PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT MARCH 31, 2019 (In apartment units)(1)
Same Store | Non-Same Store | Lease-up | Total Completed Communities | Development Units Delivered | Total | |||||||||||||
Atlanta, GA | 10,664 | 332 | 438 | 11,434 | — | 11,434 | ||||||||||||
Dallas, TX | 9,404 | 362 | — | 9,766 | — | 9,766 | ||||||||||||
Austin, TX | 6,475 | 642 | — | 7,117 | — | 7,117 | ||||||||||||
Charlotte, NC | 6,149 | — | — | 6,149 | — | 6,149 | ||||||||||||
Orlando, FL | 5,274 | — | — | 5,274 | — | 5,274 | ||||||||||||
Tampa, FL | 5,220 | — | — | 5,220 | — | 5,220 | ||||||||||||
Raleigh/Durham, NC | 4,397 | 803 | — | 5,200 | — | 5,200 | ||||||||||||
Houston, TX | 4,867 | — | — | 4,867 | — | 4,867 | ||||||||||||
Nashville, TN | 4,055 | 320 | — | 4,375 | — | 4,375 | ||||||||||||
Fort Worth, TX | 4,249 | — | — | 4,249 | — | 4,249 | ||||||||||||
Washington, DC | 4,080 | — | — | 4,080 | — | 4,080 | ||||||||||||
Jacksonville, FL | 3,496 | — | — | 3,496 | — | 3,496 | ||||||||||||
Charleston, SC | 2,726 | 302 | 140 | 3,168 | — | 3,168 | ||||||||||||
Phoenix, AZ | 2,623 | — | — | 2,623 | — | 2,623 | ||||||||||||
Savannah, GA | 2,219 | — | — | 2,219 | — | 2,219 | ||||||||||||
Greenville, SC | 2,084 | — | — | 2,084 | — | 2,084 | ||||||||||||
Richmond, VA | 2,004 | — | — | 2,004 | — | 2,004 | ||||||||||||
Memphis, TN | 1,811 | — | — | 1,811 | — | 1,811 | ||||||||||||
San Antonio, TX | 1,504 | — | — | 1,504 | — | 1,504 | ||||||||||||
Birmingham, AL | 1,462 | — | — | 1,462 | — | 1,462 | ||||||||||||
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 | 603 | 733 | 8,656 | — | 8,656 | ||||||||||||
Total Multifamily Units | 95,920 | 3,364 | 1,311 | 100,595 | — | 100,595 |
(1) Schedule excludes a 269 unit 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 per Unit
As of March 31, 2019 | Average Effective Rent per Unit for the Three Months Ended March 31, 2019 | As of March 31, 2019 | ||||||||||||||||||
Gross Real Assets | Percent to Total of Gross Real Assets | Physical Occupancy | Completed Units | Total Units, Including Development | ||||||||||||||||
Atlanta, GA | $ | 1,871,195 | 14.0 | % | 95.9 | % | $ | 1,415 | 10,996 | |||||||||||
Dallas, TX | 1,369,588 | 10.2 | % | 95.1 | % | 1,263 | 9,766 | |||||||||||||
Washington, DC | 945,772 | 7.1 | % | 96.6 | % | 1,753 | 4,080 | |||||||||||||
Charlotte, NC | 942,590 | 7.0 | % | 96.3 | % | 1,195 | 6,149 | |||||||||||||
Tampa, FL | 862,188 | 6.4 | % | 96.5 | % | 1,427 | 5,220 | |||||||||||||
Austin, TX | 827,797 | 6.2 | % | 95.7 | % | 1,206 | 7,117 | |||||||||||||
Orlando, FL | 816,197 | 6.1 | % | 95.8 | % | 1,426 | 5,274 | |||||||||||||
Raleigh/Durham, NC | 662,374 | 4.9 | % | 96.4 | % | 1,090 | 5,200 | |||||||||||||
Houston, TX | 597,234 | 4.5 | % | 95.6 | % | 1,177 | 4,867 | |||||||||||||
Nashville, TN | 525,591 | 3.9 | % | 95.4 | % | 1,229 | 4,375 | |||||||||||||
Fort Worth, TX | 388,395 | 2.9 | % | 95.7 | % | 1,138 | 4,249 | |||||||||||||
Phoenix, AZ | 372,197 | 2.8 | % | 96.2 | % | 1,166 | 2,623 | |||||||||||||
Charleston, SC | 365,336 | 2.7 | % | 95.4 | % | 1,172 | 3,028 | |||||||||||||
Jacksonville, FL | 290,505 | 2.2 | % | 96.8 | % | 1,110 | 3,496 | |||||||||||||
Richmond, VA | 259,996 | 1.9 | % | 96.9 | % | 1,156 | 2,004 | |||||||||||||
Savannah, GA | 237,803 | 1.8 | % | 95.6 | % | 1,068 | 2,219 | |||||||||||||
Kansas City, MO-KS | 182,919 | 1.4 | % | 95.7 | % | 1,207 | 1,110 | |||||||||||||
San Antonio, TX | 160,745 | 1.2 | % | 96.9 | % | 1,081 | 1,504 | |||||||||||||
Birmingham, AL | 154,705 | 1.2 | % | 95.8 | % | 997 | 1,462 | |||||||||||||
Greenville, SC | 153,205 | 1.1 | % | 96.7 | % | 889 | 2,084 | |||||||||||||
Memphis, TN | 128,922 | 1.0 | % | 96.0 | % | 973 | 1,811 | |||||||||||||
All Other Markets by State (individual markets <1% gross real assets) | ||||||||||||||||||||
Florida | $ | 174,696 | 1.3 | % | 97.0 | % | $ | 1,290 | 1,806 | |||||||||||
Alabama | 155,106 | 1.2 | % | 97.2 | % | 934 | 1,648 | |||||||||||||
Virginia | 150,691 | 1.1 | % | 97.0 | % | 1,263 | 1,039 | |||||||||||||
Arkansas | 117,407 | 0.9 | % | 95.7 | % | 875 | 1,368 | |||||||||||||
Kentucky | 92,634 | 0.7 | % | 96.0 | % | 862 | 1,308 | |||||||||||||
Mississippi | 72,883 | 0.5 | % | 96.7 | % | 874 | 1,241 | |||||||||||||
Nevada | 68,995 | 0.5 | % | 96.7 | % | 1,013 | 721 | |||||||||||||
Tennessee | 51,110 | 0.4 | % | 96.4 | % | 862 | 943 | |||||||||||||
South Carolina | 36,220 | 0.3 | % | 96.7 | % | 847 | 576 | |||||||||||||
Stabilized Communities | $ | 13,034,996 | 97.4 | % | 96.0 | % | $ | 1,223 | 99,284 | |||||||||||
Denver, CO | $ | 202,388 | 1.5 | % | 94.0 | % | $ | 1,602 | 733 | 812 | ||||||||||
Atlanta, GA | 85,737 | 0.6 | % | 39.5 | % | 1,706 | 438 | 438 | ||||||||||||
Charleston, SC | 28,528 | 0.2 | % | 42.1 | % | 1,616 | 140 | 140 | ||||||||||||
Dallas, TX | 17,151 | 0.1 | % | 348 | ||||||||||||||||
Phoenix, AZ | 14,068 | 0.1 | % | 345 | ||||||||||||||||
Raleigh/Durham, NC | 11,407 | 0.1 | % | 150 | ||||||||||||||||
Fort Worth, TX | 2,417 | 0.0 | % | 168 | ||||||||||||||||
Lease-up and Development Communities | $ | 361,696 | 2.6 | % | 70.3 | % | $ | 1,639 | 1,311 | 2,401 | ||||||||||
Total Multifamily Communities | $ | 13,396,692 | 100.0 | % | 95.7 | % | $ | 1,228 | 100,595 | 101,685 |
(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, 2019 | Three Months Ended | ||||||||||||||||
Apartment Units | Gross Real Assets | March 31, 2019 | March 31, 2018 | Percent Change | |||||||||||||
Operating Revenue | |||||||||||||||||
Same Store Communities | 95,920 | $ | 12,428,484 | $ | 375,540 | $ | 366,971 | 2.3 | % | ||||||||
Non-Same Store Communities | 3,364 | 606,512 | 15,188 | 12,985 | |||||||||||||
Lease up/Development Communities | 1,311 | 361,696 | 4,486 | 495 | |||||||||||||
Total Multifamily Portfolio | 100,595 | $ | 13,396,692 | $ | 395,214 | $ | 380,451 | ||||||||||
Commercial Property/Land | — | 221,812 | 5,964 | 5,566 | |||||||||||||
Total Operating Revenue | 100,595 | $ | 13,618,504 | $ | 401,178 | $ | 386,017 | ||||||||||
Property Operating Expenses | |||||||||||||||||
Same Store Communities | $ | 138,101 | $ | 135,316 | 2.1 | % | |||||||||||
Non-Same Store Communities | 7,036 | 6,379 | |||||||||||||||
Lease up/Development Communities | 2,004 | 612 | |||||||||||||||
Total Multifamily Portfolio | $ | 147,141 | $ | 142,307 | |||||||||||||
Commercial Property/Land | 2,236 | 2,097 | |||||||||||||||
Total Property Operating Expenses | $ | 149,377 | $ | 144,404 | |||||||||||||
Net Operating Income | |||||||||||||||||
Same Store Communities | $ | 237,439 | $ | 231,655 | 2.5 | % | |||||||||||
Non-Same Store Communities | 8,152 | 6,606 | |||||||||||||||
Lease up/Development Communities | 2,482 | (117 | ) | ||||||||||||||
Total Multifamily Portfolio | $ | 248,073 | $ | 238,144 | |||||||||||||
Commercial Property/Land | 3,728 | 3,469 | |||||||||||||||
Total Net Operating Income | $ | 251,801 | $ | 241,613 | 4.2 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Three Months Ended | ||||||||||
March 31, 2019 | March 31, 2018 | Percent Increase/(Decrease) | ||||||||
Personnel | $ | 33,398 | $ | 32,357 | 3.2 | % | ||||
Building Repair and Maintenance | 14,089 | 14,273 | (1.3 | )% | ||||||
Utilities | 26,280 | 26,683 | (1.5 | )% | ||||||
Marketing | 4,030 | 3,694 | 9.1 | % | ||||||
Office Operations | 5,064 | 6,199 | (18.3 | )% | ||||||
Property Taxes | 52,318 | 49,366 | 6.0 | % | ||||||
Insurance | 2,922 | 2,744 | 6.5 | % | ||||||
Total Property Operating Expenses | $ | 138,101 | $ | 135,316 | 2.1 | % |
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, 2019 | March 31, 2018 | |||||||||
Atlanta, GA | 10,664 | 12.9 | % | 95.9 | % | 96.1 | % | |||
Dallas, TX | 9,404 | 8.9 | % | 95.0 | % | 95.6 | % | |||
Charlotte, NC | 6,149 | 7.0 | % | 96.1 | % | 96.4 | % | |||
Washington, DC | 4,080 | 6.6 | % | 96.7 | % | 96.6 | % | |||
Orlando, FL | 5,274 | 6.5 | % | 95.8 | % | 96.3 | % | |||
Tampa, FL | 5,220 | 6.5 | % | 96.2 | % | 96.5 | % | |||
Austin, TX | 6,475 | 5.7 | % | 95.9 | % | 96.0 | % | |||
Raleigh/Durham, NC | 4,397 | 4.5 | % | 96.4 | % | 96.7 | % | |||
Nashville, TN | 4,055 | 4.4 | % | 95.4 | % | 95.9 | % | |||
Houston, TX | 4,867 | 4.3 | % | 95.5 | % | 96.9 | % | |||
Fort Worth, TX | 4,249 | 3.9 | % | 95.4 | % | 95.8 | % | |||
Jacksonville, FL | 3,496 | 3.5 | % | 96.2 | % | 96.6 | % | |||
Phoenix, AZ | 2,623 | 2.9 | % | 96.3 | % | 96.7 | % | |||
Charleston, SC | 2,726 | 2.8 | % | 95.4 | % | 96.1 | % | |||
Richmond, VA | 2,004 | 2.2 | % | 96.5 | % | 96.9 | % | |||
Savannah, GA | 2,219 | 2.1 | % | 95.7 | % | 97.0 | % | |||
Greenville, SC | 2,084 | 1.6 | % | 96.1 | % | 96.2 | % | |||
Memphis, TN | 1,811 | 1.4 | % | 95.2 | % | 95.7 | % | |||
San Antonio, TX | 1,504 | 1.2 | % | 96.5 | % | 95.5 | % | |||
Birmingham, AL | 1,462 | 1.2 | % | 96.0 | % | 95.7 | % | |||
Huntsville, AL | 1,228 | 1.0 | % | 97.0 | % | 97.2 | % | |||
Little Rock, AR | 1,368 | 1.0 | % | 95.1 | % | 95.9 | % | |||
Jackson, MS | 1,241 | 1.0 | % | 96.1 | % | 95.6 | % | |||
Other | 7,320 | 6.9 | % | 96.4 | % | 96.5 | % | |||
Total Same Store | 95,920 | 100.0 | % | 95.9 | % | 96.2 | % |
Supplemental Data S-4
MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS |
Dollars in thousands, except unit and per unit data
Revenues | Expenses | NOI | Average Effective Rent per Unit | |||||||||||||||||||||||||||||||||||||||||||
Units | Q1 2019 | Q1 2018 | % Chg | Q1 2019 | Q1 2018 | % Chg | Q1 2019 | Q1 2018 | % Chg | Q1 2019 | Q1 2018 | % Chg | ||||||||||||||||||||||||||||||||||
Atlanta, GA | 10,664 | $ | 47,304 | $ | 46,504 | 1.7 | % | $ | 16,559 | $ | 16,004 | 3.5 | % | $ | 30,745 | $ | 30,500 | 0.8 | % | $ | 1,390 | $ | 1,355 | 2.6 | % | |||||||||||||||||||||
Dallas, TX | 9,404 | 37,678 | 37,735 | (0.2 | )% | 16,637 | 16,292 | 2.1 | % | 21,041 | 21,443 | (1.9 | )% | 1,271 | 1,265 | 0.5 | % | |||||||||||||||||||||||||||||
Charlotte, NC | 6,149 | 23,581 | 23,097 | 2.1 | % | 7,032 | 6,601 | 6.5 | % | 16,549 | 16,496 | 0.3 | % | 1,195 | 1,160 | 3.0 | % | |||||||||||||||||||||||||||||
Washington, DC | 4,080 | 22,636 | 22,080 | 2.5 | % | 6,935 | 7,027 | (1.3 | )% | 15,701 | 15,053 | 4.3 | % | 1,753 | 1,712 | 2.4 | % | |||||||||||||||||||||||||||||
Orlando, FL | 5,274 | 23,942 | 23,276 | 2.9 | % | 8,518 | 8,239 | 3.4 | % | 15,424 | 15,037 | 2.6 | % | 1,426 | 1,369 | 4.2 | % | |||||||||||||||||||||||||||||
Tampa, FL | 5,220 | 23,685 | 22,868 | 3.6 | % | 8,330 | 7,903 | 5.4 | % | 15,355 | 14,965 | 2.6 | % | 1,427 | 1,366 | 4.5 | % | |||||||||||||||||||||||||||||
Austin, TX | 6,475 | 24,728 | 24,166 | 2.3 | % | 11,162 | 10,849 | 2.9 | % | 13,566 | 13,317 | 1.9 | % | 1,168 | 1,141 | 2.4 | % | |||||||||||||||||||||||||||||
Raleigh/Durham, NC | 4,397 | 15,568 | 15,138 | 2.8 | % | 4,890 | 4,969 | (1.6 | )% | 10,678 | 10,169 | 5.0 | % | 1,068 | 1,039 | 2.8 | % | |||||||||||||||||||||||||||||
Nashville, TN | 4,055 | 15,776 | 15,590 | 1.2 | % | 5,220 | 5,081 | 2.7 | % | 10,556 | 10,509 | 0.4 | % | 1,206 | 1,186 | 1.7 | % | |||||||||||||||||||||||||||||
Houston, TX | 4,867 | 18,382 | 17,601 | 4.4 | % | 8,119 | 8,031 | 1.1 | % | 10,263 | 9,570 | 7.2 | % | 1,177 | 1,126 | 4.5 | % | |||||||||||||||||||||||||||||
Fort Worth, TX | 4,249 | 16,059 | 15,737 | 2.0 | % | 6,686 | 6,664 | 0.3 | % | 9,373 | 9,073 | 3.3 | % | 1,138 | 1,110 | 2.5 | % | |||||||||||||||||||||||||||||
Jacksonville, FL | 3,496 | 12,291 | 11,928 | 3.0 | % | 4,002 | 4,008 | (0.1 | )% | 8,289 | 7,920 | 4.7 | % | 1,110 | 1,059 | 4.8 | % | |||||||||||||||||||||||||||||
Phoenix, AZ | 2,623 | 9,804 | 9,361 | 4.7 | % | 2,823 | 2,799 | 0.9 | % | 6,981 | 6,562 | 6.4 | % | 1,166 | 1,098 | 6.2 | % | |||||||||||||||||||||||||||||
Charleston, SC | 2,726 | 10,213 | 10,123 | 0.9 | % | 3,589 | 3,513 | 2.2 | % | 6,624 | 6,610 | 0.2 | % | 1,145 | 1,121 | 2.1 | % | |||||||||||||||||||||||||||||
Richmond, VA | 2,004 | 7,517 | 7,240 | 3.8 | % | 2,369 | 2,356 | 0.6 | % | 5,148 | 4,884 | 5.4 | % | 1,156 | 1,096 | 5.5 | % | |||||||||||||||||||||||||||||
Savannah, GA | 2,219 | 7,806 | 7,533 | 3.6 | % | 2,805 | 2,774 | 1.1 | % | 5,001 | 4,759 | 5.1 | % | 1,068 | 1,024 | 4.3 | % | |||||||||||||||||||||||||||||
Greenville, SC | 2,084 | 6,205 | 5,990 | 3.6 | % | 2,448 | 2,354 | 4.0 | % | 3,757 | 3,636 | 3.3 | % | 889 | 851 | 4.5 | % | |||||||||||||||||||||||||||||
Memphis, TN | 1,811 | 5,650 | 5,438 | 3.9 | % | 2,356 | 2,320 | 1.6 | % | 3,294 | 3,118 | 5.6 | % | 973 | 924 | 5.3 | % | |||||||||||||||||||||||||||||
San Antonio, TX | 1,504 | 5,288 | 5,158 | 2.5 | % | 2,351 | 2,389 | (1.6 | )% | 2,937 | 2,769 | 6.1 | % | 1,081 | 1,059 | 2.1 | % | |||||||||||||||||||||||||||||
Birmingham, AL | 1,462 | 4,817 | 4,722 | 2.0 | % | 2,022 | 1,943 | 4.1 | % | 2,795 | 2,779 | 0.6 | % | 997 | 956 | 4.3 | % | |||||||||||||||||||||||||||||
Huntsville, AL | 1,228 | 3,642 | 3,490 | 4.4 | % | 1,277 | 1,290 | (1.0 | )% | 2,365 | 2,200 | 7.5 | % | 877 | 818 | 7.2 | % | |||||||||||||||||||||||||||||
Little Rock, AR | 1,368 | 3,817 | 3,879 | (1.6 | )% | 1,512 | 1,521 | (0.6 | )% | 2,305 | 2,358 | (2.2 | )% | 875 | 873 | 0.2 | % | |||||||||||||||||||||||||||||
Jackson, MS | 1,241 | 3,615 | 3,580 | 1.0 | % | 1,342 | 1,385 | (3.1 | )% | 2,273 | 2,195 | 3.6 | % | 874 | 861 | 1.5 | % | |||||||||||||||||||||||||||||
Other | 7,320 | 25,536 | 24,737 | 3.2 | % | 9,117 | 9,004 | 1.3 | % | 16,419 | 15,733 | 4.4 | % | 1,075 | 1,030 | 4.4 | % | |||||||||||||||||||||||||||||
Total Same Store | 95,920 | $ | 375,540 | $ | 366,971 | 2.3 | % | $ | 138,101 | $ | 135,316 | 2.1 | % | $ | 237,439 | $ | 231,655 | 2.5 | % | $ | 1,216 | $ | 1,180 | 3.1 | % |
Supplemental Data S-5
MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS |
Dollars in thousands, except unit and per unit data
Revenues | Expenses | NOI | Average Effective Rent per Unit | |||||||||||||||||||||||||||||||||||||||||||
Units | Q1 2019 | Q4 2018 | % Chg | Q1 2019 | Q4 2018 | % Chg | Q1 2019 | Q4 2018 | % Chg | Q1 2019 | Q4 2018 | % Chg | ||||||||||||||||||||||||||||||||||
Atlanta, GA | 10,664 | $ | 47,304 | $ | 47,026 | 0.6 | % | $ | 16,559 | $ | 16,213 | 2.1 | % | $ | 30,745 | $ | 30,813 | (0.2 | )% | $ | 1,390 | $ | 1,380 | 0.7 | % | |||||||||||||||||||||
Dallas, TX | 9,404 | 37,678 | 37,547 | 0.3 | % | 16,637 | 16,495 | 0.9 | % | 21,041 | 21,052 | (0.1 | )% | 1,271 | 1,267 | 0.3 | % | |||||||||||||||||||||||||||||
Charlotte, NC | 6,149 | 23,581 | 23,458 | 0.5 | % | 7,032 | 6,937 | 1.4 | % | 16,549 | 16,521 | 0.2 | % | 1,195 | 1,187 | 0.7 | % | |||||||||||||||||||||||||||||
Washington, DC | 4,080 | 22,636 | 22,655 | (0.1 | )% | 6,935 | 6,708 | 3.4 | % | 15,701 | 15,947 | (1.5 | )% | 1,753 | 1,744 | 0.5 | % | |||||||||||||||||||||||||||||
Orlando, FL | 5,274 | 23,942 | 23,872 | 0.3 | % | 8,518 | 8,426 | 1.1 | % | 15,424 | 15,446 | (0.1 | )% | 1,426 | 1,416 | 0.7 | % | |||||||||||||||||||||||||||||
Tampa, FL | 5,220 | 23,685 | 23,632 | 0.2 | % | 8,330 | 7,916 | 5.2 | % | 15,355 | 15,716 | (2.3 | )% | 1,427 | 1,416 | 0.8 | % | |||||||||||||||||||||||||||||
Austin, TX | 6,475 | 24,728 | 24,526 | 0.8 | % | 11,162 | 10,694 | 4.4 | % | 13,566 | 13,832 | (1.9 | )% | 1,168 | 1,160 | 0.7 | % | |||||||||||||||||||||||||||||
Raleigh/Durham, NC | 4,397 | 15,568 | 15,513 | 0.4 | % | 4,890 | 5,053 | (3.2 | )% | 10,678 | 10,460 | 2.1 | % | 1,068 | 1,061 | 0.7 | % | |||||||||||||||||||||||||||||
Nashville, TN | 4,055 | 15,776 | 15,690 | 0.5 | % | 5,220 | 5,344 | (2.3 | )% | 10,556 | 10,346 | 2.0 | % | 1,206 | 1,199 | 0.6 | % | |||||||||||||||||||||||||||||
Houston, TX | 4,867 | 18,382 | 18,227 | 0.9 | % | 8,119 | 7,803 | 4.0 | % | 10,263 | 10,424 | (1.5 | )% | 1,177 | 1,168 | 0.8 | % | |||||||||||||||||||||||||||||
Fort Worth, TX | 4,249 | 16,059 | 15,952 | 0.7 | % | 6,686 | 6,088 | 9.8 | % | 9,373 | 9,864 | (5.0 | )% | 1,138 | 1,132 | 0.5 | % | |||||||||||||||||||||||||||||
Jacksonville, FL | 3,496 | 12,291 | 12,250 | 0.3 | % | 4,002 | 3,612 | 10.8 | % | 8,289 | 8,638 | (4.0 | )% | 1,110 | 1,102 | 0.7 | % | |||||||||||||||||||||||||||||
Phoenix, AZ | 2,623 | 9,804 | 9,785 | 0.2 | % | 2,823 | 2,864 | (1.4 | )% | 6,981 | 6,921 | 0.9 | % | 1,166 | 1,151 | 1.3 | % | |||||||||||||||||||||||||||||
Charleston, SC | 2,726 | 10,213 | 10,140 | 0.7 | % | 3,589 | 3,692 | (2.8 | )% | 6,624 | 6,448 | 2.7 | % | 1,145 | 1,136 | 0.8 | % | |||||||||||||||||||||||||||||
Richmond, VA | 2,004 | 7,517 | 7,528 | (0.1 | )% | 2,369 | 2,364 | 0.2 | % | 5,148 | 5,164 | (0.3 | )% | 1,156 | 1,146 | 0.9 | % | |||||||||||||||||||||||||||||
Savannah, GA | 2,219 | 7,806 | 7,759 | 0.6 | % | 2,805 | 2,987 | (6.1 | )% | 5,001 | 4,772 | 4.8 | % | 1,068 | 1,064 | 0.4 | % | |||||||||||||||||||||||||||||
Greenville, SC | 2,084 | 6,205 | 6,143 | 1.0 | % | 2,448 | 2,461 | (0.5 | )% | 3,757 | 3,682 | 2.0 | % | 889 | 880 | 1.0 | % | |||||||||||||||||||||||||||||
Memphis, TN | 1,811 | 5,650 | 5,620 | 0.5 | % | 2,356 | 2,374 | (0.8 | )% | 3,294 | 3,246 | 1.5 | % | 973 | 968 | 0.5 | % | |||||||||||||||||||||||||||||
San Antonio, TX | 1,504 | 5,288 | 5,215 | 1.4 | % | 2,351 | 2,217 | 6.0 | % | 2,937 | 2,998 | (2.0 | )% | 1,081 | 1,071 | 0.9 | % | |||||||||||||||||||||||||||||
Birmingham, AL | 1,462 | 4,817 | 4,841 | (0.5 | )% | 2,022 | 1,992 | 1.5 | % | 2,795 | 2,849 | (1.9 | )% | 997 | 986 | 1.1 | % | |||||||||||||||||||||||||||||
Huntsville, AL | 1,228 | 3,642 | 3,640 | 0.1 | % | 1,277 | 1,281 | (0.3 | )% | 2,365 | 2,359 | 0.3 | % | 877 | 873 | 0.5 | % | |||||||||||||||||||||||||||||
Little Rock, AR | 1,368 | 3,817 | 3,814 | 0.1 | % | 1,512 | 1,522 | (0.7 | )% | 2,305 | 2,292 | 0.6 | % | 875 | 872 | 0.3 | % | |||||||||||||||||||||||||||||
Jackson, MS | 1,241 | 3,615 | 3,584 | 0.9 | % | 1,342 | 1,304 | 2.9 | % | 2,273 | 2,280 | (0.3 | )% | 874 | 871 | 0.3 | % | |||||||||||||||||||||||||||||
Other | 7,320 | 25,536 | 25,360 | 0.7 | % | 9,117 | 9,172 | (0.6 | )% | 16,419 | 16,188 | 1.4 | % | 1,075 | 1,064 | 1.0 | % | |||||||||||||||||||||||||||||
Total Same Store | 95,920 | $ | 375,540 | $ | 373,777 | 0.5 | % | $ | 138,101 | $ | 135,519 | 1.9 | % | $ | 237,439 | $ | 238,258 | (0.3 | )% | $ | 1,216 | $ | 1,208 | 0.7 | % |
Supplemental Data S-6
MULTIFAMILY DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||||||||
Units as of March 31, 2019 | Projected | Development Costs | ||||||||||||||||||||||||||||
Initial | ||||||||||||||||||||||||||||||
Start | Occupancy | Completion | Stabilization | Total | Thru | |||||||||||||||||||||||||
Location | Total | Delivered | Leased | Date | Date | Date | Date(1) | Cost | Q1 2019 | After | ||||||||||||||||||||
Post Parkside at Wade III | Raleigh, NC | 150 | — | — | 2Q18 | 3Q19 | 4Q19 | 1Q20 | $ | 25,000 | $ | 11,407 | $ | 13,593 | ||||||||||||||||
Sync 36 II | Denver, CO | 79 | — | — | 3Q18 | 4Q19 | 4Q19 | 1Q20 | 24,500 | 14,434 | 10,066 | |||||||||||||||||||
Copper Ridge II | Fort Worth, TX | 168 | — | — | 1Q19 | 1Q20 | 2Q20 | 1Q21 | 30,000 | 2,417 | 27,583 | |||||||||||||||||||
Post Sierra at Frisco Bridges II | Dallas, TX | 348 | — | — | 2Q18 | 2Q20 | 3Q20 | 3Q21 | 69,000 | 17,151 | 51,849 | |||||||||||||||||||
Novel Midtown (2) | Phoenix, AZ | 345 | — | — | 1Q19 | 3Q20 | 1Q21 | 3Q22 | 82,000 | 14,068 | 67,932 | |||||||||||||||||||
Total Active | 1,090 | — | — | $ | 230,500 | $ | 59,477 | $ | 171,023 |
(1) Communities are considered stabilized after achieving 90% occupancy for 90 days.
(2) MAA owns 80% of the joint venture that owns this property.
MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE | ||||||||||
Dollars in thousands, except per unit data | ||||||||||
Three months ended March 31, 2019 | ||||||||||
Units Redeveloped | Redevelopment Spend | Spend per Unit | Increase in Average Effective Rent per Unit | Increase in Average Effective Rent per Unit | Estimated Units Remaining in Pipeline | |||||
1,679 | $10,294 | $6,131 | $123 | 10.9% | 16,000 - 17,500 |
MULTIFAMILY LEASE-UP COMMUNITIES | |||||||||||||
Dollars in thousands | As of March 31, 2019 | ||||||||||||
Total | Percent | Construction | Expected | Total | |||||||||
Location | Units | Occupied | Finished | Stabilization(1) | Cost | ||||||||
Sync 36 I | Denver, CO | 374 | 94.1% | (2) | 2Q19 | $ | 104,500 | ||||||
Post River North | Denver, CO | 359 | 93.9% | 1Q18 | 2Q19 | 87,787 | |||||||
1201 Midtown II | Charleston, SC | 140 | 42.1% | 4Q18 | 3Q19 | 27,857 | |||||||
Post Centennial Park | Atlanta, GA | 438 | 39.5% | 3Q18 | 4Q19 | 95,160 | |||||||
Total | 1,311 | 70.3% | $ | 315,304 |
(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.
2019 ACQUISITION ACTIVITY (THROUGH MARCH 31, 2019) |
Multifamily Development Acquisition | Market | Apartment Units | Projected Completion Date | Closing Date | ||||
Novel Midtown (1) | Phoenix, AZ | 345 | 1Q21 | February 2019 |
(1) MAA owns 80% of the joint venture that owns this property.
2019 DISPOSITION ACTIVITY (THROUGH MARCH 31, 2019) |
Land Disposition | Market | Acreage | Closing Date | |||
Peachtree Road - Outparcel | Atlanta, GA | 1 | February 2019 |
Commercial Disposition | Market | Square Feet | Closing Date | |||
Poplar Avenue Office | Memphis, TN | 42,000 | March 2019 |
Supplemental Data S-7
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES | ||||
Dollars in thousands |
MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property | Market | # of units | Ownership Interest | |||
Post Massachusetts Avenue | Washington, D.C. | 269 | 35% |
As of March 31, 2019 | ||||||||||||
Joint Venture Property | Gross Investment in Real Estate | Mortgage Notes Payable | Company's Equity Investment | |||||||||
Post Massachusetts Avenue | $ | 78,945 | (1) | $ | 51,670 | (2) | $ | 44,138 |
Three months ended March 31, 2019 | ||||||||
Joint Venture Property | Entity NOI | Company's Equity in Income | ||||||
Post Massachusetts Avenue | $ | 1,854 | $ | 397 |
(1) Represents GAAP basis net book value plus accumulated depreciation.
(2) This mortgage note has an outstanding principal value of $52 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.
Supplemental Data S-8
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2019 | |||||
Dollars in thousands |
DEBT SUMMARIES | ||||||||||||||
Effective | Average Years | |||||||||||||
Percent of | Interest | to Rate | ||||||||||||
Balance | Total | Rate | Maturity | |||||||||||
Floating Versus Fixed Rate or Hedged Debt | ||||||||||||||
Fixed rate or hedged debt | $ | 3,873,679 | 85.2 | % | 4.0 | % | 8.0 | |||||||
Floating (unhedged) debt | 674,419 | 14.8 | % | 3.4 | % | 0.1 | ||||||||
Total | $ | 4,548,098 | 100.0 | % | 3.9 | % | 6.8 | |||||||
Effective | Average Years | |||||||||||||
Percent of | Interest | to Contract | ||||||||||||
Balance | Total | Rate | Maturity | |||||||||||
Secured Versus Unsecured Debt | ||||||||||||||
Unsecured debt | $ | 3,886,236 | 85.4 | % | 3.8 | % | 5.4 | |||||||
Secured debt | 661,862 | 14.6 | % | 4.5 | % | 17.1 | ||||||||
Total | $ | 4,548,098 | 100.0 | % | 3.9 | % | 7.1 | |||||||
Total | Percent of | Q1 2019 | Percent of | |||||||||||
Cost | Total | NOI | Total | |||||||||||
Unencumbered Versus Encumbered Assets | ||||||||||||||
Unencumbered gross assets | $ | 12,426,519 | 88.9 | % | $ | 227,169 | 90.2 | % | ||||||
Encumbered gross assets | 1,545,951 | 11.1 | % | 24,632 | 9.8 | % | ||||||||
Total | $ | 13,972,470 | 100.0 | % | $ | 251,801 | 100.0 | % |
FIXED OR HEDGED INTEREST RATE MATURITIES | |||||||||||||||
Fixed | Interest | Total Fixed | Effective | ||||||||||||
Maturity | Rate Debt | Rate Swaps | or Hedged | Rate | |||||||||||
2019 | $ | 33,380 | $ | — | $ | 33,380 | 3.7 | % | |||||||
2020 | 158,058 | 299,404 | 457,462 | 3.0 | % | ||||||||||
2021 | 194,987 | — | 194,987 | 5.2 | % | ||||||||||
2022 | 365,355 | — | 365,355 | 3.6 | % | ||||||||||
2023 | 359,211 | — | 359,211 | 4.2 | % | ||||||||||
Thereafter | 2,463,284 | — | 2,463,284 | 4.1 | % | ||||||||||
Total | $ | 3,574,275 | $ | 299,404 | $ | 3,873,679 | 4.0 | % | |||||||
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF MARCH 31, 2019 (CONTINUED) | |||||
Dollars in thousands |
DEBT MATURITIES OF OUTSTANDING BALANCES | ||||||||||||||||||||
Unsecured Revolving Credit Facility | Public Bonds | Other Unsecured | Secured | Total | ||||||||||||||||
2019 | $ | — | $ | — | $ | 319,787 | $ | 13,391 | $ | 333,178 | ||||||||||
2020 | 75,000 | — | 149,910 | 158,058 | 382,968 | |||||||||||||||
2021 | — | — | 222,344 | 122,353 | 344,697 | |||||||||||||||
2022 | — | 248,616 | 416,144 | — | 664,760 | |||||||||||||||
2023 | — | 346,992 | 12,219 | — | 359,211 | |||||||||||||||
Thereafter | — | 2,075,281 | 19,943 | 368,060 | 2,463,284 | |||||||||||||||
Total | $ | 75,000 | $ | 2,670,889 | $ | 1,140,347 | $ | 661,862 | $ | 4,548,098 |
DEBT COVENANT ANALYSIS(1) | ||||||
Bond Covenants | Required | Actual | Compliance | |||
Total debt to adjusted total assets | 60% or less | 32.6% | Yes | |||
Total secured debt to adjusted total assets | 40% or less | 4.7% | Yes | |||
Consolidated income available for debt service to total annual debt service charge | 1.5x or greater for trailing 4 quarters | 5.02x | Yes | |||
Total unencumbered assets to total unsecured debt | Greater than 150% | 320% | Yes | |||
Bank Covenants | Required | Actual | Compliance | |||
Total debt to total capitalized asset value | 60% or less | 29.0% | Yes | |||
Total secured debt to total capitalized asset value | 40% or Less | 4.3% | Yes | |||
Total adjusted EBITDA to fixed charges | 1.5x or greater for trailing 4 quarters | 4.54x | Yes | |||
Total unsecured debt to total unsecured capitalized asset value | 60% or less | 27.3% | Yes |
(1) The calculations of the Bond Covenants and Bank Covenants above are specifically defined in MAALP's debt agreements.
Supplemental Data S-10
2019 GUIDANCE | |
MAA provides guidance on expected FFO per Share and AFFO per Share, which are non-GAAP measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected FFO per Share and AFFO per Share are provided below. | |
Full Year 2019 | |
Earnings: | |
Earnings per common share - diluted | $2.19 to $2.43 |
Midpoint | $2.31 |
FFO per Share - diluted | $6.11 to $6.35 |
Midpoint | $6.23 |
AFFO per Share - diluted | $5.47 to $5.71 |
Midpoint | $5.59 |
MAA Same Store Communities: | |
Number of units | 95,920 |
Lease over lease pricing growth for new leases and renewals | 2.20% to 3.20% |
Average physical occupancy | 95.70% to 96.10% |
Property revenue growth | 1.80% to 2.80% |
Property operating expense growth | 2.60% to 3.60% |
NOI growth | 1.30% to 2.30% |
Real estate tax expense growth | 3.75% to 4.75% |
Corporate Expenses: | |
General and administrative expenses | $42.5 to $43.5 million |
Property management expenses | $54.0 to $55.0 million |
Total overhead | $96.5 to $98.5 million |
Income tax expense | $2.5 to $3.0 million |
Transaction/Investment Volume: | |
Multifamily acquisition volume | $125.0 to $175.0 million |
Multifamily disposition volume | $75.0 to $125.0 million |
Development investment | $100.0 to $150.0 million |
Debt: | |
Average effective interest rate | 3.9% to 4.1% |
Capitalized interest | $2.5 to $3.5 million |
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE GUIDANCE TO FFO AND AFFO PER SHARE GUIDANCE | |||||||
2019 Full Year Guidance Range | |||||||
Low | High | ||||||
Earnings per common share - diluted | $ | 2.19 | $ | 2.43 | |||
Real estate depreciation | 4.10 | 4.10 | |||||
Amortization other | 0.04 | 0.04 | |||||
Gains on sale of depreciable assets | (0.22 | ) | (0.22 | ) | |||
FFO per Share - diluted | 6.11 | 6.35 | |||||
Recurring capital expenditures | (0.64 | ) | (0.64 | ) | |||
AFFO per Share - diluted | $ | 5.47 | $ | 5.71 |
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 MAA and MAALP |
(2) | Corporate credit rating assigned to MAALP, the primary operating partnership of MAA |
COMMON STOCK | |||||||||||||||||||
Stock Symbol: | MAA | ||||||||||||||||||
Exchange Traded: | NYSE | ||||||||||||||||||
Estimated Future Dates: | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | |||||||||||||||
Earnings release & conference call | Early August | Late October | Late January | Late April | |||||||||||||||
Dividend Information - Common Shares: | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | ||||||||||||||
Declaration date | 3/13/2018 | 5/22/2018 | 9/25/2018 | 12/4/2018 | 3/21/2019 | ||||||||||||||
Record date | 4/13/2018 | 7/13/2018 | 10/15/2018 | 1/15/2019 | 4/15/2019 | ||||||||||||||
Payment date | 4/30/2018 | 7/31/2018 | 10/31/2018 | 1/31/2019 | 4/30/2019 | ||||||||||||||
Distributions per share | $ | 0.9225 | $ | 0.9225 | $ | 0.9225 | $ | 0.9600 | $ | 0.9600 |
INVESTOR RELATIONS DATA | ||||||||||
MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request. | ||||||||||
For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com. This information, as well as access to MAA's quarterly conference call, is also available on the "For Investors" page of MAA's website at www.maac.com. | ||||||||||
For Questions Contact: | ||||||||||
Name | Title | |||||||||
Tim Argo | Senior Vice President, Director of Finance | |||||||||
Jennifer Patrick | Investor Relations | |||||||||
Phone: 866-576-9689 (toll free) | ||||||||||
Email: investor.relations@maac.com |
Supplemental Data S-12