MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2

Attached files

file	filename
EX-99.1 - EX-99.1 - MID AMERICA APARTMENT COMMUNITIES INC.	maa-ex991_6.htm
8-K - 8-K - MID AMERICA APARTMENT COMMUNITIES INC.	maa-8k_20200506.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2020 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		10,996		438		—		11,434		—		11,434
Dallas, TX		9,405		362		—		9,767		—		9,767
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		6,149		—		—		6,149		—		6,149
Raleigh/Durham, NC		4,397		953		—		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		4,375		—		—		4,375		—		4,375
Fort Worth, TX		4,249		—		—		4,249		124		4,373
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		2,726		442		—		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
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		6,717		2,070		79		8,866		—		8,866
Total Multifamily Units		95,113		4,265		350		99,728		124		99,852

⁽¹⁾	Schedule excludes a 269 unit 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 per Unit

	As of March 31, 2020								Average Effective		As of March 31, 2020
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2020		Completed Units		Total Units, Including Development
Atlanta, GA	$	1,982,960		14.5	%		94.8	%	$	1,465		11,434
Dallas, TX		1,389,272		10.2	%		95.7	%		1,299		9,767
Charlotte, NC		956,443		7.0	%		96.2	%		1,244		6,149
Washington, DC		954,974		7.0	%		96.7	%		1,800		4,080
Tampa, FL		874,536		6.4	%		95.7	%		1,485		5,220
Austin, TX		837,196		6.1	%		95.7	%		1,265		7,117
Orlando, FL		823,999		6.0	%		95.2	%		1,466		5,274
Raleigh/Durham, NC		693,500		5.1	%		96.3	%		1,154		5,350
Houston, TX		599,786		4.4	%		94.5	%		1,220		4,867
Nashville, TN		531,010		3.9	%		95.9	%		1,301		4,375
Charleston, SC		398,921		2.9	%		95.9	%		1,227		3,168
Fort Worth, TX		392,894		2.9	%		95.9	%		1,171		4,249
Phoenix, AZ		374,577		2.7	%		96.5	%		1,273		2,623
Jacksonville, FL		292,169		2.1	%		96.4	%		1,143		3,496
Richmond, VA		263,932		1.9	%		95.9	%		1,214		2,004
Savannah, GA		240,834		1.8	%		95.0	%		1,101		2,219
Denver, CO		192,215		1.4	%		92.0	%		1,651		733
Kansas City, MO-KS		183,921		1.3	%		95.9	%		1,278		1,110
San Antonio, TX		161,956		1.2	%		96.1	%		1,119		1,504
Birmingham, AL		157,361		1.1	%		96.2	%		1,072		1,462
Greenville, SC		154,593		1.1	%		95.4	%		931		2,084
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	181,284		1.3	%		95.6	%	$	978		2,754
Florida		175,734		1.3	%		95.8	%		1,363		1,806
Alabama		158,493		1.2	%		96.7	%		1,011		1,648
Virginia		152,443		1.1	%		98.0	%		1,322		1,039
Kentucky		94,017		0.7	%		95.3	%		899		1,308
Mississippi		73,973		0.5	%		95.4	%		903		1,241
Nevada		70,251		0.5	%		96.5	%		1,115		721
South Carolina		36,520		0.3	%		93.9	%		891		576
Stabilized Communities	$	13,399,764		97.9	%		95.7	%	$	1,282		99,378
Greenville, SC	$	72,111		0.5	%		79.0	%	$	1,739		271		271
Dallas, TX		51,298		0.4	%									348
Denver, CO		41,897		0.3	%		94.9	%		1,541		79		385
Phoenix, AZ		39,763		0.3	%									345
Orlando, FL		37,224		0.3	%									633
Fort Worth, TX		24,226		0.2	%		17.9	%		1,342		124		168
Houston, TX		12,046		0.1	%									308
Lease-up / Development Communities	$	278,565		2.1	%		61.6	%	$	1,602		474		2,458
Total Multifamily Communities	$	13,678,329		100.0	%		95.5	%	$	1,284		99,852		101,836

⁽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 March 31, 2020				Three Months Ended
	Apartment Units		Gross Real Assets		March 31, 2020		March 31, 2019			Percent Change
Operating Revenue
Same Store Communities		95,113	$	12,751,642	$	392,362	$	376,531			4.2	%
Non-Same Store Communities		4,265		648,119		17,650		18,629
Lease-up/Development Communities		474		278,568		1,732		54
Total Multifamily Portfolio		99,852	$	13,678,329	$	411,744	$	395,214
Commercial Property/Land		—		236,631		6,354		5,964
Total Operating Revenue		99,852	$	13,914,960	$	418,098	$	401,178

Property Operating Expenses
Same Store Communities					$	143,075	$	138,693			3.2	%
Non-Same Store Communities						6,786		8,379
Lease-up/Development Communities						769		69
Total Multifamily Portfolio					$	150,630	$	147,141
Commercial Property/Land						2,542		2,236
Total Property Operating Expenses					$	153,172	$	149,377

Net Operating Income
Same Store Communities					$	249,287	$	237,838			4.8	%
Non-Same Store Communities						10,864		10,250
Lease-up/Development Communities						963		(15	)
Total Multifamily Portfolio					$	261,114	$	248,073
Commercial Property/Land						3,812		3,728
Total Net Operating Income					$	264,926	$	251,801			5.2	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2020		March 31, 2019		Percent Change
Personnel	$	34,108	$	33,490		1.8	%
Building Repair and Maintenance		14,503		13,931		4.1	%
Utilities		26,266		26,051		0.8	%
Marketing		4,491		4,016		11.8	%
Office Operations		5,436		5,031		8.1	%
Property Taxes		55,105		53,261		3.5	%
Insurance		3,166		2,913		8.7	%
Total Property Operating Expenses	$	143,075	$	138,693		3.2	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

						Average Physical Occupancy
			Percent of			Three Months Ended
	Apartment Units		Same Store NOI			March 31, 2020			March 31, 2019
Atlanta, GA		10,996		13.1	%		94.9	%		95.8	%
Dallas, TX		9,405		9.1	%		95.7	%		95.0	%
Charlotte, NC		6,149		7.0	%		96.4	%		96.1	%
Austin, TX		7,117		6.7	%		95.9	%		95.8	%
Tampa, FL		5,220		6.5	%		95.5	%		96.2	%
Washington, DC		4,080		6.5	%		96.4	%		96.7	%
Orlando, FL		5,274		6.3	%		95.1	%		95.8	%
Nashville, TN		4,375		4.9	%		95.8	%		95.2	%
Raleigh/Durham, NC		4,397		4.5	%		96.2	%		96.4	%
Houston, TX		4,867		4.2	%		95.2	%		95.5	%
Fort Worth, TX		4,249		4.0	%		95.1	%		95.4	%
Jacksonville, FL		3,496		3.3	%		96.0	%		96.2	%
Phoenix, AZ		2,623		3.1	%		96.9	%		96.3	%
Charleston, SC		2,726		2.7	%		95.7	%		95.4	%
Richmond, VA		2,004		2.1	%		96.2	%		96.5	%
Savannah, GA		2,219		2.0	%		95.6	%		95.7	%
Greenville, SC		2,084		1.6	%		94.5	%		96.1	%
Memphis, TN		1,811		1.4	%		95.7	%		95.2	%
Birmingham, AL		1,462		1.3	%		96.0	%		96.0	%
San Antonio, TX		1,504		1.2	%		96.3	%		96.5	%
Kansas City, MO-KS		1,110		1.2	%		95.7	%		95.8	%
Huntsville, AL		1,228		1.1	%		97.1	%		97.0	%
Other		6,717		6.2	%		95.6	%		96.4	%
Total Same Store		95,113		100.0	%		95.7	%		95.9	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q1 2020		Q1 2019		% Chg			Q1 2020		Q1 2019		% Chg			Q1 2020		Q1 2019		% Chg			Q1 2020		Q1 2019		% Chg
Atlanta, GA		10,996	$	50,784	$	49,414		2.8	%	$	18,422	$	17,328		6.3	%	$	32,362	$	32,086		0.9	%	$	1,465	$	1,415		3.6	%
Dallas, TX		9,405		38,904		37,678		3.3	%		16,378		16,653		(1.7	)%		22,526		21,025		7.1	%		1,308		1,271		2.9	%
Charlotte, NC		6,149		24,817		23,581		5.2	%		7,291		7,032		3.7	%		17,526		16,549		5.9	%		1,244		1,195		4.1	%
Austin, TX		7,117		29,454		27,776		6.0	%		12,679		12,483		1.6	%		16,775		15,293		9.7	%		1,265		1,206		5.0	%
Tampa, FL		5,220		24,785		23,685		4.6	%		8,607		8,330		3.3	%		16,178		15,355		5.4	%		1,485		1,427		4.1	%
Washington, DC		4,080		23,227		22,636		2.6	%		7,067		6,935		1.9	%		16,160		15,701		2.9	%		1,800		1,753		2.7	%
Orlando, FL		5,274		24,636		23,942		2.9	%		8,867		8,518		4.1	%		15,769		15,424		2.2	%		1,466		1,426		2.8	%
Nashville, TN		4,375		18,239		17,163		6.3	%		6,034		5,764		4.7	%		12,205		11,399		7.1	%		1,301		1,229		5.9	%
Raleigh/Durham, NC		4,397		16,599		15,568		6.6	%		5,315		4,890		8.7	%		11,284		10,678		5.7	%		1,130		1,068		5.8	%
Houston, TX		4,867		18,820		18,382		2.4	%		8,325		8,139		2.3	%		10,495		10,243		2.5	%		1,220		1,177		3.7	%
Fort Worth, TX		4,249		16,603		16,059		3.4	%		6,676		6,703		(0.4	)%		9,927		9,356		6.1	%		1,171		1,138		2.9	%
Jacksonville, FL		3,496		12,621		12,291		2.7	%		4,283		4,002		7.0	%		8,338		8,289		0.6	%		1,143		1,110		3.0	%
Phoenix, AZ		2,623		10,764		9,804		9.8	%		2,941		2,823		4.2	%		7,823		6,981		12.1	%		1,273		1,166		9.2	%
Charleston, SC		2,726		10,546		10,213		3.3	%		3,752		3,589		4.5	%		6,794		6,624		2.6	%		1,187		1,145		3.6	%
Richmond, VA		2,004		7,866		7,517		4.6	%		2,531		2,369		6.8	%		5,335		5,148		3.6	%		1,214		1,156		5.0	%
Savannah, GA		2,219		7,977		7,806		2.2	%		2,983		2,805		6.3	%		4,994		5,001		(0.1	)%		1,101		1,068		3.1	%
Greenville, SC		2,084		6,466		6,205		4.2	%		2,485		2,448		1.5	%		3,981		3,757		6.0	%		931		889		4.8	%
Memphis, TN		1,811		5,961		5,650		5.5	%		2,366		2,356		0.4	%		3,595		3,294		9.1	%		1,018		973		4.7	%
Birmingham, AL		1,462		5,289		4,817		9.8	%		2,031		2,022		0.4	%		3,258		2,795		16.6	%		1,072		997		7.5	%
San Antonio, TX		1,504		5,491		5,288		3.8	%		2,380		2,358		0.9	%		3,111		2,930		6.2	%		1,119		1,081		3.5	%
Kansas City, MO-KS		1,110		4,499		4,283		5.0	%		1,627		1,555		4.6	%		2,872		2,728		5.3	%		1,278		1,207		5.9	%
Huntsville, AL		1,228		3,980		3,642		9.3	%		1,312		1,277		2.7	%		2,668		2,365		12.8	%		963		877		9.8	%
Other		6,717		24,034		23,131		3.9	%		8,723		8,314		4.9	%		15,311		14,817		3.3	%		1,117		1,058		5.5	%
Total Same Store		95,113	$	392,362	$	376,531		4.2	%	$	143,075	$	138,693		3.2	%	$	249,287	$	237,838		4.8	%	$	1,283	$	1,232		4.2	%

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q1 2020		Q4 2019		% Chg			Q1 2020		Q4 2019		% Chg			Q1 2020		Q4 2019		% Chg			Q1 2020		Q4 2019		% Chg
Atlanta, GA		10,996	$	50,784	$	50,651		0.3	%	$	18,422	$	18,147		1.5	%	$	32,362	$	32,504		(0.4	)%	$	1,465	$	1,462		0.2	%
Dallas, TX		9,405		38,904		38,763		0.4	%		16,378		16,178		1.2	%		22,526		22,585		(0.3	)%		1,308		1,301		0.5	%
Charlotte, NC		6,149		24,817		24,610		0.8	%		7,291		7,359		(0.9	)%		17,526		17,251		1.6	%		1,244		1,238		0.5	%
Austin, TX		7,117		29,454		29,091		1.2	%		12,679		12,077		5.0	%		16,775		17,014		(1.4	)%		1,265		1,260		0.4	%
Tampa, FL		5,220		24,785		24,707		0.3	%		8,607		8,191		5.1	%		16,178		16,516		(2.0	)%		1,485		1,476		0.6	%
Washington, DC		4,080		23,227		23,212		0.1	%		7,067		6,902		2.4	%		16,160		16,310		(0.9	)%		1,800		1,800		(0.0	)%
Orlando, FL		5,274		24,636		24,611		0.1	%		8,867		8,731		1.6	%		15,769		15,880		(0.7	)%		1,466		1,462		0.3	%
Nashville, TN		4,375		18,239		18,183		0.3	%		6,034		5,917		2.0	%		12,205		12,266		(0.5	)%		1,301		1,293		0.6	%
Raleigh/Durham, NC		4,397		16,599		16,507		0.6	%		5,315		5,202		2.2	%		11,284		11,305		(0.2	)%		1,130		1,121		0.7	%
Houston, TX		4,867		18,820		18,647		0.9	%		8,325		7,905		5.3	%		10,495		10,742		(2.3	)%		1,220		1,214		0.5	%
Fort Worth, TX		4,249		16,603		16,617		(0.1	)%		6,676		6,372		4.8	%		9,927		10,245		(3.1	)%		1,171		1,169		0.2	%
Jacksonville, FL		3,496		12,621		12,494		1.0	%		4,283		4,160		3.0	%		8,338		8,334		0.0	%		1,143		1,136		0.6	%
Phoenix, AZ		2,623		10,764		10,700		0.6	%		2,941		2,878		2.2	%		7,823		7,822		0.0	%		1,273		1,257		1.3	%
Charleston, SC		2,726		10,546		10,428		1.1	%		3,752		3,854		(2.6	)%		6,794		6,574		3.3	%		1,187		1,181		0.5	%
Richmond, VA		2,004		7,866		7,884		(0.2	)%		2,531		2,435		3.9	%		5,335		5,449		(2.1	)%		1,214		1,207		0.6	%
Savannah, GA		2,219		7,977		7,884		1.2	%		2,983		2,833		5.3	%		4,994		5,051		(1.1	)%		1,101		1,095		0.5	%
Greenville, SC		2,084		6,466		6,487		(0.3	)%		2,485		2,318		7.2	%		3,981		4,169		(4.5	)%		931		927		0.4	%
Memphis, TN		1,811		5,961		5,868		1.6	%		2,366		2,391		(1.0	)%		3,595		3,477		3.4	%		1,018		1,013		0.5	%
Birmingham, AL		1,462		5,289		5,257		0.6	%		2,031		1,840		10.4	%		3,258		3,417		(4.7	)%		1,072		1,060		1.1	%
San Antonio, TX		1,504		5,491		5,422		1.3	%		2,380		2,304		3.3	%		3,111		3,118		(0.2	)%		1,119		1,118		0.1	%
Kansas City, MO-KS		1,110		4,499		4,477		0.5	%		1,627		1,583		2.8	%		2,872		2,894		(0.8	)%		1,278		1,267		0.9	%
Huntsville, AL		1,228		3,980		3,943		0.9	%		1,312		1,302		0.8	%		2,668		2,641		1.0	%		963		949		1.5	%
Other		6,717		24,034		23,941		0.4	%		8,723		8,534		2.2	%		15,311		15,407		(0.6	)%		1,117		1,110		0.6	%
Total Same Store		95,113	$	392,362	$	390,384		0.5	%	$	143,075	$	139,413		2.6	%	$	249,287	$	250,971		(0.7	)%	$	1,283	$	1,277		0.5	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands		Units as of
		March 31, 2020							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date⁽¹⁾	Cost		Q1 2020		After
Copper Ridge II	Fort Worth, TX		168		124		38	1Q19	1Q20	2Q20	2Q21	$	30,000	$	24,226	$	5,774
MAA Frisco Bridges II	Dallas, TX		348	—		—		2Q18	2Q20	4Q20	1Q22		69,000		51,298		17,702
Novel Midtown⁽²⁾	Phoenix, AZ		345	—		—		1Q19	1Q21	2Q21	4Q22		82,000		39,763		42,237
Westglenn	Denver, CO		306	—		—		3Q19	2Q21	4Q21	4Q22		84,500		20,011		64,489
The Robinson⁽³⁾	Orlando, FL		369	—		—		3Q19	2Q21	4Q21	1Q23		99,000		20,111		78,889
Long Point	Houston, TX		308	—		—		4Q19	3Q21	1Q22	1Q23		57,000		12,046		44,954
Sand Lake⁽⁴⁾	Orlando, FL		264	—		—		4Q19	2Q21	4Q21	1Q23		68,000		17,113		50,887
Total Active			2,108		124		38					$	489,500	$	184,568	$	304,932

⁽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⁾Previously reported as 336 N. Orange.

⁽⁴⁾MAA owns 95% of the joint venture that owns this property.

MULTIFAMILY REDEVELOPMENT PIPELINE

Redevelopment Spend dollars in thousands, except per unit data
		Three months ended March 31, 2020
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
	1,440	$	8,652	$	6,008	$	111	9.4%	8,000 - 11,600

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of March 31, 2020

Location

Total Units

Percent Occupied

Construction Finished

Expected Stabilization⁽¹⁾

Total Cost

Sync 36 II

Denver, CO

94.9%

3Q19

2Q20

21,886

The Greene

Greenville, SC

271

79.0%

⁽²⁾

4Q20

72,111

Total

350

82.6%

93,997

⁽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.

2020 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2020)

Land Acquisition		Market		Acreage		Closing Date
Georgetown		Austin, TX		22		January 2020

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

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%

Dollars in thousands	As of March 31, 2020
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	79,390	⁽¹⁾	$	51,720	⁽²⁾	$	43,686

	Three months ended March 31, 2020
Joint Venture Property	Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,974	$	407

⁽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-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2020

Dollars in thousands

DEBT SUMMARIES

Floating Versus Fixed Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,084,085		91.1	%		4.0	%		7.9
Floating (unhedged) debt		399,608		8.9	%		2.3	%		0.1
Total	$	4,483,693		100.0	%		3.8	%		7.2

Secured Versus Unsecured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	3,859,040		86.1	%		3.7	%		5.9
Secured debt		624,653		13.9	%		4.5	%		17.1
Total	$	4,483,693		100.0	%		3.8	%		7.4

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2020 NOI			Percent of Total
Unencumbered gross assets	$	12,727,000		89.4	%	$	239,928			90.6	%
Encumbered gross assets		1,509,426		10.6	%		24,998			9.4	%
Total	$	14,236,426		100.0	%	$	264,926			100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2020	$	136,829		4.3	%
2021		193,038		5.2	%
2022		365,806		3.6	%
2023		359,884		4.2	%
2024		416,591		4.0	%
2025		403,450		4.2	%
2026		—		—
2027		594,395		3.7	%
2028		395,022		4.2	%
2029		562,761		3.7	%
Thereafter		656,309		3.8	%
Total	$	4,084,085		4.0	%

Supplemental Data S-8

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2020 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2020	$	—	$	—	$	—	$	136,829	$	136,829
2021		—		—		72,686		120,352		193,038
2022		—		248,993		416,421		—		665,414
2023		100,000		347,657		12,227		—		459,884
2024		—		396,639		19,952		—		416,591
2025		—		395,676		—		7,774		403,450
2026		—		—		—		—		—
2027		—		594,395		—		—		594,395
2028		—		395,022		—		—		395,022
2029		—		562,761		—		—		562,761
Thereafter		—		296,611		—		359,698		656,309
Total	$	100,000	$	3,237,754	$	521,286	$	624,653	$	4,483,693

⁽¹⁾

There were no borrowings outstanding under MAALP’s unsecured commercial paper program as of March 31, 2020. 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 March 31, 2020, average daily borrowings outstanding under the commercial paper program were $67.9 million.

⁽²⁾	There was $100.0 million outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of March 31, 2020. 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	31.5%	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	5.2x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	330%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	26.9%	Yes
Total secured debt to total capitalized asset value	40% or Less	3.8%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.0x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	25.8%	Yes

⁽¹⁾The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP's debt agreements.

Supplemental Data S-9

CREDIT RATINGS

	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:

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Earnings release & conference call

Late

July

Late

October

Late

January

Late

April

Dividend Information - Common Shares:

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Declaration date

3/21/2019

5/21/2019

9/26/2019

12/10/2019

3/19/2020

Record date

4/15/2019

7/15/2019

10/15/2019

1/15/2020

4/15/2020

Payment date

4/30/2019

7/31/2019

10/31/2019

1/31/2020

4/30/2020

Distributions per share

0.9600

1.0000

Supplemental Data S-10

COVID-19 UPDATE

April 2020 Operating Metrics

Dollars in thousands

April 2020 Rents (as of May 5, 2020)	Dollars		% of Total Billed			Historical Average⁽¹⁾
Total billed	$	123,509
Cash collected		121,036		98.0	%
Deferred payments outstanding⁽²⁾		1,609		1.3	%
Total cash collected and deferred payments	$	122,645		99.3	%		99.4	%

April 2020 Recurring Fees⁽³⁾ (as of May 5, 2020)
Total billed	$	10,226
Cash collected		9,614		94.0	%
Deferred payments outstanding⁽²⁾		426		4.2	%
Total cash collected and deferred payments	$	10,040		98.2	%		99.1	%

⁽¹⁾	Represents average total cash collections in 2019 as of the 5^th day of the following month.

⁽²⁾

Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic. Total original deferrals on rents and recurring fees were $7.3 million and $0.7 million, respectively, of which $5.7 million of rent deferrals and $0.2 million of recurring fee deferrals have been collected as of May 5, 2020.

⁽³⁾	Recurring fees include services for water, pest, trash, cable/internet, pet rent, and other rentable items.

Same Store Pricing/Occupancy:	April 2020			April 2019
Lease over lease pricing growth for new leases effective in April^{(4) (5)}		-3.3	%		2.5	%
Number of new leases effective in April		3,136			3,758
Lease over lease pricing growth for renewals effective in April^{(5) (6)}		6.5	%		7.2	%
Number of renewals effective in April		3,606			3,600
Blended lease over lease pricing growth for new leases and renewals effective in April⁽⁵⁾		1.9	%		4.8	%
Lease over lease pricing growth on new leases signed during April⁽⁵⁾		-4.1	%		2.9	%
Number of new leases signed during April		4,889			5,276
Lease over lease pricing growth on renewal leases signed during April⁽⁵⁾		4.5	%		7.3	%
Number of renewal leases signed during April		6,889			5,967
Blended lease over lease pricing growth for new leases and renewals signed in April⁽⁵⁾		0.9	%		5.2	%
Average Physical Occupancy		95.4	%		95.9	%

⁽⁴⁾	Represents leases for move-ins that occurred in April; lease price is typically set on average 28 days ahead of lease start date.

⁽⁵⁾	Lease over lease pricing growth includes the impact of concessions.

⁽⁶⁾	Represents leases for renewals that went into effect in April; lease price is typically set on average 60 days ahead of lease start date.

Other:	April 2020		2019 Monthly Average
Same Store lease termination fees collected	$	837	$	1,100
Same Store late fees collected⁽⁷⁾	$	50	$	650
COVID-19 early lease terminations⁽⁸⁾		232
COVID-19 related costs⁽⁹⁾	$	785
Commercial leased space current delinquency, excluding abatements⁽¹⁰⁾	$	200	$	120
COVID-19 related commercial rent abatements⁽¹¹⁾	$	673

⁽⁷⁾	No late fees were charged for residents impacted by COVID-19 or where prohibited by law.

⁽⁸⁾	No termination fees were charged for lease terminations related to COVID-19.

⁽⁹⁾	Non-recurring additional costs resulting from the COVID-19 pandemic, consisting primarily of additional cleaning supplies, contract labor and COVID-19 related leave.

⁽¹⁰⁾	Total commercial billings for April were approximately $1.86 million.

⁽¹¹⁾	MAA currently expects to recognize between $0.6 million and $0.65 million of this revenue in 2020 as part of accounting for the straight line amortization of commercial rents.

Balance Sheet:	As of March 31, 2020
Borrowings outstanding under commercial paper program and unsecured revolving credit facility	$	100,000
Combined cash and available capacity under unsecured revolving credit facility, net of commercial paper borrowings		931,800
2020 debt maturities		136,829
2021 debt maturities		193,038

Supplemental Data S-11

COVID-19 UPDATE (CONTINUED)

May 2020 Operating Metrics

Dollars in thousands

May 2020 Rents (as of May 5, 2020)	Dollars		% of Total Billed			Historical Average⁽¹⁾
Total billed	$	121,493
Cash collected		109,787		90.4	%
Deferred payments outstanding⁽²⁾		4,640		3.8	%
Total cash collected and deferred payments	$	114,427		94.2	%		94.4	%

May 2020 Recurring Fees⁽³⁾ (as of May 5, 2020)
Total billed	$	10,044
Cash collected		8,797		87.6	%
Deferred payments outstanding⁽²⁾		487		4.8	%
Total cash collected and deferred payments	$	9,284		92.4	%		91.6	%

⁽¹⁾	Represents average total cash collections in 2019 as of the 5^th day of the current month.

⁽²⁾	Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic.

⁽³⁾	Recurring fees include services for water, pest, trash, cable/internet, pet rent, and other rentable items.

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

2020 ANNUAL MEETING OF SHAREHOLDERS UPDATE

On May 1, 2020, MAA announced that in response to the public health concerns surrounding the COVID-19 pandemic, the company will host its 2020 Annual Meeting of Shareholders in a virtual-only format. Shareholders will not be able to attend the 2020 Annual Meeting of Shareholders physically. The previously announced date and time of the meeting, May 19, 2020 at 12:30 p.m. Central Daylight Time, is unchanged. For more information and instructions on how to attend the meeting go to ir.maac.com and click on the link for Proxy Materials and information regarding the upcoming Annual Meeting of Shareholders.

Supplemental Data S-12

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - May 6, 2020

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports