| PORTFOLIO STATISTICS | |||||||
TOTAL WHOLLY-OWNED MULTIFAMILY PORTFOLIO AT JUNE 30, 2014 (In apartment units)
Proforma Combined Same Store (1) | Proforma Combined Non Same Store (1) | In Lease-Up | Total Operating | Current Development Units Delivered | Total (2) | ||||||||||||
| Austin, TX | 5,542 | 296 | — | 5,838 | — | 5,838 | |||||||||||
| Atlanta, GA | 5,284 | 310 | — | 5,594 | — | 5,594 | |||||||||||
| Charlotte, NC | 4,161 | 701 | 353 | 5,215 | — | 5,215 | |||||||||||
| Raleigh/Durham, NC | 4,663 | — | — | 4,663 | — | 4,663 | |||||||||||
| Dallas, TX | 3,723 | 1,322 | 252 | 5,297 | — | 5,297 | |||||||||||
| Fort Worth, TX | 4,519 | — | — | 4,519 | — | 4,519 | |||||||||||
| Orlando, FL | 2,438 | 620 | 594 | 3,652 | — | 3,652 | |||||||||||
| Nashville, TN | 3,128 | 428 | — | 3,556 | — | 3,556 | |||||||||||
| Tampa, FL | 2,644 | 234 | — | 2,878 | — | 2,878 | |||||||||||
| Phoenix, AZ | 1,976 | — | — | 1,976 | — | 1,976 | |||||||||||
| Houston, TX | 2,281 | 628 | — | 2,909 | — | 2,909 | |||||||||||
| Las Vegas, NV | 721 | — | — | 721 | — | 721 | |||||||||||
| South Florida | 480 | — | — | 480 | — | 480 | |||||||||||
| Large Markets | 41,560 | 4,539 | 1,199 | 47,298 | — | 47,298 | |||||||||||
| Charleston, SC | 2,378 | 270 | — | 2,648 | — | 2,648 | |||||||||||
| Jacksonville, FL | 3,202 | — | — | 3,202 | — | 3,202 | |||||||||||
| Savannah, GA | 2,219 | — | — | 2,219 | — | 2,219 | |||||||||||
| Memphis, TN | 2,268 | 1,037 | — | 3,305 | — | 3,305 | |||||||||||
| Richmond, VA | 1,668 | — | — | 1,668 | — | 1,668 | |||||||||||
| Birmingham, AL | 1,462 | 586 | — | 2,048 | — | 2,048 | |||||||||||
| San Antonio, TX | 1,176 | — | — | 1,176 | — | 1,176 | |||||||||||
| Little Rock, AR | 1,056 | 312 | — | 1,368 | — | 1,368 | |||||||||||
| Huntsville, AL | 1,380 | — | — | 1,380 | — | 1,380 | |||||||||||
| Norfolk/Hampton/VA Beach, VA | 1,033 | — | — | 1,033 | — | 1,033 | |||||||||||
| Greenville, SC | 1,748 | — | — | 1,748 | — | 1,748 | |||||||||||
| Other | 11,721 | 1,759 | 502 | 13,982 | — | 13,982 | |||||||||||
| Secondary Markets | 31,311 | 3,964 | 502 | 35,777 | — | 35,777 | |||||||||||
| Total Multifamily Units | 72,871 | 8,503 | 1,701 | 83,075 | — | 83,075 | |||||||||||
(1) Proforma Combined Same Store discussions include the properties acquired in the merger with Colonial Properties Trust using the same-store designation of those properties prior to the merger.
(2) Excludes joint venture properties totaling 588 units.
Supplemental Data S-1
| PORTFOLIO STATISTICS (CONTINUED) | |||||||
TOTAL WHOLLY OWNED MULTIFAMILY COMMUNITY STATISTICS
Dollars in thousands, except Average Effective Rent
| As of June 30, 2014 | Average Effective Rent for the Three Months Ended June 30, 2014 | As of June 30, 2014 | ||||||||||||||||||
| Gross Real Assets | Percent to Total of Gross Real Assets | Physical Occupancy | Completed Units | Total Units (1) | ||||||||||||||||
| Austin, TX | $ | 561,608 | 7.3 | % | 96.4 | % | $ | 972 | 5,838 | |||||||||||
| Atlanta, GA | $ | 557,485 | 7.2 | % | 95.1 | % | $ | 961 | 5,594 | |||||||||||
| Charlotte, NC | $ | 547,518 | 7.1 | % | 96.3 | % | $ | 886 | 4,862 | |||||||||||
| Raleigh/Durham, NC | $ | 539,395 | 7.0 | % | 94.0 | % | $ | 914 | 4,663 | |||||||||||
| Dallas, TX | $ | 494,555 | 6.4 | % | 95.6 | % | $ | 1,013 | 5,045 | |||||||||||
| Fort Worth, TX | $ | 371,773 | 4.8 | % | 95.2 | % | $ | 896 | 4,519 | |||||||||||
| Orlando, FL | $ | 387,344 | 5.0 | % | 95.5 | % | $ | 1,043 | 3,058 | |||||||||||
| Nashville, TN | $ | 332,430 | 4.3 | % | 97.7 | % | $ | 1,020 | 3,556 | |||||||||||
| Tampa, FL | $ | 298,948 | 3.9 | % | 95.2 | % | $ | 1,006 | 2,878 | |||||||||||
| Phoenix, AZ | $ | 232,309 | 3.0 | % | 94.7 | % | $ | 869 | 1,976 | |||||||||||
| Houston, TX | $ | 229,129 | 3.0 | % | 96.8 | % | $ | 969 | 2,909 | |||||||||||
| Las Vegas, NV | $ | 64,977 | 0.8 | % | 95.7 | % | $ | 780 | 721 | |||||||||||
| South Florida | $ | 56,826 | 0.7 | % | 96.5 | % | $ | 1,430 | 480 | |||||||||||
| Large Markets | $ | 4,674,297 | 60.5 | % | 95.7 | % | $ | 960 | 46,099 | |||||||||||
| Charleston, SC | $ | 253,620 | 3.3 | % | 96.9 | % | $ | 951 | 2,648 | |||||||||||
| Jacksonville, FL | $ | 243,167 | 3.2 | % | 96.0 | % | $ | 900 | 3,202 | |||||||||||
| Savannah, GA | $ | 220,710 | 2.9 | % | 96.6 | % | $ | 926 | 2,219 | |||||||||||
| Memphis, TN | $ | 198,860 | 2.6 | % | 95.1 | % | $ | 773 | 3,305 | |||||||||||
| Richmond, VA | $ | 183,454 | 2.4 | % | 96.6 | % | $ | 914 | 1,668 | |||||||||||
| Birmingham, AL | $ | 172,881 | 2.2 | % | 94.8 | % | $ | 860 | 2,048 | |||||||||||
| San Antonio, TX | $ | 113,272 | 1.5 | % | 96.5 | % | $ | 991 | 1,176 | |||||||||||
| Little Rock, AR | $ | 110,645 | 1.4 | % | 95.0 | % | $ | 875 | 1,368 | |||||||||||
| Huntsville, AL | $ | 110,637 | 1.4 | % | 94.6 | % | $ | 741 | 1,380 | |||||||||||
| Norfolk, Hampton, VA Beach, VA | $ | 96,279 | 1.2 | % | 94.9 | % | $ | 963 | 1,033 | |||||||||||
| Greenville, SC | $ | 93,796 | 1.2 | % | 96.7 | % | $ | 710 | 1,748 | |||||||||||
| All Other Secondary Markets by State (individual markets <1% gross real assets) | ||||||||||||||||||||
| Georgia | $ | 167,902 | 2.2 | % | 96.5 | % | $ | 765 | 2,665 | |||||||||||
| Florida | $ | 147,868 | 1.9 | % | 95.7 | % | $ | 849 | 2,178 | |||||||||||
| Virginia | $ | 110,492 | 1.4 | % | 94.5 | % | $ | 1,174 | 750 | |||||||||||
| Kentucky | $ | 99,805 | 1.3 | % | 95.9 | % | $ | 792 | 1,548 | |||||||||||
| North Carolina | $ | 98,433 | 1.3 | % | 95.8 | % | $ | 682 | 1,562 | |||||||||||
| Tennessee | $ | 84,237 | 1.1 | % | 93.9 | % | $ | 722 | 1,608 | |||||||||||
| Alabama | $ | 74,759 | 1.0 | % | 96.0 | % | $ | 758 | 1,029 | |||||||||||
| Mississippi | $ | 69,054 | 0.9 | % | 96.3 | % | $ | 821 | 1,241 | |||||||||||
| Missouri | $ | 52,431 | 0.7 | % | 94.4 | % | $ | 1,240 | 323 | |||||||||||
| South Carolina | $ | 34,956 | 0.5 | % | 91.0 | % | $ | 750 | 576 | |||||||||||
| Secondary Markets | $ | 2,737,258 | 35.6 | % | 95.7 | % | $ | 844 | 35,275 | |||||||||||
| Subtotal | $ | 7,411,555 | 96.1 | % | 95.7 | % | $ | 910 | 81,374 | |||||||||||
| Orlando, FL | Large | $ | 84,650 | 1.1 | % | 60.3 | % | $ | 1,162 | 594 | 594 | |||||||||
| Charlottesville, VA | Secondary | $ | 47,741 | 0.6 | % | 88.8 | % | $ | 1,209 | 251 | 251 | |||||||||
| Fredericksburg, VA | Secondary | $ | 45,121 | 0.6 | % | 93.2 | % | $ | 1,344 | 251 | 251 | |||||||||
| Charlotte, NC | Large | $ | 43,018 | 0.6 | % | 84.4 | % | $ | 1,193 | 353 | 353 | |||||||||
| Dallas, TX | Large | $ | 36,464 | 0.5 | % | 95.6 | % | $ | 1,124 | 252 | 252 | |||||||||
| Jacksonville, FL | Secondary | $ | 25,034 | 0.3 | % | 0.0 | % | $ | — | — | 294 | |||||||||
| Nashville, TN | Large | $ | 13,099 | 0.2 | % | 0.0 | % | $ | — | — | 220 | |||||||||
| Lease-up and Development | $ | 295,127 | 3.9 | % | 79.6 | % | $ | 1,197 | 1,701 | 2,215 | ||||||||||
| Total Wholly Owned Multifamily Communities | $ | 7,706,682 | 100.0 | % | 95.4 | % | $ | 916 | 83,075 | 83,589 | ||||||||||
(1) Excludes joint venture properties totaling 588 units.
Supplemental Data S-2
| COMPONENTS OF PROPERTY NET OPERATING INCOME FOR MULTIFAMILY PORTFOLIO | |||||||
| Apartment | Three Months Ended | ||||||||||||
Units (2) | 6/30/2014 | 6/30/2013 | Percent Change | ||||||||||
| Property Revenue | |||||||||||||
Pro Forma Combined Same Store Communities (1) | 72,871 | $ | 213,224 | $ | 207,841 | 2.6 | % | ||||||
Pro Forma Combined Non-Same Store Communities (1) | 8,503 | 26,330 | 19,873 | ||||||||||
| Lease up/Development Communities | 1,701 | 3,561 | 107 | ||||||||||
| Total Property Revenue | 83,075 | $ | 243,115 | $ | 227,821 | ||||||||
| Property Expenses | |||||||||||||
Pro Forma Combined Same Store Communities (1) | 72,871 | $ | 85,629 | $ | 82,510 | 3.8 | % | ||||||
Pro Forma Combined Non-Same Store Communities (1) | 8,503 | 10,285 | 8,415 | ||||||||||
| Lease up/Development Communities | 1,701 | 1,769 | 376 | ||||||||||
| Total Property Expenses | 83,075 | $ | 97,683 | $ | 91,301 | ||||||||
| Property Net Operating Income | |||||||||||||
Pro Forma Combined Same Store Communities (1) | 72,871 | $ | 127,595 | $ | 125,331 | 1.8 | % | ||||||
Pro Forma Combined Non-Same Store Communities (1) | 8,503 | 16,045 | 11,458 | ||||||||||
| Lease up/Development Communities | 1,701 | 1,792 | (269 | ) | |||||||||
| Total Property Net Operating Income | 83,075 | $ | 145,432 | $ | 136,520 | 6.5 | % | ||||||
(1) Pro Forma Combined Same Store discussions include the properties acquired in the merger with Colonial Properties Trust
using the same-store designation of those properties prior to the merger.
(2) Excludes joint venture properties totaling 588 units.
Supplemental Data S-3
| NOI CONTRIBUTION PERCENTAGE BY REGION | |||||||
| Physical Occupancy | ||||||||
Proforma Combined Same Store (1) | June 30, 2014 | June 30, 2013 | ||||||
| Atlanta, GA | 7.5 | % | 95.3 | % | 95.3 | % | ||
| Austin, TX | 7.4 | % | 96.3 | % | 95.6 | % | ||
| Raleigh/Durham, NC | 6.9 | % | 94.0 | % | 95.5 | % | ||
| Fort Worth, TX | 6.0 | % | 95.2 | % | 94.9 | % | ||
| Charlotte, NC | 5.9 | % | 96.4 | % | 94.8 | % | ||
| Dallas, TX | 5.5 | % | 95.8 | % | 95.6 | % | ||
| Nashville, TN | 5.0 | % | 97.5 | % | 97.2 | % | ||
| Tampa, FL | 4.2 | % | 95.4 | % | 96.4 | % | ||
| Orlando, FL | 3.7 | % | 95.8 | % | 94.6 | % | ||
| Houston, TX | 3.2 | % | 96.9 | % | 96.5 | % | ||
| Phoenix, AZ | 2.7 | % | 94.7 | % | 94.5 | % | ||
| South Florida | 1.0 | % | 96.5 | % | 94.0 | % | ||
| Las Vegas, NV | 1.0 | % | 95.7 | % | 92.5 | % | ||
| Large Markets | 60.0 | % | 95.7 | % | 95.4 | % | ||
| Jacksonville, FL | 4.3 | % | 96.0 | % | 96.4 | % | ||
| Charleston, SC | 3.5 | % | 96.8 | % | 96.0 | % | ||
| Savannah, GA | 3.2 | % | 96.6 | % | 95.9 | % | ||
| Memphis, TN | 2.6 | % | 95.0 | % | 97.0 | % | ||
| Richmond, VA | 2.6 | % | 96.6 | % | 95.5 | % | ||
| Birmingham, AL | 2.1 | % | 94.6 | % | 96.3 | % | ||
| Greenville, SC | 1.9 | % | 96.7 | % | 96.2 | % | ||
| San Antonio, TX | 1.7 | % | 96.5 | % | 96.1 | % | ||
| Huntsville, AL | 1.6 | % | 94.6 | % | 93.6 | % | ||
| Norfolk/Hampton/VA Beach, VA | 1.4 | % | 94.9 | % | 95.5 | % | ||
| Little Rock, AR | 1.3 | % | 95.1 | % | 95.1 | % | ||
| Other | 13.8 | % | 95.6 | % | 95.5 | % | ||
| Secondary Markets | 40.0 | % | 95.8 | % | 95.8 | % | ||
| Total Proforma Combined Same Store | 100.0 | % | 95.7 | % | 95.6 | % | ||
(1) Proforma Combined Same Store discussions include the properties acquired in the merger with Colonial Properties Trust using the same-store designation of those properties prior to the merger.
Supplemental Data S-4
| NOI BRIDGE | |||||||||||||||||||
| Dollars in thousands | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2014 | March 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||
| NOI | |||||||||||||||||||
| MAA same store | $ | 73,540 | $ | 73,856 | $ | 72,493 | $ | 147,396 | $ | 144,708 | |||||||||
Non-same store (1) | 72,695 | 73,770 | 9,172 | 146,465 | 17,371 | ||||||||||||||
| Total NOI | 146,235 | 147,626 | 81,665 | 293,861 | 162,079 | ||||||||||||||
| Held for sale NOI included above | 636 | (1,599 | ) | (2,827 | ) | (963 | ) | (6,019 | ) | ||||||||||
| Management fee income | 61 | 97 | 142 | 158 | 319 | ||||||||||||||
| Depreciation and amortization | (69,631 | ) | (90,013 | ) | (32,222 | ) | (159,644 | ) | (64,417 | ) | |||||||||
| Acquisition expense | (947 | ) | (11 | ) | (489 | ) | (958 | ) | (499 | ) | |||||||||
| Property management expenses | (9,579 | ) | (7,011 | ) | (5,223 | ) | (16,590 | ) | (10,331 | ) | |||||||||
| General and administrative expenses | (5,212 | ) | (4,342 | ) | (3,389 | ) | (9,554 | ) | (6,628 | ) | |||||||||
| Merger related expenses | (795 | ) | (2,076 | ) | (5,737 | ) | (2,871 | ) | (5,737 | ) | |||||||||
| Integration related expenses | (3,151 | ) | (3,842 | ) | — | (6,993 | ) | — | |||||||||||
| Interest and other non-property income | 921 | 160 | 23 | 1,081 | 70 | ||||||||||||||
| Interest Expense | (30,163 | ) | (30,676 | ) | (15,189 | ) | (60,839 | ) | (30,734 | ) | |||||||||
| Loss on debt extinguishment | — | — | — | — | (169 | ) | |||||||||||||
| Amortization of deferred financing costs | (1,174 | ) | (1,311 | ) | (803 | ) | (2,485 | ) | (1,607 | ) | |||||||||
| Gain on sale of depreciable real estate assets excluded from discontinued operations | 3,658 | 2,564 | — | 6,222 | — | ||||||||||||||
| Net casualty (loss) gain and other settlement proceeds | (295 | ) | (10 | ) | 439 | (305 | ) | 455 | |||||||||||
| Income tax expense | (523 | ) | (270 | ) | (223 | ) | (793 | ) | (446 | ) | |||||||||
| (Loss) gain on sale of non-depreciable real estate assets | (22 | ) | 557 | — | 535 | — | |||||||||||||
| Gain (loss) from real estate joint ventures | 2,919 | (24 | ) | 47 | 2,895 | 101 | |||||||||||||
| Discontinued operations | 448 | 5,895 | 44,814 | 6,343 | 46,596 | ||||||||||||||
| Net income attributable to noncontrolling interests | (1,773 | ) | (848 | ) | (1,939 | ) | (2,621 | ) | (2,764 | ) | |||||||||
| Net income attributable to MAA | $ | 31,613 | $ | 14,866 | $ | 59,089 | $ | 46,479 | $ | 80,269 | |||||||||
(1) Non-same store includes legacy-Colonial properties.
Supplemental Data S-5
| MULTIFAMILY PROFORMA COMBINED SAME STORE QUARTER OVER QUARTER COMPARISONS | ||||
Dollars in thousands, except per unit data
| Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | ||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA | $ | 16,509 | $ | 15,925 | 3.7 | % | $ | 6,978 | $ | 6,488 | 7.6 | % | $ | 9,531 | $ | 9,437 | 1.0 | % | $ | 1,106 | $ | 1,061 | 4.2 | % | $ | 961 | $ | 906 | 6.1 | % | ||||||||||||||||||||||||
| Austin, TX | 17,389 | 16,719 | 4.0 | % | 7,914 | 7,534 | 5.0 | % | 9,475 | 9,185 | 3.2 | % | 1,101 | 1,051 | 4.8 | % | 966 | 912 | 5.9 | % | ||||||||||||||||||||||||||||||||||
| Raleigh/Durham, NC | 13,549 | 13,543 | 0.0 | % | 4,745 | 4,643 | 2.2 | % | 8,804 | 8,900 | (1.1 | )% | 1,030 | 1,018 | 1.2 | % | 914 | 895 | 2.1 | % | ||||||||||||||||||||||||||||||||||
| Fort Worth, TX | 13,417 | 12,879 | 4.2 | % | 5,711 | 5,572 | 2.5 | % | 7,706 | 7,307 | 5.5 | % | 1,038 | 1,002 | 3.6 | % | 896 | 865 | 3.6 | % | ||||||||||||||||||||||||||||||||||
| Charlotte, NC | 11,818 | 11,361 | 4.0 | % | 4,232 | 4,023 | 5.2 | % | 7,586 | 7,338 | 3.4 | % | 985 | 954 | 3.2 | % | 868 | 835 | 4.0 | % | ||||||||||||||||||||||||||||||||||
| Dallas, TX | 12,034 | 11,602 | 3.7 | % | 5,031 | 4,870 | 3.3 | % | 7,003 | 6,732 | 4.0 | % | 1,131 | 1,091 | 3.7 | % | 1,007 | 977 | 3.1 | % | ||||||||||||||||||||||||||||||||||
| Nashville, TN | 9,849 | 9,353 | 5.3 | % | 3,462 | 3,468 | (0.2 | )% | 6,387 | 5,885 | 8.5 | % | 1,090 | 1,040 | 4.8 | % | 955 | 919 | 3.9 | % | ||||||||||||||||||||||||||||||||||
| Tampa, FL | 8,684 | 8,520 | 1.9 | % | 3,370 | 3,324 | 1.4 | % | 5,314 | 5,196 | 2.3 | % | 1,146 | 1,121 | 2.2 | % | 999 | 971 | 2.9 | % | ||||||||||||||||||||||||||||||||||
| Orlando, FL | 7,900 | 7,673 | 3.0 | % | 3,119 | 2,919 | 6.9 | % | 4,781 | 4,754 | 0.6 | % | 1,139 | 1,106 | 3.0 | % | 1,007 | 976 | 3.2 | % | ||||||||||||||||||||||||||||||||||
| Houston, TX | 7,151 | 6,763 | 5.7 | % | 3,071 | 3,046 | 0.8 | % | 4,080 | 3,717 | 9.8 | % | 1,084 | 1,029 | 5.3 | % | 956 | 905 | 5.6 | % | ||||||||||||||||||||||||||||||||||
| Phoenix, AZ | 5,595 | 5,382 | 4.0 | % | 2,098 | 2,171 | (3.4 | )% | 3,497 | 3,211 | 8.9 | % | 1,008 | 960 | 5.0 | % | 869 | 833 | 4.3 | % | ||||||||||||||||||||||||||||||||||
| South Florida | 2,108 | 2,032 | 3.7 | % | 823 | 832 | (1.1 | )% | 1,285 | 1,200 | 7.1 | % | 1,538 | 1,499 | 2.6 | % | 1,430 | 1,407 | 1.6 | % | ||||||||||||||||||||||||||||||||||
| Las Vegas, NV | 1,804 | 1,798 | 0.3 | % | 677 | 681 | (0.6 | )% | 1,127 | 1,117 | 0.9 | % | 907 | 880 | 3.1 | % | 780 | 760 | 2.6 | % | ||||||||||||||||||||||||||||||||||
| Large Markets | $ | 127,807 | $ | 123,550 | 3.4 | % | $ | 51,231 | $ | 49,571 | 3.3 | % | $ | 76,576 | $ | 73,979 | 3.5 | % | $ | 1,078 | $ | 1,041 | 3.6 | % | $ | 946 | $ | 909 | 4.1 | % | ||||||||||||||||||||||||
| Jacksonville, FL | $ | 9,010 | $ | 8,903 | 1.2 | % | $ | 3,541 | $ | 3,441 | 2.9 | % | $ | 5,469 | $ | 5,462 | 0.1 | % | $ | 989 | $ | 968 | 2.2 | % | $ | 900 | $ | 883 | 1.9 | % | ||||||||||||||||||||||||
| Charleston, SC | 7,064 | 6,849 | 3.1 | % | 2,657 | 2,669 | (0.4 | )% | 4,407 | 4,180 | 5.4 | % | 1,027 | 1,003 | 2.4 | % | 901 | 872 | 3.3 | % | ||||||||||||||||||||||||||||||||||
| Savannah, GA | 6,697 | 6,429 | 4.2 | % | 2,582 | 2,332 | 10.7 | % | 4,115 | 4,097 | 0.4 | % | 1,043 | 1,011 | 3.2 | % | 926 | 887 | 4.4 | % | ||||||||||||||||||||||||||||||||||
| Memphis, TN | 6,032 | 6,052 | (0.3 | )% | 2,714 | 2,321 | 16.9 | % | 3,318 | 3,731 | (11.1 | )% | 938 | 930 | 0.9 | % | 831 | 826 | 0.6 | % | ||||||||||||||||||||||||||||||||||
| Richmond, VA | 4,972 | 4,832 | 2.9 | % | 1,699 | 1,715 | (0.9 | )% | 3,273 | 3,117 | 5.0 | % | 1,033 | 1,013 | 2.0 | % | 914 | 894 | 2.2 | % | ||||||||||||||||||||||||||||||||||
| Birmingham, AL | 4,423 | 4,382 | 0.9 | % | 1,745 | 1,711 | 2.0 | % | 2,678 | 2,671 | 0.3 | % | 1,063 | 1,046 | 1.6 | % | 941 | 913 | 3.1 | % | ||||||||||||||||||||||||||||||||||
| Greenville, SC | 4,119 | 3,983 | 3.4 | % | 1,730 | 1,672 | 3.5 | % | 2,389 | 2,311 | 3.4 | % | 814 | 793 | 2.6 | % | 710 | 688 | 3.2 | % | ||||||||||||||||||||||||||||||||||
| San Antonio, TX | 3,738 | 3,729 | 0.2 | % | 1,538 | 1,783 | (13.7 | )% | 2,200 | 1,946 | 13.1 | % | 1,107 | 1,097 | 0.9 | % | 991 | 988 | 0.3 | % | ||||||||||||||||||||||||||||||||||
| Huntsville, AL | 3,448 | 3,405 | 1.3 | % | 1,364 | 1,338 | 1.9 | % | 2,084 | 2,067 | 0.8 | % | 874 | 873 | 0.1 | % | 741 | 749 | (1.1 | )% | ||||||||||||||||||||||||||||||||||
| Norfolk/Hampton/VA Beach, VA | 3,215 | 3,284 | (2.1 | )% | 1,418 | 1,225 | 15.8 | % | 1,797 | 2,059 | (12.7 | )% | 1,105 | 1,112 | (0.6 | )% | 963 | 971 | (0.8 | )% | ||||||||||||||||||||||||||||||||||
| Little Rock, AR | 2,714 | 2,682 | 1.2 | % | 1,041 | 1,028 | 1.3 | % | 1,673 | 1,654 | 1.1 | % | 907 | 904 | 0.3 | % | 823 | 827 | (0.5 | )% | ||||||||||||||||||||||||||||||||||
| Other | 29,985 | 29,761 | 0.8 | % | 12,369 | 11,704 | 5.7 | % | 17,616 | 18,057 | (2.4 | )% | 900 | 903 | (0.3 | )% | 798 | 789 | 1.1 | % | ||||||||||||||||||||||||||||||||||
| Secondary Markets | $ | 85,417 | $ | 84,291 | 1.3 | % | $ | 34,398 | $ | 32,939 | 4.4 | % | $ | 51,019 | $ | 51,352 | (0.6 | )% | $ | 955 | $ | 947 | 0.8 | % | $ | 847 | $ | 833 | 1.7 | % | ||||||||||||||||||||||||
| Total Proforma Combined Same Store | $ | 213,224 | $ | 207,841 | 2.6 | % | $ | 85,629 | $ | 82,510 | 3.8 | % | $ | 127,595 | $ | 125,331 | 1.8 | % | $ | 1,025 | $ | 1,000 | 2.5 | % | $ | 904 | $ | 877 | 3.1 | % | ||||||||||||||||||||||||
Supplemental Data S-6
| MULTIFAMILY PROFORMA COMBINED SAME STORE SEQUENTIAL QUARTER COMPARISONS | ||||
Dollars in thousands, except per unit data
| Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2014 | Q1 2014 | % Chg | Q2 2014 | Q1 2014 | % Chg | Q2 2014 | Q1 2014 | % Chg | Q2 2014 | Q1 2014 | % Chg | Q2 2014 | Q1 2014 | % Chg | ||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA | $ | 16,509 | $ | 16,407 | 0.6 | % | $ | 6,978 | $ | 6,892 | 1.2 | % | $ | 9,531 | $ | 9,515 | 0.2 | % | $ | 1,106 | $ | 1,097 | 0.8 | % | $ | 961 | $ | 942 | 2.0 | % | ||||||||||||||||||||||||
| Austin, TX | 17,389 | 17,125 | 1.5 | % | 7,914 | 7,766 | 1.9 | % | 9,475 | 9,359 | 1.2 | % | 1,101 | 1,087 | 1.3 | % | 966 | 949 | 1.8 | % | ||||||||||||||||||||||||||||||||||
| Raleigh/Durham, NC | 13,549 | 13,553 | 0.0 | % | 4,745 | 4,343 | 9.3 | % | 8,804 | 9,210 | (4.4 | )% | 1,030 | 1,029 | 0.1 | % | 914 | 904 | 1.1 | % | ||||||||||||||||||||||||||||||||||
| Fort Worth, TX | 13,417 | 13,264 | 1.2 | % | 5,711 | 5,906 | (3.3 | )% | 7,706 | 7,358 | 4.7 | % | 1,038 | 1,028 | 1.0 | % | 896 | 884 | 1.4 | % | ||||||||||||||||||||||||||||||||||
| Charlotte, NC | 11,818 | 11,695 | 1.1 | % | 4,232 | 3,923 | 7.9 | % | 7,586 | 7,772 | (2.4 | )% | 985 | 976 | 0.9 | % | 868 | 854 | 1.6 | % | ||||||||||||||||||||||||||||||||||
| Dallas, TX | 12,034 | 11,988 | 0.4 | % | 5,031 | 5,320 | (5.4 | )% | 7,003 | 6,668 | 5.0 | % | 1,131 | 1,126 | 0.4 | % | 1,007 | 998 | 0.9 | % | ||||||||||||||||||||||||||||||||||
| Nashville, TN | 9,849 | 9,622 | 2.4 | % | 3,462 | 3,521 | (1.7 | )% | 6,387 | 6,101 | 4.7 | % | 1,090 | 1,067 | 2.2 | % | 955 | 942 | 1.4 | % | ||||||||||||||||||||||||||||||||||
| Tampa, FL | 8,684 | 8,658 | 0.3 | % | 3,370 | 3,363 | 0.2 | % | 5,314 | 5,295 | 0.4 | % | 1,146 | 1,143 | 0.3 | % | 999 | 998 | 0.1 | % | ||||||||||||||||||||||||||||||||||
| Orlando, FL | 7,900 | 7,913 | (0.2 | )% | 3,119 | 3,020 | 3.3 | % | 4,781 | 4,893 | (2.3 | )% | 1,139 | 1,133 | 0.5 | % | 1,007 | 1,001 | 0.6 | % | ||||||||||||||||||||||||||||||||||
| Houston, TX | 7,151 | 7,017 | 1.9 | % | 3,071 | 3,160 | (2.8 | )% | 4,080 | 3,857 | 5.8 | % | 1,084 | 1,071 | 1.2 | % | 956 | 942 | 1.5 | % | ||||||||||||||||||||||||||||||||||
| Phoenix, AZ | 5,595 | 5,555 | 0.7 | % | 2,098 | 2,103 | (0.2 | )% | 3,497 | 3,452 | 1.3 | % | 1,008 | 988 | 2.0 | % | 869 | 863 | 0.7 | % | ||||||||||||||||||||||||||||||||||
| South Florida | 2,108 | 2,109 | 0.0 | % | 823 | 761 | 8.1 | % | 1,285 | 1,348 | (4.7 | )% | 1,538 | 1,543 | (0.3 | )% | 1,430 | 1,428 | 0.1 | % | ||||||||||||||||||||||||||||||||||
| Las Vegas, NV | 1,804 | 1,800 | 0.2 | % | 677 | 663 | 2.1 | % | 1,127 | 1,137 | (0.9 | )% | 907 | 892 | 1.7 | % | 780 | 768 | 1.6 | % | ||||||||||||||||||||||||||||||||||
| Large Markets | $ | 127,807 | $ | 126,706 | 0.9 | % | $ | 51,231 | $ | 50,741 | 1.0 | % | $ | 76,576 | $ | 75,965 | 0.8 | % | $ | 1,078 | $ | 1,069 | 0.8 | % | $ | 946 | $ | 935 | 1.2 | % | ||||||||||||||||||||||||
| Jacksonville, FL | $ | 9,010 | $ | 8,995 | 0.2 | % | $ | 3,541 | $ | 3,365 | 5.2 | % | $ | 5,469 | $ | 5,630 | (2.9 | )% | $ | 989 | $ | 984 | 0.5 | % | $ | 900 | $ | 902 | (0.2 | )% | ||||||||||||||||||||||||
| Charleston, SC | 7,064 | 6,934 | 1.9 | % | 2,657 | 2,556 | 4.0 | % | 4,407 | 4,378 | 0.7 | % | 1,027 | 1,020 | 0.7 | % | 901 | 892 | 1.0 | % | ||||||||||||||||||||||||||||||||||
| Savannah, GA | 6,697 | 6,539 | 2.4 | % | 2,582 | 2,278 | 13.3 | % | 4,115 | 4,261 | (3.4 | )% | 1,043 | 1,029 | 1.4 | % | 926 | 908 | 2.0 | % | ||||||||||||||||||||||||||||||||||
| Memphis, TN | 6,032 | 6,012 | 0.3 | % | 2,714 | 2,683 | 1.2 | % | 3,318 | 3,329 | (0.3 | )% | 938 | 932 | 0.6 | % | 831 | 821 | 1.2 | % | ||||||||||||||||||||||||||||||||||
| Richmond, VA | 4,972 | 4,887 | 1.7 | % | 1,699 | 1,655 | 2.7 | % | 3,273 | 3,232 | 1.3 | % | 1,033 | 1,023 | 1.0 | % | 914 | 903 | 1.2 | % | ||||||||||||||||||||||||||||||||||
| Birmingham, AL | 4,423 | 4,415 | 0.2 | % | 1,745 | 1,654 | 5.5 | % | 2,678 | 2,761 | (3.0 | )% | 1,063 | 1,055 | 0.8 | % | 941 | 930 | 1.2 | % | ||||||||||||||||||||||||||||||||||
| Greenville, SC | 4,119 | 4,019 | 2.5 | % | 1,730 | 1,585 | 9.1 | % | 2,389 | 2,434 | (1.8 | )% | 814 | 813 | 0.1 | % | 710 | 703 | 1.0 | % | ||||||||||||||||||||||||||||||||||
| San Antonio, TX | 3,738 | 3,675 | 1.7 | % | 1,538 | 1,593 | (3.5 | )% | 2,200 | 2,082 | 5.7 | % | 1,107 | 1,101 | 0.5 | % | 991 | 994 | (0.3 | )% | ||||||||||||||||||||||||||||||||||
| Huntsville, AL | 3,448 | 3,442 | 0.2 | % | 1,364 | 1,317 | 3.6 | % | 2,084 | 2,125 | (1.9 | )% | 874 | 876 | (0.2 | )% | 741 | 741 | 0.0 | % | ||||||||||||||||||||||||||||||||||
| Norfolk/Hampton/VA Beach, VA | 3,215 | 3,248 | (1.0 | )% | 1,418 | 1,145 | 23.8 | % | 1,797 | 2,103 | (14.6 | )% | 1,105 | 1,111 | (0.5 | )% | 963 | 963 | 0.0 | % | ||||||||||||||||||||||||||||||||||
| Little Rock, AR | 2,714 | 2,750 | (1.3 | )% | 1,041 | 1,020 | 2.1 | % | 1,673 | 1,730 | (3.3 | )% | 907 | 910 | (0.3 | )% | 823 | 821 | 0.2 | % | ||||||||||||||||||||||||||||||||||
| Other | 29,985 | 29,877 | 0.4 | % | 12,369 | 11,501 | 7.5 | % | 17,616 | 18,376 | (4.1 | )% | 900 | 900 | 0.0 | % | 798 | 794 | 0.5 | % | ||||||||||||||||||||||||||||||||||
| Secondary Markets | $ | 85,417 | $ | 84,793 | 0.7 | % | $ | 34,398 | $ | 32,352 | 6.3 | % | $ | 51,019 | $ | 52,441 | (2.7 | )% | $ | 955 | $ | 952 | 0.3 | % | $ | 847 | $ | 841 | 0.7 | % | ||||||||||||||||||||||||
| Total Proforma Combined Same Store | $ | 213,224 | $ | 211,499 | 0.8 | % | $ | 85,629 | $ | 83,093 | 3.1 | % | $ | 127,595 | $ | 128,406 | (0.6 | )% | $ | 1,025 | $ | 1,019 | 0.6 | % | $ | 904 | $ | 895 | 1.0 | % | ||||||||||||||||||||||||
Supplemental Data S-7
| MULTIFAMILY PROFORMA COMBINED SAME STORE YEAR TO DATE COMPARISONS | ||||
Dollars in thousands, except per unit data
| Revenues | Expenses | NOI | Revenue per Occupied Unit | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | Q2 2014 | Q2 2013 | % Chg | ||||||||||||||||||||||||||||||||||||||||
| Atlanta, GA | $ | 32,916 | $ | 31,535 | 4.4 | % | $ | 13,870 | $ | 13,127 | 5.7 | % | $ | 19,046 | $ | 18,408 | 3.5 | % | $ | 1,101 | $ | 1,091 | 0.9 | % | $ | 951 | $ | 901 | 5.5 | % | ||||||||||||||||||||||||
| Austin, TX | 34,514 | 33,079 | 4.3 | % | 15,680 | 14,854 | 5.6 | % | 18,834 | 18,225 | 3.3 | % | 1,094 | 1,041 | 5.1 | % | 959 | 906 | 5.8 | % | ||||||||||||||||||||||||||||||||||
| Raleigh/Durham, NC | 27,102 | 26,933 | 0.6 | % | 9,088 | 9,216 | (1.4 | )% | 18,014 | 17,717 | 1.7 | % | 1,029 | 1,009 | 2.0 | % | 911 | 889 | 2.5 | % | ||||||||||||||||||||||||||||||||||
| Fort Worth, TX | 26,681 | 25,744 | 3.6 | % | 11,617 | 10,917 | 6.4 | % | 15,064 | 14,827 | 1.6 | % | 1,033 | 997 | 3.6 | % | 890 | 859 | 3.6 | % | ||||||||||||||||||||||||||||||||||
| Charlotte, NC | 23,513 | 22,643 | 3.8 | % | 8,155 | 7,931 | 2.8 | % | 15,358 | 14,712 | 4.4 | % | 980 | 944 | 3.8 | % | 862 | 828 | 4.1 | % | ||||||||||||||||||||||||||||||||||
| Dallas, TX | 24,022 | 23,108 | 4.0 | % | 10,351 | 9,777 | 5.9 | % | 13,671 | 13,331 | 2.6 | % | 1,129 | 1,085 | 4.1 | % | 1,002 | 973 | 3.0 | % | ||||||||||||||||||||||||||||||||||
| Nashville, TN | 19,471 | 18,482 | 5.4 | % | 6,983 | 6,711 | 4.1 | % | 12,488 | 11,771 | 6.1 | % | 1,079 | 1,031 | 4.7 | % | 948 | 914 | 3.7 | % | ||||||||||||||||||||||||||||||||||
| Tampa, FL | 17,342 | 16,902 | 2.6 | % | 6,733 | 6,562 | 2.6 | % | 10,609 | 10,340 | 2.6 | % | 1,144 | 1,111 | 3.0 | % | 997 | 966 | 3.2 | % | ||||||||||||||||||||||||||||||||||
| Orlando, FL | 15,813 | 15,261 | 3.6 | % | 6,139 | 5,699 | 7.7 | % | 9,674 | 9,562 | 1.2 | % | 1,136 | 1,162 | (2.2 | )% | 1,004 | 972 | 3.3 | % | ||||||||||||||||||||||||||||||||||
| Houston, TX | 14,168 | 13,400 | 5.7 | % | 6,231 | 5,938 | 4.9 | % | 7,937 | 7,462 | 6.4 | % | 1,078 | 1,024 | 5.3 | % | 949 | 898 | 5.7 | % | ||||||||||||||||||||||||||||||||||
| Phoenix, AZ | 11,150 | 10,739 | 3.8 | % | 4,201 | 4,193 | 0.2 | % | 6,949 | 6,546 | 6.2 | % | 998 | 953 | 4.7 | % | 864 | 830 | 4.1 | % | ||||||||||||||||||||||||||||||||||
| South Florida | 4,217 | 4,019 | 4.9 | % | 1,584 | 1,589 | (0.3 | )% | 2,633 | 2,430 | 8.4 | % | 1,540 | 1,487 | 3.6 | % | 1,430 | 1,399 | 2.2 | % | ||||||||||||||||||||||||||||||||||
| Las Vegas, NV | 3,604 | 3,583 | 0.6 | % | 1,340 | 1,346 | (0.4 | )% | 2,264 | 2,237 | 1.2 | % | 899 | 876 | 2.6 | % | 777 | 758 | 2.5 | % | ||||||||||||||||||||||||||||||||||
| Large Markets | $ | 254,513 | $ | 245,428 | 3.7 | % | $ | 101,972 | $ | 97,860 | 4.2 | % | $ | 152,541 | $ | 147,568 | 3.4 | % | $ | 1,074 | $ | 1,040 | 3.3 | % | $ | 941 | $ | 904 | 4.1 | % | ||||||||||||||||||||||||
| Jacksonville, FL | $ | 18,005 | $ | 17,703 | 1.7 | % | $ | 6,906 | $ | 6,727 | 2.7 | % | $ | 11,099 | $ | 10,976 | 1.1 | % | $ | 986 | $ | 960 | 2.7 | % | $ | 902 | $ | 875 | 3.1 | % | ||||||||||||||||||||||||
| Charleston, SC | 13,998 | 13,567 | 3.2 | % | 5,213 | 5,198 | 0.3 | % | 8,785 | 8,369 | 5.0 | % | 1,024 | 994 | 3.0 | % | 896 | 864 | 3.7 | % | ||||||||||||||||||||||||||||||||||
| Savannah, GA | 13,236 | 12,820 | 3.2 | % | 4,860 | 4,604 | 5.6 | % | 8,376 | 8,216 | 1.9 | % | 1,036 | 1,007 | 2.9 | % | 917 | 883 | 3.9 | % | ||||||||||||||||||||||||||||||||||
| Memphis, TN | 12,044 | 12,063 | (0.2 | )% | 5,397 | 4,884 | 10.5 | % | 6,647 | 7,179 | (7.4 | )% | 935 | 926 | 1.0 | % | 828 | 822 | 0.7 | % | ||||||||||||||||||||||||||||||||||
| Richmond, VA | 9,859 | 9,603 | 2.7 | % | 3,354 | 3,366 | (0.4 | )% | 6,505 | 6,237 | 4.3 | % | 1,028 | 1,009 | 1.9 | % | 909 | 892 | 1.9 | % | ||||||||||||||||||||||||||||||||||
| Birmingham, AL | 8,838 | 8,677 | 1.9 | % | 3,399 | 3,372 | 0.8 | % | 5,439 | 5,305 | 2.5 | % | 1,059 | 1,038 | 2.0 | % | 935 | 910 | 2.7 | % | ||||||||||||||||||||||||||||||||||
| Greenville, SC | 8,138 | 7,882 | 3.2 | % | 3,315 | 3,293 | 0.7 | % | 4,823 | 4,589 | 5.1 | % | 814 | 788 | 3.3 | % | 706 | 684 | 3.2 | % | ||||||||||||||||||||||||||||||||||
| San Antonio, TX | 7,413 | 7,331 | 1.1 | % | 3,131 | 3,190 | (1.8 | )% | 4,282 | 4,141 | 3.4 | % | 1,104 | 1,235 | (10.6 | )% | 993 | 984 | 0.9 | % | ||||||||||||||||||||||||||||||||||
| Huntsville, AL | 6,890 | 6,834 | 0.8 | % | 2,681 | 2,678 | 0.1 | % | 4,209 | 4,156 | 1.3 | % | 875 | 874 | 0.1 | % | 740 | 744 | (0.5 | )% | ||||||||||||||||||||||||||||||||||
| Norfolk/Hampton/VA Beach, VA | 6,463 | 6,558 | (1.4 | )% | 2,563 | 2,377 | 7.8 | % | 3,900 | 4,181 | (6.7 | )% | 1,108 | 1,106 | 0.2 | % | 964 | 964 | 0.0 | % | ||||||||||||||||||||||||||||||||||
| Little Rock, AR | 5,464 | 5,373 | 1.7 | % | 2,061 | 2,063 | (0.1 | )% | 3,403 | 3,310 | 2.8 | % | 909 | 902 | 0.8 | % | 822 | 825 | (0.4 | )% | ||||||||||||||||||||||||||||||||||
| Other | 59,862 | 59,116 | 1.3 | % | 23,870 | 22,979 | 3.9 | % | 35,992 | 36,137 | (0.4 | )% | 900 | 905 | (0.6 | )% | 796 | 786 | 1.3 | % | ||||||||||||||||||||||||||||||||||
| Secondary Markets | $ | 170,210 | $ | 167,527 | 1.6 | % | $ | 66,750 | $ | 64,731 | 3.1 | % | $ | 103,460 | $ | 102,796 | 0.6 | % | $ | 954 | $ | 948 | 0.6 | % | $ | 844 | $ | 829 | 1.8 | % | ||||||||||||||||||||||||
| Total Proforma Combined Same Store | $ | 424,723 | $ | 412,955 | 2.8 | % | $ | 168,722 | $ | 162,591 | 3.8 | % | $ | 256,001 | $ | 250,364 | 2.3 | % | $ | 1,022 | $ | 1,001 | 2.1 | % | $ | 899 | $ | 872 | 3.1 | % | ||||||||||||||||||||||||
Supplemental Data S-8
| DEVELOPMENT, LEASE-UP AND COMMERCIAL | ||||||||||||||||||||||||||||||
| Dollars and square feet in thousands | ||||||||||||||||||||||||||||||
| MULTIFAMILY DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||
| Units as of June 30, 2014 | Initial | Development Costs | ||||||||||||||||||||||||||||
| Start | Occupancy | Completion | Stabilization | Total | Thru | |||||||||||||||||||||||||
| Location | Total | Delivered | Leased | Date | Date | Date | Date | Cost | Q2 2014 | After | ||||||||||||||||||||
| 220 Riverside | Jacksonville, FL | 294 | — | 29 | 4Q12 | 4Q14 | 1Q15 | 4Q15 | $ | 41,300 | $ | 25,146 | $ | 16,154 | ||||||||||||||||
| CG at Bellevue II | Nashville, TN | 220 | — | — | 3Q13 | 4Q14 | 1Q15 | 3Q15 | 30,700 | 13,190 | 17,510 | |||||||||||||||||||
| Total Active | 514 | — | 29 | $ | 72,000 | $ | 38,336 | $ | 33,664 | |||||||||||||||||||||
| MULTIFAMILY LEASE-UP COMMUNITIES | |||||||||||
| As of June 30, 2014 | |||||||||||
| Total | Percent | Construction | Expected | ||||||||
| MSA | Units | Occupied | Finished | Stabilized | |||||||
| CR at Frisco Bridges | Dallas, TX | 252 | 95.6 | % | 2Q13 | 3Q14 | |||||
| CG at Lake Mary III | Orlando, FL | 132 | 51.5 | % | 2Q14 | 4Q14 | |||||
| Stonefield Commons | Charlottesville, VA | 251 | 88.8 | % | (1) | 4Q14 | |||||
| Seasons at Celebrate Virginia II | Fredericksburg, VA | 251 | 93.2 | % | (1) | 3Q14 | |||||
| CR at South End | Charlotte, NC | 353 | 84.4 | % | 2Q14 | 4Q14 | |||||
| CG at Randal Lakes | Orlando, FL | 462 | 62.8 | % | 1Q14 | 1Q15 | |||||
| Total | 1,701 | 79.6 | % | ||||||||
(1) Properties were acquired while still in lease-up and construction was complete prior to acquisition by MAA.
| COMMERCIAL PROPERTIES | |||||||||||||||||
| Owned Property | Three months ended June 30, 2014 | ||||||||||||||||
| Name | Type | MSA | Square Feet | Revenue | Expense | NOI | |||||||||||
| CP Nord du Lac | Retail | Covington, LA | 196 | $ | 751 | $ | 276 | $ | 475 | ||||||||
| CP Craft Farms | Retail | Gulf Shores, AL | 68 | 220 | 48 | 172 | |||||||||||
| CP Huntsville | Retail | Huntsville, AL | 23 | 88 | 46 | 42 | |||||||||||
Land Title Building (1) | Office | Birmingham, AL | 30 | 42 | 17 | 25 | |||||||||||
1225 South Church (2) | Retail | Charlotte, NC | 3 | 12 | 3 | 9 | |||||||||||
Allure at Buckhead (2) | Retail | Atlanta, GA | 19 | 148 | 27 | 121 | |||||||||||
Times Square (2) | Retail | Dallas, TX | 73 | 71 | 92 | (21 | ) | ||||||||||
Bella Casita (2) | Retail | Dallas, TX | 5 | 19 | 5 | 14 | |||||||||||
| Total | 417 | $ | 1,351 | $ | 514 | $ | 837 | ||||||||||
(1) We own a one-third interest in this joint venture property. The revenue, expenses, and NOI presented represent our one-third share of the totals.
(2) Retail component of existing multifamily property that is not included in Same Store Portfolio.
Supplemental Data S-9
| 2014 ACQUISITION/DISPOSITION ACTIVITY | ||||
| Multifamily Acquisitions | Location | Apartment Units | Year Built | Closing Date | ||||
| Grand Cypress | Houston, Texas | 312 | 2008 | January 15, 2014 | ||||
| Venue at Stonebridge Ranch | Dallas, Texas | 250 | 2000 | January 31, 2014 | ||||
| Stonefield Commons | Charlottesville, Virginia | 251 | 2013 | June 2, 2014 | ||||
| Cityscape at Market Center | Dallas, Texas | 454 | 2013 | June 12, 2014 | ||||
| Total Multifamily Acquisitions | 1,267 | |||||||
| Multifamily Dispositions | Location | Apartment Units | Year Built | Closing Date | ||||
| Willow Creek | Columbus, Georgia | 285 | 1968/71/77 | January 15, 2014 | ||||
| Colonial Village at North Arlington | Fort Worth, Texas | 240 | 1985 | June 27, 2014 | ||||
| Colonial Village at Vista Ridge | Fort Worth, Texas | 300 | 1985 | June 27, 2014 | ||||
| Total Multifamily Dispositions | 825 | |||||||
| Commercial Dispositions | Location | Square Feet | Year Built | Closing Date | ||||
| CC Brookwood Village (Office) | Birmingham, Alabama | 170,000 | 2007 | March 28, 2014 | ||||
| Brookwood Village (Retail) | Birmingham, Alabama | 413,000 | 1973/91/2000/13 | March 28, 2014 | ||||
| Total Commercial Dispositions | 583,000 | |||||||
| Land Dispositions | Location | Acres | Year Built | Closing Date | ||||
| Nord du Lac (1 outparcel) | Covington, Louisiana | 1.7 | February 3, 2014 | |||||
| Tutwiler (2 outparcels) | Birmingham, Alabama | 4.6 | February 6, 2014 | |||||
| Heathrow (2 outparcels) | Orlando, Florida | 3.9 | February 14, 2014 | |||||
| Total Land Dispositions | 10.2 | |||||||
| Joint Venture Multifamily Dispositions | Location | Apartment Units | Year Built | Closing Date | ||||
| Ansley Village | Macon, Georgia | 294 | 2007 | May 29, 2014 | ||||
| Total Joint Venture Multifamily Dispositions | 294 | |||||||
Supplemental Data S-10
| DEBT AND DEBT COVENANTS AS OF JUNE 30, 2014 | |||||||||
| Dollars in thousands | |||||||||
| SUMMARY OF OUTSTANDING INTEREST RATE MATURITIES | |||||||||
| Average | |||||||||
| Years | |||||||||
| Principal | to Rate | Effective | |||||||
| Balance | Maturity | Rate | |||||||
| Secured Debt | |||||||||
| Conventional - Fixed Rate or Swapped | $ | 1,276,194 | 4.9 | 4.2 | % | ||||
Conventional - Variable Rate - Capped (1) (2) | 192,177 | 2.0 | 1.1 | % | |||||
Tax-free - Variable Rate - Capped (1) | 87,858 | 3.6 | 0.9 | % | |||||
| Total Secured Fixed or Hedged Rate Debt | 1,556,229 | 4.5 | 3.6 | % | |||||
| Conventional - Variable Rate | 6,785 | 0.1 | 0.7 | % | |||||
| Total Secured Debt | 1,563,014 | 4.4 | 3.6 | % | |||||
| Unsecured Debt | |||||||||
| Fixed Rate or Swapped | 1,877,399 | 5.3 | 4.0 | % | |||||
| Variable Rate | 35,000 | 0.1 | 1.3 | % | |||||
| Total Unsecured Debt | 1,912,399 | 5.2 | 4.0 | % | |||||
| Total Debt | $ | 3,475,413 | 4.9 | 3.8 | % | ||||
| Total Fixed or Hedged Debt | $ | 3,433,628 | 4.9 | 3.8 | % | ||||
(1) | The effective rate represents the average rate on the underlying variable debt unless the cap rates are reached, which average 4.6% of LIBOR for conventional caps and 6.0% of SIFMA for tax-free caps. |
(2) | Includes $27 million of mortgages with embedded caps at a 7% all-in interest rate. |
| OTHER SUMMARIES | ||||||||||||||
| Effective | Average Years | |||||||||||||
| Percent of | Interest | to Rate | ||||||||||||
| Balance | Total | Rate | Maturity | |||||||||||
| Floating Versus Fixed Rate or Hedged Debt | ||||||||||||||
| Fixed rate or swapped debt | $ | 3,153,593 | 90.7 | % | 4.1 | % | 5.1 | |||||||
| Capped debt | 280,035 | 8.1 | % | 1.0 | % | 2.5 | ||||||||
| Floating (unhedged) debt | 41,785 | 1.2 | % | 1.2 | % | 0.1 | ||||||||
| Total | $ | 3,475,413 | 100.0 | % | 3.8 | % | 4.9 | |||||||
| Effective | Average Years | |||||||||||||
| Percent of | Interest | to Contract | ||||||||||||
| Balance | Total | Rate | Maturity | |||||||||||
| Secured Versus Unsecured Debt | ||||||||||||||
| Unsecured Debt | $ | 1,912,399 | 55.0 | % | 4.0 | % | 5.2 | |||||||
| Secured Debt | 1,563,014 | 45.0 | % | 3.6 | % | 5.4 | ||||||||
| Total | $ | 3,475,413 | 100.0 | % | 3.8 | % | 5.3 | |||||||
| Total | Percent of | Q2 2014 | Percent of | |||||||||||
| Cost | Total | NOI | Total | |||||||||||
| Unencumbered Versus Encumbered Assets | ||||||||||||||
| Unencumbered gross assets | $ | 5,258,072 | 66.9 | % | $ | 94,177 | 64.4 | % | ||||||
| Encumbered gross assets | 2,598,921 | 33.1 | % | 52,058 | 35.6 | % | ||||||||
| Total | $ | 7,856,993 | 100.0 | % | $ | 146,235 | 100.0 | % | ||||||
Supplemental Data S-11
| DEBT AND DEBT COVENANTS AS OF JUNE 30, 2014 (CONTINUED) | |||||
Dollars in thousands
| FIXED OR HEDGED INTEREST RATE MATURITIES | ||||||||||||||||||||||||||
| Average | ||||||||||||||||||||||||||
| Fixed | Interest | Total | Interest | Total | Years to | |||||||||||||||||||||
| Rate | Rate | Fixed Rate | Contract | Rate | Fixed or | Rate | ||||||||||||||||||||
| Maturity | Debt | Swaps | Balances | Rate | Caps | Hedged | Maturity | |||||||||||||||||||
| 2014 | $ | — | $ | 50,000 | $ | 50,000 | 6.1 | % | $ | — | $ | 50,000 | ||||||||||||||
| 2015 | 253,924 | 75,000 | 328,924 | 5.5 | % | 51,977 | 380,901 | |||||||||||||||||||
| 2016 | 95,044 | — | 95,044 | 6.0 | % | 104,354 | 199,398 | |||||||||||||||||||
| 2017 | 159,814 | 300,000 | 459,814 | 2.3 | % | 64,573 | 524,387 | |||||||||||||||||||
| 2018 | 103,639 | 250,000 | 353,639 | 3.2 | % | 32,691 | 386,330 | |||||||||||||||||||
| Thereafter | 1,866,172 | — | 1,866,172 | 4.8 | % | 26,440 | 1,892,612 | |||||||||||||||||||
| Total | $ | 2,478,593 | $ | 675,000 | $ | 3,153,593 | 4.4 | % | $ | 280,035 | $ | 3,433,628 | 4.9 | |||||||||||||
| DEBT MATURITIES OF OUTSTANDING BALANCES | ||||||||||||||||||||
| Credit Facilities | ||||||||||||||||||||
| Fannie Mae Secured | Key Bank Unsecured | Other Secured | Other Unsecured | Total | ||||||||||||||||
| 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| 2015 | 105,785 | — | 72,534 | 193,230 | $ | 371,549 | ||||||||||||||
| 2016 | 80,000 | — | 29,619 | 80,449 | $ | 190,068 | ||||||||||||||
| 2017 | 80,000 | 35,000 | 91,592 | 318,223 | $ | 524,815 | ||||||||||||||
| 2018 | 80,000 | — | 52,600 | 301,068 | $ | 433,668 | ||||||||||||||
| Thereafter | 88,858 | — | 882,026 | 984,429 | $ | 1,955,313 | ||||||||||||||
| Total | $ | 434,643 | $ | 35,000 | $ | 1,128,371 | $ | 1,877,399 | $ | 3,475,413 | ||||||||||
| DEBT COVENANT ANALYSIS | ||||||
| Public Bond Covenants | Required | Actual | Compliance | |||
| Limit on Incurrence of Total Debt | 60% or less | 43.3% | Yes | |||
| Limit on Incurrence of Secured Debt | 40% or less | 19.5% | Yes | |||
| Ratio of Consolidated Income Available for Debt Service/Annual Debt Service Charge | 1.5:1 or greater for trailing 4 quarters | 4.36x | Yes | |||
| Maintenance of Unencumbered Total Asset Value | Greater than 150% | 274.4% | Yes | |||
Supplemental Data S-12
| EBITDA AND BALANCE SHEET RATIOS | |||||||
| Dollars in thousands | |||||||
| Three Months | Trailing | ||||||
| Ended | 2 Quarters | ||||||
| June 30, | on an | ||||||
| 2014 | Annualized Basis | ||||||
| Consolidated net income | $ | 33,386 | $ | 98,200 | |||
| Depreciation and amortization | 69,631 | 319,288 | |||||
| Interest expense | 30,163 | 121,678 | |||||
| Loss on debt extinguishment | — | — | |||||
| Amortization of deferred financing costs | 1,174 | 4,970 | |||||
| Net casualty loss and other settlement proceeds | 295 | 610 | |||||
| Income tax expense | 523 | 1,586 | |||||
| Loss (gain) on sale of non-depreciable assets | 22 | (1,070 | ) | ||||
| Depreciation of discontinued operations | — | 84 | |||||
| Net casualty loss (gain) after insurance and other settlement proceeds on discontinued operations | 1 | 6 | |||||
| Gain on sale of depreciable real estate assets excluded from discontinued operations | (3,658 | ) | (12,444 | ) | |||
| Gain on disposition within unconsolidated entities | (3,414 | ) | (6,828 | ) | |||
| Gain on sale of discontinued operations | — | (10,962 | ) | ||||
| EBITDA | 128,123 | 515,118 | |||||
| Acquisition expense | 947 | 1,916 | |||||
| Merger related expenses | 795 | 5,742 | |||||
| Integration related expenses | 3,151 | 13,986 | |||||
| Recurring EBITDA | $ | 133,016 | $ | 536,762 | |||
| Three Months Ended | |||||||
| June 30, | |||||||
| 2014 | 2013 | ||||||
| Recurring EBITDA/Debt Service | 3.35x | 4.33x | |||||
Fixed Charge Coverage (1) | 3.57x | 4.73x | |||||
Total Debt/Total Capitalization (2) | 37.5% | 34.7% | |||||
| Total Debt/Total Gross Assets | 43.1% | 43.4% | |||||
Total Net Debt (3)/Total Gross Assets | 42.8% | 43.2% | |||||
Total Net Debt (3)/Recurring EBITDA (4) | 6.43x | 6.01x | |||||
| Unencumbered Assets/Gross Real Estate Assets | 66.9% | 57.7% | |||||
(1) | Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. |
(2) | Total Capitalization equals the number of shares of common stock and units at period end times the closing stock price at period end plus total debt outstanding. |
(3) | Total Net Debt equals Total Debt less cash and cash equivalents. |
(4) | Recurring EBITDA represents the six months ended June 30, 2014 on an annualized basis. |
Supplemental Data S-13
| 2014 GUIDANCE | |
| Full Year 2014 | |
| Earnings | |
| Core FFO per Share - diluted | $4.79 to $4.95 |
| Midpoint | $4.87 |
| Core AFFO per Share - diluted | $4.04 to $4.20 |
| Midpoint | $4.12 |
| Proforma Combined Same Store Communities: | |
| Number of units | 72,871 |
| Property revenue growth | 3.0% to 3.5% |
| Property operating expense growth | 1.5% to 2.5% |
| Property NOI growth | 4.0% to 4.5% |
| Real estate tax expense growth | 6% to 7% |
| Corporate Expenses: | |
| General and administrative and property management expenses | $53 to $55 million |
| Merger and integration expenses | $12 to $13 million |
| Acquisition expense | $1.5 to $2.0 million |
| Loss on debt extinguishment/modification | $3.0 to $3.5 million |
| Income tax expense | $1.5 to $2.0 million |
| Transaction/Investment Volume: | |
| Acquisition volume (multifamily) | $200 to $300 million |
| Disposition volume (multifamily) | $125 to $175 million |
| Commercial / land disposition volume | $125 to $175 million |
| Development investment | $60 to $65 million |
| Debt: | |
| Average Interest Rate (excluding mark-to-market debt adjustment) | 4.3% to 4.5% |
| Capitalized Interest | $1.5 to $2.0 million |
| Leverage (Total Net Debt/Total Gross Assets) | 42% to 45% |
| Unencumbered Asset Pool (Percent of Total Gross Assets) | 65% to 70% |
| Mark-to-market adjustment at merger | $90.5 million |
| Projected amortization of debt mark-to-market | $24 to $26 million |
MAA provides guidance on Core FFO per Share but does not forecast net income available for common shareholders per diluted share. It is not possible to reasonably predict the timing and certainty of acquisitions and dispositions that would materially affect depreciation, capital gains or losses, merger and acquisition expenses and net income attributable to noncontrolling interests or to forecast extraordinary items, which, combined, generally represent the difference between net income available for common shareholders and Core FFO.
Supplemental Data S-14
| CREDIT RATINGS | |||
| Rating | Outlook | ||
Fitch Ratings (1) | BBB | Positive | |
Moody's Investors Service (2) | Baa2 | Stable | |
Standard & Poor's Ratings Services (1) | BBB | Stable | |
(1) | Corporate credit rating assigned to Mid-America Apartment Communities, Inc. and its primary operating partnership, Mid-America Apartments, LP. |
(2) | Corporate credit rating assigned to Mid-America Apartments, LP, the primary operating partnership of Mid-America Apartment Communities, Inc. |
| COMMON STOCK | |||||||||||||||||||
| Stock Symbol: | MAA | ||||||||||||||||||
| Exchange Traded: | NYSE | ||||||||||||||||||
| Estimated Future Dates: | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | |||||||||||||||
| Earnings release & conference call | Late October | Early February | Late April | Late July | |||||||||||||||
| Dividend Information - Common Shares: | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | ||||||||||||||
| Declaration Date | 5/21/2013 | 9/30/2013 | 12/3/2013 | 3/20/2014 | 5/22/2014 | ||||||||||||||
| Record Date | 7/15/2013 | 10/15/2013 | 1/15/2014 | 4/15/2014 | 7/15/2014 | ||||||||||||||
| Payment Date | 7/31/2013 | 10/31/2013 | 1/31/2014 | 4/30/2014 | 7/31/2014 | ||||||||||||||
| Distributions Per Share | $ | 0.6950 | $ | 0.6950 | $ | 0.7300 | $ | 0.7300 | $ | 0.7300 | |||||||||
| INVESTOR RELATIONS DATA | ||||||||||
| MAA does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and Supplemental Data upon request. | ||||||||||
| For recent press releases, 10-Q's, 10-K's 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 our website at www.maac.com. | ||||||||||
| For Questions Contact: | ||||||||||
| Name | Title | |||||||||
| Tim Argo | Senior Vice President, Director of Finance | |||||||||
| Jennifer Patrick | Investor Relations | |||||||||
Supplemental Data S-15