Mid-America Apartments 8K Consolidated Statements of Operations | SEC 1 May 19

Mid-America Apartments 8-KConsolidated Statements of Operations



PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2019 (In apartment units)⁽¹⁾



	Same Store	Non-Same Store	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	5,274	—	—	5,274	—	5,274
Tampa, FL	5,220	—	—	5,220	—	5,220
Raleigh/Durham, NC	4,397	803	—	5,200	—	5,200
Houston, TX	4,867	—	—	4,867	—	4,867
Nashville, TN	4,055	320	—	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	2,623	—	—	2,623	—	2,623
Savannah, GA	2,219	—	—	2,219	—	2,219
Greenville, SC	2,084	—	—	2,084	—	2,084
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
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	95,920	3,364	1,311	100,595	—	100,595

⁽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, 2019						Average Effective Rent per Unit for the Three Months Ended March 31, 2019		As of March 31, 2019
	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	$	1,871,195	14.0	%	95.9	%	$	1,415	10,996
Dallas, TX	1,369,588		10.2	%	95.1	%	1,263		9,766
Washington, DC	945,772		7.1	%	96.6	%	1,753		4,080
Charlotte, NC	942,590		7.0	%	96.3	%	1,195		6,149
Tampa, FL	862,188		6.4	%	96.5	%	1,427		5,220
Austin, TX	827,797		6.2	%	95.7	%	1,206		7,117
Orlando, FL	816,197		6.1	%	95.8	%	1,426		5,274
Raleigh/Durham, NC	662,374		4.9	%	96.4	%	1,090		5,200
Houston, TX	597,234		4.5	%	95.6	%	1,177		4,867
Nashville, TN	525,591		3.9	%	95.4	%	1,229		4,375
Fort Worth, TX	388,395		2.9	%	95.7	%	1,138		4,249
Phoenix, AZ	372,197		2.8	%	96.2	%	1,166		2,623
Charleston, SC	365,336		2.7	%	95.4	%	1,172		3,028
Jacksonville, FL	290,505		2.2	%	96.8	%	1,110		3,496
Richmond, VA	259,996		1.9	%	96.9	%	1,156		2,004
Savannah, GA	237,803		1.8	%	95.6	%	1,068		2,219
Kansas City, MO-KS	182,919		1.4	%	95.7	%	1,207		1,110
San Antonio, TX	160,745		1.2	%	96.9	%	1,081		1,504
Birmingham, AL	154,705		1.2	%	95.8	%	997		1,462
Greenville, SC	153,205		1.1	%	96.7	%	889		2,084
Memphis, TN	128,922		1.0	%	96.0	%	973		1,811
All Other Markets by State (individual markets <1% gross real assets)
Florida	$	174,696	1.3	%	97.0	%	$	1,290	1,806
Alabama	155,106		1.2	%	97.2	%	934		1,648
Virginia	150,691		1.1	%	97.0	%	1,263		1,039
Arkansas	117,407		0.9	%	95.7	%	875		1,368
Kentucky	92,634		0.7	%	96.0	%	862		1,308
Mississippi	72,883		0.5	%	96.7	%	874		1,241
Nevada	68,995		0.5	%	96.7	%	1,013		721
Tennessee	51,110		0.4	%	96.4	%	862		943
South Carolina	36,220		0.3	%	96.7	%	847		576
Stabilized Communities	$	13,034,996	97.4	%	96.0	%	$	1,223	99,284

Denver, CO	$	202,388	1.5	%	94.0	%	$	1,602	733	812
Atlanta, GA	85,737		0.6	%	39.5	%	1,706		438	438
Charleston, SC	28,528		0.2	%	42.1	%	1,616		140	140
Dallas, TX	17,151		0.1	%						348
Phoenix, AZ	14,068		0.1	%						345
Raleigh/Durham, NC	11,407		0.1	%						150
Fort Worth, TX	2,417		0.0	%						168
Lease-up and Development Communities	$	361,696	2.6	%	70.3	%	$	1,639	1,311	2,401

Total Multifamily Communities	$	13,396,692	100.0	%	95.7	%	$	1,228	100,595	101,685

⁽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, 2019			Three Months Ended
	Apartment Units	Gross Real Assets		March 31, 2019		March 31, 2018			Percent Change
Operating Revenue
Same Store Communities	95,920	$	12,428,484	$	375,540	$	366,971		2.3	%
Non-Same Store Communities	3,364	606,512		15,188		12,985
Lease up/Development Communities	1,311	361,696		4,486		495
Total Multifamily Portfolio	100,595	$	13,396,692	$	395,214	$	380,451
Commercial Property/Land	—	221,812		5,964		5,566
Total Operating Revenue	100,595	$	13,618,504	$	401,178	$	386,017

Property Operating Expenses
Same Store Communities				$	138,101	$	135,316		2.1	%
Non-Same Store Communities				7,036		6,379
Lease up/Development Communities				2,004		612
Total Multifamily Portfolio				$	147,141	$	142,307
Commercial Property/Land				2,236		2,097
Total Property Operating Expenses				$	149,377	$	144,404

Net Operating Income
Same Store Communities				$	237,439	$	231,655		2.5	%
Non-Same Store Communities				8,152		6,606
Lease up/Development Communities				2,482		(117		)
Total Multifamily Portfolio				$	248,073	$	238,144
Commercial Property/Land				3,728		3,469
Total Net Operating Income				$	251,801	$	241,613		4.2	%



COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands



	Three Months Ended
	March 31, 2019		March 31, 2018		Percent Increase/(Decrease)
Personnel	$	33,398	$	32,357	3.2	%
Building Repair and Maintenance	14,089		14,273		(1.3	)%
Utilities	26,280		26,683		(1.5	)%
Marketing	4,030		3,694		9.1	%
Office Operations	5,064		6,199		(18.3	)%
Property Taxes	52,318		49,366		6.0	%
Insurance	2,922		2,744		6.5	%
Total Property Operating Expenses	$	138,101	$	135,316	2.1	%

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
	Apartment Units	Percent of Same Store NOI		March 31, 2019		March 31, 2018
Atlanta, GA	10,664	12.9	%	95.9	%	96.1	%
Dallas, TX	9,404	8.9	%	95.0	%	95.6	%
Charlotte, NC	6,149	7.0	%	96.1	%	96.4	%
Washington, DC	4,080	6.6	%	96.7	%	96.6	%
Orlando, FL	5,274	6.5	%	95.8	%	96.3	%
Tampa, FL	5,220	6.5	%	96.2	%	96.5	%
Austin, TX	6,475	5.7	%	95.9	%	96.0	%
Raleigh/Durham, NC	4,397	4.5	%	96.4	%	96.7	%
Nashville, TN	4,055	4.4	%	95.4	%	95.9	%
Houston, TX	4,867	4.3	%	95.5	%	96.9	%
Fort Worth, TX	4,249	3.9	%	95.4	%	95.8	%
Jacksonville, FL	3,496	3.5	%	96.2	%	96.6	%
Phoenix, AZ	2,623	2.9	%	96.3	%	96.7	%
Charleston, SC	2,726	2.8	%	95.4	%	96.1	%
Richmond, VA	2,004	2.2	%	96.5	%	96.9	%
Savannah, GA	2,219	2.1	%	95.7	%	97.0	%
Greenville, SC	2,084	1.6	%	96.1	%	96.2	%
Memphis, TN	1,811	1.4	%	95.2	%	95.7	%
San Antonio, TX	1,504	1.2	%	96.5	%	95.5	%
Birmingham, AL	1,462	1.2	%	96.0	%	95.7	%
Huntsville, AL	1,228	1.0	%	97.0	%	97.2	%
Little Rock, AR	1,368	1.0	%	95.1	%	95.9	%
Jackson, MS	1,241	1.0	%	96.1	%	95.6	%
Other	7,320	6.9	%	96.4	%	96.5	%
Total Same Store	95,920	100.0	%	95.9	%	96.2	%

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 2019		Q1 2018		% Chg		Q1 2019		Q1 2018		% Chg		Q1 2019		Q1 2018		% Chg		Q1 2019		Q1 2018		% Chg
Atlanta, GA	10,664	$	47,304	$	46,504	1.7	%	$	16,559	$	16,004	3.5	%	$	30,745	$	30,500	0.8	%	$	1,390	$	1,355	2.6	%
Dallas, TX	9,404	37,678		37,735		(0.2	)%	16,637		16,292		2.1	%	21,041		21,443		(1.9	)%	1,271		1,265		0.5	%
Charlotte, NC	6,149	23,581		23,097		2.1	%	7,032		6,601		6.5	%	16,549		16,496		0.3	%	1,195		1,160		3.0	%
Washington, DC	4,080	22,636		22,080		2.5	%	6,935		7,027		(1.3	)%	15,701		15,053		4.3	%	1,753		1,712		2.4	%
Orlando, FL	5,274	23,942		23,276		2.9	%	8,518		8,239		3.4	%	15,424		15,037		2.6	%	1,426		1,369		4.2	%
Tampa, FL	5,220	23,685		22,868		3.6	%	8,330		7,903		5.4	%	15,355		14,965		2.6	%	1,427		1,366		4.5	%
Austin, TX	6,475	24,728		24,166		2.3	%	11,162		10,849		2.9	%	13,566		13,317		1.9	%	1,168		1,141		2.4	%
Raleigh/Durham, NC	4,397	15,568		15,138		2.8	%	4,890		4,969		(1.6	)%	10,678		10,169		5.0	%	1,068		1,039		2.8	%
Nashville, TN	4,055	15,776		15,590		1.2	%	5,220		5,081		2.7	%	10,556		10,509		0.4	%	1,206		1,186		1.7	%
Houston, TX	4,867	18,382		17,601		4.4	%	8,119		8,031		1.1	%	10,263		9,570		7.2	%	1,177		1,126		4.5	%
Fort Worth, TX	4,249	16,059		15,737		2.0	%	6,686		6,664		0.3	%	9,373		9,073		3.3	%	1,138		1,110		2.5	%
Jacksonville, FL	3,496	12,291		11,928		3.0	%	4,002		4,008		(0.1	)%	8,289		7,920		4.7	%	1,110		1,059		4.8	%
Phoenix, AZ	2,623	9,804		9,361		4.7	%	2,823		2,799		0.9	%	6,981		6,562		6.4	%	1,166		1,098		6.2	%
Charleston, SC	2,726	10,213		10,123		0.9	%	3,589		3,513		2.2	%	6,624		6,610		0.2	%	1,145		1,121		2.1	%
Richmond, VA	2,004	7,517		7,240		3.8	%	2,369		2,356		0.6	%	5,148		4,884		5.4	%	1,156		1,096		5.5	%
Savannah, GA	2,219	7,806		7,533		3.6	%	2,805		2,774		1.1	%	5,001		4,759		5.1	%	1,068		1,024		4.3	%
Greenville, SC	2,084	6,205		5,990		3.6	%	2,448		2,354		4.0	%	3,757		3,636		3.3	%	889		851		4.5	%
Memphis, TN	1,811	5,650		5,438		3.9	%	2,356		2,320		1.6	%	3,294		3,118		5.6	%	973		924		5.3	%
San Antonio, TX	1,504	5,288		5,158		2.5	%	2,351		2,389		(1.6	)%	2,937		2,769		6.1	%	1,081		1,059		2.1	%
Birmingham, AL	1,462	4,817		4,722		2.0	%	2,022		1,943		4.1	%	2,795		2,779		0.6	%	997		956		4.3	%
Huntsville, AL	1,228	3,642		3,490		4.4	%	1,277		1,290		(1.0	)%	2,365		2,200		7.5	%	877		818		7.2	%
Little Rock, AR	1,368	3,817		3,879		(1.6	)%	1,512		1,521		(0.6	)%	2,305		2,358		(2.2	)%	875		873		0.2	%
Jackson, MS	1,241	3,615		3,580		1.0	%	1,342		1,385		(3.1	)%	2,273		2,195		3.6	%	874		861		1.5	%
Other	7,320	25,536		24,737		3.2	%	9,117		9,004		1.3	%	16,419		15,733		4.4	%	1,075		1,030		4.4	%
Total Same Store	95,920	$	375,540	$	366,971	2.3	%	$	138,101	$	135,316	2.1	%	$	237,439	$	231,655	2.5	%	$	1,216	$	1,180	3.1	%

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 2019		Q4 2018		% Chg		Q1 2019		Q4 2018		% Chg		Q1 2019		Q4 2018		% Chg		Q1 2019		Q4 2018		% Chg
Atlanta, GA	10,664	$	47,304	$	47,026	0.6	%	$	16,559	$	16,213	2.1	%	$	30,745	$	30,813	(0.2	)%	$	1,390	$	1,380	0.7	%
Dallas, TX	9,404	37,678		37,547		0.3	%	16,637		16,495		0.9	%	21,041		21,052		(0.1	)%	1,271		1,267		0.3	%
Charlotte, NC	6,149	23,581		23,458		0.5	%	7,032		6,937		1.4	%	16,549		16,521		0.2	%	1,195		1,187		0.7	%
Washington, DC	4,080	22,636		22,655		(0.1	)%	6,935		6,708		3.4	%	15,701		15,947		(1.5	)%	1,753		1,744		0.5	%
Orlando, FL	5,274	23,942		23,872		0.3	%	8,518		8,426		1.1	%	15,424		15,446		(0.1	)%	1,426		1,416		0.7	%
Tampa, FL	5,220	23,685		23,632		0.2	%	8,330		7,916		5.2	%	15,355		15,716		(2.3	)%	1,427		1,416		0.8	%
Austin, TX	6,475	24,728		24,526		0.8	%	11,162		10,694		4.4	%	13,566		13,832		(1.9	)%	1,168		1,160		0.7	%
Raleigh/Durham, NC	4,397	15,568		15,513		0.4	%	4,890		5,053		(3.2	)%	10,678		10,460		2.1	%	1,068		1,061		0.7	%
Nashville, TN	4,055	15,776		15,690		0.5	%	5,220		5,344		(2.3	)%	10,556		10,346		2.0	%	1,206		1,199		0.6	%
Houston, TX	4,867	18,382		18,227		0.9	%	8,119		7,803		4.0	%	10,263		10,424		(1.5	)%	1,177		1,168		0.8	%
Fort Worth, TX	4,249	16,059		15,952		0.7	%	6,686		6,088		9.8	%	9,373		9,864		(5.0	)%	1,138		1,132		0.5	%
Jacksonville, FL	3,496	12,291		12,250		0.3	%	4,002		3,612		10.8	%	8,289		8,638		(4.0	)%	1,110		1,102		0.7	%
Phoenix, AZ	2,623	9,804		9,785		0.2	%	2,823		2,864		(1.4	)%	6,981		6,921		0.9	%	1,166		1,151		1.3	%
Charleston, SC	2,726	10,213		10,140		0.7	%	3,589		3,692		(2.8	)%	6,624		6,448		2.7	%	1,145		1,136		0.8	%
Richmond, VA	2,004	7,517		7,528		(0.1	)%	2,369		2,364		0.2	%	5,148		5,164		(0.3	)%	1,156		1,146		0.9	%
Savannah, GA	2,219	7,806		7,759		0.6	%	2,805		2,987		(6.1	)%	5,001		4,772		4.8	%	1,068		1,064		0.4	%
Greenville, SC	2,084	6,205		6,143		1.0	%	2,448		2,461		(0.5	)%	3,757		3,682		2.0	%	889		880		1.0	%
Memphis, TN	1,811	5,650		5,620		0.5	%	2,356		2,374		(0.8	)%	3,294		3,246		1.5	%	973		968		0.5	%
San Antonio, TX	1,504	5,288		5,215		1.4	%	2,351		2,217		6.0	%	2,937		2,998		(2.0	)%	1,081		1,071		0.9	%
Birmingham, AL	1,462	4,817		4,841		(0.5	)%	2,022		1,992		1.5	%	2,795		2,849		(1.9	)%	997		986		1.1	%
Huntsville, AL	1,228	3,642		3,640		0.1	%	1,277		1,281		(0.3	)%	2,365		2,359		0.3	%	877		873		0.5	%
Little Rock, AR	1,368	3,817		3,814		0.1	%	1,512		1,522		(0.7	)%	2,305		2,292		0.6	%	875		872		0.3	%
Jackson, MS	1,241	3,615		3,584		0.9	%	1,342		1,304		2.9	%	2,273		2,280		(0.3	)%	874		871		0.3	%
Other	7,320	25,536		25,360		0.7	%	9,117		9,172		(0.6	)%	16,419		16,188		1.4	%	1,075		1,064		1.0	%
Total Same Store	95,920	$	375,540	$	373,777	0.5	%	$	138,101	$	135,519	1.9	%	$	237,439	$	238,258	(0.3	)%	$	1,216	$	1,208	0.7	%

Supplemental Data S-6



MULTIFAMILY DEVELOPMENT PIPELINE
Dollars in thousands
		Units as of March 31, 2019					Projected			Development Costs
							Initial
						Start	Occupancy	Completion	Stabilization	Total		Thru
	Location		Total	Delivered	Leased	Date	Date	Date	Date⁽¹⁾	Cost		Q1 2019		After

Post Parkside at Wade III	Raleigh, NC		150	—	—	2Q18	3Q19	4Q19	1Q20	$	25,000	$	11,407	$	13,593
Sync 36 II	Denver, CO		79	—	—	3Q18	4Q19	4Q19	1Q20	24,500		14,434		10,066
Copper Ridge II	Fort Worth, TX		168	—	—	1Q19	1Q20	2Q20	1Q21	30,000		2,417		27,583
Post Sierra at Frisco Bridges II	Dallas, TX		348	—	—	2Q18	2Q20	3Q20	3Q21	69,000		17,151		51,849
Novel Midtown⁽²⁾	Phoenix, AZ		345	—	—	1Q19	3Q20	1Q21	3Q22	82,000		14,068		67,932
Total Active			1,090	—	—					$	230,500	$	59,477	$	171,023

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

⁽²⁾MAA owns 80% of the joint venture that owns this property.



MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE
Dollars in thousands, except per unit data
Three months ended March 31, 2019
Units Redeveloped	Redevelopment Spend	Spend per Unit	Increase in Average Effective Rent per Unit	Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
1,679	$10,294	$6,131	$123	10.9%	16,000 - 17,500

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands

As of March 31, 2019

Total

Percent

Construction

Expected

Total

Location

Units

Occupied

Finished

Stabilization⁽¹⁾

Cost

Sync 36 I

Denver, CO

374

94.1%

⁽²⁾

2Q19

104,500

Post River North

Denver, CO

359

93.9%

1Q18

2Q19

87,787

1201 Midtown II

Charleston, SC

140

42.1%

4Q18

3Q19

27,857

Post Centennial Park

Atlanta, GA

438

39.5%

3Q18

4Q19

95,160

Total

1,311

70.3%

315,304

⁽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.



2019 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2019)



Multifamily Development Acquisition	Market	Apartment Units	Projected Completion Date	Closing Date
Novel Midtown ⁽¹⁾	Phoenix, AZ	345	1Q21	February 2019

(1) MAA owns 80% of the joint venture that owns this property.



2019 DISPOSITION ACTIVITY (THROUGH MARCH 31, 2019)

Supplemental Data S-7



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 March 31, 2019
Joint Venture Property	Gross Investment in Real Estate			Mortgage Notes Payable			Company's Equity Investment
Post Massachusetts Avenue	$	78,945	⁽¹⁾	$	51,670	⁽²⁾	$	44,138



	Three months ended March 31, 2019
Joint Venture Property	Entity NOI		Company's Equity in Income
Post Massachusetts Avenue	$	1,854	$	397

⁽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 MARCH 31, 2019
Dollars in thousands



DEBT SUMMARIES
					Effective			Average Years
			Percent of		Interest			to Rate
	Balance		Total		Rate			Maturity
Floating Versus Fixed Rate or Hedged Debt
Fixed rate or hedged debt	$	3,873,679	85.2	%	4.0		%	8.0
Floating (unhedged) debt	674,419		14.8	%	3.4		%	0.1
Total	$	4,548,098	100.0	%	3.9		%	6.8

					Effective			Average Years
			Percent of		Interest			to Contract
	Balance		Total		Rate			Maturity
Secured Versus Unsecured Debt
Unsecured debt	$	3,886,236	85.4	%	3.8		%	5.4
Secured debt	661,862		14.6	%	4.5		%	17.1
Total	$	4,548,098	100.0	%	3.9		%	7.1

	Total		Percent of		Q1 2019			Percent of
	Cost		Total		NOI			Total
Unencumbered Versus Encumbered Assets
Unencumbered gross assets	$	12,426,519	88.9	%	$	227,169		90.2	%
Encumbered gross assets	1,545,951		11.1	%	24,632			9.8	%
Total	$	13,972,470	100.0	%	$	251,801		100.0	%



FIXED OR HEDGED INTEREST RATE MATURITIES

	Fixed		Interest		Total Fixed		Effective
Maturity	Rate Debt		Rate Swaps		or Hedged		Rate
2019	$	33,380	$	—	$	33,380	3.7	%
2020	158,058		299,404		457,462		3.0	%
2021	194,987		—		194,987		5.2	%
2022	365,355		—		365,355		3.6	%
2023	359,211		—		359,211		4.2	%
Thereafter	2,463,284		—		2,463,284		4.1	%
Total	$	3,574,275	$	299,404	$	3,873,679	4.0	%

Supplemental Data S-9



DEBT AND DEBT COVENANTS AS OF MARCH 31, 2019 (CONTINUED)
Dollars in thousands



DEBT MATURITIES OF OUTSTANDING BALANCES

	Unsecured Revolving Credit Facility		Public Bonds		Other Unsecured		Secured		Total
2019	$	—	$	—	$	319,787	$	13,391	$	333,178
2020	75,000		—		149,910		158,058		382,968
2021	—		—		222,344		122,353		344,697
2022	—		248,616		416,144		—		664,760
2023	—		346,992		12,219		—		359,211
Thereafter	—		2,075,281		19,943		368,060		2,463,284
Total	$	75,000	$	2,670,889	$	1,140,347	$	661,862	$	4,548,098



DEBT COVENANT ANALYSIS⁽¹⁾

Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	32.6%	Yes
Total secured debt to adjusted total assets	40% or less	4.7%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	5.02x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	320%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	29.0%	Yes
Total secured debt to total capitalized asset value	40% or Less	4.3%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	4.54x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	27.3%	Yes

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

Supplemental Data S-10



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	$2.19 to $2.43
Midpoint	$2.31
FFO per Share - diluted	$6.11 to $6.35
Midpoint	$6.23
AFFO per Share - diluted	$5.47 to $5.71
Midpoint	$5.59

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	$	2.19		$	2.43
Real estate depreciation	4.10			4.10
Amortization other	0.04			0.04
Gains on sale of depreciable assets	(0.22		)	(0.22		)
FFO per Share - diluted	6.11			6.35
Recurring capital expenditures	(0.64		)	(0.64		)
AFFO per Share - diluted	$	5.47		$	5.71

Supplemental Data S-11



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:

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Earnings release & conference call

Early August

Late October

Late January

Late April

Dividend Information - Common Shares:

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Declaration date

3/13/2018

5/22/2018

9/25/2018

12/4/2018

3/21/2019

Record date

4/13/2018

7/13/2018

10/15/2018

1/15/2019

4/15/2019

Payment date

4/30/2018

7/31/2018

10/31/2018

1/31/2019

4/30/2019

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

Supplemental Data S-12

Land Disposition

Closing Date

Peachtree Road - Outparcel

Atlanta, GA

February 2019