PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2018 (In apartment units)
Same Store | Non-Same Store(1) | Lease-up | Total Completed Communities | Development Units Delivered | Total | |||||||||||||
Atlanta, GA | 10,664 | — | 332 | 10,996 | 94 | 11,090 | ||||||||||||
Dallas, TX | 9,404 | 362 | — | 9,766 | — | 9,766 | ||||||||||||
Austin, TX | 6,475 | 298 | 344 | 7,117 | — | 7,117 | ||||||||||||
Charlotte, NC | 6,149 | — | — | 6,149 | — | 6,149 | ||||||||||||
Orlando, FL | 4,498 | 776 | — | 5,274 | — | 5,274 | ||||||||||||
Tampa, FL | 5,220 | — | — | 5,220 | — | 5,220 | ||||||||||||
Raleigh/Durham, NC | 4,397 | 803 | — | 5,200 | — | 5,200 | ||||||||||||
Houston, TX | 4,479 | 388 | — | 4,867 | — | 4,867 | ||||||||||||
Nashville, TN | 3,776 | 279 | 320 | 4,375 | — | 4,375 | ||||||||||||
Fort Worth, TX | 4,249 | — | — | 4,249 | — | 4,249 | ||||||||||||
Washington, DC | 4,080 | — | — | 4,080 | — | 4,080 | ||||||||||||
Jacksonville, FL | 3,496 | — | — | 3,496 | — | 3,496 | ||||||||||||
Charleston, SC | 2,726 | 302 | — | 3,028 | — | 3,028 | ||||||||||||
Phoenix, AZ | 2,301 | 322 | — | 2,623 | — | 2,623 | ||||||||||||
Savannah, GA | 2,219 | — | — | 2,219 | — | 2,219 | ||||||||||||
Greenville, SC | 1,748 | 336 | — | 2,084 | — | 2,084 | ||||||||||||
Richmond, VA | 1,668 | 336 | — | 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 | ||||||||||||
Little Rock, AR | 1,368 | — | — | 1,368 | — | 1,368 | ||||||||||||
Jackson, MS | 1,241 | — | — | 1,241 | — | 1,241 | ||||||||||||
Huntsville, AL | 1,228 | — | — | 1,228 | — | 1,228 | ||||||||||||
Other | 7,320 | 449 | 513 | 8,282 | — | 8,282 | ||||||||||||
Total Multifamily Units | 93,483 | 4,651 | 1,509 | 99,643 | 94 | 99,737 |
(1)Non-Same Store total excludes 269 units in joint venture property in Washington, D.C.
Supplemental Data S-1
PORTFOLIO STATISTICS (CONTINUED) |
TOTAL MULTIFAMILY COMMUNITY STATISTICS(1)
Dollars in thousands, except Average Effective Rent
As of March 31, 2018 | Average Effective Rent for the Three Months Ended March 31, 2018 | As of March 31, 2018 | ||||||||||||||||||
Gross Real Assets | Percent to Total of Gross Real Assets | Physical Occupancy | Completed Units | Total Units, Including Development | ||||||||||||||||
Atlanta, GA | $ | 1,752,714 | 13.4 | % | 96.4 | % | $ | 1,355 | 10,664 | |||||||||||
Dallas, TX | 1,349,925 | 10.4 | % | 95.6 | % | 1,258 | 9,766 | |||||||||||||
Washington, DC | 936,823 | 7.2 | % | 97.0 | % | 1,712 | 4,080 | |||||||||||||
Charlotte, NC | 928,483 | 7.1 | % | 96.8 | % | 1,160 | 6,149 | |||||||||||||
Tampa, FL | 846,686 | 6.5 | % | 97.4 | % | 1,366 | 5,220 | |||||||||||||
Orlando, FL | 807,378 | 6.2 | % | 97.2 | % | 1,369 | 5,274 | |||||||||||||
Austin, TX | 756,849 | 5.8 | % | 96.0 | % | 1,159 | 6,773 | |||||||||||||
Raleigh/Durham, NC | 654,421 | 5.0 | % | 96.5 | % | 1,055 | 5,200 | |||||||||||||
Houston, TX | 591,063 | 4.5 | % | 97.4 | % | 1,126 | 4,867 | |||||||||||||
Nashville, TN | 445,393 | 3.4 | % | 97.2 | % | 1,186 | 4,055 | |||||||||||||
Fort Worth, TX | 382,288 | 2.9 | % | 96.7 | % | 1,110 | 4,249 | |||||||||||||
Phoenix, AZ | 368,659 | 2.8 | % | 95.7 | % | 1,098 | 2,623 | |||||||||||||
Charleston, SC | 360,476 | 2.8 | % | 97.2 | % | 1,150 | 3,028 | |||||||||||||
Jacksonville, FL | 286,239 | 2.2 | % | 97.7 | % | 1,059 | 3,496 | |||||||||||||
Richmond, VA | 255,917 | 2.0 | % | 97.7 | % | 1,096 | 2,004 | |||||||||||||
Savannah, GA | 233,897 | 1.8 | % | 97.3 | % | 1,024 | 2,219 | |||||||||||||
San Antonio, TX | 159,598 | 1.2 | % | 95.9 | % | 1,059 | 1,504 | |||||||||||||
Kansas City, MO-KS | 156,008 | 1.2 | % | 96.8 | % | 1,200 | 956 | |||||||||||||
Birmingham, AL | 151,831 | 1.2 | % | 96.5 | % | 956 | 1,462 | |||||||||||||
Greenville, SC | 151,592 | 1.2 | % | 96.6 | % | 851 | 2,084 | |||||||||||||
Memphis, TN | 125,536 | 1.0 | % | 97.1 | % | 924 | 1,811 | |||||||||||||
All Other Markets by State (individual markets <1% gross real assets) | ||||||||||||||||||||
Florida | $ | 170,973 | 1.3 | % | 97.6 | % | $ | 1,227 | 1,806 | |||||||||||
Alabama | 153,352 | 1.2 | % | 98.1 | % | 883 | 1,648 | |||||||||||||
Virginia | 149,041 | 1.1 | % | 98.1 | % | 1,217 | 1,039 | |||||||||||||
Arkansas | 115,628 | 0.9 | % | 96.1 | % | 873 | 1,368 | |||||||||||||
Kentucky | 90,899 | 0.7 | % | 96.9 | % | 848 | 1,308 | |||||||||||||
Mississippi | 71,183 | 0.5 | % | 97.3 | % | 861 | 1,241 | |||||||||||||
Nevada | 68,119 | 0.5 | % | 97.1 | % | 934 | 721 | |||||||||||||
Tennessee | 49,638 | 0.4 | % | 96.5 | % | 827 | 943 | |||||||||||||
South Carolina | 35,611 | 0.3 | % | 98.6 | % | 804 | 576 | |||||||||||||
Subtotal | $ | 12,606,220 | 96.7 | % | 96.8 | % | $ | 1,181 | 98,134 | |||||||||||
Atlanta, GA | $ | 165,777 | 1.3 | % | 42.2 | % | $ | 2,360 | 426 | 770 | ||||||||||
Denver, CO | 82,443 | 0.6 | % | 34.5 | % | 1,780 | 359 | 359 | ||||||||||||
Nashville, TN | 71,781 | 0.6 | % | 84.4 | % | 1,754 | 320 | 320 | ||||||||||||
Austin, TX | 61,643 | 0.5 | % | 74.1 | % | 1,467 | 344 | 344 | ||||||||||||
Kansas City, MO-KS | 24,982 | 0.2 | % | 37.0 | % | 1,222 | 154 | 154 | ||||||||||||
Charleston, SC | 16,824 | 0.1 | % | — | — | — | 140 | |||||||||||||
Lease-up and Development | $ | 423,450 | 3.3 | % | 56.1 | % | $ | 1,774 | 1,603 | 2,087 | ||||||||||
Total Wholly Owned Multifamily Communities | $ | 13,029,670 | 100.0 | % | 96.1 | % | $ | 1,190 | 99,737 | 100,221 |
(1) Schedule excludes one joint venture property in Washington, D.C.
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
As of March 31, 2018 | Three Months Ended | ||||||||||||||||
Apartment Units | Gross Real Assets | March 31, 2018 | March 31, 2017 | Percent Change | |||||||||||||
Operating Revenue | |||||||||||||||||
Same Store Communities | 93,483 | $ | 11,817,414 | $ | 356,847 | $ | 350,597 | 1.8 | % | ||||||||
Non-Same Store Communities | 4,651 | 788,806 | 19,562 | 22,582 | |||||||||||||
Lease up/Development Communities | 1,603 | 423,450 | 4,042 | 54 | |||||||||||||
Total Multifamily Portfolio | 99,737 | $ | 13,029,670 | $ | 380,451 | $ | 373,233 | ||||||||||
Commercial Property/Land | — | $ | 211,930 | $ | 5,566 | $ | 5,675 | ||||||||||
Total Operating Revenue | 99,737 | $ | 13,241,600 | $ | 386,017 | $ | 378,908 | ||||||||||
Property Operating Expenses | |||||||||||||||||
Same Store Communities | $ | 131,497 | $ | 129,414 | 1.6 | % | |||||||||||
Non-Same Store Communities | 8,442 | 9,700 | |||||||||||||||
Lease up/Development Communities | 2,368 | 44 | |||||||||||||||
Total Multifamily Portfolio | $ | 142,307 | $ | 139,158 | |||||||||||||
Commercial Property/Land | $ | 2,097 | $ | 2,115 | |||||||||||||
Total Property Operating Expenses | $ | 144,404 | $ | 141,273 | |||||||||||||
Net Operating Income | |||||||||||||||||
Same Store Communities | $ | 225,350 | $ | 221,183 | 1.9 | % | |||||||||||
Non-Same Store Communities | 11,120 | 12,882 | |||||||||||||||
Lease up/Development Communities | 1,674 | 10 | |||||||||||||||
Total Multifamily Portfolio | $ | 238,144 | $ | 234,075 | |||||||||||||
Commercial Property/Land | $ | 3,469 | $ | 3,560 | |||||||||||||
Total Net Operating Income | $ | 241,613 | $ | 237,635 | 1.7 | % |
COMPONENTS OF SAME STORE PROPERTY OPERATING EXPENSES |
Dollars in thousands
Three Months Ended | ||||||||||
March 31, 2018 | March 31, 2017 | Percent Increase/(Decrease) | ||||||||
Personnel | $ | 31,535 | $ | 30,787 | 2.4 | % | ||||
Building Repair and Maintenance | 13,957 | 14,994 | (6.9 | )% | ||||||
Utilities | 25,964 | 24,537 | 5.8 | % | ||||||
Marketing | 3,505 | 3,888 | (9.9 | )% | ||||||
Office Operations(1) | 6,059 | 5,292 | 14.5 | % | ||||||
Property Taxes | 47,810 | 46,590 | 2.6 | % | ||||||
Insurance | 2,667 | 3,326 | (19.8 | )% | ||||||
Total Property Operating Expenses | $ | 131,497 | $ | 129,414 | 1.6 | % |
(1) The three months ended March 31, 2018, include $0.9 million in operating expenses primarily for remediating some minor and isolated water intrusion as a result of storm damage from the 2018 arctic blast.
Supplemental Data S-3
NOI CONTRIBUTION PERCENTAGE BY MARKET |
Same Store Portfolio
Average Physical Occupancy | ||||||||||
Apartment Units | Percent of Same Store NOI | Three months ended March 31, 2018 | Three months ended March 31, 2017 | |||||||
Atlanta, GA | 10,664 | 13.6 | % | 96.1 | % | 96.2 | % | |||
Dallas, TX | 9,404 | 9.6 | % | 95.6 | % | 95.2 | % | |||
Charlotte, NC | 6,149 | 7.4 | % | 96.4 | % | 96.3 | % | |||
Washington, DC | 4,080 | 6.7 | % | 96.6 | % | 97.2 | % | |||
Tampa, FL | 5,220 | 6.6 | % | 96.5 | % | 95.9 | % | |||
Austin, TX | 6,475 | 5.9 | % | 96.0 | % | 95.6 | % | |||
Orlando, FL | 4,498 | 5.7 | % | 96.4 | % | 95.7 | % | |||
Raleigh/Durham, NC | 4,397 | 4.5 | % | 96.7 | % | 96.6 | % | |||
Nashville, TN | 3,776 | 4.3 | % | 95.9 | % | 95.1 | % | |||
Fort Worth, TX | 4,249 | 4.0 | % | 95.8 | % | 95.6 | % | |||
Houston, TX | 4,479 | 3.8 | % | 96.9 | % | 94.7 | % | |||
Jacksonville, FL | 3,496 | 3.5 | % | 96.6 | % | 96.9 | % | |||
Charleston, SC | 2,726 | 2.9 | % | 96.1 | % | 95.7 | % | |||
Phoenix, AZ | 2,301 | 2.6 | % | 96.8 | % | 97.4 | % | |||
Savannah, GA | 2,219 | 2.1 | % | 97.0 | % | 96.6 | % | |||
Richmond, VA | 1,668 | 1.7 | % | 96.9 | % | 95.8 | % | |||
Memphis, TN | 1,811 | 1.4 | % | 95.7 | % | 95.7 | % | |||
Greenville, SC | 1,748 | 1.3 | % | 96.7 | % | 96.4 | % | |||
Birmingham, AL | 1,462 | 1.2 | % | 95.7 | % | 96.4 | % | |||
San Antonio, TX | 1,504 | 1.2 | % | 95.5 | % | 96.1 | % | |||
Little Rock, AR | 1,368 | 1.0 | % | 95.9 | % | 95.6 | % | |||
Huntsville, AL | 1,228 | 1.0 | % | 97.2 | % | 96.3 | % | |||
Jackson, MS | 1,241 | 1.0 | % | 95.6 | % | 96.0 | % | |||
Other | 7,320 | 7.0 | % | 96.5 | % | 96.0 | % | |||
Total Same Store | 93,483 | 100.0 | % | 96.3 | % | 96.0 | % |
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 | ||||||||||||||||||||||||||||||||||||||||||
Q1 2018 | Q1 2017 | % Chg | Q1 2018 | Q1 2017 | % Chg | Q1 2018 | Q1 2017 | % Chg | Q1 2018 | Q1 2017 | % Chg | |||||||||||||||||||||||||||||||||||
Atlanta, GA | 10,664 | $ | 46,504 | $ | 46,072 | 0.9 | % | $ | 16,004 | $ | 16,375 | (2.3 | )% | $ | 30,500 | $ | 29,697 | 2.7 | % | $ | 1,355 | $ | 1,339 | 1.2 | % | |||||||||||||||||||||
Dallas, TX | 9,404 | 37,735 | 37,380 | 0.9 | % | 16,292 | 15,769 | 3.3 | % | 21,443 | 21,611 | (0.8 | )% | 1,265 | 1,261 | 0.3 | % | |||||||||||||||||||||||||||||
Charlotte, NC | 6,149 | 23,097 | 22,740 | 1.6 | % | 6,601 | 6,778 | (2.6 | )% | 16,496 | 15,962 | 3.3 | % | 1,160 | 1,146 | 1.2 | % | |||||||||||||||||||||||||||||
Washington, DC | 4,080 | 22,080 | 21,716 | 1.7 | % | 7,024 | 6,813 | 3.1 | % | 15,056 | 14,903 | 1.0 | % | 1,712 | 1,679 | 2.0 | % | |||||||||||||||||||||||||||||
Tampa, FL | 5,220 | 22,868 | 22,384 | 2.2 | % | 7,904 | 7,852 | 0.7 | % | 14,964 | 14,532 | 3.0 | % | 1,366 | 1,346 | 1.5 | % | |||||||||||||||||||||||||||||
Austin, TX | 6,475 | 24,166 | 24,180 | (0.1 | )% | 10,849 | 10,816 | 0.3 | % | 13,317 | 13,364 | (0.4 | )% | 1,141 | 1,146 | (0.4 | )% | |||||||||||||||||||||||||||||
Orlando, FL | 4,498 | 19,885 | 19,000 | 4.7 | % | 6,996 | 6,701 | 4.4 | % | 12,889 | 12,299 | 4.8 | % | 1,381 | 1,328 | 4.0 | % | |||||||||||||||||||||||||||||
Raleigh/Durham, NC | 4,397 | 15,138 | 14,696 | 3.0 | % | 4,969 | 4,785 | 3.8 | % | 10,169 | 9,911 | 2.6 | % | 1,039 | 1,011 | 2.8 | % | |||||||||||||||||||||||||||||
Nashville, TN | 3,776 | 14,362 | 14,147 | 1.5 | % | 4,621 | 4,557 | 1.4 | % | 9,741 | 9,590 | 1.6 | % | 1,167 | 1,155 | 1.0 | % | |||||||||||||||||||||||||||||
Fort Worth, TX | 4,249 | 15,737 | 15,168 | 3.8 | % | 6,664 | 6,070 | 9.8 | % | 9,073 | 9,098 | (0.3 | )% | 1,110 | 1,070 | 3.7 | % | |||||||||||||||||||||||||||||
Houston, TX | 4,479 | 15,970 | 16,257 | (1.8 | )% | 7,355 | 7,620 | (3.5 | )% | 8,615 | 8,637 | (0.3 | )% | 1,107 | 1,150 | (3.7 | )% | |||||||||||||||||||||||||||||
Jacksonville, FL | 3,496 | 11,928 | 11,488 | 3.8 | % | 4,008 | 4,016 | (0.2 | )% | 7,920 | 7,472 | 6.0 | % | 1,059 | 1,019 | 3.9 | % | |||||||||||||||||||||||||||||
Charleston, SC | 2,726 | 10,123 | 9,935 | 1.9 | % | 3,513 | 3,271 | 7.4 | % | 6,610 | 6,664 | (0.8 | )% | 1,121 | 1,113 | 0.7 | % | |||||||||||||||||||||||||||||
Phoenix, AZ | 2,301 | 8,163 | 7,867 | 3.8 | % | 2,394 | 2,371 | 1.0 | % | 5,769 | 5,496 | 5.0 | % | 1,084 | 1,036 | 4.6 | % | |||||||||||||||||||||||||||||
Savannah, GA | 2,219 | 7,533 | 7,361 | 2.3 | % | 2,774 | 2,587 | 7.2 | % | 4,759 | 4,774 | (0.3 | )% | 1,024 | 1,003 | 2.1 | % | |||||||||||||||||||||||||||||
Richmond, VA | 1,668 | 5,789 | 5,475 | 5.7 | % | 1,935 | 1,865 | 3.8 | % | 3,854 | 3,610 | 6.8 | % | 1,045 | 998 | 4.7 | % | |||||||||||||||||||||||||||||
Memphis, TN | 1,811 | 5,438 | 5,291 | 2.8 | % | 2,320 | 2,366 | (1.9 | )% | 3,118 | 2,925 | 6.6 | % | 924 | 900 | 2.7 | % | |||||||||||||||||||||||||||||
Greenville, SC | 1,748 | 4,765 | 4,704 | 1.3 | % | 1,741 | 1,722 | 1.1 | % | 3,024 | 2,982 | 1.4 | % | 808 | 797 | 1.4 | % | |||||||||||||||||||||||||||||
Birmingham, AL | 1,462 | 4,722 | 4,674 | 1.0 | % | 1,943 | 1,966 | (1.2 | )% | 2,779 | 2,708 | 2.6 | % | 956 | 949 | 0.7 | % | |||||||||||||||||||||||||||||
San Antonio, TX | 1,504 | 5,158 | 5,156 | 0.0 | % | 2,389 | 2,269 | 5.3 | % | 2,769 | 2,887 | (4.1 | )% | 1,059 | 1,062 | (0.3 | )% | |||||||||||||||||||||||||||||
Little Rock, AR | 1,368 | 3,879 | 3,865 | 0.4 | % | 1,521 | 1,438 | 5.8 | % | 2,358 | 2,427 | (2.8 | )% | 873 | 884 | (1.2 | )% | |||||||||||||||||||||||||||||
Huntsville, AL | 1,228 | 3,490 | 3,336 | 4.6 | % | 1,290 | 1,276 | 1.1 | % | 2,200 | 2,060 | 6.8 | % | 818 | 784 | 4.3 | % | |||||||||||||||||||||||||||||
Jackson, MS | 1,241 | 3,580 | 3,592 | (0.3 | )% | 1,385 | 1,343 | 3.1 | % | 2,195 | 2,249 | (2.4 | )% | 861 | 867 | (0.7 | )% | |||||||||||||||||||||||||||||
Other | 7,320 | 24,737 | 24,113 | 2.6 | % | 9,005 | 8,788 | 2.5 | % | 15,732 | 15,325 | 2.7 | % | 1,030 | 1,014 | 1.6 | % | |||||||||||||||||||||||||||||
Total Same Store | 93,483 | $ | 356,847 | $ | 350,597 | 1.8 | % | $ | 131,497 | $ | 129,414 | 1.6 | % | $ | 225,350 | $ | 221,183 | 1.9 | % | $ | 1,177 | $ | 1,161 | 1.4 | % |
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 | ||||||||||||||||||||||||||||||||||||||||||
Q1 2018 | Q4 2017 | % Chg | Q1 2018 | Q4 2017 | % Chg | Q1 2018 | Q4 2017 | % Chg | Q1 2018 | Q4 2017 | % Chg | |||||||||||||||||||||||||||||||||||
Atlanta, GA | 10,664 | $ | 46,504 | $ | 46,438 | 0.1 | % | $ | 16,004 | $ | 16,058 | (0.3 | )% | $ | 30,500 | $ | 30,380 | 0.4 | % | $ | 1,355 | $ | 1,356 | (0.1 | )% | |||||||||||||||||||||
Dallas, TX | 9,404 | 37,735 | 37,683 | 0.1 | % | 16,292 | 15,856 | 2.7 | % | 21,443 | 21,827 | (1.8 | )% | 1,265 | 1,268 | (0.2 | )% | |||||||||||||||||||||||||||||
Charlotte, NC | 6,149 | 23,097 | 22,881 | 0.9 | % | 6,601 | 6,894 | (4.3 | )% | 16,496 | 15,987 | 3.2 | % | 1,160 | 1,163 | (0.3 | )% | |||||||||||||||||||||||||||||
Washington, DC | 4,080 | 22,080 | 22,002 | 0.4 | % | 7,024 | 6,807 | 3.2 | % | 15,056 | 15,195 | (0.9 | )% | 1,712 | 1,716 | (0.2 | )% | |||||||||||||||||||||||||||||
Tampa, FL | 5,220 | 22,868 | 22,666 | 0.9 | % | 7,904 | 7,753 | 1.9 | % | 14,964 | 14,913 | 0.3 | % | 1,366 | 1,364 | 0.1 | % | |||||||||||||||||||||||||||||
Austin, TX | 6,475 | 24,166 | 24,188 | (0.1 | )% | 10,849 | 10,619 | 2.2 | % | 13,317 | 13,569 | (1.9 | )% | 1,141 | 1,142 | (0.1 | )% | |||||||||||||||||||||||||||||
Orlando, FL | 4,498 | 19,885 | 19,617 | 1.4 | % | 6,996 | 6,727 | 4.0 | % | 12,889 | 12,890 | 0.0 | % | 1,381 | 1,375 | 0.4 | % | |||||||||||||||||||||||||||||
Raleigh/Durham, NC | 4,397 | 15,138 | 15,117 | 0.1 | % | 4,969 | 4,853 | 2.4 | % | 10,169 | 10,264 | (0.9 | )% | 1,039 | 1,039 | 0.0 | % | |||||||||||||||||||||||||||||
Nashville, TN | 3,776 | 14,362 | 14,271 | 0.6 | % | 4,621 | 4,557 | 1.4 | % | 9,741 | 9,714 | 0.3 | % | 1,167 | 1,168 | (0.1 | )% | |||||||||||||||||||||||||||||
Fort Worth, TX | 4,249 | 15,737 | 15,636 | 0.6 | % | 6,664 | 6,087 | 9.5 | % | 9,073 | 9,549 | (5.0 | )% | 1,110 | 1,109 | 0.1 | % | |||||||||||||||||||||||||||||
Houston, TX | 4,479 | 15,970 | 15,913 | 0.4 | % | 7,355 | 6,590 | 11.6 | % | 8,615 | 9,323 | (7.6 | )% | 1,107 | 1,097 | 0.9 | % | |||||||||||||||||||||||||||||
Jacksonville, FL | 3,496 | 11,928 | 11,791 | 1.2 | % | 4,008 | 3,701 | 8.3 | % | 7,920 | 8,090 | (2.1 | )% | 1,059 | 1,049 | 1.0 | % | |||||||||||||||||||||||||||||
Charleston, SC | 2,726 | 10,123 | 10,134 | (0.1 | )% | 3,513 | 3,567 | (1.5 | )% | 6,610 | 6,567 | 0.7 | % | 1,121 | 1,131 | (0.9 | )% | |||||||||||||||||||||||||||||
Phoenix, AZ | 2,301 | 8,163 | 8,140 | 0.3 | % | 2,394 | 2,302 | 4.0 | % | 5,769 | 5,838 | (1.2 | )% | 1,084 | 1,075 | 0.8 | % | |||||||||||||||||||||||||||||
Savannah, GA | 2,219 | 7,533 | 7,526 | 0.1 | % | 2,774 | 2,733 | 1.5 | % | 4,759 | 4,793 | (0.7 | )% | 1,024 | 1,025 | (0.1 | )% | |||||||||||||||||||||||||||||
Richmond, VA | 1,668 | 5,789 | 5,773 | 0.3 | % | 1,935 | 1,833 | 5.6 | % | 3,854 | 3,940 | (2.2 | )% | 1,045 | 1,042 | 0.3 | % | |||||||||||||||||||||||||||||
Memphis, TN | 1,811 | 5,438 | 5,380 | 1.1 | % | 2,320 | 2,261 | 2.6 | % | 3,118 | 3,119 | 0.0 | % | 924 | 926 | (0.2 | )% | |||||||||||||||||||||||||||||
Greenville, SC | 1,748 | 4,765 | 4,716 | 1.0 | % | 1,741 | 1,719 | 1.3 | % | 3,024 | 2,997 | 0.9 | % | 808 | 810 | (0.2 | )% | |||||||||||||||||||||||||||||
Birmingham, AL | 1,462 | 4,722 | 4,703 | 0.4 | % | 1,943 | 1,965 | (1.1 | )% | 2,779 | 2,738 | 1.5 | % | 956 | 960 | (0.4 | )% | |||||||||||||||||||||||||||||
San Antonio, TX | 1,504 | 5,158 | 5,169 | (0.2 | )% | 2,389 | 2,112 | 13.1 | % | 2,769 | 3,057 | (9.4 | )% | 1,059 | 1,065 | (0.6 | )% | |||||||||||||||||||||||||||||
Little Rock, AR | 1,368 | 3,879 | 3,842 | 1.0 | % | 1,521 | 1,428 | 6.5 | % | 2,358 | 2,414 | (2.3 | )% | 873 | 875 | (0.2 | )% | |||||||||||||||||||||||||||||
Huntsville, AL | 1,228 | 3,490 | 3,409 | 2.4 | % | 1,290 | 1,162 | 11.0 | % | 2,200 | 2,247 | (2.1 | )% | 818 | 813 | 0.6 | % | |||||||||||||||||||||||||||||
Jackson, MS | 1,241 | 3,580 | 3,570 | 0.3 | % | 1,385 | 1,291 | 7.3 | % | 2,195 | 2,279 | (3.7 | )% | 861 | 868 | (0.8 | )% | |||||||||||||||||||||||||||||
Other | 7,320 | 24,737 | 24,511 | 0.9 | % | 9,005 | 8,832 | 2.0 | % | 15,732 | 15,679 | 0.3 | % | 1,030 | 1,032 | (0.2 | )% | |||||||||||||||||||||||||||||
Total Same Store | 93,483 | $ | 356,847 | $ | 355,076 | 0.5 | % | $ | 131,497 | $ | 127,707 | 3.0 | % | $ | 225,350 | $ | 227,369 | (0.9 | )% | $ | 1,177 | $ | 1,177 | 0.0 | % |
Supplemental Data S-6
MULTIFAMILY DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||||||||
Units as of March 31, 2018 | Projected | Development Costs | ||||||||||||||||||||||||||||
Initial | ||||||||||||||||||||||||||||||
Start | Occupancy | Completion | Stabilization | Total | Thru | |||||||||||||||||||||||||
Location | Total | Delivered | Leased | Date | Date | Date | Date(1) | Cost | Q1 2018 | After | ||||||||||||||||||||
1201 Midtown II | Charleston, SC | 140 | — | — | 2Q17 | 3Q18 | 4Q18 | 3Q19 | 29,500 | 16,824 | 12,676 | |||||||||||||||||||
Post Centennial Park | Atlanta, GA | 438 | 94 | — | 1Q16 | 2Q18 | 3Q18 | 4Q19 | 96,300 | 84,594 | 11,706 | |||||||||||||||||||
Total Active | 578 | 94 | — | $ | 125,800 | $ | 101,418 | $ | 24,382 |
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
MULTIFAMILY LEASE-UP COMMUNITIES | |||||||||||
As of March 31, 2018 | |||||||||||
Total | Percent | Construction | Expected | ||||||||
Location | Units | Occupied | Finished | Stabilization(1) | |||||||
Acklen West End | Nashville, TN | 320 | 84.4 | % | (2) | 3Q18 | |||||
The Denton II | Kansas City, MO | 154 | 37.0 | % | 4Q17 | 4Q18 | |||||
Post South Lamar II | Austin, TX | 344 | 74.1 | % | 4Q17 | 4Q18 | |||||
Post Midtown | Atlanta, GA | 332 | 42.2 | % | 3Q17 | 4Q18 | |||||
Post River North | Denver, CO | 359 | 34.5 | % | 1Q18 | 2Q19 | |||||
Total | 1,509 | 56.1 | % |
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) Property was acquired while still in lease-up; construction was complete prior to acquisition by MAA.
2018 ACQUISITION & DISPOSITION ACTIVITY (THROUGH MARCH 31, 2018) |
There have been no acquisitions through the first quarter of 2018.
Land Dispositions | Market | Acres | Closing Date | |||
Craft Farms - Phase III | Gulf Shores, AL | 3 | January 24, 2018 | |||
Randal Park - Outparcel | Orlando, FL | 34 | February 27, 2018 |
Supplemental Data S-7
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES | ||||
Dollars in thousands |
MAA holds an investment in a joint venture with institutional investors and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property | Market | # of units | Ownership Interest | |||
Post Massachusetts Avenue | Washington, D.C. | 269 | 35% |
As of March 31, 2018 | ||||||||||||
Joint Venture Property | Gross Investment in Real Estate | Mortgage Notes Payable | Company's Equity Investment | |||||||||
Post Massachusetts Avenue | $ | 78,358 | (1) | $ | 50,971 | (2) | $ | 45,000 |
Three months ended March 31, 2018 | ||||||||
Joint Venture Property | Entity NOI | Company's Equity in Income | ||||||
Post Massachusetts Avenue | $ | 1,839 | $ | 498 |
(1) Represents GAAP basis net book value plus accumulated depreciation.
(2) This mortgage note has an outstanding principal value of $51 million, bears interest at a stated fixed rate of 3.5% and matures in February 2019. This note is currently prepayable without penalty.
Supplemental Data S-8
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2018 | |||||
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 | $ | 3,669,491 | 81.6 | % | 3.8 | % | 4.2 | % | 4.5 | ||||||||
Capped debt | 25,000 | 0.5 | % | 2.1 | % | 2.1 | % | 0.1 | |||||||||
Floating (unhedged) debt | 804,360 | 17.9 | % | 2.7 | % | 2.7 | % | 0.1 | |||||||||
Total | $ | 4,498,851 | 100.0 | % | 3.6 | % | 3.9 | % | 3.6 | ||||||||
Effective | Contract | Average Years | |||||||||||||||
Percent of | Interest | Interest | to Contract | ||||||||||||||
Balance | Total | Rate | Rate | Maturity | |||||||||||||
Secured Versus Unsecured Debt | |||||||||||||||||
Unsecured debt | $ | 3,566,664 | 79.3 | % | 3.5 | % | 3.5 | % | 5.0 | ||||||||
Secured debt | 932,187 | 20.7 | % | 3.8 | % | 5.3 | % | 1.5 | |||||||||
Total | $ | 4,498,851 | 100.0 | % | 3.6 | % | 3.9 | % | 4.3 | ||||||||
Total | Percent of | Q1 2018 | Percent of | ||||||||||||||
Cost | Total | NOI | Total | ||||||||||||||
Unencumbered Versus Encumbered Assets | |||||||||||||||||
Unencumbered gross assets | $ | 11,549,446 | 84.8 | % | $ | 205,877 | 85.2 | % | |||||||||
Encumbered gross assets | 2,062,845 | 15.2 | % | 35,736 | 14.8 | % | |||||||||||
Total | $ | 13,612,291 | 100.0 | % | $ | 241,613 | 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 | |||||||||||||||||||
2018 | $ | 49,987 | $ | 250,171 | $ | 300,158 | 3.7 | % | $ | 25,000 | $ | 325,158 | ||||||||||||||
2019 | 575,647 | — | 575,647 | 5.9 | % | — | 575,647 | |||||||||||||||||||
2020 | 162,054 | 299,199 | 461,253 | 3.2 | % | — | 461,253 | |||||||||||||||||||
2021 | 196,835 | — | 196,835 | 5.2 | % | — | 196,835 | |||||||||||||||||||
2022 | 364,907 | — | 364,907 | 3.6 | % | — | 364,907 | |||||||||||||||||||
Thereafter | 1,770,691 | — | 1,770,691 | 3.9 | % | — | 1,770,691 | |||||||||||||||||||
Total | $ | 3,120,121 | $ | 549,370 | $ | 3,669,491 | 4.2 | % | $ | 25,000 | $ | 3,694,491 | 4.4 | |||||||||||||
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2018 (CONTINUED) | |||||
Dollars in thousands |
DEBT MATURITIES OF OUTSTANDING BALANCES | ||||||||||||||||||||
Key Bank Unsecured | Public Bonds | Other Unsecured | Secured | Total | ||||||||||||||||
2018 | $ | — | $ | — | $ | 300,158 | $ | 80,000 | $ | 380,158 | ||||||||||
2019 | — | — | 19,971 | 555,676 | 575,647 | |||||||||||||||
2020 | 450,000 | — | 149,802 | 162,054 | 761,856 | |||||||||||||||
2021 | — | — | 222,142 | 124,252 | 346,394 | |||||||||||||||
2022 | — | 248,238 | 415,868 | — | 664,106 | |||||||||||||||
Thereafter | — | 1,728,342 | 32,143 | 10,205 | 1,770,690 | |||||||||||||||
Total | $ | 450,000 | $ | 1,976,580 | $ | 1,140,084 | $ | 932,187 | $ | 4,498,851 |
DEBT COVENANT ANALYSIS(1) | ||||||
Bond Covenants | Required | Actual | Compliance | |||
Total debt to total assets | 60% or less | 33.1% | Yes | |||
Total secured debt to total assets | 40% or less | 6.8% | Yes | |||
Consolidated income available for debt service to total annual debt service charge | 1.5x or greater for trailing 4 quarters | 5.24x | Yes | |||
Total unencumbered assets to total unsecured debt | Greater than 150% | 324% | Yes | |||
Bank Covenants | Required | Actual | Compliance | |||
Total debt to total capitalized asset value | 60% or less | 29.1% | Yes | |||
Total secured debt to total capitalized asset value | 40% or Less | 6.0% | Yes | |||
Total adjusted EBITDA to fixed charges | 1.5x or greater for trailing 4 quarters | 4.65x | Yes | |||
Total unsecured debt to total unsecured capitalized asset value | 60% or less | 27.1% | Yes |
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in Mid-America Apartments, L.P.'s debt agreements.
Supplemental Data S-10
2018 GUIDANCE | |
MAA provides guidance on FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below. | |
Full Year 2018 | |
Earnings | |
Earnings per common share - diluted | $1.78 to $2.08 |
Midpoint | $1.93 |
FFO per Share - diluted | $5.85 to $6.15 |
Midpoint | $6.00 |
AFFO per Share - diluted | $5.24 to $5.54 |
Midpoint | $5.39 |
MAA Same Store Communities: | |
Number of units | 93,483 |
Lease over lease pricing growth for new leases and renewals | 2.25% to 2.75% |
Average physical occupancy | 95.75% to 96.25% |
Property revenue growth | 1.75% to 2.25% |
Property operating expense growth | 1.50% to 2.50% |
NOI growth | 2.00% to 2.50% |
Real estate tax expense growth | 3.50% to 4.50% |
Corporate Expenses: | |
General and administrative expenses | $39.0 to $40.0 million |
Property management expenses | $50.5 to $52.5 million |
Total overhead (Gross of capitalized development overhead) | $89.5 to $92.5 million |
Capitalized development overhead | $1.75 million |
Total overhead (Net of capitalized development overhead) | $87.75 to $90.75 million |
Income tax expense | $2.5 to $3.0 million |
Transaction/Investment Volume: | |
Acquisition volume | $300.0 to $350.0 million |
Disposition volume | $0.00 million |
Development investment | $75.0 to $125.0 million |
Debt: | |
Average effective interest rate | 3.80% to 4.00% |
Average cash interest rate | 4.00% to 4.20% |
Capitalized interest | $1.5 to $2.5 million |
Mark to market adjustment | $9.5 to $10.5 million |
Other Items: | |
Merger and integration expenses | $8.0 to $10.0 million |
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE | |||||||
2018 Full Year Guidance Range | |||||||
Low | High | ||||||
Earnings per common share - diluted | $ | 1.78 | $ | 2.08 | |||
Real estate depreciation | 4.03 | 4.03 | |||||
Amortization other | 0.04 | 0.04 | |||||
FFO per Share - diluted | 5.85 | 6.15 | |||||
Recurring capital expenditures | (0.61 | ) | (0.61 | ) | |||
AFFO per Share - diluted | $ | 5.24 | $ | 5.54 |
Supplemental Data S-11
CREDIT RATINGS | |||
Rating | Outlook | ||
Fitch Ratings (1) | BBB+ | Stable | |
Moody's Investors Service (2) | Baa1 | 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, L.P. |
(2) | Corporate credit rating assigned to Mid-America Apartments, L.P., the primary operating partnership of Mid-America Apartment Communities, Inc. |
COMMON STOCK | |||||||||||||||||||
Stock Symbol: | MAA | ||||||||||||||||||
Exchange Traded: | NYSE | ||||||||||||||||||
Estimated Future Dates: | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | |||||||||||||||
Earnings release & conference call | Early August | Late October | Late January | Early May | |||||||||||||||
Dividend Information - Common Shares: | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | ||||||||||||||
Declaration date | 3/23/2017 | 5/23/2017 | 9/26/2017 | 12/5/2017 | 3/13/2018 | ||||||||||||||
Record date | 4/13/2017 | 7/14/2017 | 10/13/2017 | 1/12/2018 | 4/13/2018 | ||||||||||||||
Payment date | 4/28/2017 | 7/31/2017 | 10/31/2017 | 1/31/2018 | 4/30/2018 | ||||||||||||||
Distributions per share | $ | 0.8700 | $ | 0.8700 | $ | 0.8700 | $ | 0.9225 | $ | 0.9225 |
INVESTOR RELATIONS DATA | ||||||||||
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request. | ||||||||||
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of MAA's website at www.maac.com. | ||||||||||
For Questions Contact: | ||||||||||
Name | Title | |||||||||
Tim Argo | Senior Vice President, Finance | |||||||||
Jennifer Patrick | Investor Relations | |||||||||
Phone: 866-576-9689 (toll free) | ||||||||||
Email: investor.relations@maac.com |
Supplemental Data S-12