| PORTFOLIO STATISTICS | |||||||
TOTAL MULTIFAMILY PORTFOLIO AT JUNE 30, 2016 (In apartment units)
| Same Store | Non Same Store | In Lease-Up | Total for Completed Communities | Current Development Units Delivered | Total | ||||||||||||
| Atlanta, GA | 6,074 | 3 | — | 6,077 | — | 6,077 | |||||||||||
| Austin, TX | 5,838 | — | — | 5,838 | — | 5,838 | |||||||||||
| Dallas, TX | 4,743 | 554 | 318 | 5,615 | — | 5,615 | |||||||||||
| Charlotte, NC | 4,401 | 600 | — | 5,001 | — | 5,001 | |||||||||||
| Raleigh/Durham, NC | 4,397 | 266 | — | 4,663 | — | 4,663 | |||||||||||
| Fort Worth, TX | 4,093 | 426 | — | 4,519 | — | 4,519 | |||||||||||
| Nashville, TN | 3,207 | 569 | — | 3,776 | — | 3,776 | |||||||||||
| Orlando, FL | 3,190 | 462 | — | 3,652 | 10 | 3,662 | |||||||||||
| Houston, TX | 3,232 | — | — | 3,232 | — | 3,232 | |||||||||||
| Tampa, FL | 2,878 | — | — | 2,878 | — | 2,878 | |||||||||||
| Phoenix, AZ | 1,976 | 325 | 322 | 2,623 | — | 2,623 | |||||||||||
| Las Vegas, NV | 721 | — | — | 721 | — | 721 | |||||||||||
| South Florida | 480 | — | — | 480 | — | 480 | |||||||||||
| Large Markets | 45,230 | 3,205 | 640 | 49,075 | 10 | 49,085 | |||||||||||
| Jacksonville, FL | 3,202 | 294 | — | 3,496 | — | 3,496 | |||||||||||
| Charleston, SC | 2,648 | — | — | 2,648 | 72 | 2,720 | |||||||||||
| Savannah, GA | 2,219 | — | — | 2,219 | — | 2,219 | |||||||||||
| Richmond, VA | 1,668 | 254 | — | 1,922 | — | 1,922 | |||||||||||
| Memphis, TN | 1,811 | — | — | 1,811 | — | 1,811 | |||||||||||
| Greenville, SC | 1,748 | — | — | 1,748 | — | 1,748 | |||||||||||
| San Antonio, TX | 1,504 | — | — | 1,504 | — | 1,504 | |||||||||||
| Birmingham, AL | 1,462 | — | — | 1,462 | — | 1,462 | |||||||||||
| Fredericksburg, VA | 741 | 574 | 120 | 1,435 | — | 1,435 | |||||||||||
| Huntsville, AL | 1,228 | 152 | — | 1,380 | — | 1,380 | |||||||||||
| Little Rock, AR | 1,368 | — | — | 1,368 | — | 1,368 | |||||||||||
| Jackson, MS | 1,241 | — | — | 1,241 | — | 1,241 | |||||||||||
| Lexington, KY | 924 | — | — | 924 | — | 924 | |||||||||||
| Other | 5,335 | 2,650 | — | 7,985 | — | 7,985 | |||||||||||
| Secondary Markets | 27,099 | 3,924 | 120 | 31,143 | 72 | 31,215 | |||||||||||
| Total Multifamily Units | 72,329 | 7,129 | 760 | 80,218 | 82 | 80,300 | |||||||||||
Supplemental Data S-1
| PORTFOLIO STATISTICS (CONTINUED) | |||||||
TOTAL MULTIFAMILY COMMUNITY STATISTICS
Dollars in thousands, except Average Effective Rent
| As of June 30, 2016 | Average Effective Rent for the Three Months Ended June 30, 2016 | As of June 30, 2016 | ||||||||||||||||||
| Gross Real Assets | Percent to Total of Gross Real Assets | Physical Occupancy | Completed Units | Total Units, Including Development | ||||||||||||||||
| Atlanta, GA | $ | 671,322 | 8.1 | % | 96.6 | % | $ | 1,123 | 6,077 | |||||||||||
| Charlotte, NC | $ | 613,195 | 7.4 | % | 96.3 | % | $ | 1,020 | 5,001 | |||||||||||
| Austin, TX | $ | 585,234 | 7.1 | % | 96.0 | % | $ | 1,085 | 5,838 | |||||||||||
| Raleigh/Durham, NC | $ | 551,265 | 6.6 | % | 96.1 | % | $ | 973 | 4,663 | |||||||||||
| Dallas, TX | $ | 550,565 | 6.6 | % | 96.2 | % | $ | 1,116 | 5,297 | |||||||||||
| Orlando, FL | $ | 481,869 | 5.8 | % | 96.5 | % | $ | 1,194 | 3,652 | |||||||||||
| Fort Worth, TX | $ | 387,152 | 4.7 | % | 96.3 | % | $ | 1,014 | 4,519 | |||||||||||
| Nashville, TN | $ | 380,989 | 4.6 | % | 96.9 | % | $ | 1,126 | 3,776 | |||||||||||
| Tampa, FL | $ | 307,576 | 3.7 | % | 96.1 | % | $ | 1,124 | 2,878 | |||||||||||
| Phoenix, AZ | $ | 294,402 | 3.6 | % | 96.2 | % | $ | 1,012 | 2,301 | |||||||||||
| Houston, TX | $ | 283,228 | 3.4 | % | 95.9 | % | $ | 1,050 | 3,232 | |||||||||||
| Las Vegas, NV | $ | 66,572 | 0.8 | % | 98.1 | % | $ | 855 | 721 | |||||||||||
| South Florida | $ | 58,994 | 0.7 | % | 94.8 | % | $ | 1,555 | 480 | |||||||||||
| Large Markets | $ | 5,232,363 | 63.1 | % | 96.3 | % | $ | 1,078 | 48,435 | |||||||||||
| Jacksonville, FL | $ | 292,835 | 3.5 | % | 97.3 | % | $ | 999 | 3,496 | |||||||||||
| Charleston, SC | $ | 266,692 | 3.2 | % | 97.5 | % | $ | 1,070 | 2,648 | |||||||||||
| Richmond, VA | $ | 233,262 | 2.8 | % | 97.0 | % | $ | 1,010 | 1,922 | |||||||||||
| Savannah, GA | $ | 227,436 | 2.7 | % | 96.8 | % | $ | 987 | 2,219 | |||||||||||
| Fredericksburg, VA | $ | 218,031 | 2.6 | % | 96.7 | % | $ | 1,290 | 1,315 | |||||||||||
| San Antonio, TX | $ | 157,559 | 1.9 | % | 96.1 | % | $ | 1,056 | 1,504 | |||||||||||
| Kansas City, MO | $ | 153,608 | 1.9 | % | 96.9 | % | $ | 1,173 | 956 | |||||||||||
| Birmingham, AL | $ | 147,930 | 1.8 | % | 95.9 | % | $ | 945 | 1,462 | |||||||||||
| Norfolk, Hampton, VA Beach, VA | $ | 141,939 | 1.7 | % | 97.0 | % | $ | 1,029 | 1,285 | |||||||||||
| Memphis, TN | $ | 126,244 | 1.5 | % | 96.5 | % | $ | 877 | 1,811 | |||||||||||
| Huntsville, AL | $ | 115,760 | 1.4 | % | 97.0 | % | $ | 758 | 1,380 | |||||||||||
| Little Rock, AR | $ | 115,355 | 1.4 | % | 97.0 | % | $ | 878 | 1,368 | |||||||||||
| Greenville, SC | $ | 97,384 | 1.2 | % | 97.3 | % | $ | 779 | 1,748 | |||||||||||
| All Other Secondary Markets by State (individual markets <1% gross real assets) | ||||||||||||||||||||
| Florida | $ | 143,131 | 1.7 | % | 96.9 | % | $ | 998 | 1,790 | |||||||||||
| Kentucky | $ | 92,072 | 1.1 | % | 98.0 | % | $ | 833 | 1,308 | |||||||||||
| Mississippi | $ | 73,156 | 0.9 | % | 97.1 | % | $ | 861 | 1,241 | |||||||||||
| North Carolina | $ | 71,768 | 0.9 | % | 96.8 | % | $ | 698 | 1,172 | |||||||||||
| Alabama | $ | 60,213 | 0.7 | % | 98.4 | % | $ | 939 | 628 | |||||||||||
| Tennessee | $ | 48,621 | 0.6 | % | 97.2 | % | $ | 801 | 943 | |||||||||||
| Virginia | $ | 48,084 | 0.6 | % | 97.6 | % | $ | 1,392 | 251 | |||||||||||
| South Carolina | $ | 36,536 | 0.4 | % | 95.0 | % | $ | 782 | 576 | |||||||||||
| Secondary Markets | $ | 2,867,616 | 34.5 | % | 97.0 | % | $ | 956 | 31,023 | |||||||||||
| Subtotal | $ | 8,099,979 | 97.6 | % | 96.6 | % | $ | 1,031 | 79,458 | |||||||||||
| Dallas, TX | Large | $ | 58,777 | 0.7 | % | 92.8 | % | $ | 1,367 | 318 | 318 | |||||||||
| Orlando, FL | Large | $ | 21,865 | 0.3 | % | 78.0 | % | $ | 1,282 | 10 | 314 | |||||||||
| Phoenix, AZ | Large | $ | 68,929 | 0.8 | % | 75.8 | % | $ | 1,280 | 322 | 322 | |||||||||
| Fredericksburg, VA | Secondary | $ | 19,628 | 0.2 | % | 99.2 | % | $ | 1,186 | 120 | 120 | |||||||||
| Charleston, SC | Secondary | $ | 13,595 | 0.2 | % | 34.6 | % | $ | 1,671 | 72 | 78 | |||||||||
| Richmond, VA | Secondary | $ | 7,215 | 0.1 | % | 0.0 | % | $ | — | — | 82 | |||||||||
| Kansas City, MO | Secondary | $ | 6,723 | 0.1 | % | 0.0 | % | $ | — | — | 154 | |||||||||
| Lease-up and Development | $ | 196,732 | 2.4 | % | 82.0 | % | $ | 1,333 | 842 | 1,388 | ||||||||||
| Total Wholly Owned Multifamily Communities | $ | 8,296,711 | 100.0 | % | 96.4 | % | $ | 1,034 | 80,300 | 80,846 | ||||||||||
Supplemental Data S-2
| COMPONENTS OF PROPERTY NET OPERATING INCOME | |||||||
Dollars in thousands
| Apartment | Gross Real | Three Months Ended | |||||||||||||||
| Units | Assets | June 30, 2016 | June 30, 2015 | Percent Change | |||||||||||||
| Property Revenue | |||||||||||||||||
| Same Store Communities | 72,329 | $ | 7,272,371 | $ | 245,215 | $ | 234,888 | 4.4 | % | ||||||||
| Non-Same Store Communities | 7,129 | 827,608 | 24,655 | 21,815 | |||||||||||||
| Lease up/Development Communities | 842 | 196,732 | 1,760 | 6 | |||||||||||||
| Total Multifamily Portfolio | 80,300 | $ | 8,296,711 | $ | 271,630 | $ | 256,709 | ||||||||||
| Commercial Property/Land | — | $ | 30,681 | $ | 606 | $ | 2,182 | ||||||||||
| Total Property Revenue | 80,300 | $ | 8,327,392 | $ | 272,236 | $ | 258,891 | ||||||||||
| Property Expenses | |||||||||||||||||
| Same Store Communities | $ | 93,073 | $ | 90,984 | 2.3 | % | |||||||||||
| Non-Same Store Communities | 8,860 | 9,307 | |||||||||||||||
| Lease up/Development Communities | 765 | (1 | ) | ||||||||||||||
| Total Multifamily Portfolio | $ | 102,698 | $ | 100,290 | |||||||||||||
| Commercial Property/Land | $ | 257 | $ | 566 | |||||||||||||
| Total Property Expenses | $ | 102,955 | $ | 100,856 | |||||||||||||
| Property Net Operating Income | |||||||||||||||||
| Same Store Communities | $ | 152,142 | $ | 143,904 | 5.7 | % | |||||||||||
| Non-Same Store Communities | 15,795 | 12,508 | |||||||||||||||
| Lease up/Development Communities | 995 | 7 | |||||||||||||||
| Total Multifamily Portfolio | $ | 168,932 | $ | 156,419 | |||||||||||||
| Commercial Property/Land | $ | 349 | $ | 1,616 | |||||||||||||
| Total Property Net Operating Income | $ | 169,281 | $ | 158,035 | 7.1 | % | |||||||||||
| COMPONENTS OF SAME STORE PROPERTY EXPENSES | |||||||
Dollars in thousands
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| June 30, 2016 | June 30, 2015 | Percent Increase/(Decrease) | June 30, 2016 | June 30, 2015 | Percent Increase/(Decrease) | ||||||||||||||||
| Personnel | $ | 23,322 | $ | 23,007 | 1.4 | % | $ | 46,136 | $ | 45,289 | 1.9 | % | |||||||||
| Building Repair and Maintenance | 11,986 | 11,792 | 1.6 | % | 22,311 | 22,169 | 0.6 | % | |||||||||||||
| Utilities | 19,977 | 19,416 | 2.9 | % | 39,863 | 38,712 | 3.0 | % | |||||||||||||
| Marketing | 2,668 | 3,076 | (13.3 | )% | 5,212 | 6,018 | (13.4 | )% | |||||||||||||
| Office Operations | 3,356 | 3,369 | (0.4 | )% | 6,867 | 6,783 | 1.2 | % | |||||||||||||
| Property Taxes | 28,780 | 27,358 | 5.2 | % | 57,745 | 54,607 | 5.7 | % | |||||||||||||
| Insurance | 2,984 | 2,966 | 0.6 | % | 6,001 | 5,872 | 2.2 | % | |||||||||||||
| Total Property Expenses | $ | 93,073 | $ | 90,984 | 2.3 | % | $ | 184,135 | $ | 179,450 | 2.6 | % | |||||||||
Supplemental Data S-3
| NOI CONTRIBUTION PERCENTAGE BY REGION | |||||||
| Average Physical Occupancy | ||||||||||
| Apartment Units | Percent of Same Store NOI | Three months ended June 30, 2016 | Three months ended June 30, 2015 | |||||||
| Atlanta, GA | 6,074 | 9.4 | % | 96.2 | % | 95.9 | % | |||
| Austin, TX | 5,838 | 7.8 | % | 95.8 | % | 95.6 | % | |||
| Dallas, TX | 4,743 | 6.8 | % | 95.8 | % | 96.0 | % | |||
| Charlotte, NC | 4,401 | 6.7 | % | 96.5 | % | 96.8 | % | |||
| Raleigh/Durham, NC | 4,397 | 6.1 | % | 96.2 | % | 96.1 | % | |||
| Fort Worth, TX | 4,093 | 5.4 | % | 96.0 | % | 95.9 | % | |||
| Orlando, FL | 3,190 | 5.2 | % | 96.2 | % | 96.8 | % | |||
| Nashville, TN | 3,207 | 5.1 | % | 96.6 | % | 96.0 | % | |||
| Tampa, FL | 2,878 | 4.3 | % | 96.2 | % | 96.4 | % | |||
| Houston, TX | 3,232 | 4.0 | % | 96.0 | % | 96.1 | % | |||
| Phoenix, AZ | 1,976 | 2.8 | % | 97.0 | % | 95.7 | % | |||
| South Florida | 480 | 1.0 | % | 95.5 | % | 96.5 | % | |||
| Las Vegas, NV | 721 | 0.9 | % | 96.6 | % | 95.3 | % | |||
| Large Markets | 45,230 | 65.5 | % | 96.2 | % | 96.1 | % | |||
| Jacksonville, FL | 3,202 | 4.2 | % | 96.6 | % | 96.5 | % | |||
| Charleston, SC | 2,648 | 4.0 | % | 96.2 | % | 96.6 | % | |||
| Savannah, GA | 2,219 | 3.0 | % | 96.7 | % | 96.2 | % | |||
| Richmond, VA | 1,668 | 2.4 | % | 97.0 | % | 96.3 | % | |||
| Memphis, TN | 1,811 | 1.9 | % | 96.5 | % | 96.2 | % | |||
| San Antonio, TX | 1,504 | 1.9 | % | 95.9 | % | 95.5 | % | |||
| Greenville, SC | 1,748 | 1.8 | % | 96.1 | % | 96.0 | % | |||
| Birmingham, AL | 1,462 | 1.7 | % | 95.9 | % | 96.3 | % | |||
| Little Rock, AR | 1,368 | 1.6 | % | 95.4 | % | 94.7 | % | |||
| Jackson, MS | 1,241 | 1.5 | % | 96.6 | % | 96.6 | % | |||
| Fredericksburg, VA | 741 | 1.4 | % | 97.3 | % | 96.7 | % | |||
| Huntsville, AL | 1,228 | 1.3 | % | 96.5 | % | 94.9 | % | |||
| Lexington, KY | 924 | 1.0 | % | 97.1 | % | 97.1 | % | |||
| Other | 5,335 | 6.8 | % | 96.3 | % | 96.7 | % | |||
| Secondary Markets | 27,099 | 34.5 | % | 96.4 | % | 96.3 | % | |||
| Total Same Store | 72,329 | 100.0 | % | 96.2 | % | 96.2 | % | |||
Supplemental Data S-4
| MULTIFAMILY SAME STORE QUARTER OVER QUARTER COMPARISONS | ||||
Dollars in thousands, except unit and per unit data
| Units | Revenues | Expenses | NOI | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||
| Q2 2016 | Q2 2015 | % Chg | Q2 2016 | Q2 2015 | % Chg | Q2 2016 | Q2 2015 | % Chg | Q2 2016 | Q2 2015 | % Chg | |||||||||||||||||||||||||||||||||||
| Atlanta, GA | 6,074 | $ | 22,621 | $ | 21,308 | 6.2 | % | $ | 8,375 | $ | 8,281 | 1.1 | % | $ | 14,246 | $ | 13,027 | 9.4 | % | $ | 1,123 | $ | 1,057 | 6.2 | % | |||||||||||||||||||||
| Austin, TX | 5,838 | 20,810 | 19,705 | 5.6 | % | 9,001 | 8,948 | 0.6 | % | 11,809 | 10,757 | 9.8 | % | 1,085 | 1,031 | 5.2 | % | |||||||||||||||||||||||||||||
| Dallas, TX | 4,743 | 17,458 | 16,601 | 5.2 | % | 7,156 | 6,680 | 7.1 | % | 10,302 | 9,921 | 3.8 | % | 1,134 | 1,083 | 4.7 | % | |||||||||||||||||||||||||||||
| Charlotte, NC | 4,401 | 15,248 | 14,475 | 5.3 | % | 5,011 | 4,939 | 1.5 | % | 10,237 | 9,536 | 7.4 | % | 1,047 | 987 | 6.1 | % | |||||||||||||||||||||||||||||
| Raleigh/Durham, NC | 4,397 | 14,214 | 13,837 | 2.7 | % | 4,912 | 4,738 | 3.7 | % | 9,302 | 9,099 | 2.2 | % | 983 | 946 | 3.9 | % | |||||||||||||||||||||||||||||
| Fort Worth, TX | 4,093 | 13,997 | 13,065 | 7.1 | % | 5,839 | 5,556 | 5.1 | % | 8,158 | 7,509 | 8.6 | % | 1,022 | 958 | 6.7 | % | |||||||||||||||||||||||||||||
| Orlando, FL | 3,190 | 12,411 | 11,569 | 7.3 | % | 4,497 | 4,411 | 1.9 | % | 7,914 | 7,158 | 10.6 | % | 1,194 | 1,111 | 7.5 | % | |||||||||||||||||||||||||||||
| Nashville, TN | 3,207 | 11,677 | 11,168 | 4.6 | % | 3,877 | 3,756 | 3.2 | % | 7,800 | 7,412 | 5.2 | % | 1,111 | 1,074 | 3.4 | % | |||||||||||||||||||||||||||||
| Tampa, FL | 2,878 | 10,624 | 10,079 | 5.4 | % | 4,033 | 3,883 | 3.9 | % | 6,591 | 6,196 | 6.4 | % | 1,124 | 1,061 | 5.9 | % | |||||||||||||||||||||||||||||
| Houston, TX | 3,232 | 11,041 | 11,023 | 0.2 | % | 4,919 | 4,820 | 2.1 | % | 6,122 | 6,203 | (1.3 | )% | 1,050 | 1,052 | (0.2 | )% | |||||||||||||||||||||||||||||
| Phoenix, AZ | 1,976 | 6,421 | 6,003 | 7.0 | % | 2,137 | 2,176 | (1.8 | )% | 4,284 | 3,827 | 11.9 | % | 972 | 919 | 5.8 | % | |||||||||||||||||||||||||||||
| South Florida | 480 | 2,348 | 2,262 | 3.8 | % | 869 | 847 | 2.6 | % | 1,479 | 1,415 | 4.5 | % | 1,555 | 1,491 | 4.3 | % | |||||||||||||||||||||||||||||
| Las Vegas, NV | 721 | 2,113 | 1,973 | 7.1 | % | 738 | 708 | 4.2 | % | 1,375 | 1,265 | 8.7 | % | 855 | 808 | 5.8 | % | |||||||||||||||||||||||||||||
| Large Markets | 45,230 | $ | 160,983 | $ | 153,068 | 5.2 | % | $ | 61,364 | $ | 59,743 | 2.7 | % | $ | 99,619 | $ | 93,325 | 6.7 | % | $ | 1,082 | $ | 1,029 | 5.2 | % | |||||||||||||||||||||
| Jacksonville, FL | 3,202 | $ | 9,925 | $ | 9,463 | 4.9 | % | $ | 3,545 | $ | 3,519 | 0.7 | % | $ | 6,380 | $ | 5,944 | 7.3 | % | $ | 968 | $ | 932 | 3.9 | % | |||||||||||||||||||||
| Charleston, SC | 2,648 | 9,360 | 9,025 | 3.7 | % | 3,215 | 3,125 | 2.9 | % | 6,145 | 5,900 | 4.2 | % | 1,070 | 1,017 | 5.2 | % | |||||||||||||||||||||||||||||
| Savannah, GA | 2,219 | 7,302 | 7,157 | 2.0 | % | 2,759 | 2,704 | 2.0 | % | 4,543 | 4,453 | 2.0 | % | 987 | 970 | 1.8 | % | |||||||||||||||||||||||||||||
| Richmond, VA | 1,668 | 5,362 | 5,220 | 2.7 | % | 1,786 | 1,790 | (0.2 | )% | 3,576 | 3,430 | 4.3 | % | 972 | 944 | 3.0 | % | |||||||||||||||||||||||||||||
| Memphis, TN | 1,811 | 5,193 | 5,008 | 3.7 | % | 2,260 | 2,278 | (0.8 | )% | 2,933 | 2,730 | 7.4 | % | 877 | 852 | 2.9 | % | |||||||||||||||||||||||||||||
| San Antonio, TX | 1,504 | 5,161 | 5,064 | 1.9 | % | 2,255 | 2,205 | 2.3 | % | 2,906 | 2,859 | 1.6 | % | 1,056 | 1,046 | 1.0 | % | |||||||||||||||||||||||||||||
| Greenville, SC | 1,748 | 4,575 | 4,405 | 3.9 | % | 1,827 | 1,808 | 1.1 | % | 2,748 | 2,597 | 5.8 | % | 779 | 755 | 3.2 | % | |||||||||||||||||||||||||||||
| Birmingham, AL | 1,462 | 4,637 | 4,608 | 0.6 | % | 1,985 | 1,981 | 0.2 | % | 2,652 | 2,627 | 1.0 | % | 945 | 936 | 1.0 | % | |||||||||||||||||||||||||||||
| Little Rock, AR | 1,368 | 3,867 | 3,776 | 2.4 | % | 1,472 | 1,418 | 3.8 | % | 2,395 | 2,358 | 1.6 | % | 878 | 876 | 0.2 | % | |||||||||||||||||||||||||||||
| Jackson, MS | 1,241 | 3,559 | 3,553 | 0.2 | % | 1,345 | 1,332 | 1.0 | % | 2,214 | 2,221 | (0.3 | )% | 861 | 843 | 2.1 | % | |||||||||||||||||||||||||||||
| Fredericksburg, VA | 741 | 2,961 | 2,838 | 4.3 | % | 851 | 843 | 0.9 | % | 2,110 | 1,995 | 5.8 | % | 1,226 | 1,155 | 6.1 | % | |||||||||||||||||||||||||||||
| Huntsville, AL | 1,228 | 3,248 | 3,177 | 2.2 | % | 1,290 | 1,227 | 5.1 | % | 1,958 | 1,950 | 0.4 | % | 772 | 765 | 0.9 | % | |||||||||||||||||||||||||||||
| Lexington, KY | 924 | 2,522 | 2,488 | 1.4 | % | 927 | 939 | (1.3 | )% | 1,595 | 1,549 | 3.0 | % | 845 | 830 | 1.8 | % | |||||||||||||||||||||||||||||
| Other | 5,335 | 16,560 | 16,038 | 3.3 | % | 6,192 | 6,072 | 2.0 | % | 10,368 | 9,966 | 4.0 | % | 954 | 916 | 4.1 | % | |||||||||||||||||||||||||||||
| Secondary Markets | 27,099 | $ | 84,232 | $ | 81,820 | 2.9 | % | $ | 31,709 | $ | 31,241 | 1.5 | % | $ | 52,523 | $ | 50,579 | 3.8 | % | $ | 947 | $ | 919 | 3.0 | % | |||||||||||||||||||||
| Total Same Store | 72,329 | $ | 245,215 | $ | 234,888 | 4.4 | % | $ | 93,073 | $ | 90,984 | 2.3 | % | $ | 152,142 | $ | 143,904 | 5.7 | % | $ | 1,031 | $ | 988 | 4.4 | % | |||||||||||||||||||||
Supplemental Data S-5
| MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS | ||||
Dollars in thousands, except unit and per unit data
| Units | Revenues | Expenses | NOI | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||
| Q2 2016 | Q1 2016 | % Chg | Q2 2016 | Q1 2016 | % Chg | Q2 2016 | Q1 2016 | % Chg | Q2 2016 | Q1 2016 | % Chg | |||||||||||||||||||||||||||||||||||
| Atlanta, GA | 6,074 | $ | 22,621 | $ | 22,313 | 1.4 | % | $ | 8,375 | $ | 8,367 | 0.1 | % | $ | 14,246 | $ | 13,946 | 2.2 | % | $ | 1,123 | $ | 1,103 | 1.8 | % | |||||||||||||||||||||
| Austin, TX | 5,838 | 20,810 | 20,539 | 1.3 | % | 9,001 | 9,377 | (4.0 | )% | 11,809 | 11,162 | 5.8 | % | 1,085 | 1,068 | 1.6 | % | |||||||||||||||||||||||||||||
| Dallas, TX | 4,743 | 17,458 | 17,148 | 1.8 | % | 7,156 | 7,266 | (1.5 | )% | 10,302 | 9,882 | 4.3 | % | 1,134 | 1,116 | 1.6 | % | |||||||||||||||||||||||||||||
| Charlotte, NC | 4,401 | 15,248 | 14,985 | 1.8 | % | 5,011 | 4,684 | 7.0 | % | 10,237 | 10,301 | (0.6 | )% | 1,047 | 1,028 | 1.8 | % | |||||||||||||||||||||||||||||
| Raleigh/Durham, NC | 4,397 | 14,214 | 14,098 | 0.8 | % | 4,912 | 4,611 | 6.5 | % | 9,302 | 9,487 | (2.0 | )% | 983 | 968 | 1.5 | % | |||||||||||||||||||||||||||||
| Fort Worth, TX | 4,093 | 13,997 | 13,734 | 1.9 | % | 5,839 | 5,767 | 1.2 | % | 8,158 | 7,967 | 2.4 | % | 1,022 | 1,003 | 1.9 | % | |||||||||||||||||||||||||||||
| Orlando, FL | 3,190 | 12,411 | 12,296 | 0.9 | % | 4,497 | 4,347 | 3.5 | % | 7,914 | 7,949 | (0.4 | )% | 1,194 | 1,175 | 1.6 | % | |||||||||||||||||||||||||||||
| Nashville, TN | 3,207 | 11,677 | 11,355 | 2.8 | % | 3,877 | 3,564 | 8.8 | % | 7,800 | 7,791 | 0.1 | % | 1,111 | 1,096 | 1.4 | % | |||||||||||||||||||||||||||||
| Tampa, FL | 2,878 | 10,624 | 10,463 | 1.5 | % | 4,033 | 4,038 | (0.1 | )% | 6,591 | 6,425 | 2.6 | % | 1,124 | 1,105 | 1.7 | % | |||||||||||||||||||||||||||||
| Houston, TX | 3,232 | 11,041 | 11,068 | (0.2 | )% | 4,919 | 5,039 | (2.4 | )% | 6,122 | 6,029 | 1.5 | % | 1,050 | 1,052 | (0.2 | )% | |||||||||||||||||||||||||||||
| Phoenix, AZ | 1,976 | 6,421 | 6,303 | 1.9 | % | 2,137 | 2,056 | 3.9 | % | 4,284 | 4,247 | 0.9 | % | 972 | 958 | 1.5 | % | |||||||||||||||||||||||||||||
| South Florida | 480 | 2,348 | 2,334 | 0.6 | % | 869 | 818 | 6.2 | % | 1,479 | 1,516 | (2.4 | )% | 1,555 | 1,543 | 0.8 | % | |||||||||||||||||||||||||||||
| Las Vegas, NV | 721 | 2,113 | 2,085 | 1.3 | % | 738 | 708 | 4.2 | % | 1,375 | 1,377 | (0.1 | )% | 855 | 844 | 1.3 | % | |||||||||||||||||||||||||||||
| Large Markets | 45,230 | $ | 160,983 | $ | 158,721 | 1.4 | % | $ | 61,364 | $ | 60,642 | 1.2 | % | $ | 99,619 | $ | 98,079 | 1.6 | % | $ | 1,082 | $ | 1,066 | 1.5 | % | |||||||||||||||||||||
| Jacksonville, FL | 3,202 | $ | 9,925 | $ | 9,792 | 1.4 | % | $ | 3,545 | $ | 3,387 | 4.7 | % | $ | 6,380 | $ | 6,405 | (0.4 | )% | $ | 968 | $ | 957 | 1.1 | % | |||||||||||||||||||||
| Charleston, SC | 2,648 | 9,360 | 9,220 | 1.5 | % | 3,215 | 3,090 | 4.0 | % | 6,145 | 6,130 | 0.2 | % | 1,070 | 1,055 | 1.4 | % | |||||||||||||||||||||||||||||
| Savannah, GA | 2,219 | 7,302 | 7,289 | 0.2 | % | 2,759 | 2,506 | 10.1 | % | 4,543 | 4,783 | (5.0 | )% | 987 | 981 | 0.6 | % | |||||||||||||||||||||||||||||
| Richmond, VA | 1,668 | 5,362 | 5,321 | 0.8 | % | 1,786 | 1,853 | (3.6 | )% | 3,576 | 3,468 | 3.1 | % | 972 | 960 | 1.3 | % | |||||||||||||||||||||||||||||
| Memphis, TN | 1,811 | 5,193 | 5,146 | 0.9 | % | 2,260 | 2,224 | 1.6 | % | 2,933 | 2,922 | 0.4 | % | 877 | 864 | 1.5 | % | |||||||||||||||||||||||||||||
| San Antonio, TX | 1,504 | 5,161 | 5,108 | 1.0 | % | 2,255 | 2,200 | 2.5 | % | 2,906 | 2,908 | (0.1 | )% | 1,056 | 1,053 | 0.3 | % | |||||||||||||||||||||||||||||
| Greenville, SC | 1,748 | 4,575 | 4,531 | 1.0 | % | 1,827 | 1,681 | 8.7 | % | 2,748 | 2,850 | (3.6 | )% | 779 | 771 | 1.0 | % | |||||||||||||||||||||||||||||
| Birmingham, AL | 1,462 | 4,637 | 4,646 | (0.2 | )% | 1,985 | 1,844 | 7.6 | % | 2,652 | 2,802 | (5.4 | )% | 945 | 938 | 0.7 | % | |||||||||||||||||||||||||||||
| Little Rock, AR | 1,368 | 3,867 | 3,848 | 0.5 | % | 1,472 | 1,354 | 8.7 | % | 2,395 | 2,494 | (4.0 | )% | 878 | 875 | 0.3 | % | |||||||||||||||||||||||||||||
| Jackson, MS | 1,241 | 3,559 | 3,558 | 0.0 | % | 1,345 | 1,303 | 3.2 | % | 2,214 | 2,255 | (1.8 | )% | 861 | 856 | 0.6 | % | |||||||||||||||||||||||||||||
| Fredericksburg, VA | 741 | 2,961 | 2,951 | 0.3 | % | 851 | 923 | (7.8 | )% | 2,110 | 2,028 | 4.0 | % | 1,226 | 1,206 | 1.7 | % | |||||||||||||||||||||||||||||
| Huntsville, AL | 1,228 | 3,248 | 3,246 | 0.1 | % | 1,290 | 1,227 | 5.1 | % | 1,958 | 2,019 | (3.0 | )% | 772 | 765 | 0.9 | % | |||||||||||||||||||||||||||||
| Lexington, KY | 924 | 2,522 | 2,509 | 0.5 | % | 927 | 865 | 7.2 | % | 1,595 | 1,644 | (3.0 | )% | 845 | 835 | 1.2 | % | |||||||||||||||||||||||||||||
| Other | 5,335 | 16,560 | 16,428 | 0.8 | % | 6,192 | 5,963 | 3.8 | % | 10,368 | 10,465 | (0.9 | )% | 954 | 941 | 1.4 | % | |||||||||||||||||||||||||||||
| Secondary Markets | 27,099 | $ | 84,232 | $ | 83,593 | 0.8 | % | $ | 31,709 | $ | 30,420 | 4.2 | % | $ | 52,523 | $ | 53,173 | (1.2 | )% | $ | 947 | $ | 937 | 1.1 | % | |||||||||||||||||||||
| Total Same Store | 72,329 | $ | 245,215 | $ | 242,314 | 1.2 | % | $ | 93,073 | $ | 91,062 | 2.2 | % | $ | 152,142 | $ | 151,252 | 0.6 | % | $ | 1,031 | $ | 1,017 | 1.4 | % | |||||||||||||||||||||
MULTIFAMILY SAME STORE SEQUENTIAL QUARTER COMPARISONS
Supplemental Data S-6
| MULTIFAMILY SAME STORE YEAR TO DATE COMPARISONS AS OF JUNE 30, 2016 | ||||
Dollars in thousands, except unit and per unit data
| Units | Revenues | Expenses | NOI | Effective Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||
| YTD 2016 | YTD 2015 | % Chg | YTD 2016 | YTD 2015 | % Chg | YTD 2016 | YTD 2015 | % Chg | YTD 2016 | YTD 2015 | % Chg | |||||||||||||||||||||||||||||||||||
| Atlanta, GA | 6,074 | $ | 44,934 | $ | 42,203 | 6.5 | % | $ | 16,742 | $ | 16,588 | 0.9 | % | $ | 28,192 | $ | 25,615 | 10.1 | % | $ | 1,113 | $ | 1,046 | 6.4 | % | |||||||||||||||||||||
| Austin, TX | 5,838 | 41,349 | 38,992 | 6.0 | % | 18,378 | 17,499 | 5.0 | % | 22,971 | 21,493 | 6.9 | % | 1,076 | 1,021 | 5.4 | % | |||||||||||||||||||||||||||||
| Dallas, TX | 4,743 | 34,606 | 32,996 | 4.9 | % | 14,422 | 13,651 | 5.6 | % | 20,184 | 19,345 | 4.3 | % | 1,125 | 1,077 | 4.5 | % | |||||||||||||||||||||||||||||
| Charlotte, NC | 4,401 | 30,233 | 28,543 | 5.9 | % | 9,695 | 9,599 | 1.0 | % | 20,538 | 18,944 | 8.4 | % | 1,038 | 978 | 6.1 | % | |||||||||||||||||||||||||||||
| Raleigh/Durham, NC | 4,397 | 28,312 | 27,288 | 3.8 | % | 9,523 | 9,142 | 4.2 | % | 18,789 | 18,146 | 3.5 | % | 976 | 940 | 3.8 | % | |||||||||||||||||||||||||||||
| Fort Worth, TX | 4,093 | 27,731 | 25,826 | 7.4 | % | 11,606 | 11,023 | 5.3 | % | 16,125 | 14,803 | 8.9 | % | 1,012 | 950 | 6.5 | % | |||||||||||||||||||||||||||||
| Orlando, FL | 3,190 | 24,707 | 22,867 | 8.0 | % | 8,844 | 8,616 | 2.6 | % | 15,863 | 14,251 | 11.3 | % | 1,185 | 1,096 | 8.1 | % | |||||||||||||||||||||||||||||
| Nashville, TN | 3,207 | 23,032 | 21,893 | 5.2 | % | 7,441 | 7,306 | 1.8 | % | 15,591 | 14,587 | 6.9 | % | 1,104 | 1,065 | 3.7 | % | |||||||||||||||||||||||||||||
| Tampa, FL | 2,878 | 21,087 | 20,047 | 5.2 | % | 8,071 | 7,772 | 3.8 | % | 13,016 | 12,275 | 6.0 | % | 1,114 | 1,051 | 6.0 | % | |||||||||||||||||||||||||||||
| Houston, TX | 3,232 | 22,109 | 21,938 | 0.8 | % | 9,958 | 9,635 | 3.4 | % | 12,151 | 12,303 | (1.2 | )% | 1,051 | 1,046 | 0.5 | % | |||||||||||||||||||||||||||||
| Phoenix, AZ | 1,976 | 12,724 | 11,925 | 6.7 | % | 4,193 | 4,310 | (2.7 | )% | 8,531 | 7,615 | 12.0 | % | 965 | 912 | 5.8 | % | |||||||||||||||||||||||||||||
| South Florida | 480 | 4,682 | 4,489 | 4.3 | % | 1,687 | 1,650 | 2.2 | % | 2,995 | 2,839 | 5.5 | % | 1,549 | 1,475 | 5.0 | % | |||||||||||||||||||||||||||||
| Las Vegas, NV | 721 | 4,198 | 3,887 | 8.0 | % | 1,446 | 1,408 | 2.7 | % | 2,752 | 2,479 | 11.0 | % | 850 | 800 | 6.3 | % | |||||||||||||||||||||||||||||
| Large Markets | 45,230 | $ | 319,704 | $ | 302,894 | 5.5 | % | $ | 122,006 | $ | 118,199 | 3.2 | % | $ | 197,698 | $ | 184,695 | 7.0 | % | $ | 1,074 | $ | 1,020 | 5.3 | % | |||||||||||||||||||||
| Jacksonville, FL | 3,202 | $ | 19,717 | $ | 18,817 | 4.8 | % | $ | 6,932 | $ | 6,930 | 0.0 | % | $ | 12,785 | $ | 11,887 | 7.6 | % | $ | 963 | $ | 926 | 4.0 | % | |||||||||||||||||||||
| Charleston, SC | 2,648 | 18,580 | 17,720 | 4.9 | % | 6,305 | 6,197 | 1.7 | % | 12,275 | 11,523 | 6.5 | % | 1,063 | 1,008 | 5.5 | % | |||||||||||||||||||||||||||||
| Savannah, GA | 2,219 | 14,591 | 14,078 | 3.6 | % | 5,265 | 5,159 | 2.1 | % | 9,326 | 8,919 | 4.6 | % | 984 | 964 | 2.1 | % | |||||||||||||||||||||||||||||
| Richmond, VA | 1,668 | 10,683 | 10,336 | 3.4 | % | 3,639 | 3,590 | 1.4 | % | 7,044 | 6,746 | 4.4 | % | 966 | 938 | 3.0 | % | |||||||||||||||||||||||||||||
| Memphis, TN | 1,811 | 10,339 | 9,851 | 5.0 | % | 4,484 | 4,462 | 0.5 | % | 5,855 | 5,389 | 8.6 | % | 870 | 848 | 2.6 | % | |||||||||||||||||||||||||||||
| San Antonio, TX | 1,504 | 10,269 | 10,104 | 1.6 | % | 4,455 | 4,391 | 1.5 | % | 5,814 | 5,713 | 1.8 | % | 1,054 | 1,040 | 1.3 | % | |||||||||||||||||||||||||||||
| Greenville, SC | 1,748 | 9,106 | 8,691 | 4.8 | % | 3,508 | 3,458 | 1.4 | % | 5,598 | 5,233 | 7.0 | % | 775 | 749 | 3.5 | % | |||||||||||||||||||||||||||||
| Birmingham, AL | 1,462 | 9,283 | 9,102 | 2.0 | % | 3,829 | 3,752 | 2.1 | % | 5,454 | 5,350 | 1.9 | % | 942 | 934 | 0.9 | % | |||||||||||||||||||||||||||||
| Little Rock, AR | 1,368 | 7,715 | 7,564 | 2.0 | % | 2,826 | 2,794 | 1.1 | % | 4,889 | 4,770 | 2.5 | % | 877 | 876 | 0.1 | % | |||||||||||||||||||||||||||||
| Jackson, MS | 1,241 | 7,117 | 7,003 | 1.6 | % | 2,648 | 2,613 | 1.3 | % | 4,469 | 4,390 | 1.8 | % | 859 | 841 | 2.1 | % | |||||||||||||||||||||||||||||
| Fredericksburg, VA | 741 | 5,912 | 5,671 | 4.2 | % | 1,774 | 1,786 | (0.7 | )% | 4,138 | 3,885 | 6.5 | % | 1,216 | 1,159 | 4.9 | % | |||||||||||||||||||||||||||||
| Huntsville, AL | 1,228 | 6,494 | 6,319 | 2.8 | % | 2,517 | 2,420 | 4.0 | % | 3,977 | 3,899 | 2.0 | % | 768 | 760 | 1.1 | % | |||||||||||||||||||||||||||||
| Lexington, KY | 924 | 5,031 | 4,907 | 2.5 | % | 1,792 | 1,824 | (1.8 | )% | 3,239 | 3,083 | 5.1 | % | 840 | 822 | 2.2 | % | |||||||||||||||||||||||||||||
| Other | 5,335 | 32,988 | 31,576 | 4.5 | % | 12,155 | 11,875 | 2.4 | % | 20,833 | 19,701 | 5.7 | % | 947 | 910 | 4.1 | % | |||||||||||||||||||||||||||||
| Secondary Markets | 27,099 | $ | 167,825 | $ | 161,739 | 3.8 | % | $ | 62,129 | $ | 61,251 | 1.4 | % | $ | 105,696 | $ | 100,488 | 5.2 | % | $ | 942 | $ | 914 | 3.1 | % | |||||||||||||||||||||
| Total Same Store | 72,329 | $ | 487,529 | $ | 464,633 | 4.9 | % | $ | 184,135 | $ | 179,450 | 2.6 | % | $ | 303,394 | $ | 285,183 | 6.4 | % | $ | 1,024 | $ | 980 | 4.5 | % | |||||||||||||||||||||
Supplemental Data S-7
| MULTIFAMILY DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||
| Dollars in thousands | ||||||||||||||||||||||||||||||
| Units as of June 30, 2016 | Projected | Development Costs | ||||||||||||||||||||||||||||
| Initial | ||||||||||||||||||||||||||||||
| Start | Occupancy | Completion | Stabilization | Total | Thru | |||||||||||||||||||||||||
| Location | Total | Delivered | Leased | Date | Date | Date | Date(1) | Cost | Q2 2016 | After | ||||||||||||||||||||
| River's Walk Phase II | Charleston, South Carolina | 78 | 72 | 54 | 2Q15 | 2Q16 | 3Q16 | 4Q16 | $ | 15,100 | $ | 13,595 | $ | 1,505 | ||||||||||||||||
| Retreat at West Creek II | Richmond, Virginia | 82 | — | — | 4Q15 | 4Q16 | 2Q17 | 3Q17 | 15,100 | 7,215 | 7,885 | |||||||||||||||||||
| CG at Randal Lakes Phase II | Orlando, Florida | 314 | 10 | 48 | 2Q15 | 2Q16 | 2Q17 | 4Q17 | 41,300 | 21,865 | 19,435 | |||||||||||||||||||
| The Denton II | Kansas City, Missouri-Kansas MSA | 154 | — | — | 4Q15 | 2Q17 | 4Q17 | 3Q18 | 25,400 | 6,723 | 18,677 | |||||||||||||||||||
| Total Active | 628 | 82 | 102 | $ | 96,900 | $ | 49,398 | $ | 47,502 | |||||||||||||||||||||
| MULTIFAMILY LEASE-UP COMMUNITIES | |||||||||||
| As of June 30, 2016 | |||||||||||
| Total | Percent | Construction | Expected | ||||||||
| MSA | Units | Occupied | Finished | Stabilized(1) | |||||||
| Residences at Fountainhead | Tempe, Arizona | 322 | 75.8 | % | (2) | 1Q17 | |||||
| Cityscape at Market Center II | Dallas, Texas | 318 | 92.8 | % | (2) | 3Q16 | |||||
| Station Square at Cosner's Corner II | Fredericksburg, Virginia | 120 | 99.2 | % | 1Q16 | 3Q16 | |||||
| Total | 760 | 86.6 | % | ||||||||
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Property was acquired while still in lease-up and construction was complete prior to acquisition by MAA.
| 2016 ACQUISITION ACTIVITY | ||||
| Dollars in thousands | ||||
| Multifamily Acquisitions | Location | Apartment Units | Year Built | Closing Date | YTD NOI | |||||
| The Apartments at Cobblestone Square | Fredericksburg, Virginia | 314 | 2012 | March 1, 2016 | $1,295 | |||||
Residences at Fountainhead | Tempe, Arizona | 322 | 2015 | June 30, 2016 | $9 | |||||
| 2016 DISPOSITION ACTIVITY | ||||
| Dollars in thousands | ||||
| Commercial Dispositions | Location | Square Feet | Year Built | Closing Date | YTD NOI | |||||
| Colonial Promenade Nord du Lac | Covington, Louisiana | 295,447 | 2011 | March 28, 2016 | $465 | |||||
Land Title Building(1) | Birmingham, Alabama | 29,971 | May 23, 2016 | — | ||||||
| Land Dispositions | Location | Acres | Closing Date | |||||
McKinney(2) | McKinney, Texas | 30 | February 4, 2016 | |||||
| Colonial Promenade Nord du Lac - Outparcels | Covington, Louisiana | 25 | March 28, 2016 | |||||
| Colonial Grand at Heathrow - Adjacent Land Parcels | Heathrow, Florida | 11 | April 7, 2016 and April 13, 2016 | |||||
| CP Huntsville - Outparcel | Huntsville, Alabama | 1 | June 29, 2016 | |||||
(1) This property was sold by Six Hundred Building Partners, a joint venture, in which MAA owned a 33.3% interest.
(2) This property consisting of undeveloped land was sold by McDowell CRLP McKinney JV, LLC, a joint venture, in which MAA owned a 25% interest.
Supplemental Data S-8
| DEBT AND DEBT COVENANTS AS OF JUNE 30, 2016 | |||||
| Dollars in thousands | |||||
| DEBT SUMMARIES | |||||||||||||||||
| Effective | Contract | Average Years | |||||||||||||||
| Percent of | Interest | Interest | to Rate | ||||||||||||||
| Balance | Total | Rate | Rate | Maturity | |||||||||||||
| Floating Versus Fixed Rate or Hedged Debt | |||||||||||||||||
| Fixed rate or swapped debt | $ | 3,119,425 | 89.4 | % | 3.9 | % | 4.4 | % | 4.8 | ||||||||
| Capped debt | 75,000 | 2.1 | % | 1.1 | % | 1.1 | % | 1.3 | |||||||||
| Floating (unhedged) debt | 295,000 | 8.5 | % | 1.3 | % | 1.3 | % | 0.1 | |||||||||
| Total | $ | 3,489,425 | 100.0 | % | 3.7 | % | 4.1 | % | 4.3 | ||||||||
| Effective | Contract | Average Years | |||||||||||||||
| Percent of | Interest | Interest | to Contract | ||||||||||||||
| Balance | Total | Rate | Rate | Maturity | |||||||||||||
| Secured Versus Unsecured Debt | |||||||||||||||||
| Unsecured Debt | $ | 2,246,227 | 64.4 | % | 3.7 | % | 3.7 | % | 5.5 | ||||||||
| Secured Debt | 1,243,198 | 35.6 | % | 3.5 | % | 4.7 | % | 2.7 | |||||||||
| Total | $ | 3,489,425 | 100.0 | % | 3.7 | % | 4.1 | % | 4.5 | ||||||||
| Total | Percent of | Q2 2016 | Percent of | ||||||||||||||
| Cost | Total | NOI | Total | ||||||||||||||
| Unencumbered Versus Encumbered Assets | |||||||||||||||||
| Unencumbered gross assets | $ | 6,257,087 | 73.5 | % | $ | 124,236 | 73.4 | % | |||||||||
| Encumbered gross assets | 2,258,928 | 26.5 | % | 45,045 | 26.6 | % | |||||||||||
| Total | $ | 8,516,015 | 100.0 | % | $ | 169,281 | 100.0 | % | |||||||||
| 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 | |||||||||||||||||||
| 2016 | $ | 75,835 | $ | — | $ | 75,835 | 6.1 | % | $ | 25,000 | $ | 100,835 | ||||||||||||||
| 2017 | 127,972 | 299,022 | 426,994 | 3.0 | % | 25,000 | 451,994 | |||||||||||||||||||
| 2018 | 140,253 | 250,815 | 391,068 | 4.1 | % | 25,000 | 416,068 | |||||||||||||||||||
| 2019 | 564,646 | — | 564,646 | 5.7 | % | — | 564,646 | |||||||||||||||||||
| 2020 | 168,669 | — | 168,669 | 4.8 | % | — | 168,669 | |||||||||||||||||||
| Thereafter | 1,492,213 | — | 1,492,213 | 4.3 | % | — | 1,492,213 | |||||||||||||||||||
| Total | $ | 2,569,588 | $ | 549,837 | $ | 3,119,425 | 4.4 | % | $ | 75,000 | $ | 3,194,425 | 4.7 | |||||||||||||
Supplemental Data S-9
| DEBT AND DEBT COVENANTS AS OF JUNE 30, 2016 (CONTINUED) | |||||
| Dollars in thousands | |||||
| DEBT MATURITIES OF OUTSTANDING BALANCES | ||||||||||||||||||||
| Credit Facilities | ||||||||||||||||||||
| Fannie Mae Secured | Key Bank Unsecured | Other Secured | Other Unsecured | Total | ||||||||||||||||
| 2016 | $ | 80,000 | $ | — | $ | — | $ | 75,835 | $ | 155,835 | ||||||||||
| 2017 | 80,000 | — | 60,002 | 17,970 | 157,972 | |||||||||||||||
| 2018 | 80,000 | — | 90,355 | 300,714 | 471,069 | |||||||||||||||
| 2019 | — | — | 544,705 | 19,941 | 564,646 | |||||||||||||||
| 2020 | — | 180,000 | 168,669 | 149,728 | 498,397 | |||||||||||||||
| Thereafter | — | — | 139,467 | 1,502,039 | 1,641,506 | |||||||||||||||
| Total | $ | 240,000 | $ | 180,000 | $ | 1,003,198 | $ | 2,066,227 | $ | 3,489,425 | ||||||||||
DEBT COVENANT ANALYSIS(1) | ||||||
| Public Bond Covenants | Required | Actual | Compliance | |||
| Limit on Incurrence of Total Debt | 60% or less | 41.1% | Yes | |||
| Limit on Incurrence of Secured Debt | 40% or less | 14.6% | Yes | |||
| Ratio of Income Available for Debt Service/Annual Debt Service Charge | 1.5:1 or greater for trailing 4 quarters | 4.83x | Yes | |||
| Maintenance of Unencumbered Total Asset Value | Greater than 150% | 278.2% | Yes | |||
| Bank Covenants | Required | Actual | Compliance | |||
| Total Leverage Ratio | 60% or less | 34.0% | Yes | |||
| Total Secured Leverage Ratio | 40% or Less | 11.9% | Yes | |||
| Adjusted EBITDA to Fixed Charges | 1.5:1 or greater for trailing 4 quarters | 4.03x | Yes | |||
| Unencumbered Leverage Ratio | 60% or less | 29.9% | Yes | |||
(1) The calculations of the Public Bond Covenants and Bank Covenants above are specifically defined in our debt agreements. These calculations may not be consistent with those found earlier in this document.
Supplemental Data S-10
| BALANCE SHEET RATIOS | |||
| Three Months Ended | |||
| June 30, | |||
| 2016 | 2015 | ||
Recurring EBITDA/Debt Service(1) | 4.11x | 3.81x | |
Fixed Charge Coverage (1) (2) | 4.32x | 4.04x | |
| Total Debt/Total Market Capitalization | 29.2% | 36.1% | |
| Total Debt/Gross Assets | 41.0% | 41.8% | |
| Net Debt/Gross Assets | 40.7% | 41.4% | |
| Unencumbered Assets/Gross Real Estate Assets | 74.2% | 70.3% | |
(1) | As of June 30, 2016 and 2015, interest expense includes debt issuance costs of $904,000 and $905,000, respectively. |
(2) | Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. |
| Twelve Months Ended | |||
| June 30, | |||
| 2016 | 2015 | ||
Fixed Charge Coverage (1) (2) | 4.26x | 3.95x | |
Net Debt/Recurring EBITDA (2) | 5.73x | 6.01x | |
(1) | Fixed charge coverage represents Recurring EBITDA divided by interest expense adjusted for mark-to-market debt adjustment and any preferred dividends. |
(2) | For the twelve months ended June 30, 2016 and 2015, interest expense includes debt issuance costs of $3.6 million and $3.8 million, respectively. |
Supplemental Data S-11
| 2016 GUIDANCE | |
| MAA provides guidance on Core FFO per Share and Core AFFO per Share, which are non-GAAP measures, but does not forecast net income available for common shareholders per diluted share. It is not reasonable to accurately 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. Based on historical experience, the dollar amount of that unavailable information could be significant. | |
| Full Year 2016 | |
| Earnings | |
| Core FFO per Share - diluted | $5.77 to $5.93 |
| Midpoint | $5.85 |
| Core AFFO per Share - diluted | $5.07 to $5.23 |
| Midpoint | $5.15 |
| Same Store Communities: | |
| Number of units | 72,329 |
| Property revenue growth | 4.0% to 4.5% |
| Property operating expense growth | 2.5% to 3.5% |
| Property NOI growth | 4.75% to 5.25% |
| Real estate tax expense growth | 5.5% to 6.5% |
| Corporate Expenses: | |
| General and administrative and property management expenses | $60.0 to $62.0 million |
| Income tax expense | $1.5 to $2.0 million |
| Transaction/Investment Volume: | |
| Acquisition volume (multifamily) | $250 to $350 million |
| Disposition volume (multifamily) | $200 to $300 million |
| Commercial / land disposition volume | $30 to $60 million |
| Development investment | $50 to $60 million |
| Debt: | |
| Average Interest Rate (excluding mark-to-market debt adjustment) | 4.1% to 4.3% |
| Average Effective Interest Rate | 3.6% to 3.9% |
| Capitalized Interest | $1.0 to $2.0 million |
| Leverage (Total Net Debt/Total Gross Assets) | 39% to 41% |
| Unencumbered Asset Pool (Percent of Total Gross Assets) | 72% to 75% |
| Non Core Items: | |
| Acquisition expense | $1.8 to $2.4 million |
| Projected amortization of debt mark-to-market | $15 to $16 million |
Supplemental Data S-12
| CREDIT RATINGS | |||
| Rating | Outlook | ||
Fitch Ratings (1) | BBB | Positive | |
Moody's Investors Service (2) | Baa2 | Positive | |
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 2016 | Q4 2016 | Q1 2017 | Q2 2017 | |||||||||||||||
| Earnings release & conference call | Late October | Early February | Late April | Late July | |||||||||||||||
| Dividend Information - Common Shares: | Q2 2015 | Q3 2015 | Q4 2015 | Q1 2016 | Q2 2016 | ||||||||||||||
| Declaration Date | 5/19/2015 | 9/24/2015 | 12/8/2015 | 3/22/2016 | 5/17/2016 | ||||||||||||||
| Record Date | 7/15/2015 | 10/15/2015 | 1/15/2016 | 4/15/2016 | 7/15/2016 | ||||||||||||||
| Payment Date | 7/31/2015 | 10/30/2015 | 1/29/2016 | 4/29/2016 | 7/29/2016 | ||||||||||||||
| Distributions Per Share | $ | 0.77 | $ | 0.77 | $ | 0.82 | $ | 0.82 | $ | 0.82 | |||||||||
| INVESTOR RELATIONS DATA | ||||||||||
| MAA does not send quarterly reports to shareholders, but provides quarterly reports, earnings releases and supplemental data upon request. | ||||||||||
| For recent press releases, 10-Qs, 10-Ks 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, Finance | |||||||||
| Jennifer Patrick | Investor Relations | |||||||||
Supplemental Data S-13