Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 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 |
|
|
| 20 |
|
|
| 5,220 |
|
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 |
|
Huntsville, AL |
|
| 1,228 |
|
|
| — |
|
|
| — |
|
|
| 1,228 |
|
|
| — |
|
|
| 1,228 |
|
Other |
|
| 9,929 |
|
|
| 1,336 |
|
|
| - |
|
|
| 11,265 |
|
|
| — |
|
|
| 11,265 |
|
Total Multifamily Units |
|
| 95,920 |
|
|
| 4,097 |
|
|
| 578 |
|
|
| 100,595 |
|
|
| 20 |
|
|
| 100,615 |
|
(1) Schedule excludes a 269 unit joint venture property in Washington, D.C.
Supplemental Data S-1
TOTAL MULTIFAMILY COMMUNITY STATISTICS(1)
Dollars in thousands, except Average Effective Rent per Unit
|
| As of June 30, 2019 |
|
| Average Effective |
|
| As of June 30, 2019 |
| |||||||||||||||
|
| Gross Real Assets |
|
| Percent to Total of Gross Real Assets |
|
| Physical Occupancy |
|
| Rent per Unit for the Three Months Ended June 30, 2019 |
|
| Completed Units |
|
| Total Units, Including Development |
| ||||||
Atlanta, GA |
| $ | 1,879,100 |
|
|
| 13.9 | % |
|
| 95.8 | % |
| $ | 1,429 |
|
|
| 10,996 |
|
|
|
|
|
Dallas, TX |
|
| 1,374,418 |
|
|
| 10.2 | % |
|
| 95.7 | % |
|
| 1,271 |
|
|
| 9,766 |
|
|
|
|
|
Washington, DC |
|
| 948,359 |
|
|
| 7.0 | % |
|
| 96.7 | % |
|
| 1,776 |
|
|
| 4,080 |
|
|
|
|
|
Charlotte, NC |
|
| 946,383 |
|
|
| 7.0 | % |
|
| 96.2 | % |
|
| 1,212 |
|
|
| 6,149 |
|
|
|
|
|
Tampa, FL |
|
| 866,887 |
|
|
| 6.4 | % |
|
| 95.8 | % |
|
| 1,442 |
|
|
| 5,220 |
|
|
|
|
|
Austin, TX |
|
| 831,218 |
|
|
| 6.2 | % |
|
| 95.8 | % |
|
| 1,223 |
|
|
| 7,117 |
|
|
|
|
|
Orlando, FL |
|
| 818,424 |
|
|
| 6.1 | % |
|
| 95.6 | % |
|
| 1,436 |
|
|
| 5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
| 664,539 |
|
|
| 4.9 | % |
|
| 95.7 | % |
|
| 1,105 |
|
|
| 5,200 |
|
|
|
|
|
Houston, TX |
|
| 598,934 |
|
|
| 4.5 | % |
|
| 96.2 | % |
|
| 1,190 |
|
|
| 4,867 |
|
|
|
|
|
Nashville, TN |
|
| 527,778 |
|
|
| 3.9 | % |
|
| 97.1 | % |
|
| 1,247 |
|
|
| 4,375 |
|
|
|
|
|
Fort Worth, TX |
|
| 389,605 |
|
|
| 2.9 | % |
|
| 96.1 | % |
|
| 1,149 |
|
|
| 4,249 |
|
|
|
|
|
Phoenix, AZ |
|
| 373,177 |
|
|
| 2.8 | % |
|
| 97.2 | % |
|
| 1,192 |
|
|
| 2,623 |
|
|
|
|
|
Charleston, SC |
|
| 366,672 |
|
|
| 2.7 | % |
|
| 95.5 | % |
|
| 1,182 |
|
|
| 3,028 |
|
|
|
|
|
Jacksonville, FL |
|
| 291,967 |
|
|
| 2.2 | % |
|
| 96.8 | % |
|
| 1,119 |
|
|
| 3,496 |
|
|
|
|
|
Richmond, VA |
|
| 261,724 |
|
|
| 1.9 | % |
|
| 97.0 | % |
|
| 1,178 |
|
|
| 2,004 |
|
|
|
|
|
Savannah, GA |
|
| 238,590 |
|
|
| 1.8 | % |
|
| 96.6 | % |
|
| 1,078 |
|
|
| 2,219 |
|
|
|
|
|
Denver, CO |
|
| 188,037 |
|
|
| 1.4 | % |
|
| 95.6 | % |
|
| 1,612 |
|
|
| 733 |
|
|
|
|
|
Kansas City, MO-KS |
|
| 183,226 |
|
|
| 1.4 | % |
|
| 95.8 | % |
|
| 1,227 |
|
|
| 1,110 |
|
|
|
|
|
San Antonio, TX |
|
| 161,266 |
|
|
| 1.2 | % |
|
| 96.9 | % |
|
| 1,094 |
|
|
| 1,504 |
|
|
|
|
|
Birmingham, AL |
|
| 155,780 |
|
|
| 1.2 | % |
|
| 96.9 | % |
|
| 1,010 |
|
|
| 1,462 |
|
|
|
|
|
Greenville, SC |
|
| 153,909 |
|
|
| 1.1 | % |
|
| 95.9 | % |
|
| 900 |
|
|
| 2,084 |
|
|
|
|
|
Memphis, TN |
|
| 129,838 |
|
|
| 1.0 | % |
|
| 95.7 | % |
|
| 986 |
|
|
| 1,811 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
| |||||||||||||||||||||||
Florida |
| $ | 175,074 |
|
|
| 1.3 | % |
|
| 96.6 | % |
| $ | 1,311 |
|
|
| 1,806 |
|
|
|
|
|
Alabama |
|
| 156,105 |
|
|
| 1.2 | % |
|
| 97.6 | % |
|
| 959 |
|
|
| 1,648 |
|
|
|
|
|
Virginia |
|
| 151,184 |
|
|
| 1.1 | % |
|
| 97.5 | % |
|
| 1,284 |
|
|
| 1,039 |
|
|
|
|
|
Arkansas |
|
| 117,853 |
|
|
| 0.9 | % |
|
| 96.1 | % |
|
| 882 |
|
|
| 1,368 |
|
|
|
|
|
Kentucky |
|
| 93,250 |
|
|
| 0.7 | % |
|
| 96.2 | % |
|
| 877 |
|
|
| 1,308 |
|
|
|
|
|
Mississippi |
|
| 73,739 |
|
|
| 0.5 | % |
|
| 96.0 | % |
|
| 876 |
|
|
| 1,241 |
|
|
|
|
|
Nevada |
|
| 69,393 |
|
|
| 0.5 | % |
|
| 97.4 | % |
|
| 1,039 |
|
|
| 721 |
|
|
|
|
|
Tennessee |
|
| 51,712 |
|
|
| 0.4 | % |
|
| 96.3 | % |
|
| 871 |
|
|
| 943 |
|
|
|
|
|
South Carolina |
|
| 36,578 |
|
|
| 0.3 | % |
|
| 96.2 | % |
|
| 854 |
|
|
| 576 |
|
|
|
|
|
Stabilized Communities |
| $ | 13,274,719 |
|
|
| 98.6 | % |
|
| 96.2 | % |
| $ | 1,223 |
|
|
| 100,017 |
|
|
|
|
|
Atlanta, GA |
| $ | 85,993 |
|
|
| 0.7 | % |
|
| 63.2 | % |
| $ | 1,590 |
|
|
| 438 |
|
|
| 438 |
|
Charleston, SC |
|
| 28,612 |
|
|
| 0.2 | % |
|
| 65.7 | % |
|
| 1,559 |
|
|
| 140 |
|
|
| 140 |
|
Dallas, TX |
|
| 24,110 |
|
|
| 0.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 348 |
|
Denver, CO |
|
| 18,428 |
|
|
| 0.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 79 |
|
Phoenix, AZ |
|
| 18,041 |
|
|
| 0.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 345 |
|
Raleigh/Durham, NC |
|
| 16,835 |
|
|
| 0.1 | % |
|
|
|
|
|
|
|
|
|
| 20 |
|
|
| 150 |
|
Fort Worth, TX |
|
| 5,108 |
|
|
| 0.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 168 |
|
Lease-up / Development Communities |
| $ | 197,127 |
|
|
| 1.4 | % |
|
| 63.8 | % |
| $ | 1,582 |
|
|
| 598 |
|
|
| 1,668 |
|
Total Multifamily Communities |
| $ | 13,471,846 |
|
|
| 100.0 | % |
|
| 96.0 | % |
| $ | 1,242 |
|
|
| 100,615 |
|
|
| 101,685 |
|
(1) Schedule excludes one joint venture property in Washington, D.C.
Supplemental Data S-2
Dollars in thousands
|
| As of June 30, 2019 |
|
| Three Months Ended |
| ||||||||||||||
|
| Apartment Units |
|
| Gross Real Assets |
|
| June 30, 2019 |
|
| June 30, 2018 |
|
| Percent Change |
| |||||
Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
| 95,920 |
|
| $ | 12,478,842 |
|
| $ | 380,609 |
|
| $ | 368,729 |
|
|
| 3.2 | % |
Non-Same Store Communities |
|
| 4,097 |
|
|
| 795,877 |
|
|
| 19,192 |
|
|
| 15,696 |
|
|
|
|
|
Lease-up/Development Communities |
|
| 598 |
|
|
| 197,127 |
|
|
| 1,479 |
|
|
| 108 |
|
|
|
|
|
Total Multifamily Portfolio |
|
| 100,615 |
|
| $ | 13,471,846 |
|
| $ | 401,280 |
|
| $ | 384,533 |
|
|
|
|
|
Commercial Property/Land |
|
| — |
|
|
| 221,812 |
|
|
| 6,110 |
|
|
| 5,540 |
|
|
|
|
|
Total Operating Revenue |
|
| 100,615 |
|
| $ | 13,693,658 |
|
| $ | 407,390 |
|
| $ | 390,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 143,304 |
|
| $ | 138,315 |
|
|
| 3.6 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 7,946 |
|
|
| 7,800 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 587 |
|
|
| 370 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 151,837 |
|
| $ | 146,485 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 2,305 |
|
|
| 2,245 |
|
|
|
|
|
Total Property Operating Expenses |
|
|
|
|
|
|
|
|
| $ | 154,142 |
|
| $ | 148,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 237,305 |
|
| $ | 230,414 |
|
|
| 3.0 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 11,246 |
|
|
| 7,896 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 892 |
|
|
| (262 | ) |
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 249,443 |
|
| $ | 238,048 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 3,805 |
|
|
| 3,295 |
|
|
|
|
|
Total Net Operating Income |
|
|
|
|
|
|
|
|
| $ | 253,248 |
|
| $ | 241,343 |
|
|
| 4.9 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
| Three Months Ended |
|
| Six Months Ended |
| ||||||||||||||||||
|
| June 30, 2019 |
|
| June 30, 2018 |
|
| Percent Change |
|
| June 30, 2019 |
|
| June 30, 2018 |
|
| Percent Change |
| ||||||
Personnel |
| $ | 34,887 |
|
| $ | 33,473 |
|
|
| 4.2 | % |
| $ | 68,285 |
|
| $ | 65,830 |
|
|
| 3.7 | % |
Building Repair and Maintenance |
|
| 17,029 |
|
|
| 16,453 |
|
|
| 3.5 | % |
|
| 31,118 |
|
|
| 30,726 |
|
|
| 1.3 | % |
Utilities |
|
| 26,685 |
|
|
| 26,816 |
|
|
| (0.5 | )% |
|
| 52,965 |
|
|
| 53,499 |
|
|
| (1.0 | )% |
Marketing |
|
| 4,980 |
|
|
| 4,491 |
|
|
| 10.9 | % |
|
| 9,010 |
|
|
| 8,185 |
|
|
| 10.1 | % |
Office Operations |
|
| 5,323 |
|
|
| 5,085 |
|
|
| 4.7 | % |
|
| 10,387 |
|
|
| 11,284 |
|
|
| (7.9 | )% |
Property Taxes |
|
| 51,558 |
|
|
| 49,292 |
|
|
| 4.6 | % |
|
| 103,876 |
|
|
| 98,658 |
|
|
| 5.3 | % |
Insurance |
|
| 2,842 |
|
|
| 2,705 |
|
|
| 5.1 | % |
|
| 5,764 |
|
|
| 5,449 |
|
|
| 5.8 | % |
Total Property Operating Expenses |
| $ | 143,304 |
|
| $ | 138,315 |
|
|
| 3.6 | % |
| $ | 281,405 |
|
| $ | 273,631 |
|
|
| 2.8 | % |
Supplemental Data S-3
Same Store Portfolio
|
|
|
|
|
|
|
|
|
| Average Physical Occupancy |
| |||||||||||||
|
|
|
|
|
| Percent of |
|
| Three Months Ended |
|
| Six Months Ended |
| |||||||||||
|
| Apartment Units |
|
| Same Store NOI |
|
| June 30, 2019 |
|
| June 30, 2018 |
|
| June 30, 2019 |
|
| June 30, 2018 |
| ||||||
Atlanta, GA |
|
| 10,664 |
|
| 12.4% |
|
|
| 95.6 | % |
|
| 95.6 | % |
|
| 95.7 | % |
|
| 95.8 | % | |
Dallas, TX |
|
| 9,404 |
|
| 9.1% |
|
|
| 95.2 | % |
|
| 95.1 | % |
|
| 95.1 | % |
|
| 95.3 | % | |
Washington, DC |
|
| 4,080 |
|
| 6.9% |
|
|
| 97.1 | % |
|
| 96.6 | % |
|
| 96.9 | % |
|
| 96.6 | % | |
Charlotte, NC |
|
| 6,149 |
|
| 6.7% |
|
|
| 96.3 | % |
|
| 96.1 | % |
|
| 96.2 | % |
|
| 96.3 | % | |
Tampa, FL |
|
| 5,220 |
|
| 6.5% |
|
|
| 95.9 | % |
|
| 96.0 | % |
|
| 96.1 | % |
|
| 96.2 | % | |
Orlando, FL |
|
| 5,274 |
|
| 6.4% |
|
|
| 95.5 | % |
|
| 96.2 | % |
|
| 95.7 | % |
|
| 96.3 | % | |
Austin, TX |
|
| 6,475 |
|
| 5.8% |
|
|
| 95.8 | % |
|
| 95.5 | % |
|
| 95.8 | % |
|
| 95.7 | % | |
Houston, TX |
|
| 4,867 |
|
| 4.6% |
|
|
| 95.4 | % |
|
| 96.0 | % |
|
| 95.4 | % |
|
| 96.5 | % | |
Nashville, TN |
|
| 4,055 |
|
| 4.5% |
|
|
| 96.2 | % |
|
| 95.9 | % |
|
| 95.8 | % |
|
| 95.9 | % | |
Raleigh/Durham, NC |
|
| 4,397 |
|
| 4.4% |
|
|
| 96.6 | % |
|
| 95.9 | % |
|
| 96.5 | % |
|
| 96.3 | % | |
Fort Worth, TX |
|
| 4,249 |
|
| 3.9% |
|
|
| 95.4 | % |
|
| 95.6 | % |
|
| 95.4 | % |
|
| 95.7 | % | |
Jacksonville, FL |
|
| 3,496 |
|
| 3.6% |
|
|
| 96.5 | % |
|
| 96.8 | % |
|
| 96.4 | % |
|
| 96.7 | % | |
Phoenix, AZ |
|
| 2,623 |
|
| 3.0% |
|
|
| 96.7 | % |
|
| 95.9 | % |
|
| 96.5 | % |
|
| 96.3 | % | |
Charleston, SC |
|
| 2,726 |
|
| 2.8% |
|
|
| 95.9 | % |
|
| 95.9 | % |
|
| 95.6 | % |
|
| 96.0 | % | |
Richmond, VA |
|
| 2,004 |
|
| 2.2% |
|
|
| 97.1 | % |
|
| 97.0 | % |
|
| 96.8 | % |
|
| 96.9 | % | |
Savannah, GA |
|
| 2,219 |
|
| 2.0% |
|
|
| 95.4 | % |
|
| 96.3 | % |
|
| 95.6 | % |
|
| 96.7 | % | |
Greenville, SC |
|
| 2,084 |
|
| 1.5% |
|
|
| 95.7 | % |
|
| 95.7 | % |
|
| 95.9 | % |
|
| 96.0 | % | |
Memphis, TN |
|
| 1,811 |
|
| 1.4% |
|
|
| 96.2 | % |
|
| 96.7 | % |
|
| 95.7 | % |
|
| 96.2 | % | |
San Antonio, TX |
|
| 1,504 |
|
| 1.3% |
|
|
| 96.6 | % |
|
| 96.1 | % |
|
| 96.6 | % |
|
| 95.8 | % | |
Birmingham, AL |
|
| 1,462 |
|
| 1.2% |
|
|
| 96.5 | % |
|
| 95.9 | % |
|
| 96.2 | % |
|
| 95.8 | % | |
Huntsville, AL |
|
| 1,228 |
|
| 1.0% |
|
|
| 97.5 | % |
|
| 97.6 | % |
|
| 97.3 | % |
|
| 97.4 | % | |
Other |
|
| 9,929 |
|
| 8.8% |
|
|
| 96.2 | % |
|
| 96.3 | % |
|
| 96.2 | % |
|
| 96.3 | % | |
Total Same Store |
|
| 95,920 |
|
| 100.0% |
|
|
| 96.0 | % |
|
| 96.0 | % |
|
| 95.9 | % |
|
| 96.1 | % |
Supplemental Data S-4
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,664 |
|
| $ | 47,760 |
|
| $ | 46,511 |
|
|
| 2.7 | % |
| $ | 18,267 |
|
| $ | 16,328 |
|
|
| 11.9 | % |
| $ | 29,493 |
|
| $ | 30,183 |
|
|
| (2.3 | )% |
| $ | 1,403 |
|
| $ | 1,365 |
|
|
| 2.8 | % |
Dallas, TX |
|
| 9,404 |
|
|
| 37,961 |
|
|
| 37,628 |
|
|
| 0.9 | % |
|
| 16,410 |
|
|
| 16,440 |
|
|
| (0.2 | )% |
|
| 21,551 |
|
|
| 21,188 |
|
|
| 1.7 | % |
|
| 1,279 |
|
|
| 1,270 |
|
|
| 0.7 | % |
Washington, DC |
|
| 4,080 |
|
|
| 23,148 |
|
|
| 22,274 |
|
|
| 3.9 | % |
|
| 6,861 |
|
|
| 6,744 |
|
|
| 1.7 | % |
|
| 16,287 |
|
|
| 15,530 |
|
|
| 4.9 | % |
|
| 1,776 |
|
|
| 1,726 |
|
|
| 2.9 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 23,841 |
|
|
| 23,188 |
|
|
| 2.8 | % |
|
| 7,955 |
|
|
| 7,135 |
|
|
| 11.5 | % |
|
| 15,886 |
|
|
| 16,053 |
|
|
| (1.0 | )% |
|
| 1,212 |
|
|
| 1,172 |
|
|
| 3.4 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 23,959 |
|
|
| 22,906 |
|
|
| 4.6 | % |
|
| 8,507 |
|
|
| 8,159 |
|
|
| 4.3 | % |
|
| 15,452 |
|
|
| 14,747 |
|
|
| 4.8 | % |
|
| 1,442 |
|
|
| 1,383 |
|
|
| 4.2 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,121 |
|
|
| 23,521 |
|
|
| 2.6 | % |
|
| 8,913 |
|
|
| 8,417 |
|
|
| 5.9 | % |
|
| 15,208 |
|
|
| 15,104 |
|
|
| 0.7 | % |
|
| 1,436 |
|
|
| 1,392 |
|
|
| 3.1 | % |
Austin, TX |
|
| 6,475 |
|
|
| 25,032 |
|
|
| 24,216 |
|
|
| 3.4 | % |
|
| 11,360 |
|
|
| 10,915 |
|
|
| 4.1 | % |
|
| 13,672 |
|
|
| 13,301 |
|
|
| 2.8 | % |
|
| 1,183 |
|
|
| 1,148 |
|
|
| 3.1 | % |
Houston, TX |
|
| 4,867 |
|
|
| 18,404 |
|
|
| 17,820 |
|
|
| 3.3 | % |
|
| 7,585 |
|
|
| 8,044 |
|
|
| (5.7 | )% |
|
| 10,819 |
|
|
| 9,776 |
|
|
| 10.7 | % |
|
| 1,190 |
|
|
| 1,146 |
|
|
| 3.8 | % |
Nashville, TN |
|
| 4,055 |
|
|
| 16,172 |
|
|
| 15,639 |
|
|
| 3.4 | % |
|
| 5,535 |
|
|
| 5,337 |
|
|
| 3.7 | % |
|
| 10,637 |
|
|
| 10,302 |
|
|
| 3.3 | % |
|
| 1,223 |
|
|
| 1,196 |
|
|
| 2.3 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 15,771 |
|
|
| 15,148 |
|
|
| 4.1 | % |
|
| 5,425 |
|
|
| 5,101 |
|
|
| 6.4 | % |
|
| 10,346 |
|
|
| 10,047 |
|
|
| 3.0 | % |
|
| 1,081 |
|
|
| 1,047 |
|
|
| 3.2 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 16,228 |
|
|
| 15,750 |
|
|
| 3.0 | % |
|
| 6,951 |
|
|
| 6,509 |
|
|
| 6.8 | % |
|
| 9,277 |
|
|
| 9,241 |
|
|
| 0.4 | % |
|
| 1,149 |
|
|
| 1,118 |
|
|
| 2.8 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 12,474 |
|
|
| 12,045 |
|
|
| 3.6 | % |
|
| 4,025 |
|
|
| 4,265 |
|
|
| (5.6 | )% |
|
| 8,449 |
|
|
| 7,780 |
|
|
| 8.6 | % |
|
| 1,119 |
|
|
| 1,073 |
|
|
| 4.3 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 10,172 |
|
|
| 9,467 |
|
|
| 7.4 | % |
|
| 2,995 |
|
|
| 2,928 |
|
|
| 2.3 | % |
|
| 7,177 |
|
|
| 6,539 |
|
|
| 9.8 | % |
|
| 1,192 |
|
|
| 1,119 |
|
|
| 6.5 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 10,385 |
|
|
| 10,149 |
|
|
| 2.3 | % |
|
| 3,812 |
|
|
| 3,690 |
|
|
| 3.3 | % |
|
| 6,573 |
|
|
| 6,459 |
|
|
| 1.8 | % |
|
| 1,155 |
|
|
| 1,131 |
|
|
| 2.2 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 7,726 |
|
|
| 7,391 |
|
|
| 4.5 | % |
|
| 2,458 |
|
|
| 2,385 |
|
|
| 3.1 | % |
|
| 5,268 |
|
|
| 5,006 |
|
|
| 5.2 | % |
|
| 1,178 |
|
|
| 1,121 |
|
|
| 5.1 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 7,806 |
|
|
| 7,598 |
|
|
| 2.7 | % |
|
| 2,952 |
|
|
| 2,780 |
|
|
| 6.2 | % |
|
| 4,854 |
|
|
| 4,818 |
|
|
| 0.7 | % |
|
| 1,078 |
|
|
| 1,041 |
|
|
| 3.5 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,248 |
|
|
| 6,005 |
|
|
| 4.0 | % |
|
| 2,657 |
|
|
| 2,562 |
|
|
| 3.7 | % |
|
| 3,591 |
|
|
| 3,443 |
|
|
| 4.3 | % |
|
| 900 |
|
|
| 865 |
|
|
| 4.1 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 5,784 |
|
|
| 5,539 |
|
|
| 4.4 | % |
|
| 2,398 |
|
|
| 2,338 |
|
|
| 2.6 | % |
|
| 3,386 |
|
|
| 3,201 |
|
|
| 5.8 | % |
|
| 986 |
|
|
| 944 |
|
|
| 4.4 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,360 |
|
|
| 5,173 |
|
|
| 3.6 | % |
|
| 2,196 |
|
|
| 2,362 |
|
|
| (7.0 | )% |
|
| 3,164 |
|
|
| 2,811 |
|
|
| 12.6 | % |
|
| 1,094 |
|
|
| 1,061 |
|
|
| 3.1 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 4,957 |
|
|
| 4,772 |
|
|
| 3.9 | % |
|
| 2,061 |
|
|
| 2,043 |
|
|
| 0.9 | % |
|
| 2,896 |
|
|
| 2,729 |
|
|
| 6.1 | % |
|
| 1,010 |
|
|
| 965 |
|
|
| 4.7 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 3,753 |
|
|
| 3,576 |
|
|
| 4.9 | % |
|
| 1,350 |
|
|
| 1,337 |
|
|
| 1.0 | % |
|
| 2,403 |
|
|
| 2,239 |
|
|
| 7.3 | % |
|
| 900 |
|
|
| 834 |
|
|
| 7.9 | % |
Other |
|
| 9,929 |
|
|
| 33,547 |
|
|
| 32,413 |
|
|
| 3.5 | % |
|
| 12,631 |
|
|
| 12,496 |
|
|
| 1.1 | % |
|
| 20,916 |
|
|
| 19,917 |
|
|
| 5.0 | % |
|
| 1,036 |
|
|
| 998 |
|
|
| 3.8 | % |
Total Same Store |
|
| 95,920 |
|
| $ | 380,609 |
|
| $ | 368,729 |
|
|
| 3.2 | % |
| $ | 143,304 |
|
| $ | 138,315 |
|
|
| 3.6 | % |
| $ | 237,305 |
|
| $ | 230,414 |
|
|
| 3.0 | % |
|
| 1,230 |
|
|
| 1,192 |
|
|
| 3.2 | % |
Supplemental Data S-5
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q2 2019 |
|
| Q1 2019 |
|
| % Chg |
|
| Q2 2019 |
|
| Q1 2019 |
|
| % Chg |
|
| Q2 2019 |
|
| Q1 2019 |
|
| % Chg |
|
| Q2 2019 |
|
| Q1 2019 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,664 |
|
| $ | 47,760 |
|
| $ | 47,304 |
|
|
| 1.0 | % |
| $ | 18,267 |
|
| $ | 16,559 |
|
|
| 10.3 | % |
| $ | 29,493 |
|
| $ | 30,745 |
|
|
| (4.1 | )% |
| $ | 1,403 |
|
| $ | 1,390 |
|
|
| 0.9 | % |
Dallas, TX |
|
| 9,404 |
|
|
| 37,961 |
|
|
| 37,678 |
|
|
| 0.8 | % |
|
| 16,410 |
|
|
| 16,637 |
|
|
| (1.4 | )% |
|
| 21,551 |
|
|
| 21,041 |
|
|
| 2.4 | % |
|
| 1,279 |
|
|
| 1,271 |
|
|
| 0.6 | % |
Washington, DC |
|
| 4,080 |
|
|
| 23,148 |
|
|
| 22,636 |
|
|
| 2.3 | % |
|
| 6,861 |
|
|
| 6,935 |
|
|
| (1.1 | )% |
|
| 16,287 |
|
|
| 15,701 |
|
|
| 3.7 | % |
|
| 1,776 |
|
|
| 1,753 |
|
|
| 1.3 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 23,841 |
|
|
| 23,581 |
|
|
| 1.1 | % |
|
| 7,955 |
|
|
| 7,032 |
|
|
| 13.1 | % |
|
| 15,886 |
|
|
| 16,549 |
|
|
| (4.0 | )% |
|
| 1,212 |
|
|
| 1,195 |
|
|
| 1.4 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 23,959 |
|
|
| 23,685 |
|
|
| 1.2 | % |
|
| 8,507 |
|
|
| 8,330 |
|
|
| 2.1 | % |
|
| 15,452 |
|
|
| 15,355 |
|
|
| 0.6 | % |
|
| 1,442 |
|
|
| 1,427 |
|
|
| 1.0 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,121 |
|
|
| 23,942 |
|
|
| 0.7 | % |
|
| 8,913 |
|
|
| 8,518 |
|
|
| 4.6 | % |
|
| 15,208 |
|
|
| 15,424 |
|
|
| (1.4 | )% |
|
| 1,436 |
|
|
| 1,426 |
|
|
| 0.7 | % |
Austin, TX |
|
| 6,475 |
|
|
| 25,032 |
|
|
| 24,728 |
|
|
| 1.2 | % |
|
| 11,360 |
|
|
| 11,162 |
|
|
| 1.8 | % |
|
| 13,672 |
|
|
| 13,566 |
|
|
| 0.8 | % |
|
| 1,183 |
|
|
| 1,168 |
|
|
| 1.3 | % |
Houston, TX |
|
| 4,867 |
|
|
| 18,404 |
|
|
| 18,382 |
|
|
| 0.1 | % |
|
| 7,585 |
|
|
| 8,119 |
|
|
| (6.6 | )% |
|
| 10,819 |
|
|
| 10,263 |
|
|
| 5.4 | % |
|
| 1,190 |
|
|
| 1,177 |
|
|
| 1.1 | % |
Nashville, TN |
|
| 4,055 |
|
|
| 16,172 |
|
|
| 15,776 |
|
|
| 2.5 | % |
|
| 5,535 |
|
|
| 5,220 |
|
|
| 6.0 | % |
|
| 10,637 |
|
|
| 10,556 |
|
|
| 0.8 | % |
|
| 1,223 |
|
|
| 1,206 |
|
|
| 1.4 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 15,771 |
|
|
| 15,568 |
|
|
| 1.3 | % |
|
| 5,425 |
|
|
| 4,890 |
|
|
| 10.9 | % |
|
| 10,346 |
|
|
| 10,678 |
|
|
| (3.1 | )% |
|
| 1,081 |
|
|
| 1,068 |
|
|
| 1.3 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 16,228 |
|
|
| 16,059 |
|
|
| 1.1 | % |
|
| 6,951 |
|
|
| 6,686 |
|
|
| 4.0 | % |
|
| 9,277 |
|
|
| 9,373 |
|
|
| (1.0 | )% |
|
| 1,149 |
|
|
| 1,138 |
|
|
| 1.0 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 12,474 |
|
|
| 12,291 |
|
|
| 1.5 | % |
|
| 4,025 |
|
|
| 4,002 |
|
|
| 0.6 | % |
|
| 8,449 |
|
|
| 8,289 |
|
|
| 1.9 | % |
|
| 1,119 |
|
|
| 1,110 |
|
|
| 0.8 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 10,172 |
|
|
| 9,804 |
|
|
| 3.8 | % |
|
| 2,995 |
|
|
| 2,823 |
|
|
| 6.1 | % |
|
| 7,177 |
|
|
| 6,981 |
|
|
| 2.8 | % |
|
| 1,192 |
|
|
| 1,166 |
|
|
| 2.3 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 10,385 |
|
|
| 10,213 |
|
|
| 1.7 | % |
|
| 3,812 |
|
|
| 3,589 |
|
|
| 6.2 | % |
|
| 6,573 |
|
|
| 6,624 |
|
|
| (0.8 | )% |
|
| 1,155 |
|
|
| 1,145 |
|
|
| 0.9 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 7,726 |
|
|
| 7,517 |
|
|
| 2.8 | % |
|
| 2,458 |
|
|
| 2,369 |
|
|
| 3.8 | % |
|
| 5,268 |
|
|
| 5,148 |
|
|
| 2.3 | % |
|
| 1,178 |
|
|
| 1,156 |
|
|
| 1.9 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 7,806 |
|
|
| 7,806 |
|
|
| 0.0 | % |
|
| 2,952 |
|
|
| 2,805 |
|
|
| 5.2 | % |
|
| 4,854 |
|
|
| 5,001 |
|
|
| (2.9 | )% |
|
| 1,078 |
|
|
| 1,068 |
|
|
| 0.9 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,248 |
|
|
| 6,205 |
|
|
| 0.7 | % |
|
| 2,657 |
|
|
| 2,448 |
|
|
| 8.5 | % |
|
| 3,591 |
|
|
| 3,757 |
|
|
| (4.4 | )% |
|
| 900 |
|
|
| 889 |
|
|
| 1.3 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 5,784 |
|
|
| 5,650 |
|
|
| 2.4 | % |
|
| 2,398 |
|
|
| 2,356 |
|
|
| 1.8 | % |
|
| 3,386 |
|
|
| 3,294 |
|
|
| 2.8 | % |
|
| 986 |
|
|
| 973 |
|
|
| 1.3 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,360 |
|
|
| 5,288 |
|
|
| 1.4 | % |
|
| 2,196 |
|
|
| 2,351 |
|
|
| (6.6 | )% |
|
| 3,164 |
|
|
| 2,937 |
|
|
| 7.7 | % |
|
| 1,094 |
|
|
| 1,081 |
|
|
| 1.2 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 4,957 |
|
|
| 4,817 |
|
|
| 2.9 | % |
|
| 2,061 |
|
|
| 2,022 |
|
|
| 1.9 | % |
|
| 2,896 |
|
|
| 2,795 |
|
|
| 3.6 | % |
|
| 1,010 |
|
|
| 997 |
|
|
| 1.3 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 3,753 |
|
|
| 3,642 |
|
|
| 3.0 | % |
|
| 1,350 |
|
|
| 1,277 |
|
|
| 5.7 | % |
|
| 2,403 |
|
|
| 2,365 |
|
|
| 1.6 | % |
|
| 900 |
|
|
| 877 |
|
|
| 2.7 | % |
Other |
|
| 9,929 |
|
|
| 33,547 |
|
|
| 32,968 |
|
|
| 1.8 | % |
|
| 12,631 |
|
|
| 11,971 |
|
|
| 5.5 | % |
|
| 20,916 |
|
|
| 20,997 |
|
|
| (0.4 | )% |
|
| 1,036 |
|
|
| 1,022 |
|
|
| 1.4 | % |
Total Same Store |
|
| 95,920 |
|
| $ | 380,609 |
|
| $ | 375,540 |
|
|
| 1.3 | % |
| $ | 143,304 |
|
| $ | 138,101 |
|
|
| 3.8 | % |
| $ | 237,305 |
|
| $ | 237,439 |
|
|
| (0.1 | )% |
| $ | 1,230 |
|
| $ | 1,216 |
|
|
| 1.2 | % |
Supplemental Data S-6
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
|
| Q2 2019 |
|
| Q2 2018 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,664 |
|
| $ | 95,064 |
|
| $ | 93,015 |
|
|
| 2.2 | % |
| $ | 34,826 |
|
| $ | 32,332 |
|
|
| 7.7 | % |
| $ | 60,238 |
|
| $ | 60,683 |
|
|
| (0.7 | )% |
| $ | 1,397 |
|
| $ | 1,360 |
|
|
| 2.7 | % |
Dallas, TX |
|
| 9,404 |
|
|
| 75,639 |
|
|
| 75,363 |
|
|
| 0.4 | % |
|
| 33,047 |
|
|
| 32,732 |
|
|
| 1.0 | % |
|
| 42,592 |
|
|
| 42,631 |
|
|
| (0.1 | )% |
|
| 1,275 |
|
|
| 1,268 |
|
|
| 0.6 | % |
Washington, DC |
|
| 4,080 |
|
|
| 45,784 |
|
|
| 44,353 |
|
|
| 3.2 | % |
|
| 13,796 |
|
|
| 13,771 |
|
|
| 0.2 | % |
|
| 31,988 |
|
|
| 30,582 |
|
|
| 4.6 | % |
|
| 1,765 |
|
|
| 1,719 |
|
|
| 2.6 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 47,422 |
|
|
| 46,285 |
|
|
| 2.5 | % |
|
| 14,987 |
|
|
| 13,737 |
|
|
| 9.1 | % |
|
| 32,435 |
|
|
| 32,548 |
|
|
| (0.3 | )% |
|
| 1,204 |
|
|
| 1,166 |
|
|
| 3.2 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 47,644 |
|
|
| 45,773 |
|
|
| 4.1 | % |
|
| 16,837 |
|
|
| 16,061 |
|
|
| 4.8 | % |
|
| 30,807 |
|
|
| 29,712 |
|
|
| 3.7 | % |
|
| 1,434 |
|
|
| 1,375 |
|
|
| 4.3 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 48,063 |
|
|
| 46,797 |
|
|
| 2.7 | % |
|
| 17,431 |
|
|
| 16,657 |
|
|
| 4.6 | % |
|
| 30,632 |
|
|
| 30,140 |
|
|
| 1.6 | % |
|
| 1,431 |
|
|
| 1,380 |
|
|
| 3.7 | % |
Austin, TX |
|
| 6,475 |
|
|
| 49,760 |
|
|
| 48,382 |
|
|
| 2.8 | % |
|
| 22,522 |
|
|
| 21,764 |
|
|
| 3.5 | % |
|
| 27,238 |
|
|
| 26,618 |
|
|
| 2.3 | % |
|
| 1,176 |
|
|
| 1,144 |
|
|
| 2.7 | % |
Houston, TX |
|
| 4,867 |
|
|
| 36,786 |
|
|
| 35,420 |
|
|
| 3.9 | % |
|
| 15,704 |
|
|
| 16,075 |
|
|
| (2.3 | )% |
|
| 21,082 |
|
|
| 19,345 |
|
|
| 9.0 | % |
|
| 1,184 |
|
|
| 1,136 |
|
|
| 4.2 | % |
Nashville, TN |
|
| 4,055 |
|
|
| 31,948 |
|
|
| 31,230 |
|
|
| 2.3 | % |
|
| 10,755 |
|
|
| 10,418 |
|
|
| 3.2 | % |
|
| 21,193 |
|
|
| 20,812 |
|
|
| 1.8 | % |
|
| 1,215 |
|
|
| 1,191 |
|
|
| 2.0 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 31,339 |
|
|
| 30,287 |
|
|
| 3.5 | % |
|
| 10,315 |
|
|
| 10,070 |
|
|
| 2.4 | % |
|
| 21,024 |
|
|
| 20,217 |
|
|
| 4.0 | % |
|
| 1,074 |
|
|
| 1,043 |
|
|
| 3.0 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 32,287 |
|
|
| 31,487 |
|
|
| 2.5 | % |
|
| 13,637 |
|
|
| 13,173 |
|
|
| 3.5 | % |
|
| 18,650 |
|
|
| 18,314 |
|
|
| 1.8 | % |
|
| 1,144 |
|
|
| 1,114 |
|
|
| 2.6 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 24,765 |
|
|
| 23,974 |
|
|
| 3.3 | % |
|
| 8,027 |
|
|
| 8,273 |
|
|
| (3.0 | )% |
|
| 16,738 |
|
|
| 15,701 |
|
|
| 6.6 | % |
|
| 1,115 |
|
|
| 1,066 |
|
|
| 4.5 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 19,976 |
|
|
| 18,829 |
|
|
| 6.1 | % |
|
| 5,818 |
|
|
| 5,727 |
|
|
| 1.6 | % |
|
| 14,158 |
|
|
| 13,102 |
|
|
| 8.1 | % |
|
| 1,179 |
|
|
| 1,108 |
|
|
| 6.4 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 20,598 |
|
|
| 20,272 |
|
|
| 1.6 | % |
|
| 7,401 |
|
|
| 7,203 |
|
|
| 2.7 | % |
|
| 13,197 |
|
|
| 13,069 |
|
|
| 1.0 | % |
|
| 1,150 |
|
|
| 1,126 |
|
|
| 2.1 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 15,243 |
|
|
| 14,631 |
|
|
| 4.2 | % |
|
| 4,827 |
|
|
| 4,741 |
|
|
| 1.8 | % |
|
| 10,416 |
|
|
| 9,890 |
|
|
| 5.3 | % |
|
| 1,167 |
|
|
| 1,109 |
|
|
| 5.3 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 15,612 |
|
|
| 15,130 |
|
|
| 3.2 | % |
|
| 5,757 |
|
|
| 5,555 |
|
|
| 3.6 | % |
|
| 9,855 |
|
|
| 9,575 |
|
|
| 2.9 | % |
|
| 1,073 |
|
|
| 1,033 |
|
|
| 3.9 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 12,453 |
|
|
| 11,996 |
|
|
| 3.8 | % |
|
| 5,105 |
|
|
| 4,917 |
|
|
| 3.8 | % |
|
| 7,348 |
|
|
| 7,079 |
|
|
| 3.8 | % |
|
| 894 |
|
|
| 858 |
|
|
| 4.2 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 11,434 |
|
|
| 10,977 |
|
|
| 4.2 | % |
|
| 4,754 |
|
|
| 4,658 |
|
|
| 2.1 | % |
|
| 6,680 |
|
|
| 6,319 |
|
|
| 5.7 | % |
|
| 979 |
|
|
| 934 |
|
|
| 4.8 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 10,648 |
|
|
| 10,330 |
|
|
| 3.1 | % |
|
| 4,547 |
|
|
| 4,751 |
|
|
| (4.3 | )% |
|
| 6,101 |
|
|
| 5,579 |
|
|
| 9.4 | % |
|
| 1,088 |
|
|
| 1,060 |
|
|
| 2.6 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 9,774 |
|
|
| 9,495 |
|
|
| 2.9 | % |
|
| 4,083 |
|
|
| 3,987 |
|
|
| 2.4 | % |
|
| 5,691 |
|
|
| 5,508 |
|
|
| 3.3 | % |
|
| 1,004 |
|
|
| 960 |
|
|
| 4.5 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 7,395 |
|
|
| 7,066 |
|
|
| 4.7 | % |
|
| 2,627 |
|
|
| 2,626 |
|
|
| 0.0 | % |
|
| 4,768 |
|
|
| 4,440 |
|
|
| 7.4 | % |
|
| 889 |
|
|
| 826 |
|
|
| 7.6 | % |
Other |
|
| 9,929 |
|
|
| 66,515 |
|
|
| 64,608 |
|
|
| 3.0 | % |
|
| 24,602 |
|
|
| 24,403 |
|
|
| 0.8 | % |
|
| 41,913 |
|
|
| 40,205 |
|
|
| 4.2 | % |
|
| 1,029 |
|
|
| 993 |
|
|
| 3.6 | % |
Total Same Store |
|
| 95,920 |
|
| $ | 756,149 |
|
| $ | 735,700 |
|
|
| 2.8 | % |
| $ | 281,405 |
|
| $ | 273,631 |
|
|
| 2.8 | % |
| $ | 474,744 |
|
| $ | 462,069 |
|
|
| 2.7 | % |
| $ | 1,223 |
|
| $ | 1,186 |
|
|
| 3.1 | % |
Supplemental Data S-7
Dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units as of June 30, 2019 |
|
|
|
| Projected |
| Development Costs |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Start |
| Occupancy |
| Completion |
| Stabilization |
| Total |
|
| Thru |
|
|
|
|
| ||
|
| Location |
| Total |
|
| Delivered |
|
| Leased |
|
| Date |
| Date |
| Date |
| Date(1) |
| Cost |
|
| Q2 2019 |
|
| After |
| ||||||
Post Parkside at Wade III |
| Raleigh, NC |
|
| 150 |
|
|
| 20 |
|
|
| — |
|
| 2Q18 |
| 3Q19 |
| 4Q19 |
| 1Q20 |
| $ | 25,000 |
|
| $ | 16,835 |
|
| $ | 8,165 |
|
Sync 36 II |
| Denver, CO |
|
| 79 |
|
|
| — |
|
|
| — |
|
| 3Q18 |
| 4Q19 |
| 4Q19 |
| 1Q20 |
|
| 24,500 |
|
|
| 18,428 |
|
|
| 6,072 |
|
Copper Ridge II |
| Fort Worth, TX |
|
| 168 |
|
|
| — |
|
|
| — |
|
| 1Q19 |
| 1Q20 |
| 2Q20 |
| 1Q21 |
|
| 30,000 |
|
|
| 5,108 |
|
|
| 24,892 |
|
Post Sierra at Frisco Bridges II |
| Dallas, TX |
|
| 348 |
|
|
| — |
|
|
| — |
|
| 2Q18 |
| 2Q20 |
| 3Q20 |
| 3Q21 |
|
| 69,000 |
|
|
| 24,110 |
|
|
| 44,890 |
|
Novel Midtown (2) |
| Phoenix, AZ |
|
| 345 |
|
|
| — |
|
|
| — |
|
| 1Q19 |
| 4Q20 |
| 2Q21 |
| 3Q22 |
|
| 82,000 |
|
|
| 18,041 |
|
|
| 63,959 |
|
Total Active |
|
|
|
| 1,090 |
|
|
| 20 |
|
|
| — |
|
|
|
|
|
|
|
|
|
| $ | 230,500 |
|
| $ | 82,522 |
|
| $ | 147,978 |
|
(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 REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data |
|
|
| ||||||||||||||||
|
|
|
| Six months ended June 30, 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 | ||||
| 3,864 |
|
| $ | 22,531 |
|
| $ | 5,831 |
|
| $ | 113 |
|
| 9.7% |
|
| 13,800 - 15,300 |
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands |
|
|
| As of June 30, 2019 |
|
|
|
|
|
|
|
|
| ||
|
|
|
| Total |
| Percent |
|
| Construction |
| Expected |
| Total |
| |
|
| Location |
| Units |
| Occupied |
|
| Finished |
| Stabilization(1) |
| Cost |
| |
1201 Midtown II |
| Charleston, SC |
| 140 |
| 65.7% |
|
| 4Q18 |
| 4Q19 |
|
| 28,612 |
|
Post Centennial Park |
| Atlanta, GA |
| 438 |
| 63.2% |
|
| 3Q18 |
| 4Q19 |
|
| 95,474 |
|
Total |
|
|
| 578 |
| 63.8% |
|
|
|
|
|
| $ | 124,086 |
|
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
2019 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2019) |
Multifamily Development Acquisition |
| Market |
| Apartment Units |
|
| Projected Completion Date |
| Closing Date | |
Novel Midtown (1) |
| Phoenix, AZ |
|
| 345 |
|
| 2Q21 |
| February 2019 |
(1) MAA owns 80% of the joint venture that owns this property.
Land Acquisition |
| Market |
| Acreage |
| Closing Date |
North Orange Avenue |
| Orlando, FL |
| 2 |
| April 2019 |
2019 DISPOSITION ACTIVITY (THROUGH JUNE 30, 2019) |
Land Disposition |
| Market |
| Acreage |
| Closing Date |
Peachtree Road - Outparcel |
| Atlanta, GA |
| 1 |
| February 2019 |
Colonial Promenade - Outparcel |
| Huntsville, AL |
| 4 |
| April 2019 |
Commercial Disposition |
| Market |
| Square Feet |
|
| Closing Date | |
Poplar Avenue Office |
| Memphis, TN |
|
| 42,000 |
|
| March 2019 |
Supplemental Data S-8
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.
Joint Venture Property |
| Market |
| # of units |
| Ownership Interest |
|
Post Massachusetts Avenue |
| Washington, D.C. |
| 269 |
| 35% |
|
|
| As of June 30, 2019 |
| |||||||||||
Joint Venture Property |
| Gross Investment in Real Estate |
|
|
| Mortgage Notes Payable |
|
|
| Company's Equity Investment |
| |||
Post Massachusetts Avenue |
| $ | 79,034 |
| (1) |
| $ | 51,682 |
| (2) |
| $ | 43,997 |
|
|
| Three months ended June 30, 2019 |
|
| Six months ended June 30, 2019 |
| ||||||||||
Joint Venture Property |
| Entity NOI |
|
| Company's Equity in Income |
|
| Entity NOI |
|
| Company's Equity in Income |
| ||||
Post Massachusetts Avenue |
| $ | 1,880 |
|
| $ | 435 |
|
| $ | 3,734 |
|
| $ | 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
Dollars in thousands
DEBT SUMMARIES |
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| Average |
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| Effective |
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| Years |
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| Percent of |
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| Interest |
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| to Rate |
| |||
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| Balance |
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| Total |
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| Rate |
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| Maturity |
| ||||
Floating Versus Fixed Rate or Hedged Debt |
|
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|
|
|
|
|
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|
|
|
|
Fixed rate or hedged debt |
| $ | 3,873,304 |
|
|
| 85.3 | % |
|
| 4.0 | % |
|
| 7.7 |
|
Floating (unhedged) debt |
|
| 666,685 |
|
|
| 14.7 | % |
|
| 3.0 | % |
|
| 0.1 |
|
Total |
| $ | 4,539,989 |
|
|
| 100.0 | % |
|
| 3.8 | % |
|
| 6.7 |
|
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| Average |
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| Effective |
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| Years |
| ||
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| Percent of |
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| Interest |
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| to Contract |
| |||
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| Balance |
|
| Total |
|
| Rate |
|
| Maturity |
| ||||
Secured Versus Unsecured Debt |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Unsecured debt |
| $ | 3,879,526 |
|
|
| 85.5 | % |
|
| 3.7 | % |
|
| 5.1 |
|
Secured debt |
|
| 660,463 |
|
|
| 14.5 | % |
|
| 4.5 | % |
|
| 16.9 |
|
Total |
| $ | 4,539,989 |
|
|
| 100.0 | % |
|
| 3.8 | % |
|
| 6.8 |
|
|
|
|
|
|
|
|
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|
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| Total |
|
| Percent of |
|
| Q2 2019 |
|
| Percent of |
| ||||
|
| Cost |
|
| Total |
|
| NOI |
|
| Total |
| ||||
Unencumbered Versus Encumbered Assets |
|
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|
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|
|
|
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|
Unencumbered gross assets |
| $ | 12,500,796 |
|
|
| 88.9 | % |
| $ | 228,208 |
|
|
| 90.1 | % |
Encumbered gross assets |
|
| 1,565,640 |
|
|
| 11.1 | % |
|
| 25,040 |
|
|
| 9.9 | % |
Total |
| $ | 14,066,436 |
|
|
| 100.0 | % |
| $ | 253,248 |
|
|
| 100.0 | % |
FIXED OR HEDGED INTEREST RATE MATURITIES
| Fixed |
|
| Interest |
|
| Total Fixed |
|
| Effective |
| |||||
Maturity |
| Rate Debt |
|
| Rate Swaps |
|
| or Hedged |
|
| Rate |
| ||||
2019 |
| $ | 33,255 |
|
| $ | — |
|
| $ | 33,255 |
|
|
| 3.7 | % |
2020 |
|
| 157,049 |
|
|
| 299,455 |
|
|
| 456,504 |
|
|
| 3.0 | % |
2021 |
|
| 194,509 |
|
|
| — |
|
|
| 194,509 |
|
|
| 5.2 | % |
2022 |
|
| 365,469 |
|
|
| — |
|
|
| 365,469 |
|
|
| 3.6 | % |
2023 |
|
| 359,379 |
|
|
| — |
|
|
| 359,379 |
|
|
| 4.2 | % |
Thereafter |
|
| 2,464,188 |
|
|
| — |
|
|
| 2,464,188 |
|
|
| 4.1 | % |
Total |
| $ | 3,573,849 |
|
| $ | 299,455 |
|
| $ | 3,873,304 |
|
|
| 4.0 | % |
Supplemental Data S-10
DEBT AND DEBT COVENANTS AS OF JUNE 30, 2019 (CONTINUED) |
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
| Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾ |
|
| Public Bonds |
|
| Other Unsecured |
|
| Secured |
|
| Total |
| ||||||
2019 |
| $ | 367,000 |
|
| $ | — |
|
| $ | 19,993 |
|
| $ | 13,262 |
|
| $ | 400,255 |
|
2020 |
|
| — |
|
|
| — |
|
|
| 149,937 |
|
|
| 157,049 |
|
|
| 306,986 |
|
2021 |
|
| — |
|
|
| — |
|
|
| 222,395 |
|
|
| 121,862 |
|
|
| 344,257 |
|
2022 |
|
| — |
|
|
| 248,710 |
|
|
| 416,214 |
|
|
| — |
|
|
| 664,924 |
|
2023 |
|
| — |
|
|
| 347,158 |
|
|
| 12,221 |
|
|
| — |
|
|
| 359,379 |
|
Thereafter |
|
| — |
|
|
| 2,075,953 |
|
|
| 19,945 |
|
|
| 368,290 |
|
|
| 2,464,188 |
|
Total |
| $ | 367,000 |
|
| $ | 2,671,821 |
|
| $ | 840,705 |
|
| $ | 660,463 |
|
| $ | 4,539,989 |
|
(1) The $367.0 million maturing in 2019 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 2019. Under the terms of the program, MAALP may issue up to a maximum aggregate outstanding of $500.0 million.
(2) There are no borrowings outstanding on MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2019. 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 |
| 32.3% |
|
| 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 |
| 4.99x |
|
| Yes | |
Total unencumbered assets to total unsecured debt |
| Greater than 150% |
| 322% |
|
| Yes | |
|
|
|
|
|
|
|
|
|
Bank Covenants |
| Required |
| Actual |
|
| Compliance | |
Total debt to total capitalized asset value |
| 60% or less |
| 28.8% |
|
| 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 |
| 4.60x |
|
| 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-11
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 |
| $2.67 to $2.83 |
| |
Midpoint |
| $2.75 |
| |
FFO per Share - diluted |
| $6.20 to $6.36 |
| |
Midpoint |
| $6.28 |
| |
AFFO per Share - diluted |
| $5.56 to $5.72 |
| |
Midpoint |
| $5.64 |
| |
|
|
|
|
|
MAA Same Store Communities: |
|
|
|
|
Number of units |
|
| 94,552 |
|
Lease over lease pricing growth for new leases and renewals |
| 3.40% to 4.40% |
| |
Average physical occupancy |
| 95.70% to 96.10% |
| |
Property revenue growth |
| 2.75% to 3.25% |
| |
Property operating expense growth |
| 2.50% to 3.50% |
| |
NOI growth |
| 2.50% to 3.50% |
| |
Real estate tax expense growth |
| 4.25% to 5.25% |
| |
|
|
|
|
|
Corporate Expenses: |
|
|
|
|
General and administrative expenses |
| $43.0 to $44.0 million |
| |
Property management expenses |
| $53.5 to $54.5 million |
| |
Total overhead |
| $96.5 to $98.5 million |
| |
|
|
|
|
|
Income tax expense |
| $2.5 to $3.0 million |
| |
|
|
|
|
|
Full year valuation of Embedded Derivative in Preferred Shares |
| $ 0.0 |
| |
|
|
|
|
|
Transaction/Investment Volume: |
|
|
|
|
Multifamily acquisition volume |
| $50.0 to $100.0 million |
| |
Multifamily disposition volume |
| $125.0 to $175.0 million |
| |
Development investment |
| $125.0 to $175.0 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 |
| $ | 2.67 |
|
| $ | 2.83 |
|
Real estate depreciation |
|
| 4.10 |
|
|
| 4.10 |
|
Amortization other |
|
| 0.04 |
|
|
| 0.04 |
|
Gains on sale of depreciable assets |
|
| (0.61 | ) |
|
| (0.61 | ) |
FFO per Share - diluted |
|
| 6.20 |
|
|
| 6.36 |
|
Recurring capital expenditures |
|
| (0.64 | ) |
|
| (0.64 | ) |
AFFO per Share - diluted |
| $ | 5.56 |
|
| $ | 5.72 |
|
Supplemental Data S-12
|
| 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, the operating partnership of MAA
COMMON STOCK |
Stock Symbol: |
| MAA |
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Exchange Traded: |
| NYSE |
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Estimated Future Dates: |
| Q3 2019 |
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| Q4 2019 |
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| Q1 2020 |
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| Q2 2020 |
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Earnings release & conference call |
| Late October |
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| Late January |
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| Late April |
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| Late July |
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Dividend Information - Common Shares: |
| Q2 2018 |
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| Q3 2018 |
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| Q4 2018 |
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| Q1 2019 |
|
| Q2 2019 |
| |||||
Declaration date |
| 5/22/2018 |
|
| 9/25/2018 |
|
| 12/4/2018 |
|
| 3/21/2019 |
|
| 5/21/2019 |
| |||||
Record date |
| 7/13/2018 |
|
| 10/15/2018 |
|
| 1/15/2019 |
|
| 4/15/2019 |
|
| 7/15/2019 |
| |||||
Payment date |
| 7/31/2018 |
|
| 10/31/2018 |
|
| 1/31/2019 |
|
| 4/30/2019 |
|
| 7/31/2019 |
| |||||
Distributions per share |
| $ | 0.9225 |
|
| $ | 0.9225 |
|
| $ | 0.9600 |
|
| $ | 0.9600 |
|
| $ | 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: |
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| |
| 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-13