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_20200729.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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		114		9,881
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		—		168		4,417		—		4,417
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		2,149		—		8,866		—		8,866
Total Multifamily Units		95,113		4,344		439		99,896		114		100,010

⁽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 June 30, 2020								Average Effective		As of June 30, 2020
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended June 30, 2020		Completed Units		Total Units, Including Development
Atlanta, GA	$	1,988,581		14.4	%		94.7	%	$	1,462		11,434
Dallas, TX		1,396,103		10.1	%		94.8	%		1,302		9,767
Charlotte, NC		959,567		7.0	%		95.7	%		1,251		6,149
Washington, DC		956,876		6.9	%		96.2	%		1,809		4,080
Tampa, FL		877,814		6.4	%		95.7	%		1,493		5,220
Austin, TX		840,468		6.1	%		94.9	%		1,277		7,117
Orlando, FL		826,457		6.0	%		93.6	%		1,468		5,274
Raleigh/Durham, NC		696,491		5.1	%		95.5	%		1,166		5,350
Houston, TX		602,110		4.4	%		94.2	%		1,223		4,867
Nashville, TN		532,050		3.9	%		94.5	%		1,311		4,375
Charleston, SC		399,795		2.9	%		96.0	%		1,238		3,168
Fort Worth, TX		394,112		2.9	%		95.5	%		1,179		4,249
Phoenix, AZ		375,917		2.7	%		94.7	%		1,283		2,623
Jacksonville, FL		293,335		2.1	%		96.5	%		1,151		3,496
Richmond, VA		265,054		1.9	%		96.7	%		1,219		2,004
Savannah, GA		241,944		1.8	%		96.1	%		1,105		2,219
Denver, CO		210,645		1.6	%		89.5	%		1,665		812
Kansas City, MO-KS		184,499		1.3	%		96.1	%		1,286		1,110
San Antonio, TX		162,328		1.2	%		96.9	%		1,117		1,504
Birmingham, AL		158,186		1.1	%		97.1	%		1,071		1,462
Greenville, SC		155,406		1.1	%		96.4	%		938		2,084
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	183,626		1.3	%		96.3	%	$	990		2,754
Florida		176,569		1.3	%		95.8	%		1,370		1,806
Alabama		158,953		1.2	%		97.0	%		1,028		1,648
Virginia		152,721		1.1	%		96.4	%		1,334		1,039
Kentucky		94,356		0.7	%		96.1	%		903		1,308
Mississippi		74,662		0.5	%		97.7	%		910		1,241
Nevada		70,397		0.5	%		95.1	%		1,132		721
South Carolina		36,722		0.3	%		93.4	%		904		576
Stabilized Communities	$	13,465,744		97.8	%		95.3	%	$	1,289		99,457
Greenville, SC	$	72,273		0.5	%		77.5	%	$	1,704		271		271
Orlando, FL		60,202		0.4	%									633
Dallas, TX		59,367		0.4	%		6.9	%		1,570		114		348
Phoenix, AZ		53,535		0.4	%									345
Fort Worth, TX		25,787		0.2	%		40.5	%		1,376		168		168
Denver, CO		25,405		0.2	%									306
Houston, TX		17,309		0.1	%									308
Lease-up / Development Communities	$	313,878		2.2	%		51.7	%	$	1,577		553		2,379
Total Multifamily Communities	$	13,779,622		100.0	%		95.1	%	$	1,290		100,010		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 June 30, 2020				Three Months Ended
	Apartment Units		Gross Real Assets		June 30, 2020		June 30, 2019			Percent Change
Operating Revenues
Same Store Communities		95,113	$	12,797,668	$	389,894	$	381,762			2.1	%
Non-Same Store Communities		4,344		668,076		17,406		19,481
Lease-up/Development Communities		553		313,878		1,576		54
Total Multifamily Portfolio		100,010	$	13,779,622	$	408,876	$	401,297
Commercial Property/Land		—		238,038		4,150		6,093
Total Operating Revenues		100,010	$	14,017,660	$	413,026	$	407,390

Property Operating Expenses
Same Store Communities					$	147,181	$	143,746			2.4	%
Non-Same Store Communities						7,170		8,033
Lease-up/Development Communities						897		75
Total Multifamily Portfolio					$	155,248	$	151,854
Commercial Property/Land						2,223		2,288
Total Property Operating Expenses					$	157,471	$	154,142

Net Operating Income
Same Store Communities					$	242,713	$	238,016			2.0	%
Non-Same Store Communities						10,236		11,448
Lease-up/Development Communities						679		(21	)
Total Multifamily Portfolio					$	253,628	$	249,443
Commercial Property/Land						1,927		3,805
Total Net Operating Income					$	255,555	$	253,248			0.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended							Six Months Ended
	June 30, 2020		June 30, 2019		Percent Change			June 30, 2020		June 30, 2019		Percent Change
Personnel	$	34,535	$	34,999		(1.3	)%	$	68,643	$	68,489		0.2	%
Building Repair and Maintenance		16,246		16,790		(3.2	)%		30,749		30,721		0.1	%
Utilities		27,579		26,445		4.3	%		53,845		52,496		2.6	%
Marketing		5,796		4,996		16.0	%		10,287		9,012		14.1	%
Office Operations		4,825		5,252		(8.1	)%		10,261		10,283		(0.2	)%
Property Taxes		54,969		52,432		4.8	%		110,074		105,693		4.1	%
Insurance		3,231		2,832		14.1	%		6,397		5,745		11.3	%
Total Property Operating Expenses	$	147,181	$	143,746		2.4	%	$	290,256	$	282,439		2.8	%

Supplemental Data S-3

NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio

						Average Physical Occupancy
			Percent of			Three Months Ended						Six Months Ended
	Apartment Units		Same Store NOI			June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Atlanta, GA		10,996		13.0	%		94.7	%		95.5	%		94.8	%		95.7	%
Dallas, TX		9,405		8.9	%		95.0	%		95.2	%		95.4	%		95.1	%
Charlotte, NC		6,149		6.9	%		95.6	%		96.3	%		96.1	%		96.2	%
Austin, TX		7,117		6.7	%		95.3	%		95.8	%		95.7	%		95.8	%
Washington, DC		4,080		6.7	%		96.3	%		97.1	%		96.4	%		96.9	%
Tampa, FL		5,220		6.5	%		95.5	%		95.9	%		95.5	%		96.1	%
Orlando, FL		5,274		6.2	%		94.6	%		95.5	%		95.0	%		95.7	%
Nashville, TN		4,375		4.6	%		95.1	%		96.1	%		95.6	%		95.6	%
Houston, TX		4,867		4.5	%		94.5	%		95.4	%		94.8	%		95.4	%
Raleigh/Durham, NC		4,397		4.4	%		96.2	%		96.6	%		96.2	%		96.5	%
Fort Worth, TX		4,249		4.0	%		95.6	%		95.4	%		95.3	%		95.4	%
Jacksonville, FL		3,496		3.3	%		96.2	%		96.5	%		96.0	%		96.4	%
Phoenix, AZ		2,623		3.2	%		95.4	%		96.7	%		96.5	%		96.5	%
Charleston, SC		2,726		2.7	%		96.0	%		95.9	%		95.8	%		95.6	%
Richmond, VA		2,004		2.2	%		96.6	%		97.1	%		96.3	%		96.8	%
Savannah, GA		2,219		2.1	%		95.1	%		95.4	%		95.3	%		95.6	%
Greenville, SC		2,084		1.6	%		95.9	%		95.7	%		95.0	%		95.9	%
Memphis, TN		1,811		1.5	%		96.7	%		96.2	%		96.0	%		95.7	%
Birmingham, AL		1,462		1.3	%		96.4	%		96.5	%		96.1	%		96.2	%
San Antonio, TX		1,504		1.2	%		96.3	%		96.6	%		96.2	%		96.6	%
Kansas City, MO-KS		1,110		1.2	%		95.1	%		95.9	%		95.5	%		95.8	%
Huntsville, AL		1,228		1.1	%		97.2	%		97.5	%		97.1	%		97.3	%
Other		6,717		6.2	%		95.5	%		96.5	%		95.5	%		96.5	%
Total Same Store		95,113		100.0	%		95.4	%		96.0	%		95.6	%		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		Q2 2020		Q2 2019		% Chg			Q2 2020		Q2 2019		% Chg			Q2 2020		Q2 2019		% Chg			Q2 2020		Q2 2019		% Chg
Atlanta, GA		10,996	$	50,277	$	49,918		0.7	%	$	18,813	$	18,869		(0.3	)%	$	31,464	$	31,049		1.3	%	$	1,462	$	1,429		2.4	%
Dallas, TX		9,405		38,662		37,960		1.8	%		16,985		16,447		3.3	%		21,677		21,513		0.8	%		1,310		1,279		2.4	%
Charlotte, NC		6,149		24,616		23,841		3.3	%		7,866		7,955		(1.1	)%		16,750		15,886		5.4	%		1,251		1,212		3.2	%
Austin, TX		7,117		29,204		28,149		3.7	%		12,902		12,741		1.3	%		16,302		15,408		5.8	%		1,277		1,223		4.4	%
Washington, DC		4,080		23,171		23,148		0.1	%		6,862		6,864		(0.0	)%		16,309		16,284		0.2	%		1,809		1,776		1.9	%
Tampa, FL		5,220		24,504		23,959		2.3	%		8,606		8,507		1.2	%		15,898		15,452		2.9	%		1,493		1,442		3.6	%
Orlando, FL		5,274		24,039		24,121		(0.3	)%		9,098		8,913		2.1	%		14,941		15,208		(1.8	)%		1,468		1,436		2.3	%
Nashville, TN		4,375		18,090		17,643		2.5	%		6,826		6,129		11.4	%		11,264		11,514		(2.2	)%		1,311		1,247		5.1	%
Houston, TX		4,867		18,656		18,403		1.4	%		7,683		7,633		0.7	%		10,973		10,770		1.9	%		1,223		1,190		2.8	%
Raleigh/Durham, NC		4,397		16,713		15,771		6.0	%		5,936		5,425		9.4	%		10,777		10,346		4.2	%		1,140		1,081		5.4	%
Fort Worth, TX		4,249		16,656		16,228		2.6	%		7,041		6,989		0.7	%		9,615		9,239		4.1	%		1,179		1,149		2.6	%
Jacksonville, FL		3,496		12,532		12,474		0.5	%		4,441		4,025		10.3	%		8,091		8,449		(4.2	)%		1,151		1,119		2.9	%
Phoenix, AZ		2,623		10,755		10,172		5.7	%		3,055		2,995		2.0	%		7,700		7,177		7.3	%		1,283		1,192		7.6	%
Charleston, SC		2,726		10,584		10,385		1.9	%		3,934		3,812		3.2	%		6,650		6,573		1.2	%		1,195		1,155		3.4	%
Richmond, VA		2,004		7,966		7,726		3.1	%		2,611		2,458		6.2	%		5,355		5,268		1.7	%		1,219		1,178		3.5	%
Savannah, GA		2,219		7,867		7,806		0.8	%		2,851		2,952		(3.4	)%		5,016		4,854		3.3	%		1,105		1,078		2.6	%
Greenville, SC		2,084		6,523		6,248		4.4	%		2,711		2,657		2.0	%		3,812		3,591		6.2	%		938		900		4.1	%
Memphis, TN		1,811		6,007		5,784		3.9	%		2,372		2,398		(1.1	)%		3,635		3,386		7.4	%		1,032		986		4.7	%
Birmingham, AL		1,462		5,273		4,957		6.4	%		2,137		2,061		3.7	%		3,136		2,896		8.3	%		1,071		1,010		6.1	%
San Antonio, TX		1,504		5,444		5,360		1.6	%		2,424		2,210		9.7	%		3,020		3,150		(4.1	)%		1,117		1,094		2.1	%
Kansas City, MO-KS		1,110		4,493		4,342		3.5	%		1,594		1,624		(1.8	)%		2,899		2,718		6.7	%		1,286		1,227		4.8	%
Huntsville, AL		1,228		4,043		3,753		7.7	%		1,379		1,350		2.1	%		2,664		2,403		10.9	%		984		900		9.3	%
Other		6,717		23,819		23,614		0.9	%		9,054		8,732		3.7	%		14,765		14,882		(0.8	)%		1,125		1,076		4.6	%
Total Same Store		95,113	$	389,894	$	381,762		2.1	%	$	147,181	$	143,746		2.4	%	$	242,713	$	238,016		2.0	%	$	1,289	$	1,246		3.4	%

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		Q2 2020		Q1 2020		% Chg			Q2 2020		Q1 2020		% Chg			Q2 2020		Q1 2020		% Chg			Q2 2020		Q1 2020		% Chg
Atlanta, GA		10,996	$	50,277	$	50,784		(1.0	)%	$	18,813	$	18,422		2.1	%	$	31,464	$	32,362		(2.8	)%	$	1,462	$	1,465		(0.2	)%
Dallas, TX		9,405		38,662		38,904		(0.6	)%		16,985		16,378		3.7	%		21,677		22,526		(3.8	)%		1,310		1,308		0.2	%
Charlotte, NC		6,149		24,616		24,817		(0.8	)%		7,866		7,291		7.9	%		16,750		17,526		(4.4	)%		1,251		1,244		0.5	%
Austin, TX		7,117		29,204		29,454		(0.8	)%		12,902		12,679		1.8	%		16,302		16,775		(2.8	)%		1,277		1,265		0.9	%
Washington, DC		4,080		23,171		23,227		(0.2	)%		6,862		7,067		(2.9	)%		16,309		16,160		0.9	%		1,809		1,800		0.5	%
Tampa, FL		5,220		24,504		24,785		(1.1	)%		8,606		8,607		(0.0	)%		15,898		16,178		(1.7	)%		1,493		1,485		0.6	%
Orlando, FL		5,274		24,039		24,636		(2.4	)%		9,098		8,867		2.6	%		14,941		15,769		(5.3	)%		1,468		1,466		0.1	%
Nashville, TN		4,375		18,090		18,239		(0.8	)%		6,826		6,034		13.1	%		11,264		12,205		(7.7	)%		1,311		1,301		0.8	%
Houston, TX		4,867		18,656		18,820		(0.9	)%		7,683		8,325		(7.7	)%		10,973		10,495		4.6	%		1,223		1,220		0.2	%
Raleigh/Durham, NC		4,397		16,713		16,599		0.7	%		5,936		5,315		11.7	%		10,777		11,284		(4.5	)%		1,140		1,130		0.9	%
Fort Worth, TX		4,249		16,656		16,603		0.3	%		7,041		6,676		5.5	%		9,615		9,927		(3.1	)%		1,179		1,171		0.7	%
Jacksonville, FL		3,496		12,532		12,621		(0.7	)%		4,441		4,283		3.7	%		8,091		8,338		(3.0	)%		1,151		1,143		0.7	%
Phoenix, AZ		2,623		10,755		10,764		(0.1	)%		3,055		2,941		3.9	%		7,700		7,823		(1.6	)%		1,283		1,273		0.8	%
Charleston, SC		2,726		10,584		10,546		0.4	%		3,934		3,752		4.9	%		6,650		6,794		(2.1	)%		1,195		1,187		0.7	%
Richmond, VA		2,004		7,966		7,866		1.3	%		2,611		2,531		3.2	%		5,355		5,335		0.4	%		1,219		1,214		0.4	%
Savannah, GA		2,219		7,867		7,977		(1.4	)%		2,851		2,983		(4.4	)%		5,016		4,994		0.4	%		1,105		1,101		0.5	%
Greenville, SC		2,084		6,523		6,466		0.9	%		2,711		2,485		9.1	%		3,812		3,981		(4.2	)%		938		931		0.7	%
Memphis, TN		1,811		6,007		5,961		0.8	%		2,372		2,366		0.3	%		3,635		3,595		1.1	%		1,032		1,018		1.3	%
Birmingham, AL		1,462		5,273		5,289		(0.3	)%		2,137		2,031		5.2	%		3,136		3,258		(3.7	)%		1,071		1,072		(0.1	)%
San Antonio, TX		1,504		5,444		5,491		(0.9	)%		2,424		2,380		1.8	%		3,020		3,111		(2.9	)%		1,117		1,119		(0.2	)%
Kansas City, MO-KS		1,110		4,493		4,499		(0.1	)%		1,594		1,627		(2.0	)%		2,899		2,872		0.9	%		1,286		1,278		0.6	%
Huntsville, AL		1,228		4,043		3,980		1.6	%		1,379		1,312		5.1	%		2,664		2,668		(0.1	)%		984		963		2.2	%
Other		6,717		23,819		24,034		(0.9	)%		9,054		8,723		3.8	%		14,765		15,311		(3.6	)%		1,125		1,117		0.8	%
Total Same Store		95,113	$	389,894	$	392,362		(0.6	)%	$	147,181	$	143,075		2.9	%	$	242,713	$	249,287		(2.6	)%	$	1,289	$	1,283		0.5	%

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF JUNE 30, 2020 AND 2019

Dollars in thousands, except unit and per unit data

			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q2 2020		Q2 2019		% Chg			Q2 2020		Q2 2019		% Chg			Q2 2020		Q2 2019		% Chg			Q2 2020		Q2 2019		% Chg
Atlanta, GA		10,996	$	101,061	$	99,332		1.7	%	$	37,235	$	36,197		2.9	%	$	63,826	$	63,135		1.1	%	$	1,464	$	1,422		3.0	%
Dallas, TX		9,405		77,566		75,638		2.5	%		33,363		33,100		0.8	%		44,203		42,538		3.9	%		1,309		1,275		2.7	%
Charlotte, NC		6,149		49,433		47,422		4.2	%		15,157		14,987		1.1	%		34,276		32,435		5.7	%		1,248		1,204		3.7	%
Austin, TX		7,117		58,658		55,925		4.9	%		25,581		25,224		1.4	%		33,077		30,701		7.7	%		1,271		1,214		4.7	%
Washington, DC		4,080		46,398		45,784		1.3	%		13,929		13,799		0.9	%		32,469		31,985		1.5	%		1,805		1,765		2.3	%
Tampa, FL		5,220		49,289		47,644		3.5	%		17,213		16,837		2.2	%		32,076		30,807		4.1	%		1,489		1,434		3.8	%
Orlando, FL		5,274		48,675		48,063		1.3	%		17,965		17,431		3.1	%		30,710		30,632		0.3	%		1,467		1,431		2.5	%
Nashville, TN		4,375		36,329		34,806		4.4	%		12,860		11,893		8.1	%		23,469		22,913		2.4	%		1,306		1,238		5.5	%
Raleigh/Durham, NC		4,397		33,312		31,339		6.3	%		11,251		10,315		9.1	%		22,061		21,024		4.9	%		1,135		1,074		5.6	%
Houston, TX		4,867		37,476		36,785		1.9	%		16,008		15,772		1.5	%		21,468		21,013		2.2	%		1,222		1,184		3.2	%
Fort Worth, TX		4,249		33,259		32,287		3.0	%		13,717		13,692		0.2	%		19,542		18,595		5.1	%		1,175		1,144		2.8	%
Jacksonville, FL		3,496		25,153		24,765		1.6	%		8,724		8,027		8.7	%		16,429		16,738		(1.8	)%		1,147		1,115		2.9	%
Phoenix, AZ		2,623		21,519		19,976		7.7	%		5,996		5,818		3.1	%		15,523		14,158		9.6	%		1,278		1,179		8.4	%
Charleston, SC		2,726		21,130		20,598		2.6	%		7,686		7,401		3.9	%		13,444		13,197		1.9	%		1,191		1,150		3.5	%
Richmond, VA		2,004		15,832		15,243		3.9	%		5,142		4,827		6.5	%		10,690		10,416		2.6	%		1,216		1,167		4.2	%
Savannah, GA		2,219		15,844		15,612		1.5	%		5,834		5,757		1.3	%		10,010		9,855		1.6	%		1,103		1,073		2.8	%
Greenville, SC		2,084		12,989		12,453		4.3	%		5,196		5,105		1.8	%		7,793		7,348		6.1	%		934		894		4.5	%
Memphis, TN		1,811		11,968		11,434		4.7	%		4,738		4,754		(0.3	)%		7,230		6,680		8.2	%		1,025		979		4.7	%
Birmingham, AL		1,462		10,562		9,774		8.1	%		4,168		4,083		2.1	%		6,394		5,691		12.4	%		1,071		1,004		6.8	%
San Antonio, TX		1,504		10,935		10,648		2.7	%		4,804		4,568		5.2	%		6,131		6,080		0.8	%		1,118		1,088		2.8	%
Kansas City, MO-KS		1,110		8,992		8,625		4.3	%		3,221		3,179		1.3	%		5,771		5,446		6.0	%		1,282		1,217		5.3	%
Huntsville, AL		1,228		8,023		7,395		8.5	%		2,691		2,627		2.4	%		5,332		4,768		11.8	%		974		889		9.5	%
Other		6,717		47,853		46,745		2.4	%		17,777		17,046		4.3	%		30,076		29,699		1.3	%		1,125		1,117		0.8	%
Total Same Store		95,113	$	782,256	$	758,293		3.2	%	$	290,256	$	282,439		2.8	%	$	492,000	$	475,854		3.4	%	$	1,286	$	1,239		3.8	%

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands		Units as of
		June 30, 2020							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date⁽¹⁾	Cost		Q2 2020		After
MAA Frisco Bridges II	Dallas, TX		348		114		38	2Q18	2Q20	4Q20	1Q22	$	69,000	$	59,367	$	9,633
Novel Midtown⁽²⁾	Phoenix, AZ		345	—		—		1Q19	1Q21	2Q21	4Q22		82,000		53,535		28,465
Westglenn	Denver, CO		306	—		—		3Q19	2Q21	4Q21	4Q22		84,500		25,405		59,095
The Robinson⁽³⁾	Orlando, FL		369	—		—		3Q19	2Q21	4Q21	1Q23		99,000		36,846		62,154
Long Point	Houston, TX		308	—		—		4Q19	3Q21	1Q22	1Q23		57,000		17,309		39,691
Sand Lake⁽⁴⁾	Orlando, FL		264	—		—		4Q19	2Q21	4Q21	1Q23		68,000		23,357		44,643
Total Active			1,940		114		38					$	459,500	$	215,819	$	243,681

⁽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

Dollars in thousands, except per unit data
		Six months ended June 30, 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
	2,095	$	13,829	$	6,601	$	107	9.1%	10,000 - 12,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands		As of June 30, 2020
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization⁽¹⁾	Total Cost
The Greene	Greenville, SC	271	77.5%	(2)	4Q20	$	72,273
Copper Ridge II	Fort Worth, TX	168	40.5%	2Q20	2Q21		25,787
Total		439	63.3%			$	98,060

⁽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 JUNE 30, 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 June 30, 2020
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company’s Equity Investment
Post Massachusetts Avenue	$	79,512	⁽¹⁾	$	51,732	⁽²⁾	$	43,590

	Three months ended June 30, 2020				Six months ended June 30, 2020
Joint Venture Property	Entity NOI		Company’s Equity in Income		Entity NOI		Company’s Equity in Income
Post Massachusetts Avenue	$	1,970	$	318	$	3,944	$	725

⁽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-8

DEBT AND DEBT COVENANTS AS OF JUNE 30, 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	$	4,082,949		91.3	%		4.0	%		7.7
Floating (unhedged) debt		389,659		8.7	%		1.0	%		0.1
Total	$	4,472,608		100.0	%		3.7	%		7.0

Secured Versus Unsecured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	3,849,784		86.1	%		3.6	%		5.6
Secured debt		622,824		13.9	%		4.5	%		16.9
Total	$	4,472,608		100.0	%		3.7	%		7.2

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q2 2020 NOI			Percent of Total
Unencumbered gross assets	$	12,819,757		89.4	%	$	232,726			91.1	%
Encumbered gross assets		1,518,499		10.6	%		22,829			8.9	%
Total	$	14,338,256		100.0	%	$	255,555			100.0	%

FIXED OR HEDGED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2020	$	135,836		4.3	%
2021		192,534		5.2	%
2022		365,919		3.6	%
2023		360,052		4.2	%
2024		416,764		4.0	%
2025		403,288		4.2	%
2026		—		—
2027		594,590		3.7	%
2028		395,174		4.2	%
2029		562,415		3.7	%
Thereafter		656,377		3.8	%
Total	$	4,082,949		4.0	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF JUNE 30, 2020 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2020	$	90,000	$	—	$	—	$	135,836	$	225,836
2021		—		—		72,698		119,836		192,534
2022		—		249,088		416,490		—		665,578
2023		—		347,824		12,228		—		360,052
2024		—		396,808		19,956		—		416,764
2025		—		395,836		—		7,452		403,288
2026		—		—		—		—		—
2027		—		594,590		—		—		594,590
2028		—		395,174		—		—		395,174
2029		—		562,415		—		—		562,415
Thereafter		—		296,677		—		359,700		656,377
Total	$	90,000	$	3,238,412	$	521,372	$	622,824	$	4,472,608

⁽¹⁾

The $90.0 million maturing in 2020 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 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 June 30, 2020, average daily borrowings outstanding under the commercial paper program were $65.0 million.

⁽²⁾	There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 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	31.2%	Yes
Total secured debt to adjusted total assets	40% or less	4.3%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.3x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	333%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	26.8%	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-10

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:

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Earnings release & conference call

Late

October

Late

January

Late

April

Late

July

Dividend Information - Common Shares:

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Declaration date

5/21/2019

9/26/2019

12/10/2019

3/19/2020

5/19/2020

Record date

7/15/2019

10/15/2019

1/15/2020

4/15/2020

7/15/2020

Payment date

7/31/2019

10/31/2019

1/31/2020

4/30/2020

7/31/2020

Distributions per share

0.9600

1.0000

Supplemental Data S-11

COVID-19 UPDATE

Second Quarter 2020 Operating Metrics

Dollars in thousands

Second Quarter 2020 Residential Rents (through July 27, 2020)	Dollars		% of Total Billed
Total billed	$	371,246
Cash collected to date		367,026		98.9	%
Deferred payments outstanding ⁽¹⁾		1,847		0.5	%
Total cash collected and deferred payments	$	368,873		99.4	%
Bad debt reserve (as of June 30, 2020)	$	3,618		1.0	%

Second Quarter 2020 Commercial Rents (through July 27, 2020)
Total billed	$	5,859
Cash collected to date		4,412		75.3	%
Rent abatements ⁽²⁾		1,369		23.4	%
Total cash collected and rent abatements	$	5,781		98.7	%
Bad debt reserve (as of June 30, 2020)	$	1,424		24.3	%

⁽¹⁾	Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic.

⁽²⁾	Pursuant to a lease amendment signed whereby the commercial lease is extended by the number of months abated.

July 2020 Operating Metrics

Dollars in thousands

July 2020 Residential Rents (through July 27, 2020)	Dollars		% of Total Billed			Second Quarter 2020 Average ⁽¹⁾
Total billed	$	124,101
Cash collected to date		121,756		98.1	%		96.4	%
Deferred payments outstanding ⁽²⁾		379		0.3	%		2.3	%
Total cash collected and deferred payments	$	122,135		98.4	%		98.7	%

⁽¹⁾	Represents the average cash collections and deferrals for April, May, and June 2020 through the 27^th of each such month.

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

Same Store Pricing/Occupancy (through July 27, 2020)	July 2020			July 2019
Lease over lease pricing growth for new leases effective in July ^{(3) (4)}		(2.7	)%		3.8	%
Lease over lease pricing growth for renewals effective in July ^{(4) (5)}		3.4	%		7.1	%
Blended lease over lease pricing growth for new leases and renewals effective in July ⁽⁴⁾		0.5	%		5.5	%
Lease over lease pricing growth on net new leases signed during July ⁽⁴⁾		(0.7	)%		3.4	%
Lease over lease pricing growth on net renewal leases signed during July ⁽⁴⁾		4.8	%		7.2	%
Blended lease over lease pricing growth for net new leases and renewals signed during July ⁽⁴⁾		1.7	%		5.1	%
Average Physical Occupancy		95.3	%		95.9	%

⁽³⁾	Represents leases for move-ins that occurred in July; lease price is typically set on average 28 days ahead of lease start date.

⁽⁴⁾	Lease over lease pricing growth includes the impact of concessions.

⁽⁵⁾	Represents leases for renewals that went into effect in July; lease price is typically set on average 60 days ahead of lease start date.

Supplemental Data S-12

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

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - July 29, 2020

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports