Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2022 (1)
In apartment units
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | |
Tampa, FL | | | 5,220 | | | | — | | | | — | | | | 5,220 | | | | — | | | | 5,220 | |
Austin, TX | | | 6,829 | | | | 288 | | | | — | | | | 7,117 | | | | 46 | | | | 7,163 | |
Charlotte, NC | | | 5,867 | | | | — | | | | — | | | | 5,867 | | | | — | | | | 5,867 | |
Orlando, FL | | | 5,274 | | | | — | | | | 633 | | | | 5,907 | | | | — | | | | 5,907 | |
Washington, DC | | | 3,684 | | | | 396 | | | | — | | | | 4,080 | | | | — | | | | 4,080 | |
Raleigh/Durham, NC | | | 5,350 | | | | — | | | | — | | | | 5,350 | | | | — | | | | 5,350 | |
Nashville, TN | | | 4,375 | | | | — | | | | — | | | | 4,375 | | | | — | | | | 4,375 | |
Fort Worth, TX | | | 3,519 | | | | 898 | | | | — | | | | 4,417 | | | | — | | | | 4,417 | |
Houston, TX | | | 4,867 | | | | — | | | | 308 | | | | 5,175 | | | | — | | | | 5,175 | |
Jacksonville, FL | | | 3,496 | | | | — | | | | — | | | | 3,496 | | | | — | | | | 3,496 | |
Phoenix, AZ | | | 2,623 | | | | 345 | | | | — | | | | 2,968 | | | | — | | | | 2,968 | |
Charleston, SC | | | 3,168 | | | | — | | | | — | | | | 3,168 | | | | — | | | | 3,168 | |
Richmond, VA | | | 2,004 | | | | — | | | | — | | | | 2,004 | | | | — | | | | 2,004 | |
Savannah, GA | | | 1,837 | | | | — | | | | — | | | | 1,837 | | | | — | | | | 1,837 | |
Greenville, SC | | | 2,355 | | | | — | | | | — | | | | 2,355 | | | | — | | | | 2,355 | |
Memphis, TN | | | 1,811 | | | | — | | | | — | | | | 1,811 | | | | — | | | | 1,811 | |
Birmingham, AL | | | 1,462 | | | | — | | | | — | | | | 1,462 | | | | — | | | | 1,462 | |
San Antonio, TX | | | 1,504 | | | | — | | | | — | | | | 1,504 | | | | — | | | | 1,504 | |
Denver, CO | | | 812 | | | | — | | | | 306 | | | | 1,118 | | | | — | | | | 1,118 | |
Kansas City, MO-KS | | | 1,110 | | | | — | | | | — | | | | 1,110 | | | | — | | | | 1,110 | |
Huntsville, AL | | | 1,228 | | | | — | | | | — | | | | 1,228 | | | | — | | | | 1,228 | |
Other | | | 6,717 | | | | 96 | | | | — | | | | 6,813 | | | | — | | | | 6,813 | |
Total Multifamily Units | | | 96,313 | | | | 2,371 | | | | 1,247 | | | | 99,931 | | | | 46 | | | | 99,977 | |
(1)Schedule excludes MAA's 35% ownership in 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, 2022 | | | Average Effective | | | As of March 31, 2022 | |
| | Gross Real Assets | | | Percent to Total of Gross Real Assets | | | Physical Occupancy | | | Rent per Unit for the Three Months Ended March 31, 2022 | | | Completed Units | | | Total Units, Including Development | |
Atlanta, GA | | $ | 2,035,257 | | | | 14.1 | % | | | 95.3 | % | | $ | 1,647 | | | | 11,434 | | | | |
Dallas, TX | | | 1,512,976 | | | | 10.5 | % | | | 95.0 | % | | | 1,448 | | | | 10,115 | | | | |
Washington, DC | | | 982,540 | | | | 6.8 | % | | | 95.9 | % | | | 1,887 | | | | 4,080 | | | | |
Charlotte, NC | | | 965,169 | | | | 6.7 | % | | | 95.4 | % | | | 1,397 | | | | 5,867 | | | | |
Tampa, FL | | | 897,730 | | | | 6.2 | % | | | 96.2 | % | | | 1,798 | | | | 5,220 | | | | |
Austin, TX | | | 875,601 | | | | 6.1 | % | | | 94.8 | % | | | 1,439 | | | | 7,117 | | | | |
Orlando, FL | | | 843,259 | | | | 5.8 | % | | | 96.9 | % | | | 1,651 | | | | 5,274 | | | | |
Raleigh/Durham, NC | | | 709,277 | | | | 4.9 | % | | | 95.5 | % | | | 1,326 | | | | 5,350 | | | | |
Houston, TX | | | 618,151 | | | | 4.3 | % | | | 95.3 | % | | | 1,285 | | | | 4,867 | | | | |
Nashville, TN | | | 541,752 | | | | 3.8 | % | | | 95.8 | % | | | 1,472 | | | | 4,375 | | | | |
Phoenix, AZ | | | 466,922 | | | | 3.2 | % | | | 95.9 | % | | | 1,577 | | | | 2,968 | | | | |
Fort Worth, TX | | | 431,801 | | | | 3.0 | % | | | 95.9 | % | | | 1,348 | | | | 4,417 | | | | |
Charleston, SC | | | 411,852 | | | | 2.9 | % | | | 96.1 | % | | | 1,453 | | | | 3,168 | | | | |
Jacksonville, FL | | | 295,372 | | | | 2.0 | % | | | 96.6 | % | | | 1,369 | | | | 3,496 | | | | |
Richmond, VA | | | 270,794 | | | | 1.9 | % | | | 95.8 | % | | | 1,404 | | | | 2,004 | | | | |
Greenville, SC | | | 230,217 | | | | 1.6 | % | | | 95.6 | % | | | 1,155 | | | | 2,355 | | | | |
Savannah, GA | | | 218,750 | | | | 1.5 | % | | | 96.7 | % | | | 1,382 | | | | 1,837 | | | | |
Denver, CO | | | 212,123 | | | | 1.5 | % | | | 94.7 | % | | | 1,776 | | | | 812 | | | | |
Kansas City, MO-KS | | | 187,980 | | | | 1.3 | % | | | 95.0 | % | | | 1,386 | | | | 1,110 | | | | |
San Antonio, TX | | | 165,161 | | | | 1.1 | % | | | 95.2 | % | | | 1,237 | | | | 1,504 | | | | |
Birmingham, AL | | | 162,980 | | | | 1.1 | % | | | 96.1 | % | | | 1,234 | | | | 1,462 | | | | |
All Other Markets by State (individual markets <1% gross real assets) | |
Tennessee | | | 188,402 | | | | 1.3 | % | | | 96.0 | % | | | 1,197 | | | | 2,754 | | | | |
Florida | | | 179,781 | | | | 1.2 | % | | | 96.7 | % | | | 1,565 | | | | 1,806 | | | | |
Alabama | | | 164,063 | | | | 1.1 | % | | | 96.2 | % | | | 1,239 | | | | 1,648 | | | | |
Virginia | | | 155,180 | | | | 1.1 | % | | | 97.4 | % | | | 1,572 | | | | 1,039 | | | | |
Kentucky | | | 95,081 | | | | 0.7 | % | | | 96.4 | % | | | 1,033 | | | | 1,308 | | | | |
Nevada | | | 72,298 | | | | 0.5 | % | | | 95.4 | % | | | 1,441 | | | | 721 | | | | |
South Carolina | | | 36,968 | | | | 0.3 | % | | | 93.2 | % | | | 1,060 | | | | 576 | | | | |
Stabilized Communities | | $ | 13,927,437 | | | | 96.6 | % | | | 95.7 | % | | $ | 1,470 | | | | 98,684 | | | | |
Orlando, FL | | | 160,803 | | | | 1.1 | % | | | 70.6 | % | | | 2,164 | | | | 633 | | | | 633 | |
Denver, CO | | | 98,006 | | | | 0.7 | % | | | 70.6 | % | | | 1,842 | | | | 306 | | | | 658 | |
Houston, TX | | | 54,368 | | | | 0.4 | % | | | 48.4 | % | | | 1,562 | | | | 308 | | | | 308 | |
Austin, TX | | | 48,371 | | | | 0.3 | % | | | 5.1 | % | | | 1,535 | | | | 46 | | | | 350 | |
Phoenix, AZ | | | 44,510 | | | | 0.3 | % | | | — | | | | — | | | | — | | | | 317 | |
Salt Lake City, UT | | | 44,101 | | | | 0.3 | % | | | — | | | | — | | | | — | | | | 400 | |
Atlanta, GA | | | 38,997 | | | | 0.3 | % | | | — | | | | — | | | | — | | | | 340 | |
Lease-up / Development Communities | | $ | 489,156 | | | | 3.4 | % | | | 52.0 | % | | $ | 1,922 | | | | 1,293 | | | | 3,006 | |
Total Multifamily Communities | | $ | 14,416,593 | | | | 100.0 | % | | | 95.0 | % | | $ | 1,476 | | | | 99,977 | | | | 101,690 | |
(1)Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of March 31, 2022, the gross investment in real estate for this community is $80.2 million and includes a mortgage note payable of $51.8 million. For the three months ended March 31, 2022, this apartment community achieved NOI of $1.9 million.
Supplemental Data S-2
|
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
| | | | | | | | | | | | | | | | | | | | |
| | As of March 31, 2022 | | | Three Months Ended | |
| | Apartment Units | | | Gross Real Assets | | | March 31, 2022 | | | March 31, 2021 | | | Percent Change | |
Operating Revenues | | | | | | | | | | | | | | | |
Same Store Communities | | | 96,313 | | | $ | 13,569,996 | | | $ | 454,477 | | | $ | 405,146 | | | | 12.2 | % |
Non-Same Store Communities | | | 2,371 | | | | 357,441 | | | | 11,172 | | | | 14,031 | | | | |
Lease-up/Development Communities | | | 1,293 | | | | 489,156 | | | | 4,412 | | | | 1 | | | | |
Total Multifamily Portfolio | | | 99,977 | | | $ | 14,416,593 | | | $ | 470,061 | | | $ | 419,178 | | | | |
Commercial Property/Land | | | — | | | | 291,398 | | | | 6,017 | | | | 5,827 | | | | |
Total Operating Revenues | | | 99,977 | | | $ | 14,707,991 | | | $ | 476,078 | | | $ | 425,005 | | | | |
| | | | | | | | | | | | | | | |
Property Operating Expenses | | | | | | | | | | | | | | | |
Same Store Communities | | | | | | | | $ | 159,835 | | | $ | 153,206 | | | | 4.3 | % |
Non-Same Store Communities | | | | | | | | | 4,450 | | | | 6,454 | | | | |
Lease-up/Development Communities | | | | | | | | | 2,610 | | | | 273 | | | | |
Total Multifamily Portfolio | | | | | | | | $ | 166,895 | | | $ | 159,933 | | | | |
Commercial Property/Land | | | | | | | | | 2,525 | | | | 2,535 | | | | |
Total Property Operating Expenses | | | | | | | | $ | 169,420 | | | $ | 162,468 | | | | |
| | | | | | | | | | | | | | | |
Net Operating Income | | | | | | | | | | | | | | | |
Same Store Communities | | | | | | | | $ | 294,642 | | | $ | 251,940 | | | | 16.9 | % |
Non-Same Store Communities | | | | | | | | | 6,722 | | | | 7,577 | | | | |
Lease-up/Development Communities | | | | | | | | | 1,802 | | | | (272 | ) | | | |
Total Multifamily Portfolio | | | | | | | | $ | 303,166 | | | $ | 259,245 | | | | |
Commercial Property/Land | | | | | | | | | 3,492 | | | | 3,292 | | | | |
Total Net Operating Income | | | | | | | | $ | 306,658 | | | $ | 262,537 | | | | 16.8 | % |
|
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
| | | | | | | | | | | | |
| | Three Months Ended | |
| | March 31, 2022 | | | March 31, 2021 | | | Percent Change | |
Personnel | | $ | 35,314 | | | $ | 33,545 | | | | 5.3 | % |
Building Repair and Maintenance | | | 18,460 | | | | 16,923 | | | | 9.1 | % |
Utilities | | | 29,467 | | | | 28,561 | | | | 3.2 | % |
Marketing | | | 5,295 | | | | 5,333 | | | | (0.7 | )% |
Office Operations | | | 6,898 | | | | 5,562 | | | | 24.0 | % |
Property Taxes | | | 58,182 | | | | 57,820 | | | | 0.6 | % |
Insurance | | | 6,219 | | | | 5,462 | | | | 13.9 | % |
Total Property Operating Expenses | | $ | 159,835 | | | $ | 153,206 | | | | 4.3 | % |
Supplemental Data S-3
|
MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE |
| | | | | | | | | | | | | | | | |
| | | | | | | | Average Physical Occupancy | |
| | | | | Percent of | | | Three Months Ended | |
| | Apartment Units | | | Same Store NOI | | | March 31, 2022 | | | March 31, 2021 | |
Atlanta, GA | | | 11,434 | | | | 13.1 | % | | | 95.8 | % | | | 94.8 | % |
Dallas, TX | | | 9,767 | | | | 8.9 | % | | | 95.6 | % | | | 95.2 | % |
Tampa, FL | | | 5,220 | | | | 6.7 | % | | | 96.6 | % | | | 97.0 | % |
Austin, TX | | | 6,829 | | | | 6.5 | % | | | 95.2 | % | | | 95.3 | % |
Charlotte, NC | | | 5,867 | | | | 6.4 | % | | | 95.7 | % | | | 96.0 | % |
Orlando, FL | | | 5,274 | | | | 6.2 | % | | | 96.4 | % | | | 95.4 | % |
Raleigh/Durham, NC | | | 5,350 | | | | 5.3 | % | | | 95.5 | % | | | 95.7 | % |
Washington, DC | | | 3,684 | | | | 5.1 | % | | | 95.8 | % | | | 96.2 | % |
Nashville, TN | | | 4,375 | | | | 4.6 | % | | | 95.6 | % | | | 94.6 | % |
Houston, TX | | | 4,867 | | | | 4.0 | % | | | 95.7 | % | | | 93.9 | % |
Jacksonville, FL | | | 3,496 | | | | 3.5 | % | | | 96.9 | % | | | 97.5 | % |
Fort Worth, TX | | | 3,519 | | | | 3.5 | % | | | 95.8 | % | | | 95.8 | % |
Charleston, SC | | | 3,168 | | | | 3.4 | % | | | 96.0 | % | | | 95.8 | % |
Phoenix, AZ | | | 2,623 | | | | 3.3 | % | | | 96.4 | % | | | 96.9 | % |
Richmond, VA | | | 2,004 | | | | 2.0 | % | | | 96.3 | % | | | 96.9 | % |
Greenville, SC | | | 2,355 | | | | 2.0 | % | | | 95.9 | % | | | 95.9 | % |
Savannah, GA | | | 1,837 | | | | 1.9 | % | | | 96.9 | % | | | 97.1 | % |
Memphis, TN | | | 1,811 | | | | 1.6 | % | | | 95.7 | % | | | 97.6 | % |
Birmingham, AL | | | 1,462 | | | | 1.2 | % | | | 95.4 | % | | | 96.6 | % |
San Antonio, TX | | | 1,504 | | | | 1.2 | % | | | 95.2 | % | | | 94.9 | % |
Denver, CO | | | 812 | | | | 1.1 | % | | | 96.4 | % | | | 93.6 | % |
Huntsville, AL | | | 1,228 | | | | 1.1 | % | | | 96.1 | % | | | 96.8 | % |
Kansas City, MO-KS | | | 1,110 | | | | 1.1 | % | | | 95.7 | % | | | 93.9 | % |
Other | | | 6,717 | | | | 6.3 | % | | | 96.3 | % | | | 96.4 | % |
Total Same Store | | | 96,313 | | | | 100.0 | % | | | 95.9 | % | | | 95.7 | % |
Supplemental Data S-4
|
MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Revenues | | | Expenses | | | NOI | | | Average Effective Rent per Unit | |
| | Units | | | Q1 2022 | | | Q1 2021 | | | % Chg | | | Q1 2022 | | | Q1 2021 | | | % Chg | | | Q1 2022 | | | Q1 2021 | | | % Chg | | | Q1 2022 | | | Q1 2021 | | | % Chg | |
Atlanta, GA | | | 11,434 | | | $ | 59,597 | | | $ | 53,106 | | | | 12.2 | % | | $ | 21,046 | | | $ | 19,807 | | | | 6.3 | % | | $ | 38,551 | | | $ | 33,299 | | | | 15.8 | % | | $ | 1,647 | | | $ | 1,473 | | | | 11.8 | % |
Dallas, TX | | | 9,767 | | | | 44,760 | | | | 39,920 | | | | 12.1 | % | | | 18,579 | | | | 18,140 | | | | 2.4 | % | | | 26,181 | | | | 21,780 | | | | 20.2 | % | | | 1,439 | | | | 1,292 | | | | 11.4 | % |
Tampa, FL | | | 5,220 | | | | 29,930 | | | | 25,872 | | | | 15.7 | % | | | 10,055 | | | | 9,115 | | | | 10.3 | % | | | 19,875 | | | | 16,757 | | | | 18.6 | % | | | 1,798 | | | | 1,534 | | | | 17.2 | % |
Austin, TX | | | 6,829 | | | | 31,781 | | | | 27,977 | | | | 13.6 | % | | | 12,627 | | | | 13,042 | | | | (3.2 | )% | | | 19,154 | | | | 14,935 | | | | 28.2 | % | | | 1,450 | | | | 1,280 | | | | 13.2 | % |
Charlotte, NC | | | 5,867 | | | | 26,480 | | | | 23,770 | | | | 11.4 | % | | | 7,692 | | | | 7,304 | | | | 5.3 | % | | | 18,788 | | | | 16,466 | | | | 14.1 | % | | | 1,397 | | | | 1,254 | | | | 11.3 | % |
Orlando, FL | | | 5,274 | | | | 27,890 | | | | 24,598 | | | | 13.4 | % | | | 9,638 | | | | 9,193 | | | | 4.8 | % | | | 18,252 | | | | 15,405 | | | | 18.5 | % | | | 1,651 | | | | 1,454 | | | | 13.6 | % |
Raleigh/Durham, NC | | | 5,350 | | | | 22,907 | | | | 20,845 | | | | 9.9 | % | | | 7,141 | | | | 6,770 | | | | 5.5 | % | | | 15,766 | | | | 14,075 | | | | 12.0 | % | | | 1,326 | | | | 1,183 | | | | 12.1 | % |
Washington, DC | | | 3,684 | | | | 21,971 | | | | 20,916 | | | | 5.0 | % | | | 6,869 | | | | 6,580 | | | | 4.4 | % | | | 15,102 | | | | 14,336 | | | | 5.3 | % | | | 1,895 | | | | 1,791 | | | | 5.8 | % |
Nashville, TN | | | 4,375 | | | | 20,580 | | | | 18,302 | | | | 12.4 | % | | | 6,985 | | | | 6,697 | | | | 4.3 | % | | | 13,595 | | | | 11,605 | | | | 17.1 | % | | | 1,472 | | | | 1,313 | | | | 12.1 | % |
Houston, TX | | | 4,867 | | | | 20,220 | | | | 18,523 | | | | 9.2 | % | | | 8,455 | | | | 8,359 | | | | 1.1 | % | | | 11,765 | | | | 10,164 | | | | 15.8 | % | | | 1,285 | | | | 1,206 | | | | 6.6 | % |
Jacksonville, FL | | | 3,496 | | | | 15,206 | | | | 13,134 | | | | 15.8 | % | | | 4,944 | | | | 4,574 | | | | 8.1 | % | | | 10,262 | | | | 8,560 | | | | 19.9 | % | | | 1,369 | | | | 1,180 | | | | 16.0 | % |
Fort Worth, TX | | | 3,519 | | | | 16,245 | | | | 14,526 | | | | 11.8 | % | | | 6,046 | | | | 6,136 | | | | (1.5 | )% | | | 10,199 | | | | 8,390 | | | | 21.6 | % | | | 1,382 | | | | 1,235 | | | | 11.9 | % |
Charleston, SC | | | 3,168 | | | | 14,857 | | | | 13,057 | | | | 13.8 | % | | | 4,950 | | | | 4,708 | | | | 5.1 | % | | | 9,907 | | | | 8,349 | | | | 18.7 | % | | | 1,453 | | | | 1,271 | | | | 14.4 | % |
Phoenix, AZ | | | 2,623 | | | | 13,112 | | | | 11,262 | | | | 16.4 | % | | | 3,293 | | | | 3,125 | | | | 5.4 | % | | | 9,819 | | | | 8,137 | | | | 20.7 | % | | | 1,560 | | | | 1,328 | | | | 17.4 | % |
Richmond, VA | | | 2,004 | | | | 9,007 | | | | 8,283 | | | | 8.7 | % | | | 3,091 | | | | 2,771 | | | | 11.5 | % | | | 5,916 | | | | 5,512 | | | | 7.3 | % | | | 1,404 | | | | 1,256 | | | | 11.8 | % |
Greenville, SC | | | 2,355 | | | | 9,106 | | | | 8,222 | | | | 10.8 | % | | | 3,302 | | | | 3,252 | | | | 1.5 | % | | | 5,804 | | | | 4,970 | | | | 16.8 | % | | | 1,155 | | | | 1,025 | | | | 12.6 | % |
Savannah, GA | | | 1,837 | | | | 8,434 | | | | 7,155 | | | | 17.9 | % | | | 2,897 | | | | 2,715 | | | | 6.7 | % | | | 5,537 | | | | 4,440 | | | | 24.7 | % | | | 1,382 | | | | 1,172 | | | | 17.9 | % |
Memphis, TN | | | 1,811 | | | | 7,314 | | | | 6,442 | | | | 13.5 | % | | | 2,636 | | | | 2,575 | | | | 2.4 | % | | | 4,678 | | | | 3,867 | | | | 21.0 | % | | | 1,250 | | | | 1,077 | | | | 16.1 | % |
Birmingham, AL | | | 1,462 | | | | 6,010 | | | | 5,528 | | | | 8.7 | % | | | 2,338 | | | | 2,163 | | | | 8.1 | % | | | 3,672 | | | | 3,365 | | | | 9.1 | % | | | 1,234 | | | | 1,109 | | | | 11.3 | % |
San Antonio, TX | | | 1,504 | | | | 5,940 | | | | 5,377 | | | | 10.5 | % | | | 2,498 | | | | 2,371 | | | | 5.4 | % | | | 3,442 | | | | 3,006 | | | | 14.5 | % | | | 1,237 | | | | 1,128 | | | | 9.7 | % |
Denver, CO | | | 812 | | | | 4,660 | | | | 4,168 | | | | 11.8 | % | | | 1,338 | | | | 1,295 | | | | 3.3 | % | | | 3,322 | | | | 2,873 | | | | 15.6 | % | | | 1,776 | | | | 1,625 | | | | 9.3 | % |
Huntsville, AL | | | 1,228 | | | | 4,928 | | | | 4,435 | | | | 11.1 | % | | | 1,608 | | | | 1,499 | | | | 7.3 | % | | | 3,320 | | | | 2,936 | | | | 13.1 | % | | | 1,185 | | | | 1,054 | | | | 12.4 | % |
Kansas City, MO-KS | | | 1,110 | | | | 4,870 | | | | 4,501 | | | | 8.2 | % | | | 1,765 | | | | 1,688 | | | | 4.6 | % | | | 3,105 | | | | 2,813 | | | | 10.4 | % | | | 1,386 | | | | 1,291 | | | | 7.4 | % |
Other | | | 6,717 | | | | 28,672 | | | | 25,227 | | | | 13.7 | % | | | 10,042 | | | | 9,327 | | | | 7.7 | % | | | 18,630 | | | | 15,900 | | | | 17.2 | % | | | 1,324 | | | | 1,160 | | | | 14.1 | % |
Total Same Store | | | 96,313 | | | $ | 454,477 | | | $ | 405,146 | | | | 12.2 | % | | $ | 159,835 | | | $ | 153,206 | | | | 4.3 | % | | $ | 294,642 | | | $ | 251,940 | | | | 16.9 | % | | $ | 1,469 | | | $ | 1,308 | | | | 12.4 | % |
Supplemental Data S-5
|
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except Average Effective Rent per Unit
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Revenues | | | Expenses | | | NOI | | | Average Effective Rent per Unit | |
| | Units | | | Q1 2022 | | | Q4 2021 | | | % Chg | | | Q1 2022 | | | Q4 2021 | | | % Chg | | | Q1 2022 | | | Q4 2021 | | | % Chg | | | Q1 2022 | | | Q4 2021 | | | % Chg | |
Atlanta, GA | | | 11,434 | | | $ | 59,597 | | | $ | 57,929 | | | | 2.9 | % | | $ | 21,046 | | | $ | 20,417 | | | | 3.1 | % | | $ | 38,551 | | | $ | 37,512 | | | | 2.8 | % | | $ | 1,647 | | | $ | 1,611 | | | | 2.3 | % |
Dallas, TX | | | 9,767 | | | | 44,760 | | | | 43,479 | | | | 2.9 | % | | | 18,579 | | | | 18,750 | | | | (0.9 | )% | | | 26,181 | | | | 24,729 | | | | 5.9 | % | | | 1,439 | | | | 1,403 | | | | 2.6 | % |
Tampa, FL | | | 5,220 | | | | 29,930 | | | | 28,886 | | | | 3.6 | % | | | 10,055 | | | | 9,226 | | | | 9.0 | % | | | 19,875 | | | | 19,660 | | | | 1.1 | % | | | 1,798 | | | | 1,730 | | | | 3.9 | % |
Austin, TX | | | 6,829 | | | | 31,781 | | | | 30,929 | | | | 2.8 | % | | | 12,627 | | | | 13,372 | | | | (5.6 | )% | | | 19,154 | | | | 17,557 | | | | 9.1 | % | | | 1,450 | | | | 1,403 | | | | 3.3 | % |
Charlotte, NC | | | 5,867 | | | | 26,480 | | | | 25,704 | | | | 3.0 | % | | | 7,692 | | | | 7,664 | | | | 0.4 | % | | | 18,788 | | | | 18,040 | | | | 4.1 | % | | | 1,397 | | | | 1,365 | | | | 2.3 | % |
Orlando, FL | | | 5,274 | | | | 27,890 | | | | 27,000 | | | | 3.3 | % | | | 9,638 | | | | 9,103 | | | | 5.9 | % | | | 18,252 | | | | 17,897 | | | | 2.0 | % | | | 1,651 | | | | 1,594 | | | | 3.6 | % |
Raleigh/Durham, NC | | | 5,350 | | | | 22,907 | | | | 22,249 | | | | 3.0 | % | | | 7,141 | | | | 7,096 | | | | 0.6 | % | | | 15,766 | | | | 15,153 | | | | 4.0 | % | | | 1,326 | | | | 1,292 | | | | 2.7 | % |
Washington, DC | | | 3,684 | | | | 21,971 | | | | 21,807 | | | | 0.8 | % | | | 6,869 | | | | 6,507 | | | | 5.6 | % | | | 15,102 | | | | 15,300 | | | | (1.3 | )% | | | 1,895 | | | | 1,883 | | | | 0.6 | % |
Nashville, TN | | | 4,375 | | | | 20,580 | | | | 20,124 | | | | 2.3 | % | | | 6,985 | | | | 6,689 | | | | 4.4 | % | | | 13,595 | | | | 13,435 | | | | 1.2 | % | | | 1,472 | | | | 1,436 | | | | 2.5 | % |
Houston, TX | | | 4,867 | | | | 20,220 | | | | 19,825 | | | | 2.0 | % | | | 8,455 | | | | 9,537 | | | | (11.3 | )% | | | 11,765 | | | | 10,288 | | | | 14.4 | % | | | 1,285 | | | | 1,266 | | | | 1.5 | % |
Jacksonville, FL | | | 3,496 | | | | 15,206 | | | | 14,681 | | | | 3.6 | % | | | 4,944 | | | | 4,759 | | | | 3.9 | % | | | 10,262 | | | | 9,922 | | | | 3.4 | % | | | 1,369 | | | | 1,325 | | | | 3.3 | % |
Fort Worth, TX | | | 3,519 | | | | 16,245 | | | | 15,825 | | | | 2.7 | % | | | 6,046 | | | | 6,452 | | | | (6.3 | )% | | | 10,199 | | | | 9,373 | | | | 8.8 | % | | | 1,382 | | | | 1,351 | | | | 2.3 | % |
Charleston, SC | | | 3,168 | | | | 14,857 | | | | 14,380 | | | | 3.3 | % | | | 4,950 | | | | 4,999 | | | | (1.0 | )% | | | 9,907 | | | | 9,381 | | | | 5.6 | % | | | 1,453 | | | | 1,410 | | | | 3.1 | % |
Phoenix, AZ | | | 2,623 | | | | 13,112 | | | | 12,753 | | | | 2.8 | % | | | 3,293 | | | | 3,146 | | | | 4.7 | % | | | 9,819 | | | | 9,607 | | | | 2.2 | % | | | 1,560 | | | | 1,511 | | | | 3.2 | % |
Richmond, VA | | | 2,004 | | | | 9,007 | | | | 8,827 | | | | 2.0 | % | | | 3,091 | | | | 2,791 | | | | 10.7 | % | | | 5,916 | | | | 6,036 | | | | (2.0 | )% | | | 1,404 | | | | 1,373 | | | | 2.3 | % |
Greenville, SC | | | 2,355 | | | | 9,106 | | | | 8,910 | | | | 2.2 | % | | | 3,302 | | | | 3,290 | | | | 0.4 | % | | | 5,804 | | | | 5,620 | | | | 3.3 | % | | | 1,155 | | | | 1,134 | | | | 1.8 | % |
Savannah, GA | | | 1,837 | | | | 8,434 | | | | 8,165 | | | | 3.3 | % | | | 2,897 | | | | 2,839 | | | | 2.0 | % | | | 5,537 | | | | 5,326 | | | | 4.0 | % | | | 1,382 | | | | 1,337 | | | | 3.4 | % |
Memphis, TN | | | 1,811 | | | | 7,314 | | | | 7,113 | | | | 2.8 | % | | | 2,636 | | | | 2,496 | | | | 5.6 | % | | | 4,678 | | | | 4,617 | | | | 1.3 | % | | | 1,250 | | | | 1,221 | | | | 2.4 | % |
Birmingham, AL | | | 1,462 | | | | 6,010 | | | | 5,918 | | | | 1.6 | % | | | 2,338 | | | | 2,351 | | | | (0.6 | )% | | | 3,672 | | | | 3,567 | | | | 2.9 | % | | | 1,234 | | | | 1,209 | | | | 2.1 | % |
San Antonio, TX | | | 1,504 | | | | 5,940 | | | | 5,875 | | | | 1.1 | % | | | 2,498 | | | | 2,461 | | | | 1.5 | % | | | 3,442 | | | | 3,414 | | | | 0.8 | % | | | 1,237 | | | | 1,205 | | | | 2.7 | % |
Denver, CO | | | 812 | | | | 4,660 | | | | 4,484 | | | | 3.9 | % | | | 1,338 | | | | 1,268 | | | | 5.5 | % | | | 3,322 | | | | 3,216 | | | | 3.3 | % | | | 1,776 | | | | 1,752 | | | | 1.4 | % |
Huntsville, AL | | | 1,228 | | | | 4,928 | | | | 4,795 | | | | 2.8 | % | | | 1,608 | | | | 1,602 | | | | 0.4 | % | | | 3,320 | | | | 3,193 | | | | 4.0 | % | | | 1,185 | | | | 1,159 | | | | 2.3 | % |
Kansas City, MO-KS | | | 1,110 | | | | 4,870 | | | | 4,837 | | | | 0.7 | % | | | 1,765 | | | | 1,639 | | | | 7.7 | % | | | 3,105 | | | | 3,198 | | | | (2.9 | )% | | | 1,386 | | | | 1,372 | | | | 1.0 | % |
Other | | | 6,717 | | | | 28,672 | | | | 27,984 | | | | 2.5 | % | | | 10,042 | | | | 9,600 | | | | 4.6 | % | | | 18,630 | | | | 18,384 | | | | 1.3 | % | | | 1,324 | | | | 1,291 | | | | 2.6 | % |
Total Same Store | | | 96,313 | | | $ | 454,477 | | | $ | 442,479 | | | | 2.7 | % | | $ | 159,835 | | | $ | 158,054 | | | | 1.1 | % | | $ | 294,642 | | | $ | 284,425 | | | | 3.6 | % | | $ | 1,469 | | | $ | 1,433 | | | | 2.6 | % |
Supplemental Data S-6
|
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Units as of | | | | | | | | | | | Development Costs as of | |
| | | | March 31, 2022 | | | | | Expected | | March 31, 2022 | |
| | | | | | | | | | | | | Start | | Initial | | | | | | Expected | | | Spend | | | Expected | |
| | Location | | Total | | | Delivered | | | Leased | | | Date | | Occupancy | | Completion | | Stabilization (1) | | Total | | | to Date | | | Remaining | |
MAA Windmill Hill | | Austin, TX | | | 350 | | | | 46 | | | | 29 | | | 4Q20 | | 1Q22 | | 4Q22 | | 4Q23 | | $ | 63,000 | | | $ | 48,371 | | | $ | 14,629 | |
Novel Val Vista (2) | | Phoenix, AZ | | | 317 | | | — | | | — | | | 4Q20 | | 4Q22 | | 2Q23 | | 2Q24 | | | 72,500 | | | | 44,510 | | | | 27,990 | |
Novel West Midtown (2) | | Atlanta, GA | | | 340 | | | — | | | — | | | 2Q21 | | 4Q22 | | 3Q23 | | 3Q24 | | | 89,500 | | | | 38,997 | | | | 50,503 | |
Novel Daybreak (2) | | Salt Lake City, UT | | | 400 | | | — | | | — | | | 2Q21 | | 4Q22 | | 3Q23 | | 4Q24 | | | 94,000 | | | | 44,101 | | | | 49,899 | |
MAA Central Park I | | Denver, CO | | | 352 | | | — | | | — | | | 1Q22 | | 4Q23 | | 3Q24 | | 3Q25 | | | 125,000 | | | | 16,796 | | | | 108,204 | |
Total Active | | | | | 1,759 | | | | 46 | | | | 29 | | | | | | | | | | | $ | 444,000 | | | $ | 192,775 | | | $ | 251,225 | |
(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.
|
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands
| | | | | | | | | | | | | | | | |
| | As of March 31, 2022 | | | | | |
| | Location | | Total Units | | | Physical Occupancy | | Spend to Date | | | Construction Finished | | Expected Stabilization (1) |
Sand Lake (2) | | Orlando, FL | | 264 | | | 79.5% | | $ | 63,558 | | | 4Q21 | | 3Q22 |
MAA Westglenn | | Denver, CO | | 306 | | | 70.6% | | | 81,210 | | | 1Q22 | | 4Q22 |
MAA Robinson | | Orlando, FL | | 369 | | | 64.2% | | | 97,245 | | | 4Q21 | | 1Q23 |
MAA Park Point | | Houston, TX | | 308 | | | 48.4% | | | 54,345 | | | 1Q22 | | 1Q23 |
Total | | | | | 1,247 | | | 65.1% | | $ | 296,358 | | | | | |
(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.
(2) 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, 2022 | | |
Units Completed | | | Redevelopment Spend | | | Average Cost per Unit | | | Increase in Average Effective Rent per Unit | | | Increase in Average Effective Rent per Unit | | Estimated Units Remaining in Pipeline |
| 1,098 | | | $ | 6,202 | | | $ | 5,648 | | | $ | 140 | | | 11.0% | | 11,000 - 15,000 |
|
2022 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2022) |
| | | | | | |
Land Acquisition | | Market | | Acreage | | Closing Date |
MAA Florida Street Station | | Denver, CO | | 4 | | March 2022 |
Supplemental Data S-7
|
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2022 |
Dollars in thousands
| | | | | | | | | | | | | | | | |
DEBT SUMMARIES | | | | | | | | | | | | |
Fixed Rate Versus Floating Rate Debt | | Balance | | | Percent of Total | | | Effective Interest Rate | | | Average Years to Rate Maturity | |
Fixed rate debt | | $ | 4,517,505 | | | | 99.6 | % | | | 3.4 | % | | | 8.5 | |
Floating rate debt | | | 20,000 | | | | 0.4 | % | | | 0.6 | % | | | 0.1 | |
Total | | $ | 4,537,505 | | | | 100.0 | % | | | 3.4 | % | | | 8.4 | |
| | | | | | | | | | | | |
Unsecured Versus Secured Debt | | Balance | | | Percent of Total | | | Effective Interest Rate | | | Average Years to Contract Maturity | |
Unsecured debt | | $ | 4,172,513 | | | | 92.0 | % | | | 3.3 | % | | | 6.9 | |
Secured debt | | | 364,992 | | | | 8.0 | % | | | 4.4 | % | | | 26.5 | |
Total | | $ | 4,537,505 | | | | 100.0 | % | | | 3.4 | % | | | 8.4 | |
| | | | | | | | | | | | |
Unencumbered Versus Encumbered Assets | | Total Cost | | | Percent of Total | | | Q1 2022 NOI | | | Percent of Total | |
Unencumbered gross assets | | $ | 14,275,149 | | | | 94.0 | % | | $ | 291,964 | | | | 95.2 | % |
Encumbered gross assets | | | 905,704 | | | | 6.0 | % | | | 14,694 | | | | 4.8 | % |
Total | | $ | 15,180,853 | | | | 100.0 | % | | $ | 306,658 | | | | 100.0 | % |
FIXED INTEREST RATE MATURITIES
| | | | | | | | | |
Maturity | | Fixed Rate Debt | | | | Effective Interest Rate | |
2022 | | $ | 124,874 | | | | | 3.3 | % |
2023 | | | 349,003 | | | | | 4.2 | % |
2024 | | | 398,229 | | | | | 4.0 | % |
2025 | | | 402,264 | | | | | 4.2 | % |
2026 | | | 296,623 | | | | | 1.2 | % |
2027 | | | 595,958 | | | | | 3.7 | % |
2028 | | | 396,239 | | | | | 4.2 | % |
2029 | | | 560,082 | | | | | 3.7 | % |
2030 | | | 297,282 | | | | | 3.1 | % |
2031 | | | 444,489 | | | | | 1.8 | % |
Thereafter | | | 652,462 | | | | | 3.8 | % |
Total | | $ | 4,517,505 | | | | | 3.4 | % |
DEBT MATURITIES OF OUTSTANDING BALANCES
| | | | | | | | | | | | | | | | |
| | Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾ | | | Public Bonds | | | Secured | | | Total | |
2022 | | $ | 20,000 | | | $ | 124,874 | | | $ | — | | | $ | 144,874 | |
2023 | | | — | | | | 349,003 | | | | — | | | | 349,003 | |
2024 | | | — | | | | 398,229 | | | | — | | | | 398,229 | |
2025 | | | — | | | | 397,193 | | | | 5,071 | | | | 402,264 | |
2026 | | | — | | | | 296,623 | | | | — | | | | 296,623 | |
2027 | | | — | | | | 595,958 | | | | — | | | | 595,958 | |
2028 | | | — | | | | 396,239 | | | | — | | | | 396,239 | |
2029 | | | — | | | | 560,082 | | | | — | | | | 560,082 | |
2030 | | | — | | | | 297,282 | | | | — | | | | 297,282 | |
2031 | | | — | | | | 444,489 | | | | — | | | | 444,489 | |
Thereafter | | | — | | | | 292,541 | | | | 359,921 | | | | 652,462 | |
Total | | $ | 20,000 | | | $ | 4,152,513 | | | $ | 364,992 | | | $ | 4,537,505 | |
(1)The $20.0 million maturing in 2022 reflects the principal outstanding under MAALP’s unsecured commercial paper program as of March 31, 2022. 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, 2022, average daily borrowings outstanding under the commercial paper program were $13.8 million.
(2)There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of March 31, 2022. The unsecured revolving credit facility has a maturity date of May 2023 with two six-month extensions.
Supplemental Data S-8
|
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2022 (CONTINUED) |
Dollars in thousands
DEBT COVENANT ANALYSIS (1)
| | | | | | |
Bond Covenants | | Required | | Actual | | Compliance |
Total debt to adjusted total assets | | 60% or less | | 29.9% | | Yes |
Total secured debt to adjusted total assets | | 40% or less | | 2.4% | | Yes |
Consolidated income available for debt service to total annual debt service charge | | 1.5x or greater for trailing 4 quarters | | 6.3x | | Yes |
Total unencumbered assets to total unsecured debt | | Greater than 150% | | 339.2% | | Yes |
| | | | | | |
Bank Covenants | | Required | | Actual | | Compliance |
Total debt to total capitalized asset value | | 60% or less | | 23.6% | | Yes |
Total secured debt to total capitalized asset value | | 40% or Less | | 2.0% | | Yes |
Total adjusted EBITDA to fixed charges | | 1.5x or greater for trailing 4 quarters | | 6.4x | | Yes |
Total unsecured debt to total unsecured capitalized asset value | | 60% or less | | 22.7% | | Yes |
(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.
Supplemental Data S-9
MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP financial 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.
| | | | |
| | Revised Range | | Revised Midpoint |
Earnings: | | | | |
Earnings per common share - diluted | | $5.96 to $6.28 | | $6.12 |
Core FFO per Share - diluted | | $7.92 to $8.24 | | $8.08 |
Core AFFO per Share - diluted | | $7.14 to $7.46 | | $7.30 |
| | | | |
MAA Same Store Portfolio: | | | | |
Number of units | | | | 96,313 |
Average physical occupancy | | 95.6% to 96.0% | | 95.8% |
Property revenue growth | | 10.0% to 12.0% | | 11.0% |
Effective rent growth | | 11.0% to 13.0% | | 12.0% |
Property operating expense growth | | 5.5% to 6.5% | | 6.0% |
NOI growth | | 12.5% to 14.5% | | 13.5% |
Real estate tax expense growth | | 4.0% to 5.0% | | 4.5% |
| | | | |
Corporate Expenses: ($ in millions) | | | | |
General and administrative expenses | | $60.5 to $62.5 | | $61.5 |
Property management expenses | | $62.0 to $64.0 | | $63.0 |
Total overhead | | $122.5 to $126.5 | | $124.5 |
| | | | |
Transaction/Investment Volume: ($ in millions) | | | | |
Development investment | | $200.0 to $300.0 | | $250.0 |
Multifamily acquisition volume | | $75.0 to $125.0 | | $100.0 |
Multifamily disposition volume | | $325.0 to $375.0 | | $350.0 |
| | | | |
Debt: | | | | |
Average effective interest rate | | 3.4% to 3.6% | | 3.5% |
Capitalized interest ($ in millions) | | $7.5 to $8.5 | | $8.0 |
| | | | |
Diluted FFO Shares Outstanding: | | | | |
Diluted common shares and units | | 118.5 to 119.0 million | | 118.75 million |
|
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2022 GUIDANCE |
| | | | | | | | |
| | Full Year 2022 Guidance Range | |
| | Low | | | High | |
Earnings per common share - diluted | | $ | 5.96 | | | $ | 6.28 | |
Real estate depreciation and amortization | | | 4.57 | | | | 4.57 | |
Gains on sale of depreciable assets | | | (2.53 | ) | | | (2.53 | ) |
FFO per Share - diluted | | | 8.00 | | | | 8.32 | |
Non-Core FFO items (1) | | | (0.08 | ) | | | (0.08 | ) |
Core FFO per Share - diluted | | | 7.92 | | | | 8.24 | |
Recurring capital expenditures | | | (0.78 | ) | | | (0.78 | ) |
Core AFFO per Share - diluted | | $ | 7.14 | | | $ | 7.46 | |
(1)Non-Core FFO 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, gain or loss on investments, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.
Supplemental Data S-10
| | | | | | |
| | Commercial | | Long-Term | | |
| | Paper Rating | | Debt Rating | | Outlook |
Fitch Ratings (1) | | F2 | | BBB+ | | Positive |
Moody’s Investors Service (2) | | P-2 | | Baa1 | | Positive |
Standard & Poor’s Ratings Services (1) | | A-2 | | BBB+ | | Positive |
(1)Corporate credit rating assigned to MAA and MAALP
(2)Corporate credit rating assigned to MAALP
| | | | | | | | | | | | | | | | | | | | |
Stock Symbol: | | MAA | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Exchange Traded: | | NYSE | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Estimated Future Dates: | | Q2 2022 | | | Q3 2022 | | | Q4 2022 | | | Q1 2023 | | | | |
Earnings release & conference call | | Late July | | | Late October | | | Early February | | | Late April | | | | |
| | | | | | | | | | | | | | | |
Dividend Information - Common Shares: | | Q1 2021 | | | Q2 2021 | | | Q3 2021 | | | Q4 2021 | | | Q1 2022 | |
Declaration date | | 3/23/2021 | | | 5/18/2021 | | | 9/28/2021 | | | 12/7/2021 | | | 3/22/2022 | |
Record date | | 4/15/2021 | | | 7/15/2021 | | | 10/15/2021 | | | 1/14/2022 | | | 4/14/2022 | |
Payment date | | 4/30/2021 | | | 7/30/2021 | | | 10/29/2021 | | | 1/31/2022 | | | 4/29/2022 | |
Distributions per share | | $ | 1.0250 | | | $ | 1.0250 | | | $ | 1.0250 | | | $ | 1.0875 | | | $ | 1.0875 | |
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 |
| Andrew Schaeffer | | Senior Vice President, Treasurer and Director of Capital Markets |
| Jennifer Patrick | | Director of Investor Relations |
| Phone: 866-576-9689 (toll free) |
| Email: investor.relations@maac.com |
Supplemental Data S-11