Mid-America Apartments 8K Consolidated Statements of Operations | SEC 30 Jan 19

Mid-America Apartments 8-KConsolidated Statements of Operations



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT DECEMBER 31, 2018 (In apartment units)



	Same Store	Non-Same Store⁽¹⁾	Lease-up	Total Completed Communities	Development Units Delivered	Total

Atlanta, GA	10,664	332	438	11,434	—	11,434
Dallas, TX	9,404	362	—	9,766	—	9,766
Austin, TX	6,475	642	—	7,117	—	7,117
Charlotte, NC	6,149	—	—	6,149	—	6,149
Orlando, FL	4,498	776	—	5,274	—	5,274
Tampa, FL	5,220	—	—	5,220	—	5,220
Raleigh/Durham, NC	4,397	803	—	5,200	—	5,200
Houston, TX	4,479	388	—	4,867	—	4,867
Nashville, TN	3,776	599	—	4,375	—	4,375
Fort Worth, TX	4,249	—	—	4,249	—	4,249
Washington, DC	4,080	—	—	4,080	—	4,080
Jacksonville, FL	3,496	—	—	3,496	—	3,496
Charleston, SC	2,726	302	140	3,168	—	3,168
Phoenix, AZ	2,301	322	—	2,623	—	2,623
Savannah, GA	2,219	—	—	2,219	—	2,219
Greenville, SC	1,748	336	—	2,084	—	2,084
Richmond, VA	1,668	336	—	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
Little Rock, AR	1,368	—	—	1,368	—	1,368
Jackson, MS	1,241	—	—	1,241	—	1,241
Huntsville, AL	1,228	—	—	1,228	—	1,228
Other	7,320	603	733	8,656	—	8,656
Total Multifamily Units	93,483	5,801	1,311	100,595	—	100,595

⁽¹⁾Non-Same Store total excludes 269 units in a 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 December 31, 2018						Average Effective Rent per Unit for the Three Months Ended December 31, 2018		As of December 31, 2018
	Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development
	Gross Real Assets		Percent to Total of Gross Real Assets		Physical Occupancy				Completed Units	Total Units, Including Development

Atlanta, GA	$	1,865,656	14.0	%	96.4	%	$	1,405	10,996
Dallas, TX	1,365,752		10.2	%	95.5	%	1,259		9,766
Washington, DC	944,133		7.1	%	97.0	%	1,744		4,080
Charlotte, NC	940,511		7.1	%	96.4	%	1,187		6,149
Tampa, FL	857,972		6.4	%	97.1	%	1,416		5,220
Austin, TX	826,078		6.1	%	96.1	%	1,196		7,117
Orlando, FL	814,327		6.1	%	96.7	%	1,416		5,274
Raleigh/Durham, NC	660,817		5.0	%	97.3	%	1,083		5,200
Houston, TX	595,951		4.5	%	96.6	%	1,168		4,867
Nashville, TN	524,159		3.9	%	95.7	%	1,221		4,375
Fort Worth, TX	386,871		2.9	%	96.3	%	1,132		4,249
Phoenix, AZ	371,580		2.8	%	97.3	%	1,151		2,623
Charleston, SC	364,153		2.7	%	96.4	%	1,163		3,028
Jacksonville, FL	289,418		2.2	%	97.0	%	1,102		3,496
Richmond, VA	259,373		1.9	%	95.9	%	1,146		2,004
Savannah, GA	237,159		1.8	%	96.2	%	1,064		2,219
Kansas City, MO-KS	182,503		1.4	%	96.5	%	1,195		1,110
San Antonio, TX	160,494		1.2	%	96.6	%	1,071		1,504
Birmingham, AL	154,082		1.2	%	96.9	%	986		1,462
Greenville, SC	152,774		1.1	%	96.8	%	880		2,084
Memphis, TN	128,178		1.0	%	95.5	%	968		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	173,508	1.3	%	97.5	%	$	1,273	1,806
Alabama	154,571		1.2	%	97.8	%	929		1,648
Virginia	150,404		1.1	%	97.4	%	1,255		1,039
Arkansas	117,046		0.9	%	95.8	%	872		1,368
Kentucky	92,215		0.7	%	96.4	%	862		1,308
Mississippi	72,344		0.5	%	97.3	%	871		1,241
Nevada	68,795		0.5	%	97.5	%	995		721
Tennessee	50,794		0.4	%	96.1	%	857		943
South Carolina	36,076		0.3	%	97.0	%	837		576
Stabilized Communities	$	12,997,694	97.5	%	96.5	%	$	1,214	99,284

Denver, CO	$	199,651	1.5	%	84.2	%	$	1,637	733	812
Atlanta, GA	85,705		0.6	%	36.8	%	1,784		438	438
Charleston, SC	27,858		0.2	%	28.6	%	1,632		140	140
Dallas, TX	12,013		0.1	%			—		—	348
Raleigh/Durham, NC	7,235		0.1	%			—		—	150
Lease-up and Development Communities	$	332,462	2.5	%	62.4	%	$	1,686	1,311	1,888

Total Multifamily Communities	$	13,330,156	100.0	%	96.0	%	$	1,220	100,595	101,172

⁽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 December 31, 2018			Three Months Ended
	Apartment Units	Gross Real Assets		December 31, 2018		December 31, 2017			Percent Change
Operating Revenue
Same Store Communities	93,483	$	11,954,401	$	363,410	$	355,077		2.3	%
Non-Same Store Communities	5,801	1,043,293		25,116		22,137
Lease up/Development Communities	1,311	332,462		3,850		53
Total Multifamily Portfolio	100,595	$	13,330,156	$	392,376	$	377,267
Commercial Property/Land	—	221,423		5,772		5,471
Total Operating Revenue	100,595	$	13,551,579	$	398,148	$	382,738

Property Operating Expenses
Same Store Communities				$	131,494	$	127,710		3.0	%
Non-Same Store Communities				11,123		10,214
Lease up/Development Communities				1,612		302
Total Multifamily Portfolio				$	144,229	$	138,226
Commercial Property/Land				2,485		2,084
Total Property Operating Expenses				$	146,714	$	140,310

Net Operating Income
Same Store Communities				$	231,916	$	227,367		2.0	%
Non-Same Store Communities				13,993		11,923
Lease up/Development Communities				2,238		(249		)
Total Multifamily Portfolio				$	248,147	$	239,041
Commercial Property/Land				3,287		3,387
Total Net Operating Income				$	251,434	$	242,428		3.7	%



COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands



	Three Months Ended						Year Ended
	December 31, 2018		December 31, 2017		Percent Increase/(Decrease)		December 31, 2018		December 31, 2017		Percent Increase/(Decrease)
Personnel	$	31,720	$	30,673	3.4	%	$	130,104	$	125,707	3.5	%
Building Repair and Maintenance	13,952		14,421		(3.3	)%	59,651		62,172		(4.1	)%
Utilities	26,324		25,852		1.8	%	106,230		103,120		3.0	%
Marketing	3,892		4,306		(9.6	)%	16,543		16,461		0.5	%
Office Operations	5,563		5,050		10.2	%	21,702		22,887		(5.2	)%
Property Taxes	47,319		44,746		5.8	%	190,942		183,222		4.2	%
Insurance	2,724		2,662		2.3	%	10,883		12,094		(10.0	)%
Total Property Operating Expenses	$	131,494	$	127,710	3.0	%	$	536,055	$	525,663	2.0	%

Supplemental Data S-3



NOI CONTRIBUTION PERCENTAGE BY MARKET

Same Store Portfolio



				Average Physical Occupancy
	Apartment Units	Percent of Same Store NOI		Three Months Ended				Year Ended
	Apartment Units	Percent of Same Store NOI		December 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Atlanta, GA	10,664	13.1	%	95.9	%	96.2	%	95.9	%	96.1	%
Dallas, TX	9,404	9.0	%	95.4	%	95.8	%	95.3	%	95.4	%
Charlotte, NC	6,149	7.1	%	96.4	%	96.1	%	96.2	%	96.3	%
Washington, DC	4,080	6.9	%	97.0	%	96.3	%	96.7	%	96.5	%
Tampa, FL	5,220	6.8	%	96.6	%	96.2	%	96.3	%	95.9	%
Austin, TX	6,475	6.0	%	95.9	%	95.9	%	95.8	%	95.7	%
Orlando, FL	4,498	5.8	%	96.1	%	96.6	%	96.2	%	96.2	%
Raleigh/Durham, NC	4,397	4.5	%	96.5	%	96.4	%	96.3	%	96.5	%
Nashville, TN	3,776	4.2	%	95.5	%	95.7	%	95.6	%	95.8	%
Fort Worth, TX	4,249	4.3	%	95.7	%	95.8	%	95.8	%	95.8	%
Houston, TX	4,479	4.1	%	96.3	%	97.5	%	96.2	%	96.0	%
Jacksonville, FL	3,496	3.7	%	96.5	%	97.0	%	96.6	%	96.7	%
Charleston, SC	2,726	2.8	%	95.5	%	96.0	%	95.8	%	96.1	%
Phoenix, AZ	2,301	2.6	%	97.4	%	97.1	%	96.7	%	97.0	%
Savannah, GA	2,219	2.1	%	96.4	%	96.3	%	96.6	%	96.5	%
Richmond, VA	1,668	1.8	%	96.6	%	97.2	%	96.7	%	96.6	%
Memphis, TN	1,811	1.4	%	95.0	%	95.8	%	95.7	%	96.0	%
Greenville, SC	1,748	1.3	%	96.6	%	95.8	%	96.4	%	96.1	%
San Antonio, TX	1,504	1.3	%	96.4	%	95.9	%	96.0	%	96.0	%
Birmingham, AL	1,462	1.2	%	96.3	%	95.1	%	96.2	%	95.8	%
Huntsville, AL	1,228	1.0	%	97.0	%	96.4	%	97.3	%	96.5	%
Little Rock, AR	1,368	1.0	%	94.8	%	95.9	%	95.4	%	95.6	%
Jackson, MS	1,241	1.0	%	96.8	%	95.7	%	96.2	%	96.4	%
Other	7,320	7.0	%	96.4	%	96.0	%	96.5	%	96.1	%
Total Same Store	93,483	100.0	%	96.1	%	96.2	%	96.1	%	96.1	%

Supplemental Data S-4



MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data



		Revenues						Expenses						NOI						Average Effective Rent per Unit
	Units	Q4 2018		Q4 2017		% Chg		Q4 2018		Q4 2017		% Chg		Q4 2018		Q4 2017		% Chg		Q4 2018		Q4 2017		% Chg
Atlanta, GA	10,664	$	47,026	$	46,438	1.3	%	$	16,213	$	16,058	1.0	%	$	30,813	$	30,380	1.4	%	$	1,380	$	1,356	1.8	%
Dallas, TX	9,404	37,548		37,683		(0.4	)%	16,494		15,856		4.0	%	21,054		21,827		(3.5	)%	1,267		1,268		(0.1	)%
Charlotte, NC	6,149	23,459		22,881		2.5	%	6,938		6,894		0.6	%	16,521		15,987		3.3	%	1,187		1,163		2.1	%
Washington, DC	4,080	22,655		22,002		3.0	%	6,709		6,808		(1.5	)%	15,946		15,194		4.9	%	1,744		1,716		1.6	%
Tampa, FL	5,220	23,632		22,666		4.3	%	7,917		7,753		2.1	%	15,715		14,913		5.4	%	1,416		1,364		3.8	%
Austin, TX	6,475	24,526		24,188		1.4	%	10,694		10,619		0.7	%	13,832		13,569		1.9	%	1,160		1,142		1.6	%
Orlando, FL	4,498	20,431		19,617		4.1	%	7,046		6,727		4.7	%	13,385		12,890		3.8	%	1,426		1,375		3.7	%
Raleigh/Durham, NC	4,397	15,513		15,117		2.6	%	5,054		4,853		4.1	%	10,459		10,264		1.9	%	1,061		1,039		2.1	%
Nashville, TN	3,776	14,508		14,271		1.7	%	4,844		4,557		6.3	%	9,664		9,714		(0.5	)%	1,184		1,168		1.4	%
Fort Worth, TX	4,249	15,951		15,636		2.0	%	6,087		6,087		0.0	%	9,864		9,549		3.3	%	1,132		1,109		2.1	%
Houston, TX	4,479	16,516		15,913		3.8	%	7,072		6,590		7.3	%	9,444		9,323		1.3	%	1,147		1,097		4.6	%
Jacksonville, FL	3,496	12,250		11,791		3.9	%	3,612		3,701		(2.4	)%	8,638		8,090		6.8	%	1,102		1,049		5.1	%
Charleston, SC	2,726	10,140		10,134		0.1	%	3,692		3,567		3.5	%	6,448		6,567		(1.8	)%	1,136		1,131		0.4	%
Phoenix, AZ	2,301	8,514		8,140		4.6	%	2,444		2,302		6.2	%	6,070		5,838		4.0	%	1,137		1,075		5.8	%
Savannah, GA	2,219	7,759		7,526		3.1	%	2,987		2,733		9.3	%	4,772		4,793		(0.4	)%	1,064		1,025		3.8	%
Richmond, VA	1,668	6,017		5,773		4.2	%	1,945		1,833		6.1	%	4,072		3,940		3.4	%	1,092		1,042		4.8	%
Memphis, TN	1,811	5,620		5,380		4.5	%	2,374		2,261		5.0	%	3,246		3,119		4.1	%	968		926		4.5	%
Greenville, SC	1,748	4,893		4,716		3.8	%	1,886		1,719		9.7	%	3,007		2,997		0.3	%	839		810		3.6	%
San Antonio, TX	1,504	5,214		5,169		0.9	%	2,218		2,112		5.0	%	2,996		3,057		(2.0	)%	1,071		1,065		0.6	%
Birmingham, AL	1,462	4,840		4,703		2.9	%	1,992		1,965		1.4	%	2,848		2,738		4.0	%	986		960		2.7	%
Huntsville, AL	1,228	3,640		3,409		6.8	%	1,281		1,162		10.2	%	2,359		2,247		5.0	%	873		813		7.4	%
Little Rock, AR	1,368	3,815		3,842		(0.7	)%	1,522		1,428		6.6	%	2,293		2,414		(5.0	)%	872		875		(0.3	)%
Jackson, MS	1,241	3,584		3,570		0.4	%	1,304		1,291		1.0	%	2,280		2,279		0.0	%	871		868		0.3	%
Other	7,320	25,359		24,512		3.5	%	9,169		8,834		3.8	%	16,190		15,678		3.3	%	1,064		1,032		3.1	%
Total Same Store	93,483	$	363,410	$	355,077	2.3	%	$	131,494	$	127,710	3.0	%	$	231,916	$	227,367	2.0	%	$	1,204	$	1,177	2.3	%

Supplemental Data S-5



MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except unit and per unit data



		Revenues						Expenses						NOI						Average Effective Rent per Unit
	Units	Q4 2018		Q3 2018		% Chg		Q4 2018		Q3 2018		% Chg		Q4 2018		Q3 2018		% Chg		Q4 2018		Q3 2018		% Chg
Atlanta, GA	10,664	$	47,026	$	47,163	(0.3	)%	$	16,213	$	17,182	(5.6	)%	$	30,813	$	29,981	2.8	%	$	1,380	$	1,377	0.2	%
Dallas, TX	9,404	37,548		37,985		(1.2	)%	16,494		17,097		(3.5	)%	21,054		20,888		0.8	%	1,267		1,272		(0.4	)%
Charlotte, NC	6,149	23,459		23,344		0.5	%	6,938		7,359		(5.7	)%	16,521		15,985		3.4	%	1,187		1,190		(0.3	)%
Washington, DC	4,080	22,655		22,452		0.9	%	6,709		7,171		(6.4	)%	15,946		15,281		4.4	%	1,744		1,743		0.1	%
Tampa, FL	5,220	23,632		23,431		0.9	%	7,917		8,614		(8.1	)%	15,715		14,817		6.1	%	1,416		1,407		0.6	%
Austin, TX	6,475	24,526		24,527		0.0	%	10,694		11,436		(6.5	)%	13,832		13,091		5.7	%	1,160		1,160		0.0	%
Orlando, FL	4,498	20,431		20,445		(0.1	)%	7,046		7,594		(7.2	)%	13,385		12,851		4.2	%	1,426		1,426		0.0	%
Raleigh/Durham, NC	4,397	15,513		15,414		0.6	%	5,054		5,356		(5.6	)%	10,459		10,058		4.0	%	1,061		1,065		(0.4	)%
Nashville, TN	3,776	14,508		14,444		0.4	%	4,844		4,947		(2.1	)%	9,664		9,497		1.8	%	1,184		1,187		(0.3	)%
Fort Worth, TX	4,249	15,951		15,891		0.4	%	6,087		6,911		(11.9	)%	9,864		8,980		9.8	%	1,132		1,127		0.4	%
Houston, TX	4,479	16,516		16,425		0.6	%	7,072		7,296		(3.1	)%	9,444		9,129		3.5	%	1,147		1,146		0.1	%
Jacksonville, FL	3,496	12,250		12,215		0.3	%	3,612		4,180		(13.6	)%	8,638		8,035		7.5	%	1,102		1,096		0.5	%
Charleston, SC	2,726	10,140		10,188		(0.5	)%	3,692		3,679		0.4	%	6,448		6,509		(0.9	)%	1,136		1,140		(0.4	)%
Phoenix, AZ	2,301	8,514		8,478		0.4	%	2,444		2,620		(6.7	)%	6,070		5,858		3.6	%	1,137		1,126		1.0	%
Savannah, GA	2,219	7,759		7,777		(0.2	)%	2,987		2,872		4.0	%	4,772		4,905		(2.7	)%	1,064		1,063		0.1	%
Richmond, VA	1,668	6,017		6,104		(1.4	)%	1,945		1,980		(1.8	)%	4,072		4,124		(1.3	)%	1,092		1,087		0.5	%
Memphis, TN	1,811	5,620		5,567		1.0	%	2,374		2,402		(1.2	)%	3,246		3,165		2.6	%	968		969		(0.1	)%
Greenville, SC	1,748	4,893		4,847		0.9	%	1,886		1,847		2.1	%	3,007		3,000		0.2	%	839		836		0.4	%
San Antonio, TX	1,504	5,214		5,218		(0.1	)%	2,218		2,465		(10.0	)%	2,996		2,753		8.8	%	1,071		1,070		0.1	%
Birmingham, AL	1,462	4,840		4,824		0.3	%	1,992		1,952		2.0	%	2,848		2,872		(0.8	)%	986		986		0.0	%
Huntsville, AL	1,228	3,640		3,639		0.0	%	1,281		1,336		(4.1	)%	2,359		2,303		2.4	%	873		864		1.0	%
Little Rock, AR	1,368	3,815		3,871		(1.4	)%	1,522		1,557		(2.2	)%	2,293		2,314		(0.9	)%	872		881		(1.0	)%
Jackson, MS	1,241	3,584		3,572		0.3	%	1,304		1,363		(4.3	)%	2,280		2,209		3.2	%	871		870		0.1	%
Other	7,320	25,359		25,230		0.5	%	9,169		9,545		(3.9	)%	16,190		15,685		3.2	%	1,064		1,060		0.4	%
Total Same Store	93,483	$	363,410	$	363,051	0.1	%	$	131,494	$	138,761	(5.2	)%	$	231,916	$	224,290	3.4	%	$	1,204	$	1,204	0.0	%

Supplemental Data S-6



MULTIFAMILY SAME STORE FULL YEAR COMPARISONS AS OF DECEMBER 31, 2018 AND 2017

Dollars in thousands, except unit and per unit data



		Revenues						Expenses						NOI						Average Effective Rent per Unit
	Units	2018		2017		% Chg		2018		2017		% Chg		2018		2017		% Chg		2018		2017		% Chg
Atlanta, GA	10,664	$	187,204	$	185,733	0.8	%	$	65,727	$	65,511	0.3	%	$	121,477	$	120,222	1.0	%	$	1,369	$	1,350	1.4	%
Dallas, TX	9,404	150,896		150,344		0.4	%	66,323		64,302		3.1	%	84,573		86,042		(1.7	)%	1,268		1,267		0.1	%
Charlotte, NC	6,149	93,088		91,594		1.6	%	28,034		27,898		0.5	%	65,054		63,696		2.1	%	1,178		1,158		1.7	%
Washington, DC	4,080	89,460		87,557		2.2	%	27,642		27,944		(1.1	)%	61,818		59,613		3.7	%	1,731		1,701		1.8	%
Tampa, FL	5,220	92,836		90,114		3.0	%	32,595		32,031		1.8	%	60,241		58,083		3.7	%	1,393		1,356		2.7	%
Austin, TX	6,475	97,435		96,886		0.6	%	43,894		43,583		0.7	%	53,541		53,303		0.4	%	1,152		1,148		0.3	%
Orlando, FL	4,498	80,873		77,331		4.6	%	28,754		27,756		3.6	%	52,119		49,575		5.1	%	1,409		1,352		4.2	%
Raleigh/Durham, NC	4,397	61,214		59,749		2.5	%	20,480		19,798		3.4	%	40,734		39,951		2.0	%	1,053		1,028		2.4	%
Nashville, TN	3,776	57,732		57,248		0.8	%	19,222		18,530		3.7	%	38,510		38,718		(0.5	)%	1,179		1,164		1.3	%
Fort Worth, TX	4,249	63,329		61,902		2.3	%	26,171		25,400		3.0	%	37,158		36,502		1.8	%	1,122		1,094		2.6	%
Houston, TX	4,479	65,056		64,146		1.4	%	29,085		28,649		1.5	%	35,971		35,497		1.3	%	1,132		1,120		1.1	%
Jacksonville, FL	3,496	48,439		46,545		4.1	%	16,065		16,172		(0.7	)%	32,374		30,373		6.6	%	1,082		1,036		4.4	%
Charleston, SC	2,726	40,600		40,435		0.4	%	14,574		14,167		2.9	%	26,026		26,268		(0.9	)%	1,132		1,128		0.4	%
Phoenix, AZ	2,301	33,416		31,985		4.5	%	9,953		9,792		1.6	%	23,463		22,193		5.7	%	1,114		1,058		5.3	%
Savannah, GA	2,219	30,666		29,888		2.6	%	11,414		11,011		3.7	%	19,252		18,877		2.0	%	1,048		1,019		2.8	%
Richmond, VA	1,668	23,807		22,586		5.4	%	7,807		7,397		5.5	%	16,000		15,189		5.3	%	1,073		1,022		5.0	%
Memphis, TN	1,811	22,164		21,460		3.3	%	9,434		9,197		2.6	%	12,730		12,263		3.8	%	951		916		3.8	%
Greenville, SC	1,748	19,290		18,847		2.4	%	7,407		7,131		3.9	%	11,883		11,716		1.4	%	826		805		2.6	%
San Antonio, TX	1,504	20,762		20,773		(0.1	)%	9,434		9,121		3.4	%	11,328		11,652		(2.8	)%	1,065		1,066		(0.1	)%
Birmingham, AL	1,462	19,159		18,821		1.8	%	7,931		7,907		0.3	%	11,228		10,914		2.9	%	973		961		1.2	%
Huntsville, AL	1,228	14,345		13,540		5.9	%	5,243		5,154		1.7	%	9,102		8,386		8.5	%	847		801		5.7	%
Little Rock, AR	1,368	15,435		15,431		0.0	%	6,174		5,905		4.6	%	9,261		9,526		(2.8	)%	875		879		(0.5	)%
Jackson, MS	1,241	14,316		14,406		(0.6	)%	5,438		5,302		2.6	%	8,878		9,104		(2.5	)%	866		869		(0.3	)%
Other	7,320	100,289		97,518		2.8	%	37,254		36,005		3.5	%	63,035		61,513		2.5	%	1,050		1,026		2.3	%
Total Same Store	93,483	$	1,441,811	$	1,414,839	1.9	%	$	536,055	$	525,663	2.0	%	$	905,756	$	889,176	1.9	%	$	1,193	$	1,171	1.9	%

Supplemental Data S-7



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of December 31, 2018					Projected			Development Costs
							Initial
						Start	Occupancy	Completion	Stabilization	Total		Thru
	Location		Total	Delivered	Leased	Date	Date	Date	Date⁽¹⁾	Cost		Q4 2018		After

Post Parkside at Wade III	Raleigh, NC		150	—	—	2Q18	3Q19	4Q19	1Q20	$	25,000	$	7,235	$	17,765
Post Sierra at Frisco Bridges II	Dallas, TX		348	—	—	2Q18	2Q20	3Q20	3Q21	69,000		12,013		56,987
Sync 36 II	Denver, CO		79	—	—	3Q18	4Q19	4Q19	1Q20	24,500		11,685		12,815
Total Active			577	—	—					$	118,500	$	30,933	$	87,567

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.



MULTIFAMILY REDEVELOPMENT PIPELINE
Dollars in thousands, except per unit data
Year ended December 31, 2018
Units Redeveloped	Redevelopment Spend	Spend per Unit	Increase in Average Effective Rent per Unit	Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
8,155	$50,057	$6,138	$118	10.5%	17,500 - 20,500



MULTIFAMILY LEASE-UP COMMUNITIES
		As of December 31, 2018
		Total	Percent	Construction	Expected
	Location	Units	Occupied	Finished	Stabilization⁽¹⁾
Sync 36 I	Denver, CO	374	81.6%	⁽²⁾	2Q19
Post River North	Denver, CO	359	86.9%	1Q18	2Q19
1201 Midtown II	Charleston, SC	140	28.6%	4Q18	3Q19
Post Centennial Park	Atlanta, GA	438	36.8%	3Q18	4Q19
Total		1,311	62.4%

⁽¹⁾Communities are considered stabilized after achieving 90% occupancy for 90 days.

⁽²⁾Property was acquired while still in lease-up; construction was complete prior to acquisition by MAA.



2018 ACQUISITION ACTIVITY
Dollars in thousands

Multifamily Acquisition

Market

Apartment Units

Year Built

Closing Date

YTD NOI

Sync 36

Denver, CO

374

2018

April 26, 2018

2,825

Commercial Acquisition

Market

Square Feet

Year Built

Closing Date

YTD NOI

Hue Retail

Raleigh, NC

7,500

2009

August 1, 2018

103



2018 DISPOSITION ACTIVITY



Land Dispositions	Market	Acres	Closing Date
Craft Farms Residential - Outparcel	Gulf Shores, AL	3	January 24, 2018
Randal Park - Outparcel	Orlando, FL	34	February 27, 2018
Colonial Grand at Azure - Outparcel	Las Vegas, NV	29	April 19, 2018
Spring Hill - Outparcels	Atlanta, GA	10	July 2, 2018 and December 21, 2018

Supplemental Data S-8



INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
Dollars in thousands

MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.



	As of December 31, 2018
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	78,870	⁽¹⁾	$	51,658	⁽²⁾	$	44,181



	Three months ended December 31, 2018				Year ended December 31, 2018
Joint Venture Property	Entity NOI		Company's Equity in Income		Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,792	$	576	$	7,120	$	1,832

⁽¹⁾ Represents GAAP basis net book value plus accumulated depreciation.

⁽²⁾ This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2018
Dollars in thousands



DEBT SUMMARIES
					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Rate
	Balance		Total		Rate		Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or swapped debt	$	3,389,249	74.8	%	3.9	%	3.9		%	6.8
Floating (unhedged) debt	1,139,079		25.2	%	3.4	%	3.4		%	0.1
Total	$	4,528,328	100.0	%	3.8	%	3.8		%	5.1

					Effective		Contract			Average Years
			Percent of		Interest		Interest			to Contract
	Balance		Total		Rate		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	4,053,302	89.5	%	3.7	%	3.7		%	4.8
Secured debt	475,026		10.5	%	4.6	%	4.8		%	12.2
Total	$	4,528,328	100.0	%	3.8	%	3.8		%	5.6

	Total		Percent of				Q4 2018			Percent of
	Cost		Total				NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	12,732,515	91.8	%			$	232,858		92.6	%
Encumbered gross assets	1,140,553		8.2	%			18,576			7.4	%
Total	$	13,873,068	100.0	%			$	251,434		100.0	%



FIXED OR HEDGED INTEREST RATE MATURITIES

									Average
	Fixed		Interest		Total				Years to
	Rate		Rate		Fixed or		Contract		Rate
Maturity	Debt		Swaps		Hedged		Rate		Maturity
2019	$	33,508	$	—	$	33,508	4.4	%
2020	159,097		299,353		458,450		3.2	%
2021	195,459		—		195,459		5.2	%
2022	365,244		—		365,244		3.6	%
2023	359,043		—		359,043		4.3	%
Thereafter	1,977,545		—		1,977,545		3.9	%
Total	$	3,089,896	$	299,353	$	3,389,249	3.9	%	6.8

Supplemental Data S-10



DEBT AND DEBT COVENANTS AS OF DECEMBER 31, 2018 (CONTINUED)
Dollars in thousands



DEBT MATURITIES OF OUTSTANDING BALANCES

	Unsecured Revolving Credit Facility		Public Bonds		Other Unsecured		Secured		Total
2019	$	—	$	—	$	319,508	$	13,524	$	333,032
2020	540,000		—		149,883		159,097		848,980
2021	—		—		222,294		122,837		345,131
2022	—		248,522		416,075		—		664,597
2023	—		346,826		12,217		—		359,043
Thereafter	—		1,778,037		19,940		179,568		1,977,545
Total	$	540,000	$	2,373,385	$	1,139,917	$	475,026	$	4,528,328



DEBT COVENANT ANALYSIS⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to total assets	60% or less	32.6%	Yes
Total secured debt to total assets	40% or less	3.4%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.07x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	314%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	28.9%	Yes
Total secured debt to total capitalized asset value	40% or Less	3.1%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.50x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	28.1%	Yes

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

Supplemental Data S-11



2019 GUIDANCE

MAA provides guidance on expected FFO per Share and 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 FFO per Share and AFFO per Share are provided below.
	Full Year 2019
Earnings
Earnings per common share - diluted	$2.11 to $2.35
Midpoint	$2.23
FFO per Share - diluted	$6.03 to $6.27
Midpoint	$6.15
AFFO per Share - diluted	$5.39 to $5.63
Midpoint	$5.51

MAA Same Store Communities:
Number of units	95,920
Lease over lease pricing growth for new leases and renewals	2.20% to 3.20%
Average physical occupancy	95.70% to 96.10%
Property revenue growth	1.80% to 2.80%
Property operating expense growth	2.60% to 3.60%
NOI growth	1.30% to 2.30%
Real estate tax expense growth	3.75% to 4.75%

Corporate Expenses:
General and administrative expenses	$42.5 to $43.5 million
Property management expenses	$54.0 to $55.0 million
Total overhead	$96.5 to $98.5 million

Income tax expense	$2.5 to $3.0 million

Transaction/Investment Volume:
Multifamily acquisition volume	$125.0 to $175.0 million
Multifamily disposition volume	$75.0 to $125.0 million
Development investment	$100.0 to $150.0 million

Debt:
Average effective interest rate	3.9% to 4.1%
Capitalized interest	$2.5 to $3.5 million



RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE
	2019 Full Year Guidance Range
	Low			High
Earnings per common share - diluted	$	2.11		$	2.35
Real estate depreciation	4.09			4.09
Amortization other	0.04			0.04
Gains on sale of depreciable assets	(0.21		)	(0.21		)
FFO per Share - diluted	6.03			6.27
Recurring capital expenditures	(0.64		)	(0.64		)
AFFO per Share - diluted	$	5.39		$	5.63

Supplemental Data S-12



CREDIT RATINGS

	Rating	Outlook
Fitch Ratings ⁽¹⁾	BBB+	Stable
Moody's Investors Service ⁽²⁾	Baa1	Stable
Standard & Poor's Ratings Services ⁽¹⁾	BBB+	Stable


⁽¹⁾	Corporate credit rating assigned to MAA and MAALP


⁽²⁾	Corporate credit rating assigned to MAALP, the primary operating partnership of MAA

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Earnings release & conference call

Early May

Late July

Late October

Late January

Dividend Information - Common Shares:

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Declaration date

12/5/2017

3/13/2018

5/22/2018

9/25/2018

12/4/2018

Record date

1/12/2018

4/13/2018

7/13/2018

10/15/2018

1/15/2019

Payment date

1/31/2018

4/30/2018

7/31/2018

10/31/2018

1/31/2019

Distributions per share

0.9225

0.9600



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, Finance
	Jennifer Patrick	Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-13

Land Acquisitions

Closing Date

Westminster - Outparcel

Denver, CO

October 1, 2018

Long Point Road - Outparcel

Houston, TX

November 1, 2018