Full Year 2020 |
|
|
Earnings per common share - diluted |
|
$3.02 to $3.26 |
|
|
Midpoint |
|
$3.14 |
|
|
Core FFO per Share - diluted |
|
$6.38 to $6.62 |
|
|
Midpoint |
|
$6.50 |
|
|
Core AFFO per Share - diluted |
|
$5.71 to $5.95 |
|
|
Midpoint |
|
$5.83 |
|
|
|
|
|
|
|
MAA Same Store Communities: |
|
|
|
|
Number of units |
|
|
95,112 |
|
Lease over lease pricing growth for new leases and renewals |
|
2.90% to 3.90% |
|
|
Average physical occupancy |
|
95.60% to 96.00% |
|
|
Property revenue growth (1) |
|
3.25% to 4.25% |
|
|
Property operating expense growth (1) |
|
3.75% to 4.75% |
|
|
NOI growth (1) |
|
3.00% to 4.00% |
|
|
Real estate tax expense growth |
|
4.00% to 5.00% |
|
|
|
|
|
|
|
Corporate Expenses: |
|
|
|
|
General and administrative expenses |
|
$45.0 to $47.0 million |
|
|
Property management expenses |
|
$57.0 to $59.0 million |
|
|
Total overhead |
|
$102.0 to $106.0 million |
|
|
|
|
|
|
|
Transaction/Investment Volume: |
|
|
|
|
Multifamily acquisition volume |
|
$175.0 to $225.0 million |
|
|
Multifamily disposition volume |
|
$125.0 to $150.0 million |
|
|
Development investment |
|
$225.0 to $275.0 million |
|
|
|
|
|
|
|
Debt: |
|
|
|
|
Average effective interest rate |
|
3.9% to 4.1% |
|
|
Capitalized interest |
|
$6.0 to $7.0 million |
|
|
|
|
|
|
|
Diluted FFO Shares Outstanding: |
|
|
|
|
Diluted common shares and units |
|
118.5 million to 119.0 million |
|
|
(1) |
Guidance includes impact of Double Play bulk internet program, which is expected to contribute 0.50% to 0.60% of property revenue growth, 0.60% to 0.70% of property operating expense growth and 0.45% to 0.55% of NOI growth to the results for the year ending December 31, 2020. |
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2019 RESULTS AND 2020 GUIDANCE |
|
|
Year ended |
|
|
2020 Full Year Guidance Range |
|
||||||
|
|
December 31, 2019 |
|
|
Low |
|
|
High |
|
|||
Earnings per common share - diluted |
|
$ |
3.07 |
|
|
$ |
3.02 |
|
|
$ |
3.26 |
|
Real estate depreciation and amortization |
|
|
4.17 |
|
|
|
4.23 |
|
|
|
4.23 |
|
Gains on sale of depreciable assets |
|
|
(0.69 |
) |
|
|
(0.89 |
) |
|
|
(0.89 |
) |
FFO per Share - diluted |
|
|
6.55 |
|
|
|
6.36 |
|
|
|
6.60 |
|
Non-Core items |
|
|
(0.29 |
) |
(1) |
|
0.02 |
|
|
|
0.02 |
|
Core FFO per Share - diluted |
|
|
6.26 |
|
|
|
6.38 |
|
|
|
6.62 |
|
Recurring capital expenditures |
|
|
(0.62 |
) |
|
|
(0.67 |
) |
|
|
(0.67 |
) |
Core AFFO per Share - diluted |
|
$ |
5.64 |
|
|
$ |
5.71 |
|
|
$ |
5.95 |
|
|
(1) |
Non-Core items may include adjustments related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, adjustments for gains or losses from an unconsolidated limited partnership, merger and integration expenses, mark-to-market debt adjustments, loss or gain on debt extinguishment, net casualty gain or loss, and loss or gain on sale of non-depreciable assets. Results for the year ended December 31, 2019 included $0.15 per Share of non-cash income related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, $0.10 per Share of gains related to the sale of non-depreciable real estate assets and $0.04 per Share of income related to other net adjustments. |
Supplemental Data S-12
|
|
Commercial |
|
Long-Term |
|
|
|
|
Paper Rating |
|
Debt Rating |
|
Outlook |
Fitch Ratings (1) |
|
F2 |
|
BBB+ |
|
Stable |
Moody's Investors Service (2) |
|
P-2 |
|
Baa1 |
|
Stable |
Standard & Poor's Ratings Services (1) |
|
A-2 |
|
BBB+ |
|
Stable |
(1) Corporate credit rating assigned to MAA and MAALP
(2) Corporate credit rating assigned to MAALP
COMMON STOCK |
Stock Symbol: |
|
MAA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Traded: |
|
NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Future Dates: |
|
Q1 2020 |
|
|
Q2 2020 |
|
|
Q3 2020 |
|
|
Q4 2020 |
|
|
|
|
|
||||
Earnings release & conference call |
|
Late April |
|
|
Late July |
|
|
Late October |
|
|
Late January |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Information - Common Shares: |
|
Q4 2018 |
|
|
Q1 2019 |
|
|
Q2 2019 |
|
|
Q3 2019 |
|
|
Q4 2019 |
|
|||||
Declaration date |
|
12/4/2018 |
|
|
3/21/2019 |
|
|
5/21/2019 |
|
|
9/26/2019 |
|
|
12/10/2019 |
|
|||||
Record date |
|
1/15/2019 |
|
|
4/15/2019 |
|
|
7/15/2019 |
|
|
10/15/2019 |
|
|
1/15/2020 |
|
|||||
Payment date |
|
1/31/2019 |
|
|
4/30/2019 |
|
|
7/31/2019 |
|
|
10/31/2019 |
|
|
1/31/2020 |
|
|||||
Distributions per share |
|
$ |
0.9600 |
|
|
$ |
0.9600 |
|
|
$ |
0.9600 |
|
|
$ |
0.9600 |
|
|
$ |
1.0000 |
|
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, Director of Finance |
|||||||
|
Jennifer Patrick |
|
Director of Investor Relations |
|||||||
|
Phone: 866-576-9689 (toll free) |
|||||||||
|
Email: investor.relations@maac.com |
Supplemental Data S-13