Exhibit 99.2
TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2020 (In apartment units) (1)
|
| Same Store |
|
| Non-Same Store |
|
| Lease-up |
|
| Total Completed Communities |
|
| Development Units Delivered |
|
| Total |
| ||||||
Atlanta, GA |
|
| 10,996 |
|
|
| 438 |
|
|
| — |
|
|
| 11,434 |
|
|
| — |
|
|
| 11,434 |
|
Dallas, TX |
|
| 9,405 |
|
|
| 362 |
|
|
| — |
|
|
| 9,767 |
|
|
| 114 |
|
|
| 9,881 |
|
Austin, TX |
|
| 7,117 |
|
|
| — |
|
|
| — |
|
|
| 7,117 |
|
|
| — |
|
|
| 7,117 |
|
Charlotte, NC |
|
| 6,149 |
|
|
| — |
|
|
| — |
|
|
| 6,149 |
|
|
| — |
|
|
| 6,149 |
|
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 953 |
|
|
| — |
|
|
| 5,350 |
|
|
| — |
|
|
| 5,350 |
|
Orlando, FL |
|
| 5,274 |
|
|
| — |
|
|
| — |
|
|
| 5,274 |
|
|
| — |
|
|
| 5,274 |
|
Tampa, FL |
|
| 5,220 |
|
|
| — |
|
|
| — |
|
|
| 5,220 |
|
|
| — |
|
|
| 5,220 |
|
Houston, TX |
|
| 4,867 |
|
|
| — |
|
|
| — |
|
|
| 4,867 |
|
|
| — |
|
|
| 4,867 |
|
Nashville, TN |
|
| 4,375 |
|
|
| — |
|
|
| — |
|
|
| 4,375 |
|
|
| — |
|
|
| 4,375 |
|
Fort Worth, TX |
|
| 4,249 |
|
|
| — |
|
|
| 168 |
|
|
| 4,417 |
|
|
| — |
|
|
| 4,417 |
|
Washington, DC |
|
| 4,080 |
|
|
| — |
|
|
| — |
|
|
| 4,080 |
|
|
| — |
|
|
| 4,080 |
|
Jacksonville, FL |
|
| 3,496 |
|
|
| — |
|
|
| — |
|
|
| 3,496 |
|
|
| — |
|
|
| 3,496 |
|
Charleston, SC |
|
| 2,726 |
|
|
| 442 |
|
|
| — |
|
|
| 3,168 |
|
|
| — |
|
|
| 3,168 |
|
Phoenix, AZ |
|
| 2,623 |
|
|
| — |
|
|
| — |
|
|
| 2,623 |
|
|
| — |
|
|
| 2,623 |
|
Greenville, SC |
|
| 2,084 |
|
|
| — |
|
|
| 271 |
|
|
| 2,355 |
|
|
| — |
|
|
| 2,355 |
|
Savannah, GA |
|
| 2,219 |
|
|
| — |
|
|
| — |
|
|
| 2,219 |
|
|
| — |
|
|
| 2,219 |
|
Richmond, VA |
|
| 2,004 |
|
|
| — |
|
|
| — |
|
|
| 2,004 |
|
|
| — |
|
|
| 2,004 |
|
Memphis, TN |
|
| 1,811 |
|
|
| — |
|
|
| — |
|
|
| 1,811 |
|
|
| — |
|
|
| 1,811 |
|
San Antonio, TX |
|
| 1,504 |
|
|
| — |
|
|
| — |
|
|
| 1,504 |
|
|
| — |
|
|
| 1,504 |
|
Birmingham, AL |
|
| 1,462 |
|
|
| — |
|
|
| — |
|
|
| 1,462 |
|
|
| — |
|
|
| 1,462 |
|
Huntsville, AL |
|
| 1,228 |
|
|
| — |
|
|
| — |
|
|
| 1,228 |
|
|
| — |
|
|
| 1,228 |
|
Kansas City, MO-KS |
|
| 1,110 |
|
|
| — |
|
|
| — |
|
|
| 1,110 |
|
|
| — |
|
|
| 1,110 |
|
Other |
|
| 6,717 |
|
|
| 2,149 |
|
|
| — |
|
|
| 8,866 |
|
|
| — |
|
|
| 8,866 |
|
Total Multifamily Units |
|
| 95,113 |
|
|
| 4,344 |
|
|
| 439 |
|
|
| 99,896 |
|
|
| 114 |
|
|
| 100,010 |
|
(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, 2020 |
|
| Average Effective |
|
| As of June 30, 2020 |
| ||||||||||||||||
|
| Gross Real Assets |
|
| Percent to Total of Gross Real Assets |
|
| Physical Occupancy |
|
| Rent per Unit for the Three Months Ended June 30, 2020 |
|
| Completed Units |
|
| Total Units, Including Development |
| ||||||
Atlanta, GA |
| $ | 1,988,581 |
|
|
| 14.4 | % |
|
| 94.7 | % |
| $ | 1,462 |
|
|
| 11,434 |
|
|
|
|
|
Dallas, TX |
|
| 1,396,103 |
|
|
| 10.1 | % |
|
| 94.8 | % |
|
| 1,302 |
|
|
| 9,767 |
|
|
|
|
|
Charlotte, NC |
|
| 959,567 |
|
|
| 7.0 | % |
|
| 95.7 | % |
|
| 1,251 |
|
|
| 6,149 |
|
|
|
|
|
Washington, DC |
|
| 956,876 |
|
|
| 6.9 | % |
|
| 96.2 | % |
|
| 1,809 |
|
|
| 4,080 |
|
|
|
|
|
Tampa, FL |
|
| 877,814 |
|
|
| 6.4 | % |
|
| 95.7 | % |
|
| 1,493 |
|
|
| 5,220 |
|
|
|
|
|
Austin, TX |
|
| 840,468 |
|
|
| 6.1 | % |
|
| 94.9 | % |
|
| 1,277 |
|
|
| 7,117 |
|
|
|
|
|
Orlando, FL |
|
| 826,457 |
|
|
| 6.0 | % |
|
| 93.6 | % |
|
| 1,468 |
|
|
| 5,274 |
|
|
|
|
|
Raleigh/Durham, NC |
|
| 696,491 |
|
|
| 5.1 | % |
|
| 95.5 | % |
|
| 1,166 |
|
|
| 5,350 |
|
|
|
|
|
Houston, TX |
|
| 602,110 |
|
|
| 4.4 | % |
|
| 94.2 | % |
|
| 1,223 |
|
|
| 4,867 |
|
|
|
|
|
Nashville, TN |
|
| 532,050 |
|
|
| 3.9 | % |
|
| 94.5 | % |
|
| 1,311 |
|
|
| 4,375 |
|
|
|
|
|
Charleston, SC |
|
| 399,795 |
|
|
| 2.9 | % |
|
| 96.0 | % |
|
| 1,238 |
|
|
| 3,168 |
|
|
|
|
|
Fort Worth, TX |
|
| 394,112 |
|
|
| 2.9 | % |
|
| 95.5 | % |
|
| 1,179 |
|
|
| 4,249 |
|
|
|
|
|
Phoenix, AZ |
|
| 375,917 |
|
|
| 2.7 | % |
|
| 94.7 | % |
|
| 1,283 |
|
|
| 2,623 |
|
|
|
|
|
Jacksonville, FL |
|
| 293,335 |
|
|
| 2.1 | % |
|
| 96.5 | % |
|
| 1,151 |
|
|
| 3,496 |
|
|
|
|
|
Richmond, VA |
|
| 265,054 |
|
|
| 1.9 | % |
|
| 96.7 | % |
|
| 1,219 |
|
|
| 2,004 |
|
|
|
|
|
Savannah, GA |
|
| 241,944 |
|
|
| 1.8 | % |
|
| 96.1 | % |
|
| 1,105 |
|
|
| 2,219 |
|
|
|
|
|
Denver, CO |
|
| 210,645 |
|
|
| 1.6 | % |
|
| 89.5 | % |
|
| 1,665 |
|
|
| 812 |
|
|
|
|
|
Kansas City, MO-KS |
|
| 184,499 |
|
|
| 1.3 | % |
|
| 96.1 | % |
|
| 1,286 |
|
|
| 1,110 |
|
|
|
|
|
San Antonio, TX |
|
| 162,328 |
|
|
| 1.2 | % |
|
| 96.9 | % |
|
| 1,117 |
|
|
| 1,504 |
|
|
|
|
|
Birmingham, AL |
|
| 158,186 |
|
|
| 1.1 | % |
|
| 97.1 | % |
|
| 1,071 |
|
|
| 1,462 |
|
|
|
|
|
Greenville, SC |
|
| 155,406 |
|
|
| 1.1 | % |
|
| 96.4 | % |
|
| 938 |
|
|
| 2,084 |
|
|
|
|
|
All Other Markets by State (individual markets <1% gross real assets) |
| |||||||||||||||||||||||
Tennessee |
| $ | 183,626 |
|
|
| 1.3 | % |
|
| 96.3 | % |
| $ | 990 |
|
|
| 2,754 |
|
|
|
|
|
Florida |
|
| 176,569 |
|
|
| 1.3 | % |
|
| 95.8 | % |
|
| 1,370 |
|
|
| 1,806 |
|
|
|
|
|
Alabama |
|
| 158,953 |
|
|
| 1.2 | % |
|
| 97.0 | % |
|
| 1,028 |
|
|
| 1,648 |
|
|
|
|
|
Virginia |
|
| 152,721 |
|
|
| 1.1 | % |
|
| 96.4 | % |
|
| 1,334 |
|
|
| 1,039 |
|
|
|
|
|
Kentucky |
|
| 94,356 |
|
|
| 0.7 | % |
|
| 96.1 | % |
|
| 903 |
|
|
| 1,308 |
|
|
|
|
|
Mississippi |
|
| 74,662 |
|
|
| 0.5 | % |
|
| 97.7 | % |
|
| 910 |
|
|
| 1,241 |
|
|
|
|
|
Nevada |
|
| 70,397 |
|
|
| 0.5 | % |
|
| 95.1 | % |
|
| 1,132 |
|
|
| 721 |
|
|
|
|
|
South Carolina |
|
| 36,722 |
|
|
| 0.3 | % |
|
| 93.4 | % |
|
| 904 |
|
|
| 576 |
|
|
|
|
|
Stabilized Communities |
| $ | 13,465,744 |
|
|
| 97.8 | % |
|
| 95.3 | % |
| $ | 1,289 |
|
|
| 99,457 |
|
|
|
|
|
Greenville, SC |
| $ | 72,273 |
|
|
| 0.5 | % |
|
| 77.5 | % |
| $ | 1,704 |
|
|
| 271 |
|
|
| 271 |
|
Orlando, FL |
|
| 60,202 |
|
|
| 0.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 633 |
|
Dallas, TX |
|
| 59,367 |
|
|
| 0.4 | % |
|
| 6.9 | % |
|
| 1,570 |
|
|
| 114 |
|
|
| 348 |
|
Phoenix, AZ |
|
| 53,535 |
|
|
| 0.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 345 |
|
Fort Worth, TX |
|
| 25,787 |
|
|
| 0.2 | % |
|
| 40.5 | % |
|
| 1,376 |
|
|
| 168 |
|
|
| 168 |
|
Denver, CO |
|
| 25,405 |
|
|
| 0.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 306 |
|
Houston, TX |
|
| 17,309 |
|
|
| 0.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 308 |
|
Lease-up / Development Communities |
| $ | 313,878 |
|
|
| 2.2 | % |
|
| 51.7 | % |
| $ | 1,577 |
|
|
| 553 |
|
|
| 2,379 |
|
Total Multifamily Communities |
| $ | 13,779,622 |
|
|
| 100.0 | % |
|
| 95.1 | % |
| $ | 1,290 |
|
|
| 100,010 |
|
|
| 101,836 |
|
(1) | Schedule excludes one joint venture property in Washington, D.C. |
Supplemental Data S-2
Dollars in thousands
| As of June 30, 2020 |
|
| Three Months Ended |
| |||||||||||||||
|
| Apartment Units |
|
| Gross Real Assets |
|
| June 30, 2020 |
|
| June 30, 2019 |
|
| Percent Change |
| |||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
| 95,113 |
|
| $ | 12,797,668 |
|
| $ | 389,894 |
|
| $ | 381,762 |
|
|
| 2.1 | % |
Non-Same Store Communities |
|
| 4,344 |
|
|
| 668,076 |
|
|
| 17,406 |
|
|
| 19,481 |
|
|
|
|
|
Lease-up/Development Communities |
|
| 553 |
|
|
| 313,878 |
|
|
| 1,576 |
|
|
| 54 |
|
|
|
|
|
Total Multifamily Portfolio |
|
| 100,010 |
|
| $ | 13,779,622 |
|
| $ | 408,876 |
|
| $ | 401,297 |
|
|
|
|
|
Commercial Property/Land |
|
| — |
|
|
| 238,038 |
|
|
| 4,150 |
|
|
| 6,093 |
|
|
|
|
|
Total Operating Revenues |
|
| 100,010 |
|
| $ | 14,017,660 |
|
| $ | 413,026 |
|
| $ | 407,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 147,181 |
|
| $ | 143,746 |
|
|
| 2.4 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 7,170 |
|
|
| 8,033 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 897 |
|
|
| 75 |
|
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 155,248 |
|
| $ | 151,854 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 2,223 |
|
|
| 2,288 |
|
|
|
|
|
Total Property Operating Expenses |
|
|
|
|
|
|
|
|
| $ | 157,471 |
|
| $ | 154,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Communities |
|
|
|
|
|
|
|
|
| $ | 242,713 |
|
| $ | 238,016 |
|
|
| 2.0 | % |
Non-Same Store Communities |
|
|
|
|
|
|
|
|
|
| 10,236 |
|
|
| 11,448 |
|
|
|
|
|
Lease-up/Development Communities |
|
|
|
|
|
|
|
|
|
| 679 |
|
|
| (21 | ) |
|
|
|
|
Total Multifamily Portfolio |
|
|
|
|
|
|
|
|
| $ | 253,628 |
|
| $ | 249,443 |
|
|
|
|
|
Commercial Property/Land |
|
|
|
|
|
|
|
|
|
| 1,927 |
|
|
| 3,805 |
|
|
|
|
|
Total Net Operating Income |
|
|
|
|
|
|
|
|
| $ | 255,555 |
|
| $ | 253,248 |
|
|
| 0.9 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
| Three Months Ended |
|
| Six Months Ended |
| ||||||||||||||||||
|
| June 30, 2020 |
|
| June 30, 2019 |
|
| Percent Change |
|
| June 30, 2020 |
|
| June 30, 2019 |
|
| Percent Change |
| ||||||
Personnel |
| $ | 34,535 |
|
| $ | 34,999 |
|
|
| (1.3 | )% |
| $ | 68,643 |
|
| $ | 68,489 |
|
|
| 0.2 | % |
Building Repair and Maintenance |
|
| 16,246 |
|
|
| 16,790 |
|
|
| (3.2 | )% |
|
| 30,749 |
|
|
| 30,721 |
|
|
| 0.1 | % |
Utilities |
|
| 27,579 |
|
|
| 26,445 |
|
|
| 4.3 | % |
|
| 53,845 |
|
|
| 52,496 |
|
|
| 2.6 | % |
Marketing |
|
| 5,796 |
|
|
| 4,996 |
|
|
| 16.0 | % |
|
| 10,287 |
|
|
| 9,012 |
|
|
| 14.1 | % |
Office Operations |
|
| 4,825 |
|
|
| 5,252 |
|
|
| (8.1 | )% |
|
| 10,261 |
|
|
| 10,283 |
|
|
| (0.2 | )% |
Property Taxes |
|
| 54,969 |
|
|
| 52,432 |
|
|
| 4.8 | % |
|
| 110,074 |
|
|
| 105,693 |
|
|
| 4.1 | % |
Insurance |
|
| 3,231 |
|
|
| 2,832 |
|
|
| 14.1 | % |
|
| 6,397 |
|
|
| 5,745 |
|
|
| 11.3 | % |
Total Property Operating Expenses |
| $ | 147,181 |
|
| $ | 143,746 |
|
|
| 2.4 | % |
| $ | 290,256 |
|
| $ | 282,439 |
|
|
| 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, 2020 |
|
| June 30, 2019 |
|
| June 30, 2020 |
|
| June 30, 2019 |
| ||||||
Atlanta, GA |
|
| 10,996 |
|
|
| 13.0 | % |
|
| 94.7 | % |
|
| 95.5 | % |
|
| 94.8 | % |
|
| 95.7 | % |
Dallas, TX |
|
| 9,405 |
|
|
| 8.9 | % |
|
| 95.0 | % |
|
| 95.2 | % |
|
| 95.4 | % |
|
| 95.1 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 6.9 | % |
|
| 95.6 | % |
|
| 96.3 | % |
|
| 96.1 | % |
|
| 96.2 | % |
Austin, TX |
|
| 7,117 |
|
|
| 6.7 | % |
|
| 95.3 | % |
|
| 95.8 | % |
|
| 95.7 | % |
|
| 95.8 | % |
Washington, DC |
|
| 4,080 |
|
|
| 6.7 | % |
|
| 96.3 | % |
|
| 97.1 | % |
|
| 96.4 | % |
|
| 96.9 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 6.5 | % |
|
| 95.5 | % |
|
| 95.9 | % |
|
| 95.5 | % |
|
| 96.1 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 6.2 | % |
|
| 94.6 | % |
|
| 95.5 | % |
|
| 95.0 | % |
|
| 95.7 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 4.6 | % |
|
| 95.1 | % |
|
| 96.1 | % |
|
| 95.6 | % |
|
| 95.6 | % |
Houston, TX |
|
| 4,867 |
|
|
| 4.5 | % |
|
| 94.5 | % |
|
| 95.4 | % |
|
| 94.8 | % |
|
| 95.4 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 4.4 | % |
|
| 96.2 | % |
|
| 96.6 | % |
|
| 96.2 | % |
|
| 96.5 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 4.0 | % |
|
| 95.6 | % |
|
| 95.4 | % |
|
| 95.3 | % |
|
| 95.4 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 3.3 | % |
|
| 96.2 | % |
|
| 96.5 | % |
|
| 96.0 | % |
|
| 96.4 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 3.2 | % |
|
| 95.4 | % |
|
| 96.7 | % |
|
| 96.5 | % |
|
| 96.5 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 2.7 | % |
|
| 96.0 | % |
|
| 95.9 | % |
|
| 95.8 | % |
|
| 95.6 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 2.2 | % |
|
| 96.6 | % |
|
| 97.1 | % |
|
| 96.3 | % |
|
| 96.8 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 2.1 | % |
|
| 95.1 | % |
|
| 95.4 | % |
|
| 95.3 | % |
|
| 95.6 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 1.6 | % |
|
| 95.9 | % |
|
| 95.7 | % |
|
| 95.0 | % |
|
| 95.9 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 1.5 | % |
|
| 96.7 | % |
|
| 96.2 | % |
|
| 96.0 | % |
|
| 95.7 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 1.3 | % |
|
| 96.4 | % |
|
| 96.5 | % |
|
| 96.1 | % |
|
| 96.2 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 1.2 | % |
|
| 96.3 | % |
|
| 96.6 | % |
|
| 96.2 | % |
|
| 96.6 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 1.2 | % |
|
| 95.1 | % |
|
| 95.9 | % |
|
| 95.5 | % |
|
| 95.8 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 1.1 | % |
|
| 97.2 | % |
|
| 97.5 | % |
|
| 97.1 | % |
|
| 97.3 | % |
Other |
|
| 6,717 |
|
|
| 6.2 | % |
|
| 95.5 | % |
|
| 96.5 | % |
|
| 95.5 | % |
|
| 96.5 | % |
Total Same Store |
|
| 95,113 |
|
|
| 100.0 | % |
|
| 95.4 | % |
|
| 96.0 | % |
|
| 95.6 | % |
|
| 95.9 | % |
Supplemental Data S-4
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,996 |
|
| $ | 50,277 |
|
| $ | 49,918 |
|
|
| 0.7 | % |
| $ | 18,813 |
|
| $ | 18,869 |
|
|
| (0.3 | )% |
| $ | 31,464 |
|
| $ | 31,049 |
|
|
| 1.3 | % |
| $ | 1,462 |
|
| $ | 1,429 |
|
|
| 2.4 | % |
Dallas, TX |
|
| 9,405 |
|
|
| 38,662 |
|
|
| 37,960 |
|
|
| 1.8 | % |
|
| 16,985 |
|
|
| 16,447 |
|
|
| 3.3 | % |
|
| 21,677 |
|
|
| 21,513 |
|
|
| 0.8 | % |
|
| 1,310 |
|
|
| 1,279 |
|
|
| 2.4 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 24,616 |
|
|
| 23,841 |
|
|
| 3.3 | % |
|
| 7,866 |
|
|
| 7,955 |
|
|
| (1.1 | )% |
|
| 16,750 |
|
|
| 15,886 |
|
|
| 5.4 | % |
|
| 1,251 |
|
|
| 1,212 |
|
|
| 3.2 | % |
Austin, TX |
|
| 7,117 |
|
|
| 29,204 |
|
|
| 28,149 |
|
|
| 3.7 | % |
|
| 12,902 |
|
|
| 12,741 |
|
|
| 1.3 | % |
|
| 16,302 |
|
|
| 15,408 |
|
|
| 5.8 | % |
|
| 1,277 |
|
|
| 1,223 |
|
|
| 4.4 | % |
Washington, DC |
|
| 4,080 |
|
|
| 23,171 |
|
|
| 23,148 |
|
|
| 0.1 | % |
|
| 6,862 |
|
|
| 6,864 |
|
|
| (0.0 | )% |
|
| 16,309 |
|
|
| 16,284 |
|
|
| 0.2 | % |
|
| 1,809 |
|
|
| 1,776 |
|
|
| 1.9 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 24,504 |
|
|
| 23,959 |
|
|
| 2.3 | % |
|
| 8,606 |
|
|
| 8,507 |
|
|
| 1.2 | % |
|
| 15,898 |
|
|
| 15,452 |
|
|
| 2.9 | % |
|
| 1,493 |
|
|
| 1,442 |
|
|
| 3.6 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,039 |
|
|
| 24,121 |
|
|
| (0.3 | )% |
|
| 9,098 |
|
|
| 8,913 |
|
|
| 2.1 | % |
|
| 14,941 |
|
|
| 15,208 |
|
|
| (1.8 | )% |
|
| 1,468 |
|
|
| 1,436 |
|
|
| 2.3 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 18,090 |
|
|
| 17,643 |
|
|
| 2.5 | % |
|
| 6,826 |
|
|
| 6,129 |
|
|
| 11.4 | % |
|
| 11,264 |
|
|
| 11,514 |
|
|
| (2.2 | )% |
|
| 1,311 |
|
|
| 1,247 |
|
|
| 5.1 | % |
Houston, TX |
|
| 4,867 |
|
|
| 18,656 |
|
|
| 18,403 |
|
|
| 1.4 | % |
|
| 7,683 |
|
|
| 7,633 |
|
|
| 0.7 | % |
|
| 10,973 |
|
|
| 10,770 |
|
|
| 1.9 | % |
|
| 1,223 |
|
|
| 1,190 |
|
|
| 2.8 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 16,713 |
|
|
| 15,771 |
|
|
| 6.0 | % |
|
| 5,936 |
|
|
| 5,425 |
|
|
| 9.4 | % |
|
| 10,777 |
|
|
| 10,346 |
|
|
| 4.2 | % |
|
| 1,140 |
|
|
| 1,081 |
|
|
| 5.4 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 16,656 |
|
|
| 16,228 |
|
|
| 2.6 | % |
|
| 7,041 |
|
|
| 6,989 |
|
|
| 0.7 | % |
|
| 9,615 |
|
|
| 9,239 |
|
|
| 4.1 | % |
|
| 1,179 |
|
|
| 1,149 |
|
|
| 2.6 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 12,532 |
|
|
| 12,474 |
|
|
| 0.5 | % |
|
| 4,441 |
|
|
| 4,025 |
|
|
| 10.3 | % |
|
| 8,091 |
|
|
| 8,449 |
|
|
| (4.2 | )% |
|
| 1,151 |
|
|
| 1,119 |
|
|
| 2.9 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 10,755 |
|
|
| 10,172 |
|
|
| 5.7 | % |
|
| 3,055 |
|
|
| 2,995 |
|
|
| 2.0 | % |
|
| 7,700 |
|
|
| 7,177 |
|
|
| 7.3 | % |
|
| 1,283 |
|
|
| 1,192 |
|
|
| 7.6 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 10,584 |
|
|
| 10,385 |
|
|
| 1.9 | % |
|
| 3,934 |
|
|
| 3,812 |
|
|
| 3.2 | % |
|
| 6,650 |
|
|
| 6,573 |
|
|
| 1.2 | % |
|
| 1,195 |
|
|
| 1,155 |
|
|
| 3.4 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 7,966 |
|
|
| 7,726 |
|
|
| 3.1 | % |
|
| 2,611 |
|
|
| 2,458 |
|
|
| 6.2 | % |
|
| 5,355 |
|
|
| 5,268 |
|
|
| 1.7 | % |
|
| 1,219 |
|
|
| 1,178 |
|
|
| 3.5 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 7,867 |
|
|
| 7,806 |
|
|
| 0.8 | % |
|
| 2,851 |
|
|
| 2,952 |
|
|
| (3.4 | )% |
|
| 5,016 |
|
|
| 4,854 |
|
|
| 3.3 | % |
|
| 1,105 |
|
|
| 1,078 |
|
|
| 2.6 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,523 |
|
|
| 6,248 |
|
|
| 4.4 | % |
|
| 2,711 |
|
|
| 2,657 |
|
|
| 2.0 | % |
|
| 3,812 |
|
|
| 3,591 |
|
|
| 6.2 | % |
|
| 938 |
|
|
| 900 |
|
|
| 4.1 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,007 |
|
|
| 5,784 |
|
|
| 3.9 | % |
|
| 2,372 |
|
|
| 2,398 |
|
|
| (1.1 | )% |
|
| 3,635 |
|
|
| 3,386 |
|
|
| 7.4 | % |
|
| 1,032 |
|
|
| 986 |
|
|
| 4.7 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,273 |
|
|
| 4,957 |
|
|
| 6.4 | % |
|
| 2,137 |
|
|
| 2,061 |
|
|
| 3.7 | % |
|
| 3,136 |
|
|
| 2,896 |
|
|
| 8.3 | % |
|
| 1,071 |
|
|
| 1,010 |
|
|
| 6.1 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,444 |
|
|
| 5,360 |
|
|
| 1.6 | % |
|
| 2,424 |
|
|
| 2,210 |
|
|
| 9.7 | % |
|
| 3,020 |
|
|
| 3,150 |
|
|
| (4.1 | )% |
|
| 1,117 |
|
|
| 1,094 |
|
|
| 2.1 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,493 |
|
|
| 4,342 |
|
|
| 3.5 | % |
|
| 1,594 |
|
|
| 1,624 |
|
|
| (1.8 | )% |
|
| 2,899 |
|
|
| 2,718 |
|
|
| 6.7 | % |
|
| 1,286 |
|
|
| 1,227 |
|
|
| 4.8 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,043 |
|
|
| 3,753 |
|
|
| 7.7 | % |
|
| 1,379 |
|
|
| 1,350 |
|
|
| 2.1 | % |
|
| 2,664 |
|
|
| 2,403 |
|
|
| 10.9 | % |
|
| 984 |
|
|
| 900 |
|
|
| 9.3 | % |
Other |
|
| 6,717 |
|
|
| 23,819 |
|
|
| 23,614 |
|
|
| 0.9 | % |
|
| 9,054 |
|
|
| 8,732 |
|
|
| 3.7 | % |
|
| 14,765 |
|
|
| 14,882 |
|
|
| (0.8 | )% |
|
| 1,125 |
|
|
| 1,076 |
|
|
| 4.6 | % |
Total Same Store |
|
| 95,113 |
|
| $ | 389,894 |
|
| $ | 381,762 |
|
|
| 2.1 | % |
| $ | 147,181 |
|
| $ | 143,746 |
|
|
| 2.4 | % |
| $ | 242,713 |
|
| $ | 238,016 |
|
|
| 2.0 | % |
| $ | 1,289 |
|
| $ | 1,246 |
|
|
| 3.4 | % |
Supplemental Data S-5
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q2 2020 |
|
| Q1 2020 |
|
| % Chg |
|
| Q2 2020 |
|
| Q1 2020 |
|
| % Chg |
|
| Q2 2020 |
|
| Q1 2020 |
|
| % Chg |
|
| Q2 2020 |
|
| Q1 2020 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,996 |
|
| $ | 50,277 |
|
| $ | 50,784 |
|
|
| (1.0 | )% |
| $ | 18,813 |
|
| $ | 18,422 |
|
|
| 2.1 | % |
| $ | 31,464 |
|
| $ | 32,362 |
|
|
| (2.8 | )% |
| $ | 1,462 |
|
| $ | 1,465 |
|
|
| (0.2 | )% |
Dallas, TX |
|
| 9,405 |
|
|
| 38,662 |
|
|
| 38,904 |
|
|
| (0.6 | )% |
|
| 16,985 |
|
|
| 16,378 |
|
|
| 3.7 | % |
|
| 21,677 |
|
|
| 22,526 |
|
|
| (3.8 | )% |
|
| 1,310 |
|
|
| 1,308 |
|
|
| 0.2 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 24,616 |
|
|
| 24,817 |
|
|
| (0.8 | )% |
|
| 7,866 |
|
|
| 7,291 |
|
|
| 7.9 | % |
|
| 16,750 |
|
|
| 17,526 |
|
|
| (4.4 | )% |
|
| 1,251 |
|
|
| 1,244 |
|
|
| 0.5 | % |
Austin, TX |
|
| 7,117 |
|
|
| 29,204 |
|
|
| 29,454 |
|
|
| (0.8 | )% |
|
| 12,902 |
|
|
| 12,679 |
|
|
| 1.8 | % |
|
| 16,302 |
|
|
| 16,775 |
|
|
| (2.8 | )% |
|
| 1,277 |
|
|
| 1,265 |
|
|
| 0.9 | % |
Washington, DC |
|
| 4,080 |
|
|
| 23,171 |
|
|
| 23,227 |
|
|
| (0.2 | )% |
|
| 6,862 |
|
|
| 7,067 |
|
|
| (2.9 | )% |
|
| 16,309 |
|
|
| 16,160 |
|
|
| 0.9 | % |
|
| 1,809 |
|
|
| 1,800 |
|
|
| 0.5 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 24,504 |
|
|
| 24,785 |
|
|
| (1.1 | )% |
|
| 8,606 |
|
|
| 8,607 |
|
|
| (0.0 | )% |
|
| 15,898 |
|
|
| 16,178 |
|
|
| (1.7 | )% |
|
| 1,493 |
|
|
| 1,485 |
|
|
| 0.6 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 24,039 |
|
|
| 24,636 |
|
|
| (2.4 | )% |
|
| 9,098 |
|
|
| 8,867 |
|
|
| 2.6 | % |
|
| 14,941 |
|
|
| 15,769 |
|
|
| (5.3 | )% |
|
| 1,468 |
|
|
| 1,466 |
|
|
| 0.1 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 18,090 |
|
|
| 18,239 |
|
|
| (0.8 | )% |
|
| 6,826 |
|
|
| 6,034 |
|
|
| 13.1 | % |
|
| 11,264 |
|
|
| 12,205 |
|
|
| (7.7 | )% |
|
| 1,311 |
|
|
| 1,301 |
|
|
| 0.8 | % |
Houston, TX |
|
| 4,867 |
|
|
| 18,656 |
|
|
| 18,820 |
|
|
| (0.9 | )% |
|
| 7,683 |
|
|
| 8,325 |
|
|
| (7.7 | )% |
|
| 10,973 |
|
|
| 10,495 |
|
|
| 4.6 | % |
|
| 1,223 |
|
|
| 1,220 |
|
|
| 0.2 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 16,713 |
|
|
| 16,599 |
|
|
| 0.7 | % |
|
| 5,936 |
|
|
| 5,315 |
|
|
| 11.7 | % |
|
| 10,777 |
|
|
| 11,284 |
|
|
| (4.5 | )% |
|
| 1,140 |
|
|
| 1,130 |
|
|
| 0.9 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 16,656 |
|
|
| 16,603 |
|
|
| 0.3 | % |
|
| 7,041 |
|
|
| 6,676 |
|
|
| 5.5 | % |
|
| 9,615 |
|
|
| 9,927 |
|
|
| (3.1 | )% |
|
| 1,179 |
|
|
| 1,171 |
|
|
| 0.7 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 12,532 |
|
|
| 12,621 |
|
|
| (0.7 | )% |
|
| 4,441 |
|
|
| 4,283 |
|
|
| 3.7 | % |
|
| 8,091 |
|
|
| 8,338 |
|
|
| (3.0 | )% |
|
| 1,151 |
|
|
| 1,143 |
|
|
| 0.7 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 10,755 |
|
|
| 10,764 |
|
|
| (0.1 | )% |
|
| 3,055 |
|
|
| 2,941 |
|
|
| 3.9 | % |
|
| 7,700 |
|
|
| 7,823 |
|
|
| (1.6 | )% |
|
| 1,283 |
|
|
| 1,273 |
|
|
| 0.8 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 10,584 |
|
|
| 10,546 |
|
|
| 0.4 | % |
|
| 3,934 |
|
|
| 3,752 |
|
|
| 4.9 | % |
|
| 6,650 |
|
|
| 6,794 |
|
|
| (2.1 | )% |
|
| 1,195 |
|
|
| 1,187 |
|
|
| 0.7 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 7,966 |
|
|
| 7,866 |
|
|
| 1.3 | % |
|
| 2,611 |
|
|
| 2,531 |
|
|
| 3.2 | % |
|
| 5,355 |
|
|
| 5,335 |
|
|
| 0.4 | % |
|
| 1,219 |
|
|
| 1,214 |
|
|
| 0.4 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 7,867 |
|
|
| 7,977 |
|
|
| (1.4 | )% |
|
| 2,851 |
|
|
| 2,983 |
|
|
| (4.4 | )% |
|
| 5,016 |
|
|
| 4,994 |
|
|
| 0.4 | % |
|
| 1,105 |
|
|
| 1,101 |
|
|
| 0.5 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 6,523 |
|
|
| 6,466 |
|
|
| 0.9 | % |
|
| 2,711 |
|
|
| 2,485 |
|
|
| 9.1 | % |
|
| 3,812 |
|
|
| 3,981 |
|
|
| (4.2 | )% |
|
| 938 |
|
|
| 931 |
|
|
| 0.7 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,007 |
|
|
| 5,961 |
|
|
| 0.8 | % |
|
| 2,372 |
|
|
| 2,366 |
|
|
| 0.3 | % |
|
| 3,635 |
|
|
| 3,595 |
|
|
| 1.1 | % |
|
| 1,032 |
|
|
| 1,018 |
|
|
| 1.3 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,273 |
|
|
| 5,289 |
|
|
| (0.3 | )% |
|
| 2,137 |
|
|
| 2,031 |
|
|
| 5.2 | % |
|
| 3,136 |
|
|
| 3,258 |
|
|
| (3.7 | )% |
|
| 1,071 |
|
|
| 1,072 |
|
|
| (0.1 | )% |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,444 |
|
|
| 5,491 |
|
|
| (0.9 | )% |
|
| 2,424 |
|
|
| 2,380 |
|
|
| 1.8 | % |
|
| 3,020 |
|
|
| 3,111 |
|
|
| (2.9 | )% |
|
| 1,117 |
|
|
| 1,119 |
|
|
| (0.2 | )% |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,493 |
|
|
| 4,499 |
|
|
| (0.1 | )% |
|
| 1,594 |
|
|
| 1,627 |
|
|
| (2.0 | )% |
|
| 2,899 |
|
|
| 2,872 |
|
|
| 0.9 | % |
|
| 1,286 |
|
|
| 1,278 |
|
|
| 0.6 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,043 |
|
|
| 3,980 |
|
|
| 1.6 | % |
|
| 1,379 |
|
|
| 1,312 |
|
|
| 5.1 | % |
|
| 2,664 |
|
|
| 2,668 |
|
|
| (0.1 | )% |
|
| 984 |
|
|
| 963 |
|
|
| 2.2 | % |
Other |
|
| 6,717 |
|
|
| 23,819 |
|
|
| 24,034 |
|
|
| (0.9 | )% |
|
| 9,054 |
|
|
| 8,723 |
|
|
| 3.8 | % |
|
| 14,765 |
|
|
| 15,311 |
|
|
| (3.6 | )% |
|
| 1,125 |
|
|
| 1,117 |
|
|
| 0.8 | % |
Total Same Store |
|
| 95,113 |
|
| $ | 389,894 |
|
| $ | 392,362 |
|
|
| (0.6 | )% |
| $ | 147,181 |
|
| $ | 143,075 |
|
|
| 2.9 | % |
| $ | 242,713 |
|
| $ | 249,287 |
|
|
| (2.6 | )% |
| $ | 1,289 |
|
| $ | 1,283 |
|
|
| 0.5 | % |
Supplemental Data S-6
Dollars in thousands, except unit and per unit data
|
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| ||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
|
| Q2 2020 |
|
| Q2 2019 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 10,996 |
|
| $ | 101,061 |
|
| $ | 99,332 |
|
|
| 1.7 | % |
| $ | 37,235 |
|
| $ | 36,197 |
|
|
| 2.9 | % |
| $ | 63,826 |
|
| $ | 63,135 |
|
|
| 1.1 | % |
| $ | 1,464 |
|
| $ | 1,422 |
|
|
| 3.0 | % |
Dallas, TX |
|
| 9,405 |
|
|
| 77,566 |
|
|
| 75,638 |
|
|
| 2.5 | % |
|
| 33,363 |
|
|
| 33,100 |
|
|
| 0.8 | % |
|
| 44,203 |
|
|
| 42,538 |
|
|
| 3.9 | % |
|
| 1,309 |
|
|
| 1,275 |
|
|
| 2.7 | % |
Charlotte, NC |
|
| 6,149 |
|
|
| 49,433 |
|
|
| 47,422 |
|
|
| 4.2 | % |
|
| 15,157 |
|
|
| 14,987 |
|
|
| 1.1 | % |
|
| 34,276 |
|
|
| 32,435 |
|
|
| 5.7 | % |
|
| 1,248 |
|
|
| 1,204 |
|
|
| 3.7 | % |
Austin, TX |
|
| 7,117 |
|
|
| 58,658 |
|
|
| 55,925 |
|
|
| 4.9 | % |
|
| 25,581 |
|
|
| 25,224 |
|
|
| 1.4 | % |
|
| 33,077 |
|
|
| 30,701 |
|
|
| 7.7 | % |
|
| 1,271 |
|
|
| 1,214 |
|
|
| 4.7 | % |
Washington, DC |
|
| 4,080 |
|
|
| 46,398 |
|
|
| 45,784 |
|
|
| 1.3 | % |
|
| 13,929 |
|
|
| 13,799 |
|
|
| 0.9 | % |
|
| 32,469 |
|
|
| 31,985 |
|
|
| 1.5 | % |
|
| 1,805 |
|
|
| 1,765 |
|
|
| 2.3 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 49,289 |
|
|
| 47,644 |
|
|
| 3.5 | % |
|
| 17,213 |
|
|
| 16,837 |
|
|
| 2.2 | % |
|
| 32,076 |
|
|
| 30,807 |
|
|
| 4.1 | % |
|
| 1,489 |
|
|
| 1,434 |
|
|
| 3.8 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 48,675 |
|
|
| 48,063 |
|
|
| 1.3 | % |
|
| 17,965 |
|
|
| 17,431 |
|
|
| 3.1 | % |
|
| 30,710 |
|
|
| 30,632 |
|
|
| 0.3 | % |
|
| 1,467 |
|
|
| 1,431 |
|
|
| 2.5 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 36,329 |
|
|
| 34,806 |
|
|
| 4.4 | % |
|
| 12,860 |
|
|
| 11,893 |
|
|
| 8.1 | % |
|
| 23,469 |
|
|
| 22,913 |
|
|
| 2.4 | % |
|
| 1,306 |
|
|
| 1,238 |
|
|
| 5.5 | % |
Raleigh/Durham, NC |
|
| 4,397 |
|
|
| 33,312 |
|
|
| 31,339 |
|
|
| 6.3 | % |
|
| 11,251 |
|
|
| 10,315 |
|
|
| 9.1 | % |
|
| 22,061 |
|
|
| 21,024 |
|
|
| 4.9 | % |
|
| 1,135 |
|
|
| 1,074 |
|
|
| 5.6 | % |
Houston, TX |
|
| 4,867 |
|
|
| 37,476 |
|
|
| 36,785 |
|
|
| 1.9 | % |
|
| 16,008 |
|
|
| 15,772 |
|
|
| 1.5 | % |
|
| 21,468 |
|
|
| 21,013 |
|
|
| 2.2 | % |
|
| 1,222 |
|
|
| 1,184 |
|
|
| 3.2 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 33,259 |
|
|
| 32,287 |
|
|
| 3.0 | % |
|
| 13,717 |
|
|
| 13,692 |
|
|
| 0.2 | % |
|
| 19,542 |
|
|
| 18,595 |
|
|
| 5.1 | % |
|
| 1,175 |
|
|
| 1,144 |
|
|
| 2.8 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 25,153 |
|
|
| 24,765 |
|
|
| 1.6 | % |
|
| 8,724 |
|
|
| 8,027 |
|
|
| 8.7 | % |
|
| 16,429 |
|
|
| 16,738 |
|
|
| (1.8 | )% |
|
| 1,147 |
|
|
| 1,115 |
|
|
| 2.9 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 21,519 |
|
|
| 19,976 |
|
|
| 7.7 | % |
|
| 5,996 |
|
|
| 5,818 |
|
|
| 3.1 | % |
|
| 15,523 |
|
|
| 14,158 |
|
|
| 9.6 | % |
|
| 1,278 |
|
|
| 1,179 |
|
|
| 8.4 | % |
Charleston, SC |
|
| 2,726 |
|
|
| 21,130 |
|
|
| 20,598 |
|
|
| 2.6 | % |
|
| 7,686 |
|
|
| 7,401 |
|
|
| 3.9 | % |
|
| 13,444 |
|
|
| 13,197 |
|
|
| 1.9 | % |
|
| 1,191 |
|
|
| 1,150 |
|
|
| 3.5 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 15,832 |
|
|
| 15,243 |
|
|
| 3.9 | % |
|
| 5,142 |
|
|
| 4,827 |
|
|
| 6.5 | % |
|
| 10,690 |
|
|
| 10,416 |
|
|
| 2.6 | % |
|
| 1,216 |
|
|
| 1,167 |
|
|
| 4.2 | % |
Savannah, GA |
|
| 2,219 |
|
|
| 15,844 |
|
|
| 15,612 |
|
|
| 1.5 | % |
|
| 5,834 |
|
|
| 5,757 |
|
|
| 1.3 | % |
|
| 10,010 |
|
|
| 9,855 |
|
|
| 1.6 | % |
|
| 1,103 |
|
|
| 1,073 |
|
|
| 2.8 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 12,989 |
|
|
| 12,453 |
|
|
| 4.3 | % |
|
| 5,196 |
|
|
| 5,105 |
|
|
| 1.8 | % |
|
| 7,793 |
|
|
| 7,348 |
|
|
| 6.1 | % |
|
| 934 |
|
|
| 894 |
|
|
| 4.5 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 11,968 |
|
|
| 11,434 |
|
|
| 4.7 | % |
|
| 4,738 |
|
|
| 4,754 |
|
|
| (0.3 | )% |
|
| 7,230 |
|
|
| 6,680 |
|
|
| 8.2 | % |
|
| 1,025 |
|
|
| 979 |
|
|
| 4.7 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 10,562 |
|
|
| 9,774 |
|
|
| 8.1 | % |
|
| 4,168 |
|
|
| 4,083 |
|
|
| 2.1 | % |
|
| 6,394 |
|
|
| 5,691 |
|
|
| 12.4 | % |
|
| 1,071 |
|
|
| 1,004 |
|
|
| 6.8 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 10,935 |
|
|
| 10,648 |
|
|
| 2.7 | % |
|
| 4,804 |
|
|
| 4,568 |
|
|
| 5.2 | % |
|
| 6,131 |
|
|
| 6,080 |
|
|
| 0.8 | % |
|
| 1,118 |
|
|
| 1,088 |
|
|
| 2.8 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 8,992 |
|
|
| 8,625 |
|
|
| 4.3 | % |
|
| 3,221 |
|
|
| 3,179 |
|
|
| 1.3 | % |
|
| 5,771 |
|
|
| 5,446 |
|
|
| 6.0 | % |
|
| 1,282 |
|
|
| 1,217 |
|
|
| 5.3 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 8,023 |
|
|
| 7,395 |
|
|
| 8.5 | % |
|
| 2,691 |
|
|
| 2,627 |
|
|
| 2.4 | % |
|
| 5,332 |
|
|
| 4,768 |
|
|
| 11.8 | % |
|
| 974 |
|
|
| 889 |
|
|
| 9.5 | % |
Other |
|
| 6,717 |
|
|
| 47,853 |
|
|
| 46,745 |
|
|
| 2.4 | % |
|
| 17,777 |
|
|
| 17,046 |
|
|
| 4.3 | % |
|
| 30,076 |
|
|
| 29,699 |
|
|
| 1.3 | % |
|
| 1,125 |
|
|
| 1,117 |
|
|
| 0.8 | % |
Total Same Store |
|
| 95,113 |
|
| $ | 782,256 |
|
| $ | 758,293 |
|
|
| 3.2 | % |
| $ | 290,256 |
|
| $ | 282,439 |
|
|
| 2.8 | % |
| $ | 492,000 |
|
| $ | 475,854 |
|
|
| 3.4 | % |
| $ | 1,286 |
|
| $ | 1,239 |
|
|
| 3.8 | % |
Supplemental Data S-7
Dollars in thousands |
|
|
| Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
| June 30, 2020 |
|
|
|
| Projected |
| Development Costs |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Start |
| Occupancy |
| Completion |
| Stabilization |
| Total |
|
| Thru |
|
|
|
|
| ||
|
| Location |
| Total |
|
| Delivered |
|
| Leased |
|
| Date |
| Date |
| Date |
| Date(1) |
| Cost |
|
| Q2 2020 |
|
| After |
| ||||||
MAA Frisco Bridges II |
| Dallas, TX |
|
| 348 |
|
|
| 114 |
|
|
| 38 |
|
| 2Q18 |
| 2Q20 |
| 4Q20 |
| 1Q22 |
| $ | 69,000 |
|
| $ | 59,367 |
|
| $ | 9,633 |
|
Novel Midtown(2) |
| Phoenix, AZ |
|
| 345 |
|
| — |
|
| — |
|
| 1Q19 |
| 1Q21 |
| 2Q21 |
| 4Q22 |
|
| 82,000 |
|
|
| 53,535 |
|
|
| 28,465 |
| ||
Westglenn |
| Denver, CO |
|
| 306 |
|
| — |
|
| — |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 4Q22 |
|
| 84,500 |
|
|
| 25,405 |
|
|
| 59,095 |
| ||
The Robinson(3) |
| Orlando, FL |
|
| 369 |
|
| — |
|
| — |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 1Q23 |
|
| 99,000 |
|
|
| 36,846 |
|
|
| 62,154 |
| ||
Long Point |
| Houston, TX |
|
| 308 |
|
| — |
|
| — |
|
| 4Q19 |
| 3Q21 |
| 1Q22 |
| 1Q23 |
|
| 57,000 |
|
|
| 17,309 |
|
|
| 39,691 |
| ||
Sand Lake(4) |
| Orlando, FL |
|
| 264 |
|
| — |
|
| — |
|
| 4Q19 |
| 2Q21 |
| 4Q21 |
| 1Q23 |
|
| 68,000 |
|
|
| 23,357 |
|
|
| 44,643 |
| ||
Total Active |
|
|
|
| 1,940 |
|
|
| 114 |
|
|
| 38 |
|
|
|
|
|
|
|
|
|
| $ | 459,500 |
|
| $ | 215,819 |
|
| $ | 243,681 |
|
(1)Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
(3) Previously reported as 336 N. Orange.
(4) MAA owns 95% of the joint venture that owns this property.
MULTIFAMILY REDEVELOPMENT PIPELINE |
Dollars in thousands, except per unit data |
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| Six months ended June 30, 2020 |
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Units Redeveloped |
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| Redevelopment Spend |
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| Spend per Unit |
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| Increase in Average Effective Rent per Unit |
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| Increase in Average Effective Rent per Unit |
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| Estimated Units Remaining in Pipeline | |||||
| 2,095 |
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| $ | 13,829 |
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| $ | 6,601 |
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| $ | 107 |
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| 9.1% |
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| 10,000 - 12,000 |
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands |
| As of June 30, 2020 |
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| Location |
| Total Units |
| Percent Occupied |
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| Construction Finished |
| Expected Stabilization(1) |
| Total Cost |
| |
The Greene |
| Greenville, SC |
| 271 |
| 77.5% |
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| (2) |
| 4Q20 |
| $ | 72,273 |
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Copper Ridge II |
| Fort Worth, TX |
| 168 |
| 40.5% |
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| 2Q20 |
| 2Q21 |
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| 25,787 |
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Total |
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| 439 |
| 63.3% |
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| $ | 98,060 |
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(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Property was acquired while in lease-up; construction was complete prior to acquisition by MAA.
2020 ACQUISITION ACTIVITY (THROUGH JUNE 30, 2020) |
Land Acquisition |
| Market |
| Acreage |
| Closing Date |
Georgetown |
| Austin, TX |
| 22 |
| January 2020 |
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% |
|
Dollars in thousands |
| As of June 30, 2020 |
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Joint Venture Property |
| Gross Investment in Real Estate |
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| Mortgage Notes Payable |
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| Company’s Equity Investment |
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Post Massachusetts Avenue |
| $ | 79,512 |
| (1) | $ | 51,732 |
| (2) | $ | 43,590 |
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| Three months ended June 30, 2020 |
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| Six months ended June 30, 2020 |
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Joint Venture Property |
| Entity NOI |
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| Company’s Equity in Income |
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| Entity NOI |
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| Company’s Equity in Income |
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Post Massachusetts Avenue |
| $ | 1,970 |
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| $ | 318 |
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| $ | 3,944 |
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| $ | 725 |
|
(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
Dollars in thousands
DEBT SUMMARIES |
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Floating Versus Fixed Rate Debt |
| Balance |
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| Percent of Total |
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| Effective Interest Rate |
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| Average Years to Rate Maturity |
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Fixed rate debt |
| $ | 4,082,949 |
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| 91.3 | % |
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| 4.0 | % |
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| 7.7 |
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Floating (unhedged) debt |
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| 389,659 |
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| 8.7 | % |
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| 1.0 | % |
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| 0.1 |
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Total |
| $ | 4,472,608 |
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| 100.0 | % |
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| 3.7 | % |
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| 7.0 |
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Secured Versus Unsecured Debt |
| Balance |
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| Percent of Total |
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| Effective Interest Rate |
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| Average Years to Contract Maturity |
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Unsecured debt |
| $ | 3,849,784 |
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| 86.1 | % |
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| 3.6 | % |
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| 5.6 |
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Secured debt |
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| 622,824 |
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| 13.9 | % |
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| 4.5 | % |
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| 16.9 |
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Total |
| $ | 4,472,608 |
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| 100.0 | % |
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| 3.7 | % |
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| 7.2 |
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Unencumbered Versus Encumbered Assets |
| Total Cost |
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| Percent of Total |
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| Q2 2020 NOI |
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| Percent of Total |
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Unencumbered gross assets |
| $ | 12,819,757 |
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| 89.4 | % |
| $ | 232,726 |
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| 91.1 | % |
Encumbered gross assets |
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| 1,518,499 |
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| 10.6 | % |
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| 22,829 |
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| 8.9 | % |
Total |
| $ | 14,338,256 |
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| 100.0 | % |
| $ | 255,555 |
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| 100.0 | % |
FIXED OR HEDGED INTEREST RATE MATURITIES
Maturity |
| Fixed Rate Debt |
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| Effective Rate |
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2020 |
| $ | 135,836 |
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| 4.3 | % |
2021 |
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| 192,534 |
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| 5.2 | % |
2022 |
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| 365,919 |
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| 3.6 | % |
2023 |
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| 360,052 |
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| 4.2 | % |
2024 |
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| 416,764 |
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| 4.0 | % |
2025 |
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| 403,288 |
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| 4.2 | % |
2026 |
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| — |
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| — |
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2027 |
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| 594,590 |
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| 3.7 | % |
2028 |
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| 395,174 |
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| 4.2 | % |
2029 |
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| 562,415 |
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| 3.7 | % |
Thereafter |
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| 656,377 |
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| 3.8 | % |
Total |
| $ | 4,082,949 |
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| 4.0 | % |
Supplemental Data S-9
Dollars in thousands
DEBT MATURITIES OF OUTSTANDING BALANCES
|
| Revolving Credit Facility & Commercial Paper ⁽¹⁾ ⁽²⁾ |
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| Public Bonds |
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| Other Unsecured |
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| Secured |
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| Total |
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2020 |
| $ | 90,000 |
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| $ | — |
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| $ | — |
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| $ | 135,836 |
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| $ | 225,836 |
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2021 |
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| — |
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| — |
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| 72,698 |
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| 119,836 |
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| 192,534 |
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2022 |
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| — |
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| 249,088 |
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| 416,490 |
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| — |
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| 665,578 |
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2023 |
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| — |
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| 347,824 |
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| 12,228 |
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| — |
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| 360,052 |
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2024 |
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| — |
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| 396,808 |
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| 19,956 |
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| — |
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| 416,764 |
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2025 |
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| — |
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| 395,836 |
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| — |
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| 7,452 |
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| 403,288 |
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2026 |
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| — |
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| — |
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| — |
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| — |
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| — |
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2027 |
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| — |
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| 594,590 |
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| — |
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| — |
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| 594,590 |
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2028 |
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| — |
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| 395,174 |
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| — |
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| — |
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| 395,174 |
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2029 |
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| — |
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| 562,415 |
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| — |
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| — |
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| 562,415 |
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Thereafter |
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| — |
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| 296,677 |
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| — |
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| 359,700 |
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| 656,377 |
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Total |
| $ | 90,000 |
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| $ | 3,238,412 |
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| $ | 521,372 |
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| $ | 622,824 |
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| $ | 4,472,608 |
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(1) | The $90.0 million maturing in 2020 reflects the principal outstanding on MAALP’s unsecured commercial paper program as of June 30, 2020. 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 June 30, 2020, average daily borrowings outstanding under the commercial paper program were $65.0 million. |
(2) | There were no borrowings outstanding under MAALP’s $1.0 billion unsecured revolving credit facility as of June 30, 2020. 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 |
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| Compliance | |
Total debt to adjusted total assets |
| 60% or less |
| 31.2% |
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| Yes | |
Total secured debt to adjusted total assets |
| 40% or less |
| 4.3% |
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| Yes | |
Consolidated income available for debt service to total annual debt service charge |
| 1.5x or greater for trailing 4 quarters |
| 5.3x |
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| Yes | |
Total unencumbered assets to total unsecured debt |
| Greater than 150% |
| 333% |
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| Yes | |
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Bank Covenants |
| Required |
| Actual |
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| Compliance | |
Total debt to total capitalized asset value |
| 60% or less |
| 26.8% |
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| Yes | |
Total secured debt to total capitalized asset value |
| 40% or Less |
| 3.8% |
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| Yes | |
Total adjusted EBITDA to fixed charges |
| 1.5x or greater for trailing 4 quarters |
| 5.0x |
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| Yes | |
Total unsecured debt to total unsecured capitalized asset value |
| 60% or less |
| 25.8% |
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| Yes |
(1)The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP’s debt agreements.
Supplemental Data S-10
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| Commercial |
| Long-Term |
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| Paper Rating |
| Debt Rating |
| Outlook |
Fitch Ratings(1) |
| F2 |
| BBB+ |
| Stable |
Moody’s Investors Service(2) |
| P-2 |
| Baa1 |
| Stable |
Standard & Poor’s Ratings Services(1) |
| A-2 |
| BBB+ |
| Stable |
(1) | Corporate credit rating assigned to MAA and MAALP |
(2) | Corporate credit rating assigned to MAALP |
COMMON STOCK |
Stock Symbol: |
| MAA |
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Exchange Traded: |
| NYSE |
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Estimated Future Dates: |
| Q3 2020 |
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| Q4 2020 |
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| Q1 2021 |
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| Q2 2021 |
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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 2019 |
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| Q3 2019 |
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| Q4 2019 |
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| Q1 2020 |
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| Q2 2020 |
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Declaration date |
| 5/21/2019 |
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| 9/26/2019 |
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| 12/10/2019 |
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| 3/19/2020 |
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| 5/19/2020 |
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Record date |
| 7/15/2019 |
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| 10/15/2019 |
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| 1/15/2020 |
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| 4/15/2020 |
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| 7/15/2020 |
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Payment date |
| 7/31/2019 |
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| 10/31/2019 |
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| 1/31/2020 |
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| 4/30/2020 |
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| 7/31/2020 |
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Distributions per share |
| $ | 0.9600 |
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| $ | 0.9600 |
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| $ | 1.0000 |
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| $ | 1.0000 |
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| $ | 1.0000 |
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Supplemental Data S-11
Second Quarter 2020 Operating Metrics
Dollars in thousands
Second Quarter 2020 Residential Rents (through July 27, 2020) |
| Dollars |
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| % of Total Billed |
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Total billed |
| $ | 371,246 |
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Cash collected to date |
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| 367,026 |
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| 98.9 | % |
Deferred payments outstanding (1) |
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| 1,847 |
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| 0.5 | % |
Total cash collected and deferred payments |
| $ | 368,873 |
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| 99.4 | % |
Bad debt reserve (as of June 30, 2020) |
| $ | 3,618 |
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| 1.0 | % |
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Second Quarter 2020 Commercial Rents (through July 27, 2020) |
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Total billed |
| $ | 5,859 |
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Cash collected to date |
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| 4,412 |
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| 75.3 | % |
Rent abatements (2) |
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| 1,369 |
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| 23.4 | % |
Total cash collected and rent abatements |
| $ | 5,781 |
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| 98.7 | % |
Bad debt reserve (as of June 30, 2020) |
| $ | 1,424 |
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| 24.3 | % |
(1) | Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic. |
(2) | Pursuant to a lease amendment signed whereby the commercial lease is extended by the number of months abated. |
July 2020 Operating Metrics
Dollars in thousands
July 2020 Residential Rents (through July 27, 2020) |
| Dollars |
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| % of Total Billed |
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| Second Quarter 2020 Average (1) |
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Total billed |
| $ | 124,101 |
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Cash collected to date |
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| 121,756 |
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| 98.1 | % |
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| 96.4 | % |
Deferred payments outstanding (2) |
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| 379 |
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| 0.3 | % |
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| 2.3 | % |
Total cash collected and deferred payments |
| $ | 122,135 |
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| 98.4 | % |
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| 98.7 | % |
(1) | Represents the average cash collections and deferrals for April, May, and June 2020 through the 27th of each such month. |
(2) | Pursuant to a lease amendment signed by residents who were financially impacted by the COVID-19 pandemic. |
Same Store Pricing/Occupancy (through July 27, 2020) |
| July 2020 |
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| July 2019 |
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Lease over lease pricing growth for new leases effective in July (3) (4) |
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| (2.7 | )% |
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| 3.8 | % |
Lease over lease pricing growth for renewals effective in July (4) (5) |
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| 3.4 | % |
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| 7.1 | % |
Blended lease over lease pricing growth for new leases and renewals effective in July (4) |
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| 0.5 | % |
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| 5.5 | % |
Lease over lease pricing growth on net new leases signed during July (4) |
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| (0.7 | )% |
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| 3.4 | % |
Lease over lease pricing growth on net renewal leases signed during July (4) |
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| 4.8 | % |
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| 7.2 | % |
Blended lease over lease pricing growth for net new leases and renewals signed during July (4) |
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| 1.7 | % |
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| 5.1 | % |
Average Physical Occupancy |
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| 95.3 | % |
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| 95.9 | % |
(3) | Represents leases for move-ins that occurred in July; lease price is typically set on average 28 days ahead of lease start date. |
(4) | Lease over lease pricing growth includes the impact of concessions. |
(5) | Represents leases for renewals that went into effect in July; lease price is typically set on average 60 days ahead of lease start date. |
Supplemental Data S-12
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 |
| Director of Investor Relations | |||||||
| Phone: 866-576-9689 (toll free) | |||||||||
| Email: investor.relations@maac.com |
Supplemental Data S-13