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_20210428.htm

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2021 (In apartment units) ⁽¹⁾

	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		—		348		10,115		—		10,115
Austin, TX		7,117		—		—		7,117		—		7,117
Charlotte, NC		5,867		282		—		6,149		—		6,149
Raleigh/Durham, NC		5,350		—		—		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
Fort Worth, TX		4,249		—		168		4,417		—		4,417
Nashville, TN		4,375		—		—		4,375		—		4,375
Washington, DC		4,080		—		—		4,080		—		4,080
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Phoenix, AZ		2,623		—		—		2,623		138		2,761
Greenville, SC		2,084		271		—		2,355		—		2,355
Savannah, GA		1,837		382		—		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		7,076		1,790		—		8,866		—		8,866
Total Multifamily Units		97,003		2,725		516		100,244		138		100,382

⁽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, 2021								Average Effective		As of March 31, 2021
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended March 31, 2021		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,009,059		14.3	%		95.4	%	$	1,473		11,434
Dallas, TX		1,418,457		10.1	%		96.0	%		1,292		9,767
Charlotte, NC		971,912		6.9	%		96.5	%		1,245		6,149
Washington, DC		969,129		6.9	%		96.7	%		1,789		4,080
Tampa, FL		883,264		6.3	%		97.6	%		1,534		5,220
Austin, TX		846,050		6.0	%		96.1	%		1,272		7,117
Orlando, FL		831,759		5.9	%		96.0	%		1,453		5,274
Raleigh/Durham, NC		701,931		5.0	%		95.8	%		1,183		5,350
Houston, TX		608,281		4.3	%		95.2	%		1,206		4,867
Nashville, TN		536,232		3.8	%		95.3	%		1,313		4,375
Charleston, SC		404,315		2.9	%		96.7	%		1,271		3,168
Fort Worth, TX		396,806		2.8	%		96.6	%		1,198		4,249
Phoenix, AZ		379,706		2.7	%		97.3	%		1,328		2,623
Jacksonville, FL		291,702		2.1	%		98.1	%		1,180		3,496
Richmond, VA		267,273		1.9	%		97.1	%		1,256		2,004
Savannah, GA		244,229		1.7	%		97.5	%		1,136		2,219
Greenville, SC		228,275		1.6	%		96.7	%		1,025		2,355
Denver, CO		211,582		1.5	%		93.8	%		1,625		812
Kansas City, MO-KS		186,758		1.3	%		94.0	%		1,291		1,110
San Antonio, TX		163,342		1.2	%		97.1	%		1,128		1,504
Birmingham, AL		160,025		1.1	%		96.8	%		1,109		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee	$	183,946		1.3	%		97.1	%	$	1,034		2,754
Florida		177,651		1.3	%		96.9	%		1,391		1,806
Alabama		161,116		1.1	%		97.4	%		1,094		1,648
Virginia		153,546		1.1	%		97.4	%		1,377		1,039
Kentucky		93,833		0.7	%		97.0	%		923		1,308
Mississippi		73,258		0.5	%		97.3	%		956		1,241
Nevada		71,257		0.5	%		96.4	%		1,204		721
South Carolina		36,230		0.3	%		95.8	%		934		576
Stabilized Communities	$	13,660,924		97.0	%		96.3	%	$	1,301		99,728
Orlando, FL	$	132,105		0.9	%									633
Phoenix, AZ		94,626		0.7	%		13.3	%		1,622		138		662
Dallas, TX		64,765		0.5	%		69.0	%		1,498		348		348
Denver, CO		57,536		0.4	%									306
Houston, TX		36,893		0.3	%									308
Fort Worth, TX		26,332		0.2	%		89.3	%		1,308		168		168
Austin, TX		13,198		0.1	%									350
Lease-up / Development Communities	$	425,455		3.0	%		50.7	%	$	1,475		654		2,775
Total Multifamily Communities	$	14,086,379		100.0	%		95.9	%	$	1,302		100,382		102,503

⁽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, 2021				Three Months Ended
	Apartment Units		Gross Real Assets		March 31, 2021		March 31, 2020			Percent Change
Operating Revenues
Same Store Communities		97,003	$	13,317,442	$	407,037	$	401,370			1.4	%
Non-Same Store Communities		2,725		343,482		10,420		10,327
Lease-up/Development Communities		654		425,455		1,721		63
Total Multifamily Portfolio		100,382	$	14,086,379	$	419,178	$	411,760
Commercial Property/Land		—		273,676		5,827		6,338
Total Operating Revenues		100,382	$	14,360,055	$	425,005	$	418,098

Property Operating Expenses
Same Store Communities					$	154,307	$	146,336			5.4	%
Non-Same Store Communities						4,307		4,216
Lease-up/Development Communities						1,361		93
Total Multifamily Portfolio					$	159,975	$	150,645
Commercial Property/Land						2,493		2,527
Total Property Operating Expenses					$	162,468	$	153,172

Net Operating Income
Same Store Communities					$	252,730	$	255,034			-0.9	%
Non-Same Store Communities						6,113		6,111
Lease-up/Development Communities						360		(30	)
Total Multifamily Portfolio					$	259,203	$	261,115
Commercial Property/Land						3,334		3,811
Total Net Operating Income					$	262,537	$	264,926			-0.9	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands

	Three Months Ended
	March 31, 2021		March 31, 2020		Percent Change
Personnel	$	33,809	$	33,128		2.1	%
Building Repair and Maintenance		17,134		16,665		2.8	%
Utilities		28,761		26,691		7.8	%
Marketing		5,298		4,673		13.4	%
Office Operations		5,589		5,413		3.3	%
Property Taxes		58,214		56,520		3.0	%
Insurance		5,502		3,246		69.5	%
Total Property Operating Expenses	$	154,307	$	146,336		5.4	%

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, 2021			March 31, 2020
Atlanta, GA		11,434		13.2	%		94.8	%		94.9	%
Dallas, TX		9,767		8.6	%		95.2	%		95.7	%
Tampa, FL		5,220		6.6	%		97.0	%		95.5	%
Charlotte, NC		5,867		6.5	%		96.0	%		96.4	%
Washington, DC		4,080		6.2	%		96.1	%		96.4	%
Austin, TX		7,117		6.1	%		95.3	%		95.9	%
Orlando, FL		5,274		6.1	%		95.4	%		95.1	%
Raleigh/Durham, NC		5,350		5.6	%		95.7	%		96.4	%
Nashville, TN		4,375		4.6	%		94.6	%		95.8	%
Houston, TX		4,867		4.0	%		93.9	%		95.2	%
Fort Worth, TX		4,249		3.8	%		95.7	%		95.1	%
Jacksonville, FL		3,496		3.4	%		97.5	%		96.0	%
Charleston, SC		3,168		3.3	%		95.8	%		95.5	%
Phoenix, AZ		2,623		3.2	%		96.9	%		96.9	%
Richmond, VA		2,004		2.2	%		96.9	%		96.2	%
Savannah, GA		1,837		1.8	%		97.1	%		95.7	%
Greenville, SC		2,084		1.7	%		96.0	%		94.5	%
Memphis, TN		1,811		1.5	%		97.6	%		95.7	%
Birmingham, AL		1,462		1.3	%		96.6	%		96.0	%
San Antonio, TX		1,504		1.2	%		94.9	%		96.3	%
Huntsville, AL		1,228		1.2	%		96.8	%		97.1	%
Kansas City, MO-KS		1,110		1.1	%		93.9	%		95.7	%
Other		7,076		6.8	%		96.2	%		95.5	%
Total Same Store		97,003		100.0	%		95.7	%		95.7	%

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 2021		Q1 2020		% Chg			Q1 2021		Q1 2020		% Chg			Q1 2021		Q1 2020		% Chg			Q1 2021		Q1 2020		% Chg
Atlanta, GA		11,434	$	53,106	$	52,744		0.7	%	$	19,807	$	19,332		2.5	%	$	33,299	$	33,412		(0.3	)%	$	1,473	$	1,465		0.6	%
Dallas, TX		9,767		39,920		40,203		(0.7	)%		18,140		16,949		7.0	%		21,780		23,254		(6.3	)%		1,292		1,299		(0.6	)%
Tampa, FL		5,220		25,872		24,785		4.4	%		9,115		8,606		5.9	%		16,757		16,179		3.6	%		1,534		1,485		3.3	%
Charlotte, NC		5,867		23,770		23,890		(0.5	)%		7,304		6,995		4.4	%		16,466		16,895		(2.5	)%		1,254		1,256		(0.1	)%
Washington, DC		4,080		22,977		23,228		(1.1	)%		7,300		7,068		3.3	%		15,677		16,160		(3.0	)%		1,789		1,800		(0.6	)%
Austin, TX		7,117		28,955		29,454		(1.7	)%		13,530		12,679		6.7	%		15,425		16,775		(8.0	)%		1,272		1,265		0.5	%
Orlando, FL		5,274		24,598		24,635		(0.2	)%		9,193		8,866		3.7	%		15,405		15,769		(2.3	)%		1,454		1,466		(0.9	)%
Raleigh/Durham, NC		5,350		20,845		20,401		2.2	%		6,770		6,514		3.9	%		14,075		13,887		1.4	%		1,183		1,154		2.5	%
Nashville, TN		4,375		18,302		18,240		0.3	%		6,697		6,035		11.0	%		11,605		12,205		(4.9	)%		1,313		1,301		0.9	%
Houston, TX		4,867		18,523		18,820		(1.6	)%		8,359		8,325		0.4	%		10,164		10,495		(3.2	)%		1,206		1,220		(1.2	)%
Fort Worth, TX		4,249		17,016		16,603		2.5	%		7,307		6,676		9.5	%		9,709		9,927		(2.2	)%		1,198		1,171		2.3	%
Jacksonville, FL		3,496		13,134		12,621		4.1	%		4,574		4,282		6.8	%		8,560		8,339		2.7	%		1,180		1,143		3.3	%
Charleston, SC		3,168		13,057		12,536		4.2	%		4,708		4,574		2.9	%		8,349		7,962		4.9	%		1,271		1,227		3.6	%
Phoenix, AZ		2,623		11,262		10,764		4.6	%		3,126		2,941		6.3	%		8,136		7,823		4.0	%		1,328		1,273		4.3	%
Richmond, VA		2,004		8,282		7,866		5.3	%		2,770		2,531		9.4	%		5,512		5,335		3.3	%		1,256		1,214		3.5	%
Savannah, GA		1,837		7,155		6,846		4.5	%		2,715		2,520		7.7	%		4,440		4,326		2.6	%		1,172		1,138		3.0	%
Greenville, SC		2,084		6,846		6,466		5.9	%		2,615		2,484		5.3	%		4,231		3,982		6.3	%		961		931		3.2	%
Memphis, TN		1,811		6,442		5,961		8.1	%		2,575		2,366		8.8	%		3,867		3,595		7.6	%		1,077		1,018		5.8	%
Birmingham, AL		1,462		5,529		5,289		4.5	%		2,164		2,031		6.5	%		3,365		3,258		3.3	%		1,109		1,072		3.5	%
San Antonio, TX		1,504		5,377		5,491		(2.1	)%		2,371		2,381		(0.4	)%		3,006		3,110		(3.3	)%		1,128		1,119		0.9	%
Huntsville, AL		1,228		4,435		3,980		11.4	%		1,499		1,312		14.3	%		2,936		2,668		10.0	%		1,054		963		9.5	%
Kansas City, MO-KS		1,110		4,501		4,499		0.0	%		1,688		1,627		3.7	%		2,813		2,872		(2.1	)%		1,291		1,278		1.0	%
Other		7,076		27,133		26,048		4.2	%		9,980		9,242		8.0	%		17,153		16,806		2.1	%		1,187		1,150		3.3	%
Total Same Store		97,003	$	407,037	$	401,370		1.4	%	$	154,307	$	146,336		5.4	%	$	252,730	$	255,034		(0.9	)%	$	1,305	$	1,288		1.3	%

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 2021		Q4 2020		% Chg			Q1 2021		Q4 2020		% Chg			Q1 2021		Q4 2020		% Chg			Q1 2021		Q4 2020		% Chg
Atlanta, GA		11,434	$	53,106	$	53,306		(0.4	)%	$	19,807	$	19,617		1.0	%	$	33,299	$	33,689		(1.2	)%	$	1,473	$	1,466		0.5	%
Dallas, TX		9,767		39,920		39,895		0.1	%		18,140		17,958		1.0	%		21,780		21,937		(0.7	)%		1,292		1,290		0.1	%
Tampa, FL		5,220		25,872		25,517		1.4	%		9,115		8,707		4.7	%		16,757		16,810		(0.3	)%		1,534		1,517		1.1	%
Charlotte, NC		5,867		23,770		23,837		(0.3	)%		7,304		7,629		(4.3	)%		16,466		16,208		1.6	%		1,254		1,249		0.5	%
Washington, DC		4,080		22,977		23,214		(1.0	)%		7,300		7,008		4.2	%		15,677		16,206		(3.3	)%		1,789		1,792		(0.2	)%
Austin, TX		7,117		28,955		29,393		(1.5	)%		13,530		13,893		(2.6	)%		15,425		15,500		(0.5	)%		1,272		1,268		0.3	%
Orlando, FL		5,274		24,598		24,383		0.9	%		9,193		9,000		2.1	%		15,405		15,383		0.1	%		1,454		1,452		0.1	%
Raleigh/Durham, NC		5,350		20,845		20,836		0.0	%		6,770		6,881		(1.6	)%		14,075		13,955		0.9	%		1,183		1,177		0.5	%
Nashville, TN		4,375		18,302		18,374		(0.4	)%		6,697		6,704		(0.1	)%		11,605		11,670		(0.6	)%		1,313		1,309		0.3	%
Houston, TX		4,867		18,523		18,619		(0.5	)%		8,359		8,640		(3.3	)%		10,164		9,979		1.9	%		1,206		1,208		(0.2	)%
Fort Worth, TX		4,249		17,016		16,954		0.4	%		7,307		7,082		3.2	%		9,709		9,872		(1.7	)%		1,198		1,189		0.7	%
Jacksonville, FL		3,496		13,134		12,919		1.7	%		4,574		4,335		5.5	%		8,560		8,584		(0.3	)%		1,180		1,168		1.1	%
Charleston, SC		3,168		13,057		12,950		0.8	%		4,708		4,596		2.4	%		8,349		8,354		(0.1	)%		1,271		1,261		0.8	%
Phoenix, AZ		2,623		11,262		11,185		0.7	%		3,126		3,063		2.1	%		8,136		8,122		0.2	%		1,328		1,311		1.3	%
Richmond, VA		2,004		8,282		8,293		(0.1	)%		2,770		2,667		3.9	%		5,512		5,626		(2.0	)%		1,256		1,245		0.9	%
Savannah, GA		1,837		7,155		6,979		2.5	%		2,715		2,530		7.3	%		4,440		4,449		(0.2	)%		1,172		1,156		1.4	%
Greenville, SC		2,084		6,846		6,774		1.1	%		2,615		2,380		9.9	%		4,231		4,394		(3.7	)%		961		952		1.0	%
Memphis, TN		1,811		6,442		6,343		1.6	%		2,575		2,438		5.6	%		3,867		3,905		(1.0	)%		1,077		1,059		1.7	%
Birmingham, AL		1,462		5,529		5,501		0.5	%		2,164		2,072		4.4	%		3,365		3,429		(1.9	)%		1,109		1,096		1.2	%
San Antonio, TX		1,504		5,377		5,460		(1.5	)%		2,371		2,513		(5.7	)%		3,006		2,947		2.0	%		1,128		1,123		0.5	%
Huntsville, AL		1,228		4,435		4,383		1.2	%		1,499		1,494		0.3	%		2,936		2,889		1.6	%		1,054		1,035		1.9	%
Kansas City, MO-KS		1,110		4,501		4,559		(1.3	)%		1,688		1,677		0.7	%		2,813		2,882		(2.4	)%		1,291		1,295		(0.3	)%
Other		7,076		27,133		26,926		0.8	%		9,980		9,378		6.4	%		17,153		17,548		(2.3	)%		1,187		1,179		0.8	%
Total Same Store		97,003	$	407,037	$	406,600		0.1	%	$	154,307	$	152,262		1.3	%	$	252,730	$	254,338		(0.6	)%	$	1,305	$	1,298		0.5	%

Supplemental Data S-6

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands

		Units as of
		March 31, 2021							Projected			Development Costs
									Initial
								Start	Occupancy	Completion	Stabilization	Total		Thru
	Location	Total		Delivered		Leased		Date	Date	Date	Date ⁽¹⁾	Cost		Q1 2021		After
Novel Midtown ⁽²⁾	Phoenix, AZ		345		138		76	1Q19	1Q21	2Q21	4Q22	$	84,000	$	78,286	$	5,714
MAA Westglenn	Denver, CO		306	—		—		3Q19	2Q21	4Q21	4Q22		84,500		57,536		26,964
MAA Robinson	Orlando, FL		369	—		—		3Q19	2Q21	4Q21	1Q23		99,000		79,085		19,915
Sand Lake ⁽³⁾	Orlando, FL		264	—		—		4Q19	2Q21	4Q21	1Q23		68,000		53,020		14,980
MAA Park Point	Houston, TX		308	—		—		4Q19	3Q21	1Q22	1Q23		57,000		36,893		20,107
MAA Windmill Hill	Austin, TX		350	—		—		4Q20	1Q22	3Q22	4Q23		63,000		13,198		49,802
Novel Val Vista ⁽²⁾	Phoenix, AZ		317	—		—		4Q20	3Q22	1Q23	2Q24		72,500		16,331		56,169
Total Active			2,259		138		76					$	528,000	$	334,349	$	193,651

⁽¹⁾Communities are considered stabilized after achieving 90% average physical 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 INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data

		Three months ended March 31, 2021
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
	964	$	5,356	$	5,556	$	118	10.1%	10,000 - 13,000

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

		As of March 31, 2021
	Location	Total Units	Percent Occupied	Construction Finished	Expected Stabilization ⁽¹⁾	Total Cost
Copper Ridge II	Fort Worth, TX	168	89.3%	2Q20	2Q21	$	26,255
MAA Frisco Bridges II	Dallas, TX	348	69.0%	1Q21	1Q22		64,765
Total		516	75.6%			$	91,020

(1)

Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2021

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	$	4,272,585		91.7	%		3.7	%		7.7
Floating (unhedged) debt		385,000		8.3	%		0.2	%		0.1
Total	$	4,657,585		100.0	%		3.4	%		7.1

Secured Versus Unsecured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,291,332		92.1	%		3.3	%		5.3
Secured debt		366,253		7.9	%		4.4	%		27.4
Total	$	4,657,585		100.0	%		3.4	%		7.1

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q1 2021 NOI			Percent of Total
Unencumbered gross assets	$	13,639,888		92.6	%	$	250,155			95.3	%
Encumbered gross assets		1,097,007		7.4	%		12,382			4.7	%
Total	$	14,736,895		100.0	%	$	262,537			100.0	%

Supplemental Data S-7

DEBT AND DEBT COVENANTS AS OF MARCH 31, 2021 (CONTINUED)

Dollars in thousands

FIXED INTEREST RATE MATURITIES

Maturity	Fixed Rate Debt		Effective Rate
2021	$	72,737		5.4	%
2022		366,256		3.6	%
2023		360,563		4.2	%
2024		417,376		4.0	%
2025		402,875		4.2	%
2026		—		—
2027		595,174		3.7	%
2028		395,630		4.2	%
2029		561,415		3.7	%
2030		296,936		3.1	%
Thereafter		803,623		3.0	%
Total	$	4,272,585		3.7	%

DEBT MATURITIES OF OUTSTANDING BALANCES

	Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾		Public Bonds		Other Unsecured		Secured		Total
2021	$	385,000	$	—	$	72,737	$	—	$	457,737
2022		—		249,370		116,886		—		366,256
2023		—		348,329		12,234		—		360,563
2024		—		397,414		19,962		—		417,376
2025		—		396,417		—		6,458		402,875
2026		—		—		—		—		—
2027		—		595,174		—		—		595,174
2028		—		395,630		—		—		395,630
2029		—		561,415		—		—		561,415
2030		—		296,936		—		—		296,936
Thereafter		—		443,828		—		359,795		803,623
Total	$	385,000	$	3,684,513	$	221,819	$	366,253	$	4,657,585

⁽¹⁾

The $385.0 million maturing in 2021 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of March 31, 2021. 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, 2021, average daily borrowings outstanding under the commercial paper program were $298.1 million.

⁽²⁾	There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of March 31, 2021. 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	31.6%	Yes
Total secured debt to adjusted total assets	40% or less	2.5%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.6x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	318%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	27.7%	Yes
Total secured debt to total capitalized asset value	40% or Less	2.3%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	5.4x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	26.9%	Yes

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

Supplemental Data S-8

2021 GUIDANCE

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.

	Full Year 2021
Earnings:
Earnings per common share - diluted	$3.34 to $3.64
Midpoint	$3.49
Core FFO per Share - diluted	$6.35 to $6.65
Midpoint	$6.50
Core AFFO per Share - diluted	$5.67 to $5.97
Midpoint	$5.82

MAA Same Store Communities:
Number of units		97,003
Average physical occupancy	95.25% to 95.75%
Property revenue growth ⁽¹⁾	1.00% to 3.00%
Property operating expense growth ⁽¹⁾	3.00% to 5.00%
NOI growth ⁽¹⁾	0.00% to 2.00%
Real estate tax expense growth	3.25% to 4.25%

Corporate Expenses:
General and administrative expenses	$47.5 to $49.5 million
Property management expenses	$57.5 to $59.5 million
Total overhead	$105.0 to $109.0 million

Transaction/Investment Volume:
Multifamily acquisition volume		—
Multifamily disposition volume	$200.0 to $250.0 million
Development investment	$250.0 to $350.0 million

Debt:
Average effective interest rate	3.5% to 3.7%
Capitalized interest	$7.0 to $8.0 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 0.3% to 0.4% of property revenue growth, 0.7% to 0.8% of property operating expense growth and 0.1% to 0.2% of NOI growth to the results for the year ending December 31, 2021.

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE

	Full Year 2021 Guidance Range
	Low			High
Earnings per common share - diluted	$	3.34		$	3.64
Real estate depreciation and amortization		4.39			4.39
Gains on sale of depreciable assets		(1.54	)		(1.54	)
FFO per Share - diluted		6.19			6.49
Non-Core items ⁽¹⁾		0.16			0.16
Core FFO per Share - diluted		6.35			6.65
Recurring capital expenditures		(0.68	)		(0.68	)
Core AFFO per Share - diluted	$	5.67		$	5.97

⁽¹⁾

Non-Core items may include 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.

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 2021

Q3 2021

Q4 2021

Q1 2022

Earnings release & conference call

Late

July

Late

October

Late

January

Late

April

Dividend Information - Common Shares:

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Declaration date

3/19/2020

5/19/2020

9/24/2020

12/8/2020

3/23/2021

Record date

4/15/2020

7/15/2020

10/15/2020

1/15/2021

4/15/2021

Payment date

4/30/2020

7/31/2020

10/30/2020

1/29/2021

4/30/2021

Distributions per share

1.0000

1.0250

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-10

MID AMERICA APARTMENT COMMUNITIES INC. - FORM 8-K - EX-99.2 - April 28, 2021

Attached files

MID AMERICA APARTMENT COMMUNITIES INC. Reports