Exhibit 99.1

 

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MAA REPORTS SECOND QUARTER RESULTS

GERMANTOWN, TN, July 29, 2020/PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced operating results for the quarter ended June 30, 2020.

 

Net Income Available for Common Shareholders

For the quarter ended June 30, 2020, net income available for MAA common shareholders was $74.1 million, or $0.65 per diluted common share, compared to $61.0 million, or $0.53 per diluted common share, for the quarter ended June 30, 2019.  Results for the quarter ended June 30, 2020, included $11.7 million, or $0.10 per diluted common share, of non-cash income related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $4.3 million, or $0.04 per diluted common share, of non-cash income, net of tax, related to gains recognized from an unconsolidated limited partnership.  Results for the quarter ended June 30, 2019, included $4.6 million, or $0.04 per diluted common share, of non-cash income related to the embedded derivative in the preferred shares.

 

For the six months ended June 30, 2020, net income available for MAA common shareholders was $109.9 million, or $0.96  per diluted common share, compared to $123.7 million, or $1.09 per diluted common share, for the six months ended June 30, 2019.  Results for the six months ended June 30, 2020, included $15.9 million, or $0.14 per diluted common share, of non-cash expense related to the fair value adjustment of the embedded derivative in the preferred shares and $4.2 million, or $0.04 per diluted common share, of non-cash income, net of tax, related to gains recognized from an unconsolidated limited partnership.  Results for the six months ended June 30, 2019, included $4.1 million, or $0.04 per diluted common share, of non-cash income related to the embedded derivative in the preferred shares.

 

Core Funds from Operations (FFO) and FFO

Core FFO, which adjusts FFO for items that are not considered part of MAA’s core business operations, for the quarter ended June 30, 2020 was $188.9 million, or $1.59 per diluted common share and unit, or per Share, as compared to $180.8 million, or $1.53 per Share, for the quarter ended June 30, 2019. For the quarter ended June 30, 2020, FFO was $202.6 million, or $1.71 per Share, compared to $185.7 million, or $1.57 per Share, for the quarter ended June 30, 2019.  FFO results for the quarter ended June 30, 2020, included $11.7 million, or $0.10 per Share, of non-cash income related to the fair value adjustment of the embedded derivative in the preferred shares and $4.3 million, or $0.04 per Share, of non-cash income, net of tax, related to gains recognized from an unconsolidated limited partnership. FFO results for the quarter ended June 30, 2019, included $4.6 million, or $0.04 per Share, of non-cash income related to the embedded derivative in the preferred shares.

 

Core FFO for the six months ended June 30, 2020 was $380.1 million, or $3.21 per Share, as compared to $358.2 million, or $3.03 per Share, for the six months ended June 30, 2019. For the six months ended June 30, 2020, FFO was $364.7 million, or $3.08 per Share, compared to $372.1 million, or $3.15 per Share, for the six months ended June 30, 2019.  FFO results for the six months ended June 30, 2020, included $15.9 million, or $0.14 per Share, of non-cash expense related to the fair value adjustment of the embedded derivative in the preferred shares and $4.2 million, or $0.04 per Share, of non-cash income, net of tax, related to gains recognized from an unconsolidated limited partnership.  FFO results for the six months ended June 30, 2019, included $4.1 million, or $0.03 per Share, of non-cash income related to the embedded derivative in the preferred shares.

 

A reconciliation of FFO and Core FFO to net income available for MAA common shareholders, and an expanded discussion of the components of FFO and Core FFO, can be found later in this release.

 

Eric Bolton, Chairman and Chief Executive Officer, said, “Our second quarter results were better than expected.  While the country continues to work through challenges associated with COVID-19, MAA’s portfolio of high quality communities, well diversified across the Sunbelt markets, supported by a strong operating platform and a dedicated team of associates, is performing well.”

 

Second Quarter 2020 Highlights

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COVID-19 Developments

In these unprecedented times, MAA believes the best way it can help its residents is to work with those who have lost wages or compensation due to the COVID-19 pandemic so that they can remain in their homes.  MAA has offered these impacted residents amendments to their leases that provided varying degrees of payment flexibility with respect to April, May, June and July rent and waived late fees and interest charges under the original lease for rent that was deferred under a lease amendment.  

 

MAA’s on-site leasing offices have remained open throughout the COVID-19 pandemic.  As governmental authorities began issuing orders and directives to combat the spread of COVID-19, MAA’s leasing offices transitioned to operate on a virtual basis, with full staff still on-site to continue serving current and prospective new residents.  To support its associates who continued to work on-site on a daily basis, MAA provided those associates with enhanced leave and sick time policies, enhanced flextime arrangements and additional COVID-19 paid time off, among other benefits.  In addition, MAA made modifications to its health and retirement plans to assist all of its associates and their families during this time of crisis.  In May, MAA resumed normal operations at its on-site leasing offices, once again permitting public access and walk-in traffic, subject to social distancing restrictions.  Likewise, in May, MAA began reopening property amenities as permitted by governmental orders, directives and guidelines.

 

MAA’s balance sheet remains very strong, with low leverage, significant availability from its unsecured revolving credit facility, and limited near-term debt maturities and funding obligations. Operating metrics for the second quarter of 2020 and the month of July (through July 27, 2020) include the following:

 

 

Additional metrics related to the impact of the COVID-19 pandemic on MAA’s business are included in the supplemental schedules accompanying this release.

 

Same Store Portfolio Operating Results

To ensure comparable reporting with prior periods, the Same Store Portfolio includes properties that were stabilized and owned by MAA at the beginning of the previous year.

 

The Same Store Portfolio revenue growth of 2.1% during the second quarter of 2020 was primarily a result of a 3.4% increase in Average Effective Rent per Unit, as compared to the same period in the prior year. Average Effective Rent per Unit growth was partially offset by lower Average Physical Occupancy and lower collections as compared to the more normal operating conditions during the second quarter of 2019. Rent growth for the Same Store Portfolio for both new and renewing leases, as compared to the prior lease, on a combined basis increased an average of 1.2% during the second quarter of 2020.  Average Physical Occupancy for the Same Store Portfolio was 95.4% for the second quarter of 2020, as compared to 96.0% in the same period in the prior year.  Property operating expenses increased 2.4% for the second quarter of 2020 as compared to the same period in the prior year. This resulted in Same Store NOI growth of 2.0% for the second quarter of 2020 as compared to the same period in the prior year.

 

The Same Store Portfolio revenue growth of 3.2% during the six months ended June 30, 2020 was primarily a result of a 3.8% increase in Average Effective Rent per Unit, as compared to the same period in the prior year.  Rent growth for the Same Store Portfolio for both new and renewing leases, as compared to the prior lease, on a combined basis increased an average of 1.8% during the six months ended June 30, 2020.  Average Physical Occupancy for the Same Store Portfolio was 95.6% for the six months ended June 30, 2020, as compared to 95.9% in the same period in the prior year.  Property operating expenses

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increased 2.8% for the six months ended June 30, 2020 as compared to the same period in the prior year. This resulted in Same Store NOI growth of 3.4% for the six months ended June 30, 2020 as compared to the same period in the prior year.

 

A reconciliation of NOI, including Same Store NOI, to net income available for MAA common shareholders, and an expanded discussion of the components of NOI, can be found later in this release.

 

Development and Lease-up Activity

As of the end of the second quarter of 2020, MAA had six development communities under construction.  MAA expects to complete construction of one of these development communities in 2020, four in 2021 and one in 2022.  Total development costs for the six communities are projected to be $459.5 million, of which an estimated $243.7 million remained to be funded as of the end of the second quarter of 2020.  The expected average stabilized NOI yield on these communities is 6.1%. During the second quarter of 2020, MAA funded $57.4 million of construction costs on current and completed development projects.  

 

During the second quarter of 2020, MAA completed construction on the Phase II multifamily apartment community expansion of Copper Ridge, located in Fort Worth, Texas, and that apartment community moved into MAA’s lease-up portfolio. As of the end of the second quarter of 2020, MAA had two apartment communities, representing a total of 439 units, remaining in initial lease-up: The Greene, located in Greenville, South Carolina and Copper Ridge II.  Physical occupancy for these lease-up projects averaged 63.3% at the end of the second quarter of 2020.

 

Acquisition and Disposition Activity

MAA did not acquire or dispose of any apartment communities, land parcels or commercial properties during the three months ended June 30, 2020.

 

Redevelopment Activity

MAA suspended its interior redevelopment activities as of the beginning of the second quarter as a result of COVID-19 shelter-in-place governmental directives, but MAA restarted these activities in May in accordance with governmental guidelines issued in connection with the reopening of the U.S. economy.  Upon restart, MAA continued its interior redevelopment program at select apartment communities throughout the portfolio.  During the second quarter of 2020, MAA redeveloped the interior of 655 units, bringing the total units renovated during the six months ended June 30, 2020 to 2,095 at an average cost of $6,601 per unit, achieving average rental rate increases of approximately 9.1% above non-renovated units. MAA’s SmartHome technology initiative (mobile control of lights, thermostat and security, as well as leak monitoring) was also suspended during the second quarter, after installing 8,017 units in the first quarter of 2020. MAA restarted this program in early July and expects to complete an additional 16,000 units by the end of 2020. The 8,017 units completed in the first quarter were installed at an average cost of approximately $1,350 per unit and achieved an average rent increase of $25 per unit.  

 

During the second quarter of 2020, MAA continued its program to upgrade and reposition the amenity and common areas at select properties. The program includes targeted plans to move all units at the properties to higher rents that are expected to deliver yields on cost averaging 8% beginning in calendar year 2021.  During the second quarter of 2020, repositioning work continued at five of these properties and work was initiated on an additional three properties. Work will begin at the other two identified properties later this year or early in 2021 as market conditions stabilize.

 

Capital Expenditures

Recurring capital expenditures totaled $25.1 million for the second quarter of 2020, or approximately $0.21 per Share, as compared to $24.4 million, or $0.21 per Share, for the same period in the prior year.  These expenditures led to Core Adjusted Funds from Operations, or Core AFFO, of $1.38 per Share for the second quarter of 2020, compared to $1.32 per Share for the same period in the prior year.

 

Redevelopment, revenue enhancing, commercial and other capital expenditures during the second quarter of 2020 were $24.8 million, as compared to $29.9 million for the same period in the prior year. These expenditures led to Funds Available for Distribution, or FAD, of $139.0 million for the second quarter of 2020, compared to $126.6 million for the same period in the prior year.

 

Recurring capital expenditures totaled $39.7 million for the six months ended June 30, 2020, or approximately $0.33 per Share, as compared to $36.9 million, or $0.31 per Share, for the same period in the prior year.  These expenditures led to Core AFFO of $2.88 per Share for the six months ended June 30, 2020, compared to $2.72 per Share for the same period in the prior year.

 

Redevelopment, revenue enhancing, commercial and other capital expenditures during the six months ended June 30, 2020 were $52.6 million, as compared to $55.7 million for the same period in the prior year. These expenditures led to FAD of $287.8 million for the six months ended June 30, 2020, compared to $265.5 million for the same period in the prior year.

 

A reconciliation of FFO, Core FFO, Core AFFO and FAD to net income available for MAA common shareholders, and an expanded discussion of the components of FFO, Core FFO, Core AFFO and FAD, can be found later in this release.

 

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Financing Activities

As of June 30, 2020, MAA had approximately $926.6 million of combined cash and available capacity under Mid-America Apartments, L.P.’s unsecured revolving credit facility, net of commercial paper borrowings.  Mid-America Apartments, L.P. (referred to as MAALP) is MAA’s operating partnership.

 

Dividends and distributions paid on shares of common stock and noncontrolling interests during the second quarter of 2020 were $118.4 million, as compared to $113.4 million for the same period in the prior year.

 

Balance Sheet

As of June 30, 2020:

 

106th Consecutive Quarterly Common Dividend Declared

MAA declared its 106th consecutive quarterly common dividend, which will be paid on July 31, 2020 to holders of record on July 15, 2020.  The current annual dividend rate is $4.00 per common share.  

 

2020 Net Income per Diluted Common Share, Core FFO and Core AFFO per Share Guidance

As a result of the material change in broad economic conditions in the U.S., in late March MAA withdrew its calendar year 2020 guidance for Net income per diluted common share, Core FFO per Share and Core AFFO per Share.  Given continued higher than normal uncertainty in the outlook for the U.S. economy and a number of actions being considered by federal, state and local governments to help stop the spread of the COVID virus, and the potential for wide-ranging impact on rent collections, fees and occupancy, at this point MAA is not providing quarterly or full year 2020 guidance for Net income per diluted common share, Core FFO per Share or Core AFFO per Share.  The supplemental schedules accompanying this release include an update on certain second quarter of 2020 operating metrics as well as certain July 2020 operating metrics. MAA will continue to monitor conditions related to the COVID-19 pandemic and will reestablish full year guidance as more information becomes available. However, given the comparable stability of operating expenses, MAA does reconfirm that it expects Same Store Portfolio operating expense growth for the full year to fall within the range initially projected of 3.75% to 4.75%, as compared to 2019. As previously disclosed, pressures on real estate taxes and insurance along with the roll out of the Double Play bulk cable and internet program are driving the majority of the expected increase.

 

Supplemental Material and Conference Call

Supplemental data to this release can be found under the “Filings and Financials” navigation tab on the “For Investors” page of our website at www.maac.com. MAA will host a conference call to further discuss second quarter results on Thursday, July 30, 2020, at 9:00 AM Central Time.  The conference call-in number is 877-830-2596.  You may also join the live webcast of the conference call by accessing the “For Investors” page of our website at www.maac.com.  MAA’s filings with the Securities and Exchange Commission, or SEC, are filed under the registrant names of Mid-America Apartment Communities, Inc. and Mid-America Apartments, L.P.

 

About MAA

MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States.  As of June 30, 2020, MAA had ownership interest in 102,105 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.

 

Forward-Looking Statements

Sections of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future.  Such forward-looking statements include, without limitation, statements regarding the potential impact of the COVID-19 pandemic on our business, statements regarding expected operating performance and results, property stabilizations, property acquisition and disposition activity, joint venture activity, development and renovation activity and other capital expenditures, and capital raising and financing activity, as well as lease pricing, revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “target,” “outlook,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, as described below, which may cause our actual results, performance or achievements to be materially different from

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the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this release may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved.

 

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

 

New factors may also emerge from time to time that could have a material adverse effect on our business.  Except as required by law, we undertake no obligation to publicly update or revise forward-looking statements contained in this release to reflect events, circumstances or changes in expectations after the date of this release.

 

 

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Adjusted EBITDAre

For purposes of calculations in this release, Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or Adjusted EBITDAre, represents EBITDAre further adjusted for items that are not considered part of MAA’s core operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs and mark-to-market debt adjustments.  As an owner and operator of real estate, MAA considers Adjusted EBITDAre to be an important measure of performance from core operations because Adjusted EBITDAre does not include various income and expense items that are not indicative of operating performance.  MAA’s computation of Adjusted EBITDAre may differ from the methodology utilized by other companies to calculate Adjusted EBITDAre.  Adjusted EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

 

Core Adjusted Funds from Operations (Core AFFO)

Core AFFO is composed of Core FFO less recurring capital expenditures. Core AFFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance.  As an owner and operator of real estate, MAA considers Core AFFO to be an important measure of performance from operations because Core AFFO measures the ability to control revenues, expenses and recurring capital expenditures.

 

Core Funds from Operations (Core FFO)

Core FFO represents FFO as adjusted for items that are not considered part of MAA’s core business operations such as adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, adjustments for gains or losses from unconsolidated limited partnerships, net casualty gain or loss, gain or loss on debt extinguishment, non-routine legal costs and settlements, COVID-19 related costs and mark-to-market debt adjustments. While MAA's definition of Core FFO may be similar to others in the industry, MAA’s methodology for calculating Core FFO may differ from that utilized by other REITs and, accordingly, may not be comparable to such other REITs. Core FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance. MAA believes that Core FFO is helpful in understanding its core operating performance between periods in that it removes certain items that by their nature are not comparable over periods and therefore tend to obscure actual operating performance.

 

EBITDA

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization, or EBITDA, is composed of net income plus depreciation and amortization, interest expense, and income taxes.  As an owner and operator of real estate, MAA considers EBITDA to be an important measure of performance from core operations because EBITDA does not include various expense items that are not indicative of operating performance. EBITDA should not be considered as an alternative to Net income as an indicator of operating performance.

 

EBITDAre

For purposes of calculations in this release, Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate, or EBITDAre, is composed of EBITDA further adjusted for the gain or loss on sale of depreciable asset sales and plus adjustments to reflect MAA’s share of EBITDAre of unconsolidated affiliates.  As an owner and operator of real estate, MAA considers EBITDAre to be an important measure of performance from core operations because EBITDAre does not include various expense items that are not indicative of operating performance. While MAA’s definition of EBITDAre is in accordance with NAREIT’s definition, it may differ from the methodology utilized by other companies to calculate EBITDAre. EBITDAre should not be considered as an alternative to Net income as an indicator of operating performance.

 

Funds Available for Distribution (FAD)

FAD is composed of Core FFO less total capital expenditures, excluding development spending and property acquisitions.  FAD should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance.  As an owner and operator of real estate, MAA considers FAD to be an important measure of performance from core operations because FAD measures the ability to control revenues, expenses and total capital expenditures.

 

 

 

 

 

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Funds From Operations (FFO)

FFO represents net income available for MAA common shareholders (calculated in accordance with GAAP) excluding gains or losses on disposition of operating properties and asset impairment, plus depreciation and amortization of real estate assets, net income attributable to noncontrolling interests, and adjustments for joint ventures.  Because net income attributable to noncontrolling interests is added back, FFO, when used in this document, represents FFO attributable to the Company.  While MAA’s definition of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other companies and, accordingly, may not be comparable to such other companies.  FFO should not be considered as an alternative to Net income available for MAA common shareholders as an indicator of operating performance.  MAA believes that FFO is helpful in understanding operating performance in that FFO excludes depreciation and amortization of real estate assets.  MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

 

Gross Assets

Gross Assets represents Total assets plus Accumulated depreciation.  MAA believes that Gross Assets can be used as a helpful tool in evaluating its balance sheet positions.  MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

 

Gross Real Estate Assets

Gross Real Estate Assets represents Real estate assets, net plus Accumulated depreciation and Cash and cash equivalents.  MAA believes that Gross Real Estate Assets can be used as a helpful tool in evaluating its balance sheet positions.  MAA believes that GAAP historical cost depreciation of real estate assets is generally not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies.

 

Net Debt

Net Debt represents Unsecured notes payable and Secured notes payable less Cash and cash equivalents.  MAA believes Net Debt is a helpful tool in evaluating its debt position.

 

Net Operating Income (NOI)

Net Operating Income represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties held during the period, regardless of their status as held for sale. NOI should not be considered as an alternative to Net income available for MAA common shareholders.  MAA believes NOI by market is a helpful tool in evaluating the operating performance within MAA’s markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

 

Same Store NOI

Same Store NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Same Store Portfolio during the period. Same Store NOI should not be considered as an alternative to Net income available for MAA common shareholders.  MAA believes Same Store NOI is a helpful tool in evaluating the operating performance within MAA's markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

 

Non-Same Store and Other NOI

Non-Same Store and Other NOI represents Rental and other property revenues less Total property operating expenses, excluding depreciation and amortization, for all properties classified within the Non-Same Store and Other Portfolio during the period. Non-Same Store and Other NOI should not be considered as an alternative to Net income available for MAA common shareholders.  MAA believes Non-Same Store and Other NOI is a helpful tool in evaluating the operating performance within MAA’s markets because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance.

 

 

Average Effective Rent per Unit

Average Effective Rent per Unit represents the average of gross rent amounts after the effect of leasing concessions for occupied units plus prevalent market rates asked for unoccupied units, divided by the total number of units. Leasing concessions represent discounts to the current market rate. MAA believes average effective rent is a helpful measurement in evaluating average pricing. It does not represent actual rental revenue collected per unit.

 

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Average Physical Occupancy

Average Physical Occupancy represents the average of the daily physical occupancy for the respective period.

 

Development Communities

Communities remain identified as development until certificates of occupancy are obtained for all units under development. Once all units are delivered and available for occupancy, the community moves into the Lease-up Communities portfolio.

 

Lease-up Communities

New acquisitions acquired during lease-up and newly developed communities remain in the Lease-up Communities portfolio until stabilized.  Communities are considered stabilized after achieving at least 90% occupancy for 90 days.

 

Non-Same Store and Other Portfolio

Non-Same Store and Other Portfolio includes recently acquired communities, communities in development or lease-up, communities that have been identified for disposition, communities that have undergone a significant casualty loss, stabilized communities that do not meet the requirements defined by the Same Store Portfolio, retail properties and commercial properties.

 

Same Store Portfolio

MAA reviews its Same Store Portfolio at the beginning of each calendar year, or as significant transactions or events warrant. Communities are generally added into the Same Store Portfolio if they were owned and stabilized at the beginning of the previous year.  Communities are considered stabilized after achieving at least 90% occupancy for 90 days. Communities that have been approved by MAA’s Board of Directors for disposition are excluded from the Same Store Portfolio.  Communities that have undergone a significant casualty loss are also excluded from the Same Store Portfolio.

 

Unencumbered NOI

Unencumbered NOI represents NOI generated by unencumbered assets (as defined in MAALP’s bond covenants).

 

 

CONTACT:  Investor Relations of MAA, 866-576-9689 (toll free), investor.relations@maac.com

 

 

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