Exhibit 99.2
PORTFOLIO STATISTICS |
TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2021 (In apartment units) (1)
|
| Same |
|
| Non-Same |
|
| Lease-up |
|
| Total |
|
| Development |
|
| Total |
| ||||||
Atlanta, GA |
|
| 11,434 |
|
|
| — |
|
|
| — |
|
|
| 11,434 |
|
|
| — |
|
|
| 11,434 |
|
Dallas, TX |
|
| 9,767 |
|
|
| 348 |
|
|
| — |
|
|
| 10,115 |
|
|
| — |
|
|
| 10,115 |
|
Austin, TX |
|
| 7,117 |
|
|
| — |
|
|
| — |
|
|
| 7,117 |
|
|
| — |
|
|
| 7,117 |
|
Charlotte, NC |
|
| 5,867 |
|
|
| 282 |
|
|
| — |
|
|
| 6,149 |
|
|
| — |
|
|
| 6,149 |
|
Orlando, FL |
|
| 5,274 |
|
|
| — |
|
|
| — |
|
|
| 5,274 |
|
|
| 566 |
|
|
| 5,840 |
|
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| — |
|
|
| — |
|
|
| 5,350 |
|
|
| — |
|
|
| 5,350 |
|
Tampa, FL |
|
| 5,220 |
|
|
| — |
|
|
| — |
|
|
| 5,220 |
|
|
| — |
|
|
| 5,220 |
|
Houston, TX |
|
| 4,867 |
|
|
| — |
|
|
| — |
|
|
| 4,867 |
|
|
| 117 |
|
|
| 4,984 |
|
Fort Worth, TX |
|
| 4,249 |
|
|
| 168 |
|
|
| — |
|
|
| 4,417 |
|
|
| — |
|
|
| 4,417 |
|
Nashville, TN |
|
| 4,375 |
|
|
| — |
|
|
| — |
|
|
| 4,375 |
|
|
| — |
|
|
| 4,375 |
|
Washington, DC |
|
| 4,080 |
|
|
| — |
|
|
| — |
|
|
| 4,080 |
|
|
| — |
|
|
| 4,080 |
|
Jacksonville, FL |
|
| 3,496 |
|
|
| — |
|
|
| — |
|
|
| 3,496 |
|
|
| — |
|
|
| 3,496 |
|
Charleston, SC |
|
| 3,168 |
|
|
| — |
|
|
| — |
|
|
| 3,168 |
|
|
| — |
|
|
| 3,168 |
|
Phoenix, AZ |
|
| 2,623 |
|
|
| — |
|
|
| 345 |
|
|
| 2,968 |
|
|
| — |
|
|
| 2,968 |
|
Greenville, SC |
|
| 2,084 |
|
|
| 271 |
|
|
| — |
|
|
| 2,355 |
|
|
| — |
|
|
| 2,355 |
|
Savannah, GA |
|
| 1,837 |
|
|
| 382 |
|
|
| — |
|
|
| 2,219 |
|
|
| — |
|
|
| 2,219 |
|
Richmond, VA |
|
| 2,004 |
|
|
| — |
|
|
| — |
|
|
| 2,004 |
|
|
| — |
|
|
| 2,004 |
|
Memphis, TN |
|
| 1,811 |
|
|
| — |
|
|
| — |
|
|
| 1,811 |
|
|
| — |
|
|
| 1,811 |
|
San Antonio, TX |
|
| 1,504 |
|
|
| — |
|
|
| — |
|
|
| 1,504 |
|
|
| — |
|
|
| 1,504 |
|
Birmingham, AL |
|
| 1,462 |
|
|
| — |
|
|
| — |
|
|
| 1,462 |
|
|
| — |
|
|
| 1,462 |
|
Huntsville, AL |
|
| 1,228 |
|
|
| — |
|
|
| — |
|
|
| 1,228 |
|
|
| — |
|
|
| 1,228 |
|
Kansas City, MO-KS |
|
| 1,110 |
|
|
| — |
|
|
| — |
|
|
| 1,110 |
|
|
| — |
|
|
| 1,110 |
|
Other |
|
| 7,076 |
|
|
| 549 |
|
|
| — |
|
|
| 7,625 |
|
|
| 143 |
|
|
| 7,768 |
|
Total Multifamily Units |
|
| 97,003 |
|
|
| 2,000 |
|
|
| 345 |
|
|
| 99,348 |
|
|
| 826 |
|
|
| 100,174 |
|
Supplemental Data S-1
PORTFOLIO STATISTICS (CONTINUED) |
TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)
Dollars in thousands, except Average Effective Rent per Unit
|
| As of September 30, 2021 |
|
| Average |
|
| As of September 30, 2021 |
| |||||||||||||||
|
| Gross Real |
|
| Percent to |
|
| Physical |
|
| Rent per |
|
| Completed |
|
| Total Units, |
| ||||||
Atlanta, GA |
| $ | 2,024,182 |
|
|
| 14.2 | % |
|
| 95.7 | % |
| $ | 1,553 |
|
|
| 11,434 |
|
|
|
| |
Dallas, TX |
|
| 1,503,635 |
|
|
| 10.5 | % |
|
| 95.4 | % |
|
| 1,349 |
|
|
| 10,115 |
|
|
|
| |
Charlotte, NC |
|
| 982,559 |
|
|
| 6.9 | % |
|
| 96.0 | % |
|
| 1,315 |
|
|
| 6,149 |
|
|
|
| |
Washington, DC |
|
| 975,931 |
|
|
| 6.8 | % |
|
| 95.4 | % |
|
| 1,830 |
|
|
| 4,080 |
|
|
|
| |
Tampa, FL |
|
| 890,690 |
|
|
| 6.2 | % |
|
| 96.8 | % |
|
| 1,651 |
|
|
| 5,220 |
|
|
|
| |
Austin, TX |
|
| 866,985 |
|
|
| 6.1 | % |
|
| 95.7 | % |
|
| 1,566 |
|
|
| 7,117 |
|
|
|
| |
Orlando, FL |
|
| 838,486 |
|
|
| 5.9 | % |
|
| 96.3 | % |
|
| 1,530 |
|
|
| 5,274 |
|
|
|
| |
Raleigh/Durham, NC |
|
| 706,347 |
|
|
| 4.9 | % |
|
| 95.6 | % |
|
| 1,253 |
|
|
| 5,350 |
|
|
|
| |
Houston, TX |
|
| 614,416 |
|
|
| 4.3 | % |
|
| 95.6 | % |
|
| 1,236 |
|
|
| 4,867 |
|
|
|
| |
Nashville, TN |
|
| 539,129 |
|
|
| 3.8 | % |
|
| 95.7 | % |
|
| 1,391 |
|
|
| 4,375 |
|
|
|
| |
Fort Worth, TX |
|
| 429,648 |
|
|
| 3.0 | % |
|
| 96.2 | % |
|
| 1,270 |
|
|
| 4,417 |
|
|
|
| |
Charleston, SC |
|
| 408,628 |
|
|
| 2.9 | % |
|
| 96.2 | % |
|
| 1,361 |
|
|
| 3,168 |
|
|
|
| |
Phoenix, AZ |
|
| 382,297 |
|
|
| 2.7 | % |
|
| 96.5 | % |
|
| 1,437 |
|
|
| 2,623 |
|
|
|
| |
Jacksonville, FL |
|
| 293,380 |
|
|
| 2.1 | % |
|
| 96.9 | % |
|
| 1,262 |
|
|
| 3,496 |
|
|
|
| |
Richmond, VA |
|
| 269,411 |
|
|
| 1.9 | % |
|
| 96.1 | % |
|
| 1,314 |
|
|
| 2,004 |
|
|
|
| |
Savannah, GA |
|
| 246,981 |
|
|
| 1.7 | % |
|
| 97.6 | % |
|
| 1,246 |
|
|
| 2,219 |
|
|
|
| |
Greenville, SC |
|
| 229,186 |
|
|
| 1.6 | % |
|
| 95.7 | % |
|
| 1,083 |
|
|
| 2,355 |
|
|
|
| |
Denver, CO |
|
| 211,736 |
|
|
| 1.5 | % |
|
| 94.0 | % |
|
| 1,712 |
|
|
| 812 |
|
|
|
| |
Kansas City, MO-KS |
|
| 187,521 |
|
|
| 1.3 | % |
|
| 95.4 | % |
|
| 1,343 |
|
|
| 1,110 |
|
|
|
| |
San Antonio, TX |
|
| 164,629 |
|
|
| 1.2 | % |
|
| 96.3 | % |
|
| 1,186 |
|
|
| 1,504 |
|
|
|
| |
Birmingham, AL |
|
| 161,710 |
|
|
| 1.1 | % |
|
| 95.8 | % |
|
| 1,183 |
|
|
| 1,462 |
|
|
|
| |
All Other Markets by State (individual markets <1% gross real assets) |
| |||||||||||||||||||||||
Tennessee |
|
| 186,559 |
|
|
| 1.3 | % |
|
| 96.6 | % |
|
| 1,121 |
|
|
| 2,754 |
|
|
|
| |
Florida |
|
| 177,979 |
|
|
| 1.2 | % |
|
| 96.9 | % |
|
| 1,476 |
|
|
| 1,806 |
|
|
|
| |
Alabama |
|
| 163,045 |
|
|
| 1.1 | % |
|
| 96.7 | % |
|
| 1,177 |
|
|
| 1,648 |
|
|
|
| |
Virginia |
|
| 154,242 |
|
|
| 1.1 | % |
|
| 97.1 | % |
|
| 1,487 |
|
|
| 1,039 |
|
|
|
| |
Kentucky |
|
| 94,406 |
|
|
| 0.7 | % |
|
| 95.7 | % |
|
| 988 |
|
|
| 1,308 |
|
|
|
| |
Nevada |
|
| 71,909 |
|
|
| 0.5 | % |
|
| 95.6 | % |
|
| 1,327 |
|
|
| 721 |
|
|
|
| |
South Carolina |
|
| 36,449 |
|
|
| 0.3 | % |
|
| 95.1 | % |
|
| 1,010 |
|
|
| 576 |
|
|
|
| |
Stabilized Communities |
| $ | 13,812,076 |
|
|
| 96.7 | % |
|
| 96.0 | % |
| $ | 1,381 |
|
|
| 99,003 |
|
|
|
| |
Orlando, FL |
|
| 156,619 |
|
|
| 1.1 | % |
|
| 40.8 | % |
|
| 1,994 |
|
|
| 566 |
|
|
| 633 |
|
Phoenix, AZ |
|
| 110,889 |
|
|
| 0.8 | % |
|
| 76.8 | % |
|
| 1,639 |
|
|
| 345 |
|
|
| 662 |
|
Denver, CO |
|
| 76,021 |
|
|
| 0.5 | % |
|
| 41.5 | % |
|
| 1,849 |
|
|
| 143 |
|
|
| 306 |
|
Houston, TX |
|
| 49,711 |
|
|
| 0.3 | % |
|
| 22.1 | % |
|
| 1,496 |
|
|
| 117 |
|
|
| 308 |
|
Austin, TX |
|
| 29,127 |
|
|
| 0.2 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 350 |
|
Atlanta, GA |
|
| 22,081 |
|
|
| 0.2 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 340 |
|
Salt Lake City, UT |
|
| 21,450 |
|
|
| 0.2 | % |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 400 |
|
Lease-up / Development Communities |
| $ | 465,898 |
|
|
| 3.3 | % |
|
| 45.1 | % |
| $ | 1,822 |
|
|
| 1,171 |
|
|
| 2,999 |
|
Total Multifamily Communities |
| $ | 14,277,974 |
|
|
| 100.0 | % |
|
| 95.2 | % |
| $ | 1,386 |
|
|
| 100,174 |
|
|
| 102,002 |
|
Supplemental Data S-2
COMPONENTS OF NET OPERATING INCOME |
Dollars in thousands
|
| As of September 30, 2021 |
|
| Three Months Ended |
| ||||||||||||||
|
| Apartment Units |
|
| Gross Real Assets |
|
| September 30, 2021 |
|
| September 30, 2020 |
|
| Percent |
| |||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
| 97,003 |
|
| $ | 13,448,466 |
|
| $ | 433,996 |
|
| $ | 406,677 |
|
|
| 6.7 | % |
Non-Same Store Communities |
|
| 2,000 |
|
|
| 363,610 |
|
|
| 9,681 |
|
|
| 11,293 |
|
|
|
| |
Lease-up/Development Communities |
|
| 1,171 |
|
|
| 465,898 |
|
|
| 2,946 |
|
|
| — |
|
|
|
| |
Total Multifamily Portfolio |
|
| 100,174 |
|
| $ | 14,277,974 |
|
| $ | 446,623 |
|
| $ | 417,970 |
|
|
|
| |
Commercial Property/Land |
|
| — |
|
|
| 276,679 |
|
|
| 5,952 |
|
|
| 5,229 |
|
|
|
| |
Total Operating Revenues |
|
| 100,174 |
|
| $ | 14,554,653 |
|
| $ | 452,575 |
|
| $ | 423,199 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Property Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
|
|
|
|
|
| $ | 164,603 |
|
| $ | 162,164 |
|
|
| 1.5 | % | ||
Non-Same Store Communities |
|
|
|
|
|
|
|
| 4,027 |
|
|
| 4,997 |
|
|
|
| |||
Lease-up/Development Communities |
|
|
|
|
|
|
|
| 1,654 |
|
|
| 90 |
|
|
|
| |||
Total Multifamily Portfolio |
|
|
|
|
|
|
| $ | 170,284 |
|
| $ | 167,251 |
|
|
|
| |||
Commercial Property/Land |
|
|
|
|
|
|
|
| 2,554 |
|
|
| 2,563 |
|
|
|
| |||
Total Property Operating Expenses |
|
|
|
|
|
|
| $ | 172,838 |
|
| $ | 169,814 |
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store Communities |
|
|
|
|
|
|
| $ | 269,393 |
|
| $ | 244,513 |
|
|
| 10.2 | % | ||
Non-Same Store Communities |
|
|
|
|
|
|
|
| 5,654 |
|
|
| 6,296 |
|
|
|
| |||
Lease-up/Development Communities |
|
|
|
|
|
|
|
| 1,292 |
|
|
| (90 | ) |
|
|
| |||
Total Multifamily Portfolio |
|
|
|
|
|
|
| $ | 276,339 |
|
| $ | 250,719 |
|
|
|
| |||
Commercial Property/Land |
|
|
|
|
|
|
|
| 3,398 |
|
|
| 2,666 |
|
|
|
| |||
Total Net Operating Income |
|
|
|
|
|
|
| $ | 279,737 |
|
| $ | 253,385 |
|
|
| 10.4 | % |
COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES |
Dollars in thousands
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||||||||||
|
| September 30, 2021 |
|
| September 30, 2020 |
|
| Percent Change |
|
| September 30, 2021 |
|
| September 30, 2020 |
|
| Percent |
| ||||||
Personnel |
| $ | 36,263 |
|
| $ | 35,240 |
|
|
| 2.9 | % |
| $ | 104,906 |
|
| $ | 101,795 |
|
|
| 3.1 | % |
Building Repair and Maintenance |
|
| 21,677 |
|
|
| 20,765 |
|
|
| 4.4 | % |
|
| 59,546 |
|
|
| 56,064 |
|
|
| 6.2 | % |
Utilities |
|
| 31,349 |
|
|
| 31,361 |
|
|
| (0.0 | )% |
|
| 88,729 |
|
|
| 86,086 |
|
|
| 3.1 | % |
Marketing |
|
| 5,476 |
|
|
| 6,721 |
|
|
| (18.5 | )% |
|
| 16,842 |
|
|
| 17,353 |
|
|
| (2.9 | )% |
Office Operations |
|
| 5,868 |
|
|
| 6,000 |
|
|
| (2.2 | )% |
|
| 17,158 |
|
|
| 16,203 |
|
|
| 5.9 | % |
Property Taxes |
|
| 57,692 |
|
|
| 56,629 |
|
|
| 1.9 | % |
|
| 174,657 |
|
|
| 169,680 |
|
|
| 2.9 | % |
Insurance |
|
| 6,278 |
|
|
| 5,448 |
|
|
| 15.2 | % |
|
| 17,323 |
|
|
| 12,007 |
|
|
| 44.3 | % |
Total Property Operating Expenses |
| $ | 164,603 |
|
| $ | 162,164 |
|
|
| 1.5 | % |
| $ | 479,161 |
|
| $ | 459,188 |
|
|
| 4.3 | % |
Supplemental Data S-3
NOI CONTRIBUTION PERCENTAGE BY MARKET |
Same Store Portfolio
|
|
|
|
|
|
|
| Average Physical Occupancy |
| |||||||||||||||
|
|
|
|
| Percent of |
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||||
|
| Apartment Units |
|
| Same Store NOI |
|
| September 30, 2021 |
|
| September 30, 2020 |
|
| September 30, 2021 |
|
| September 30, 2020 |
| ||||||
Atlanta, GA |
|
| 11,434 |
|
|
| 13.0 | % |
|
| 95.6 | % |
|
| 95.0 | % |
|
| 95.4 | % |
|
| 94.9 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 8.7 | % |
|
| 96.2 | % |
|
| 95.0 | % |
|
| 95.7 | % |
|
| 95.2 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 6.7 | % |
|
| 97.1 | % |
|
| 96.1 | % |
|
| 97.2 | % |
|
| 95.7 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 6.5 | % |
|
| 96.5 | % |
|
| 96.2 | % |
|
| 96.3 | % |
|
| 96.1 | % |
Austin, TX |
|
| 7,117 |
|
|
| 6.4 | % |
|
| 96.1 | % |
|
| 95.2 | % |
|
| 95.8 | % |
|
| 95.4 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 6.3 | % |
|
| 96.3 | % |
|
| 93.7 | % |
|
| 95.9 | % |
|
| 94.5 | % |
Washington, DC |
|
| 4,080 |
|
|
| 5.9 | % |
|
| 95.6 | % |
|
| 96.3 | % |
|
| 96.1 | % |
|
| 96.3 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 5.3 | % |
|
| 96.2 | % |
|
| 96.1 | % |
|
| 96.0 | % |
|
| 96.2 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 4.6 | % |
|
| 96.2 | % |
|
| 94.5 | % |
|
| 95.5 | % |
|
| 95.1 | % |
Houston, TX |
|
| 4,867 |
|
|
| 4.1 | % |
|
| 96.0 | % |
|
| 93.7 | % |
|
| 95.0 | % |
|
| 94.4 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 3.9 | % |
|
| 96.3 | % |
|
| 95.4 | % |
|
| 96.2 | % |
|
| 95.4 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 3.4 | % |
|
| 97.3 | % |
|
| 96.6 | % |
|
| 97.5 | % |
|
| 96.2 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 3.2 | % |
|
| 97.0 | % |
|
| 96.0 | % |
|
| 97.0 | % |
|
| 96.1 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 3.2 | % |
|
| 96.7 | % |
|
| 95.4 | % |
|
| 96.4 | % |
|
| 95.5 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 2.1 | % |
|
| 96.5 | % |
|
| 96.9 | % |
|
| 96.8 | % |
|
| 96.6 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 1.8 | % |
|
| 97.4 | % |
|
| 96.8 | % |
|
| 97.3 | % |
|
| 95.8 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 1.6 | % |
|
| 96.5 | % |
|
| 95.8 | % |
|
| 96.5 | % |
|
| 95.4 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 1.6 | % |
|
| 96.7 | % |
|
| 97.2 | % |
|
| 97.3 | % |
|
| 96.5 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 1.3 | % |
|
| 96.6 | % |
|
| 97.1 | % |
|
| 96.7 | % |
|
| 96.5 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 1.2 | % |
|
| 96.6 | % |
|
| 97.3 | % |
|
| 97.0 | % |
|
| 97.2 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 1.1 | % |
|
| 97.0 | % |
|
| 96.7 | % |
|
| 96.3 | % |
|
| 96.4 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 1.1 | % |
|
| 96.1 | % |
|
| 96.0 | % |
|
| 95.1 | % |
|
| 95.6 | % |
Other |
|
| 7,076 |
|
|
| 7.0 | % |
|
| 96.9 | % |
|
| 96.2 | % |
|
| 96.7 | % |
|
| 95.6 | % |
Total Same Store |
|
| 97,003 |
|
|
| 100.0 | % |
|
| 96.4 | % |
|
| 95.5 | % |
|
| 96.2 | % |
|
| 95.5 | % |
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 |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 56,688 |
|
| $ | 53,452 |
|
|
| 6.1 | % |
| $ | 21,799 |
|
| $ | 20,673 |
|
|
| 5.4 | % |
| $ | 34,889 |
|
| $ | 32,779 |
|
|
| 6.4 | % |
| $ | 1,553 |
|
| $ | 1,465 |
|
|
| 6.0 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 42,357 |
|
|
| 40,294 |
|
|
| 5.1 | % |
|
| 18,985 |
|
|
| 18,976 |
|
|
| 0.0 | % |
|
| 23,372 |
|
|
| 21,318 |
|
|
| 9.6 | % |
|
| 1,352 |
|
|
| 1,298 |
|
|
| 4.2 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 27,887 |
|
|
| 25,176 |
|
|
| 10.8 | % |
|
| 9,841 |
|
|
| 9,387 |
|
|
| 4.8 | % |
|
| 18,046 |
|
|
| 15,789 |
|
|
| 14.3 | % |
|
| 1,651 |
|
|
| 1,505 |
|
|
| 9.7 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 25,338 |
|
|
| 24,100 |
|
|
| 5.1 | % |
|
| 7,878 |
|
|
| 7,758 |
|
|
| 1.5 | % |
|
| 17,460 |
|
|
| 16,342 |
|
|
| 6.8 | % |
|
| 1,325 |
|
|
| 1,257 |
|
|
| 5.4 | % |
Austin, TX |
|
| 7,117 |
|
|
| 31,328 |
|
|
| 29,554 |
|
|
| 6.0 | % |
|
| 14,207 |
|
|
| 14,646 |
|
|
| (3.0 | )% |
|
| 17,121 |
|
|
| 14,908 |
|
|
| 14.8 | % |
|
| 1,351 |
|
|
| 1,277 |
|
|
| 5.8 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 25,969 |
|
|
| 24,161 |
|
|
| 7.5 | % |
|
| 9,136 |
|
|
| 9,686 |
|
|
| (5.7 | )% |
|
| 16,833 |
|
|
| 14,475 |
|
|
| 16.3 | % |
|
| 1,530 |
|
|
| 1,458 |
|
|
| 4.9 | % |
Washington, DC |
|
| 4,080 |
|
|
| 23,514 |
|
|
| 23,275 |
|
|
| 1.0 | % |
|
| 7,680 |
|
|
| 7,496 |
|
|
| 2.5 | % |
|
| 15,834 |
|
|
| 15,779 |
|
|
| 0.3 | % |
|
| 1,830 |
|
|
| 1,806 |
|
|
| 1.3 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 21,894 |
|
|
| 21,021 |
|
|
| 4.2 | % |
|
| 7,540 |
|
|
| 6,902 |
|
|
| 9.2 | % |
|
| 14,354 |
|
|
| 14,119 |
|
|
| 1.7 | % |
|
| 1,253 |
|
|
| 1,176 |
|
|
| 6.6 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 19,729 |
|
|
| 18,430 |
|
|
| 7.0 | % |
|
| 7,280 |
|
|
| 7,118 |
|
|
| 2.3 | % |
|
| 12,449 |
|
|
| 11,312 |
|
|
| 10.1 | % |
|
| 1,391 |
|
|
| 1,316 |
|
|
| 5.6 | % |
Houston, TX |
|
| 4,867 |
|
|
| 19,428 |
|
|
| 18,735 |
|
|
| 3.7 | % |
|
| 8,356 |
|
|
| 9,004 |
|
|
| (7.2 | )% |
|
| 11,072 |
|
|
| 9,731 |
|
|
| 13.8 | % |
|
| 1,236 |
|
|
| 1,218 |
|
|
| 1.4 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 18,138 |
|
|
| 17,010 |
|
|
| 6.6 | % |
|
| 7,591 |
|
|
| 7,627 |
|
|
| (0.5 | )% |
|
| 10,547 |
|
|
| 9,383 |
|
|
| 12.4 | % |
|
| 1,265 |
|
|
| 1,185 |
|
|
| 6.8 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 14,161 |
|
|
| 12,860 |
|
|
| 10.1 | % |
|
| 4,971 |
|
|
| 4,670 |
|
|
| 6.4 | % |
|
| 9,190 |
|
|
| 8,190 |
|
|
| 12.2 | % |
|
| 1,262 |
|
|
| 1,160 |
|
|
| 8.7 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 12,222 |
|
|
| 11,117 |
|
|
| 9.9 | % |
|
| 3,470 |
|
|
| 3,301 |
|
|
| 5.1 | % |
|
| 8,752 |
|
|
| 7,816 |
|
|
| 12.0 | % |
|
| 1,437 |
|
|
| 1,299 |
|
|
| 10.6 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 14,113 |
|
|
| 12,934 |
|
|
| 9.1 | % |
|
| 5,364 |
|
|
| 5,326 |
|
|
| 0.7 | % |
|
| 8,749 |
|
|
| 7,608 |
|
|
| 15.0 | % |
|
| 1,361 |
|
|
| 1,250 |
|
|
| 8.8 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 8,685 |
|
|
| 8,187 |
|
|
| 6.1 | % |
|
| 2,955 |
|
|
| 2,908 |
|
|
| 1.6 | % |
|
| 5,730 |
|
|
| 5,279 |
|
|
| 8.5 | % |
|
| 1,314 |
|
|
| 1,236 |
|
|
| 6.3 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 7,876 |
|
|
| 6,986 |
|
|
| 12.7 | % |
|
| 2,980 |
|
|
| 2,658 |
|
|
| 12.1 | % |
|
| 4,896 |
|
|
| 4,328 |
|
|
| 13.1 | % |
|
| 1,284 |
|
|
| 1,147 |
|
|
| 11.9 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 7,224 |
|
|
| 6,698 |
|
|
| 7.9 | % |
|
| 2,783 |
|
|
| 2,782 |
|
|
| 0.0 | % |
|
| 4,441 |
|
|
| 3,916 |
|
|
| 13.4 | % |
|
| 1,015 |
|
|
| 948 |
|
|
| 7.1 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,901 |
|
|
| 6,245 |
|
|
| 10.5 | % |
|
| 2,682 |
|
|
| 2,545 |
|
|
| 5.4 | % |
|
| 4,219 |
|
|
| 3,700 |
|
|
| 14.0 | % |
|
| 1,171 |
|
|
| 1,047 |
|
|
| 11.9 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,874 |
|
|
| 5,466 |
|
|
| 7.5 | % |
|
| 2,264 |
|
|
| 2,154 |
|
|
| 5.1 | % |
|
| 3,610 |
|
|
| 3,312 |
|
|
| 9.0 | % |
|
| 1,183 |
|
|
| 1,083 |
|
|
| 9.2 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,718 |
|
|
| 4,293 |
|
|
| 9.9 | % |
|
| 1,585 |
|
|
| 1,493 |
|
|
| 6.2 | % |
|
| 3,133 |
|
|
| 2,800 |
|
|
| 11.9 | % |
|
| 1,132 |
|
|
| 1,014 |
|
|
| 11.7 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,775 |
|
|
| 5,536 |
|
|
| 4.3 | % |
|
| 2,718 |
|
|
| 2,663 |
|
|
| 2.1 | % |
|
| 3,057 |
|
|
| 2,873 |
|
|
| 6.4 | % |
|
| 1,186 |
|
|
| 1,119 |
|
|
| 6.0 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,769 |
|
|
| 4,600 |
|
|
| 3.7 | % |
|
| 1,811 |
|
|
| 1,848 |
|
|
| (2.0 | )% |
|
| 2,958 |
|
|
| 2,752 |
|
|
| 7.5 | % |
|
| 1,343 |
|
|
| 1,298 |
|
|
| 3.5 | % |
Other |
|
| 7,076 |
|
|
| 29,408 |
|
|
| 26,547 |
|
|
| 10.8 | % |
|
| 10,727 |
|
|
| 10,543 |
|
|
| 1.7 | % |
|
| 18,681 |
|
|
| 16,004 |
|
|
| 16.7 | % |
|
| 1,273 |
|
|
| 1,172 |
|
|
| 8.6 | % |
Total Same Store |
|
| 97,003 |
|
| $ | 433,996 |
|
| $ | 406,677 |
|
|
| 6.7 | % |
| $ | 164,603 |
|
| $ | 162,164 |
|
|
| 1.5 | % |
| $ | 269,393 |
|
| $ | 244,513 |
|
|
| 10.2 | % |
| $ | 1,379 |
|
| $ | 1,298 |
|
|
| 6.3 | % |
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 |
|
| Q3 2021 |
|
| Q2 2021 |
|
| % Chg |
|
| Q3 2021 |
|
| Q2 2021 |
|
| % Chg |
|
| Q3 2021 |
|
| Q2 2021 |
|
| % Chg |
|
| Q3 2021 |
|
| Q2 2021 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 56,688 |
|
| $ | 54,281 |
|
|
| 4.4 | % |
| $ | 21,799 |
|
| $ | 20,642 |
|
|
| 5.6 | % |
| $ | 34,889 |
|
| $ | 33,639 |
|
|
| 3.7 | % |
| $ | 1,553 |
|
| $ | 1,505 |
|
|
| 3.3 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 42,357 |
|
|
| 40,743 |
|
|
| 4.0 | % |
|
| 18,985 |
|
|
| 18,432 |
|
|
| 3.0 | % |
|
| 23,372 |
|
|
| 22,311 |
|
|
| 4.8 | % |
|
| 1,352 |
|
|
| 1,314 |
|
|
| 2.9 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 27,887 |
|
|
| 26,600 |
|
|
| 4.8 | % |
|
| 9,841 |
|
|
| 9,191 |
|
|
| 7.1 | % |
|
| 18,046 |
|
|
| 17,409 |
|
|
| 3.7 | % |
|
| 1,651 |
|
|
| 1,583 |
|
|
| 4.3 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 25,338 |
|
|
| 24,333 |
|
|
| 4.1 | % |
|
| 7,878 |
|
|
| 7,887 |
|
|
| (0.1 | )% |
|
| 17,460 |
|
|
| 16,446 |
|
|
| 6.2 | % |
|
| 1,325 |
|
|
| 1,281 |
|
|
| 3.5 | % |
Austin, TX |
|
| 7,117 |
|
|
| 31,328 |
|
|
| 29,701 |
|
|
| 5.5 | % |
|
| 14,207 |
|
|
| 14,390 |
|
|
| (1.3 | )% |
|
| 17,121 |
|
|
| 15,311 |
|
|
| 11.8 | % |
|
| 1,351 |
|
|
| 1,305 |
|
|
| 3.6 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 25,969 |
|
|
| 25,084 |
|
|
| 3.5 | % |
|
| 9,136 |
|
|
| 9,584 |
|
|
| (4.7 | )% |
|
| 16,833 |
|
|
| 15,500 |
|
|
| 8.6 | % |
|
| 1,530 |
|
|
| 1,484 |
|
|
| 3.1 | % |
Washington, DC |
|
| 4,080 |
|
|
| 23,514 |
|
|
| 23,260 |
|
|
| 1.1 | % |
|
| 7,680 |
|
|
| 7,202 |
|
|
| 6.6 | % |
|
| 15,834 |
|
|
| 16,058 |
|
|
| (1.4 | )% |
|
| 1,830 |
|
|
| 1,808 |
|
|
| 1.2 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 21,894 |
|
|
| 21,056 |
|
|
| 4.0 | % |
|
| 7,540 |
|
|
| 7,279 |
|
|
| 3.6 | % |
|
| 14,354 |
|
|
| 13,777 |
|
|
| 4.2 | % |
|
| 1,253 |
|
|
| 1,206 |
|
|
| 3.9 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 19,729 |
|
|
| 18,931 |
|
|
| 4.2 | % |
|
| 7,280 |
|
|
| 7,007 |
|
|
| 3.9 | % |
|
| 12,449 |
|
|
| 11,924 |
|
|
| 4.4 | % |
|
| 1,391 |
|
|
| 1,345 |
|
|
| 3.4 | % |
Houston, TX |
|
| 4,867 |
|
|
| 19,428 |
|
|
| 18,984 |
|
|
| 2.3 | % |
|
| 8,356 |
|
|
| 8,941 |
|
|
| (6.5 | )% |
|
| 11,072 |
|
|
| 10,043 |
|
|
| 10.2 | % |
|
| 1,236 |
|
|
| 1,217 |
|
|
| 1.6 | % |
Fort Worth, TX |
|
| 4,249 |
|
|
| 18,138 |
|
|
| 17,545 |
|
|
| 3.4 | % |
|
| 7,591 |
|
|
| 7,520 |
|
|
| 0.9 | % |
|
| 10,547 |
|
|
| 10,025 |
|
|
| 5.2 | % |
|
| 1,265 |
|
|
| 1,227 |
|
|
| 3.1 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 14,161 |
|
|
| 13,480 |
|
|
| 5.1 | % |
|
| 4,971 |
|
|
| 4,743 |
|
|
| 4.8 | % |
|
| 9,190 |
|
|
| 8,737 |
|
|
| 5.2 | % |
|
| 1,262 |
|
|
| 1,211 |
|
|
| 4.2 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 12,222 |
|
|
| 11,627 |
|
|
| 5.1 | % |
|
| 3,470 |
|
|
| 3,222 |
|
|
| 7.7 | % |
|
| 8,752 |
|
|
| 8,405 |
|
|
| 4.1 | % |
|
| 1,437 |
|
|
| 1,370 |
|
|
| 4.9 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 14,113 |
|
|
| 13,469 |
|
|
| 4.8 | % |
|
| 5,364 |
|
|
| 4,941 |
|
|
| 8.6 | % |
|
| 8,749 |
|
|
| 8,528 |
|
|
| 2.6 | % |
|
| 1,361 |
|
|
| 1,308 |
|
|
| 4.1 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 8,685 |
|
|
| 8,486 |
|
|
| 2.3 | % |
|
| 2,955 |
|
|
| 2,755 |
|
|
| 7.3 | % |
|
| 5,730 |
|
|
| 5,731 |
|
|
| (0.0 | )% |
|
| 1,314 |
|
|
| 1,288 |
|
|
| 2.0 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 7,876 |
|
|
| 7,472 |
|
|
| 5.4 | % |
|
| 2,980 |
|
|
| 2,905 |
|
|
| 2.6 | % |
|
| 4,896 |
|
|
| 4,567 |
|
|
| 7.2 | % |
|
| 1,284 |
|
|
| 1,217 |
|
|
| 5.5 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 7,224 |
|
|
| 7,013 |
|
|
| 3.0 | % |
|
| 2,783 |
|
|
| 2,784 |
|
|
| (0.0 | )% |
|
| 4,441 |
|
|
| 4,229 |
|
|
| 5.0 | % |
|
| 1,015 |
|
|
| 979 |
|
|
| 3.6 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 6,901 |
|
|
| 6,688 |
|
|
| 3.2 | % |
|
| 2,682 |
|
|
| 2,510 |
|
|
| 6.9 | % |
|
| 4,219 |
|
|
| 4,178 |
|
|
| 1.0 | % |
|
| 1,171 |
|
|
| 1,116 |
|
|
| 4.9 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 5,874 |
|
|
| 5,610 |
|
|
| 4.7 | % |
|
| 2,264 |
|
|
| 2,229 |
|
|
| 1.6 | % |
|
| 3,610 |
|
|
| 3,381 |
|
|
| 6.8 | % |
|
| 1,183 |
|
|
| 1,143 |
|
|
| 3.5 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 4,718 |
|
|
| 4,581 |
|
|
| 3.0 | % |
|
| 1,585 |
|
|
| 1,395 |
|
|
| 13.6 | % |
|
| 3,133 |
|
|
| 3,186 |
|
|
| (1.7 | )% |
|
| 1,132 |
|
|
| 1,089 |
|
|
| 3.9 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 5,775 |
|
|
| 5,647 |
|
|
| 2.3 | % |
|
| 2,718 |
|
|
| 2,663 |
|
|
| 2.1 | % |
|
| 3,057 |
|
|
| 2,984 |
|
|
| 2.4 | % |
|
| 1,186 |
|
|
| 1,148 |
|
|
| 3.3 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 4,769 |
|
|
| 4,609 |
|
|
| 3.5 | % |
|
| 1,811 |
|
|
| 1,736 |
|
|
| 4.3 | % |
|
| 2,958 |
|
|
| 2,873 |
|
|
| 3.0 | % |
|
| 1,343 |
|
|
| 1,313 |
|
|
| 2.3 | % |
Other |
|
| 7,076 |
|
|
| 29,408 |
|
|
| 28,122 |
|
|
| 4.6 | % |
|
| 10,727 |
|
|
| 10,293 |
|
|
| 4.2 | % |
|
| 18,681 |
|
|
| 17,829 |
|
|
| 4.8 | % |
|
| 1,273 |
|
|
| 1,222 |
|
|
| 4.2 | % |
Total Same Store |
|
| 97,003 |
|
| $ | 433,996 |
|
| $ | 417,322 |
|
|
| 4.0 | % |
| $ | 164,603 |
|
| $ | 160,251 |
|
|
| 2.7 | % |
| $ | 269,393 |
|
| $ | 257,071 |
|
|
| 4.8 | % |
| $ | 1,379 |
|
| $ | 1,335 |
|
|
| 3.4 | % |
Supplemental Data S-6
MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2021 AND 2020 |
Dollars in thousands, except unit and per unit data
|
|
|
|
| Revenues |
|
| Expenses |
|
| NOI |
|
| Average Effective Rent per Unit |
| |||||||||||||||||||||||||||||||||||||
|
| Units |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
|
| Q3 2021 |
|
| Q3 2020 |
|
| % Chg |
| |||||||||||||
Atlanta, GA |
|
| 11,434 |
|
| $ | 164,075 |
|
| $ | 158,457 |
|
|
| 3.5 | % |
| $ | 62,248 |
|
| $ | 59,787 |
|
|
| 4.1 | % |
| $ | 101,827 |
|
| $ | 98,670 |
|
|
| 3.2 | % |
| $ | 1,511 |
|
| $ | 1,464 |
|
|
| 3.2 | % |
Dallas, TX |
|
| 9,767 |
|
|
| 123,020 |
|
|
| 120,438 |
|
|
| 2.1 | % |
|
| 55,557 |
|
|
| 53,517 |
|
|
| 3.8 | % |
|
| 67,463 |
|
|
| 66,921 |
|
|
| 0.8 | % |
|
| 1,319 |
|
|
| 1,300 |
|
|
| 1.5 | % |
Tampa, FL |
|
| 5,220 |
|
|
| 80,359 |
|
|
| 74,465 |
|
|
| 7.9 | % |
|
| 28,147 |
|
|
| 26,600 |
|
|
| 5.8 | % |
|
| 52,212 |
|
|
| 47,865 |
|
|
| 9.1 | % |
|
| 1,589 |
|
|
| 1,494 |
|
|
| 6.4 | % |
Charlotte, NC |
|
| 5,867 |
|
|
| 73,441 |
|
|
| 71,705 |
|
|
| 2.4 | % |
|
| 23,069 |
|
|
| 22,295 |
|
|
| 3.5 | % |
|
| 50,372 |
|
|
| 49,410 |
|
|
| 1.9 | % |
|
| 1,287 |
|
|
| 1,258 |
|
|
| 2.3 | % |
Austin, TX |
|
| 7,117 |
|
|
| 89,984 |
|
|
| 88,212 |
|
|
| 2.0 | % |
|
| 42,127 |
|
|
| 40,226 |
|
|
| 4.7 | % |
|
| 47,857 |
|
|
| 47,986 |
|
|
| (0.3 | )% |
|
| 1,309 |
|
|
| 1,273 |
|
|
| 2.8 | % |
Orlando, FL |
|
| 5,274 |
|
|
| 75,651 |
|
|
| 72,836 |
|
|
| 3.9 | % |
|
| 27,913 |
|
|
| 27,651 |
|
|
| 0.9 | % |
|
| 47,738 |
|
|
| 45,185 |
|
|
| 5.7 | % |
|
| 1,489 |
|
|
| 1,464 |
|
|
| 1.7 | % |
Washington, DC |
|
| 4,080 |
|
|
| 69,751 |
|
|
| 69,673 |
|
|
| 0.1 | % |
|
| 22,182 |
|
|
| 21,425 |
|
|
| 3.5 | % |
|
| 47,569 |
|
|
| 48,248 |
|
|
| (1.4 | )% |
|
| 1,809 |
|
|
| 1,805 |
|
|
| 0.2 | % |
Raleigh/Durham, NC |
|
| 5,350 |
|
|
| 63,795 |
|
|
| 61,879 |
|
|
| 3.1 | % |
|
| 21,589 |
|
|
| 20,673 |
|
|
| 4.4 | % |
|
| 42,206 |
|
|
| 41,206 |
|
|
| 2.4 | % |
|
| 1,214 |
|
|
| 1,165 |
|
|
| 4.2 | % |
Nashville, TN |
|
| 4,375 |
|
|
| 56,962 |
|
|
| 54,759 |
|
|
| 4.0 | % |
|
| 20,984 |
|
|
| 19,978 |
|
|
| 5.0 | % |
|
| 35,978 |
|
|
| 34,781 |
|
|
| 3.4 | % |
|
| 1,349 |
|
|
| 1,309 |
|
|
| 3.1 | % |
Houston, TX |
|
| 4,867 |
|
|
| 56,935 |
|
|
| 56,211 |
|
|
| 1.3 | % |
|
| 25,656 |
|
|
| 25,011 |
|
|
| 2.6 | % |
|
| 31,279 |
|
|
| 31,200 |
|
|
| 0.3 | % |
|
| 1,219 |
|
|
| 1,221 |
|
|
| (0.1 | )% |
Fort Worth, TX |
|
| 4,249 |
|
|
| 52,699 |
|
|
| 50,269 |
|
|
| 4.8 | % |
|
| 22,418 |
|
|
| 21,344 |
|
|
| 5.0 | % |
|
| 30,281 |
|
|
| 28,925 |
|
|
| 4.7 | % |
|
| 1,230 |
|
|
| 1,178 |
|
|
| 4.4 | % |
Jacksonville, FL |
|
| 3,496 |
|
|
| 40,775 |
|
|
| 38,013 |
|
|
| 7.3 | % |
|
| 14,288 |
|
|
| 13,395 |
|
|
| 6.7 | % |
|
| 26,487 |
|
|
| 24,618 |
|
|
| 7.6 | % |
|
| 1,218 |
|
|
| 1,152 |
|
|
| 5.7 | % |
Charleston, SC |
|
| 3,168 |
|
|
| 40,639 |
|
|
| 38,057 |
|
|
| 6.8 | % |
|
| 15,013 |
|
|
| 14,668 |
|
|
| 2.4 | % |
|
| 25,626 |
|
|
| 23,389 |
|
|
| 9.6 | % |
|
| 1,313 |
|
|
| 1,238 |
|
|
| 6.0 | % |
Phoenix, AZ |
|
| 2,623 |
|
|
| 35,111 |
|
|
| 32,636 |
|
|
| 7.6 | % |
|
| 9,818 |
|
|
| 9,297 |
|
|
| 5.6 | % |
|
| 25,293 |
|
|
| 23,339 |
|
|
| 8.4 | % |
|
| 1,378 |
|
|
| 1,285 |
|
|
| 7.2 | % |
Richmond, VA |
|
| 2,004 |
|
|
| 25,453 |
|
|
| 24,019 |
|
|
| 6.0 | % |
|
| 8,480 |
|
|
| 8,050 |
|
|
| 5.3 | % |
|
| 16,973 |
|
|
| 15,969 |
|
|
| 6.3 | % |
|
| 1,286 |
|
|
| 1,223 |
|
|
| 5.2 | % |
Savannah, GA |
|
| 1,837 |
|
|
| 22,503 |
|
|
| 20,564 |
|
|
| 9.4 | % |
|
| 8,600 |
|
|
| 7,546 |
|
|
| 14.0 | % |
|
| 13,903 |
|
|
| 13,018 |
|
|
| 6.8 | % |
|
| 1,224 |
|
|
| 1,143 |
|
|
| 7.2 | % |
Greenville, SC |
|
| 2,084 |
|
|
| 21,083 |
|
|
| 19,687 |
|
|
| 7.1 | % |
|
| 8,182 |
|
|
| 7,978 |
|
|
| 2.6 | % |
|
| 12,901 |
|
|
| 11,709 |
|
|
| 10.2 | % |
|
| 985 |
|
|
| 939 |
|
|
| 4.9 | % |
Memphis, TN |
|
| 1,811 |
|
|
| 20,031 |
|
|
| 18,213 |
|
|
| 10.0 | % |
|
| 7,767 |
|
|
| 7,284 |
|
|
| 6.6 | % |
|
| 12,264 |
|
|
| 10,929 |
|
|
| 12.2 | % |
|
| 1,121 |
|
|
| 1,032 |
|
|
| 8.6 | % |
Birmingham, AL |
|
| 1,462 |
|
|
| 17,013 |
|
|
| 16,028 |
|
|
| 6.1 | % |
|
| 6,657 |
|
|
| 6,322 |
|
|
| 5.3 | % |
|
| 10,356 |
|
|
| 9,706 |
|
|
| 6.7 | % |
|
| 1,145 |
|
|
| 1,075 |
|
|
| 6.5 | % |
Huntsville, AL |
|
| 1,228 |
|
|
| 13,734 |
|
|
| 12,316 |
|
|
| 11.5 | % |
|
| 4,479 |
|
|
| 4,184 |
|
|
| 7.1 | % |
|
| 9,255 |
|
|
| 8,132 |
|
|
| 13.8 | % |
|
| 1,092 |
|
|
| 987 |
|
|
| 10.6 | % |
San Antonio, TX |
|
| 1,504 |
|
|
| 16,799 |
|
|
| 16,471 |
|
|
| 2.0 | % |
|
| 7,752 |
|
|
| 7,467 |
|
|
| 3.8 | % |
|
| 9,047 |
|
|
| 9,004 |
|
|
| 0.5 | % |
|
| 1,154 |
|
|
| 1,118 |
|
|
| 3.2 | % |
Kansas City, MO-KS |
|
| 1,110 |
|
|
| 13,879 |
|
|
| 13,592 |
|
|
| 2.1 | % |
|
| 5,235 |
|
|
| 5,069 |
|
|
| 3.3 | % |
|
| 8,644 |
|
|
| 8,523 |
|
|
| 1.4 | % |
|
| 1,316 |
|
|
| 1,287 |
|
|
| 2.2 | % |
Other |
|
| 7,076 |
|
|
| 84,663 |
|
|
| 78,269 |
|
|
| 8.2 | % |
|
| 31,000 |
|
|
| 29,421 |
|
|
| 5.4 | % |
|
| 53,663 |
|
|
| 48,848 |
|
|
| 9.9 | % |
|
| 1,228 |
|
|
| 1,161 |
|
|
| 5.8 | % |
Total Same Store |
|
| 97,003 |
|
| $ | 1,258,355 |
|
| $ | 1,206,769 |
|
|
| 4.3 | % |
| $ | 479,161 |
|
| $ | 459,188 |
|
|
| 4.3 | % |
| $ | 779,194 |
|
| $ | 747,581 |
|
|
| 4.2 | % |
| $ | 1,340 |
|
| $ | 1,294 |
|
|
| 3.6 | % |
Supplemental Data S-7
MULTIFAMILY DEVELOPMENT PIPELINE |
Dollars in thousands
|
|
|
| Units as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
| September 30, 2021 |
|
|
|
| Projected |
| Development Costs |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Start |
| Occupancy |
| Completion |
| Stabilization |
| Total |
|
| Thru |
|
|
|
| ||||||
|
| Location |
| Total |
|
| Delivered |
|
| Leased |
|
| Date |
| Date |
| Date |
| Date (1) |
| Cost |
|
| Q3 2021 |
|
| After |
| ||||||
Sand Lake (2) |
| Orlando, FL |
|
| 264 |
|
|
| 257 |
|
|
| 130 |
|
| 4Q19 |
| 2Q21 |
| 4Q21 |
| 3Q22 |
| $ | 68,000 |
|
| $ | 62,213 |
|
| $ | 5,787 |
|
MAA Westglenn |
| Denver, CO |
|
| 306 |
|
|
| 143 |
|
|
| 144 |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 4Q22 |
|
| 84,500 |
|
|
| 76,021 |
|
|
| 8,479 |
|
MAA Robinson |
| Orlando, FL |
|
| 369 |
|
|
| 309 |
|
|
| 152 |
|
| 3Q19 |
| 2Q21 |
| 4Q21 |
| 1Q23 |
|
| 99,000 |
|
|
| 94,406 |
|
|
| 4,594 |
|
MAA Park Point |
| Houston, TX |
|
| 308 |
|
|
| 117 |
|
|
| 81 |
|
| 4Q19 |
| 2Q21 |
| 1Q22 |
| 1Q23 |
|
| 57,000 |
|
|
| 49,711 |
|
|
| 7,289 |
|
MAA Windmill Hill |
| Austin, TX |
|
| 350 |
|
| — |
|
| — |
|
| 4Q20 |
| 1Q22 |
| 3Q22 |
| 4Q23 |
|
| 63,000 |
|
|
| 29,127 |
|
|
| 33,873 |
| ||
Novel Val Vista (3) |
| Phoenix, AZ |
|
| 317 |
|
| — |
|
| — |
|
| 4Q20 |
| 3Q22 |
| 1Q23 |
| 2Q24 |
|
| 72,500 |
|
|
| 28,750 |
|
|
| 43,750 |
| ||
Novel West Midtown (3) |
| Atlanta, GA |
|
| 340 |
|
| — |
|
| — |
|
| 2Q21 |
| 4Q22 |
| 3Q23 |
| 3Q24 |
|
| 89,500 |
|
|
| 22,081 |
|
|
| 67,419 |
| ||
Novel Daybreak (3) |
| Salt Lake City, UT |
|
| 400 |
|
| — |
|
| — |
|
| 2Q21 |
| 4Q22 |
| 3Q23 |
| 4Q24 |
|
| 94,000 |
|
|
| 21,450 |
|
|
| 72,550 |
| ||
Total Active |
|
|
|
| 2,654 |
|
|
| 826 |
|
|
| 507 |
|
|
|
|
|
|
|
|
|
| $ | 627,500 |
|
| $ | 383,759 |
|
| $ | 243,741 |
|
(1) Communities are considered stabilized after achieving 90% average physical occupancy for 90 days.
(2) MAA owns 95% of the joint venture that owns this property.
(3) MAA owns 80% of the joint venture that owns this property.
MULTIFAMILY LEASE-UP COMMUNITIES |
Dollars in thousands
|
| As of September 30, 2021 |
|
|
|
|
|
|
| |||||
|
| Location |
| Total Units |
| Percent Occupied |
| Construction Finished |
| Expected Stabilization (1) |
| Total Cost |
| |
Novel Midtown (2) |
| Phoenix, AZ |
| 345 |
| 76.8% |
| 2Q21 |
| 2Q22 |
| $ | 82,139 |
|
(1) Communities are considered stabilized after achieving 90% average physical 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
|
|
| Nine months ended September 30, 2021 |
|
| |||||||||||||
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 | ||||
| 4,992 |
|
| $ | 27,596 |
|
| $ | 5,528 |
|
| $ | 148 |
|
| 12.4% |
| 13,000 - 17,000 |
2021 ACQUISITION ACTIVITY THROUGH SEPTEMBER 30, 2021 |
Multifamily Development Acquisition (1) |
| Market |
| Apartment Units |
|
| Projected Completion Date |
| Closing Date | |
Novel Daybreak |
| Salt Lake City, UT |
|
| 400 |
|
| 3Q23 |
| April 2021 |
Novel West Midtown |
| Atlanta, GA |
|
| 340 |
|
| 3Q23 |
| April 2021 |
(1) MAA owns 80% of the joint ventures that own these properties.
Land Acquisition |
| Market |
| Acreage |
| Closing Date |
MAA Westshore |
| Tampa, FL |
| 19 |
| June 2021 |
2021 DISPOSITION ACTIVITY THROUGH SEPTEMBER 30, 2021 |
Multifamily Disposition |
| Market |
| Apartment Units |
|
| Closing Date | |
Crosswinds |
| Jackson, MS |
|
| 360 |
|
| June 2021 |
Pear Orchard |
| Jackson, MS |
|
| 389 |
|
| June 2021 |
Reflection Pointe |
| Jackson, MS |
|
| 296 |
|
| June 2021 |
Lakeshore Landing |
| Jackson, MS |
|
| 196 |
|
| June 2021 |
Supplemental Data S-8
2021 DISPOSITION ACTIVITY THROUGH SEPTEMBER 30, 2021 (CONTINUED) |
Land Dispositions |
| Market |
| Acreage |
| Closing Date |
Tutwiler Outparcels |
| Birmingham, AL |
| 9 |
| September 2021 |
Colonial Promenade |
| Huntsville, AL |
| 1 |
| September 2021 |
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES AS OF SEPTEMBER 30, 2021 |
MAA holds an investment in a real estate joint venture with an institutional investor and accounts for its investment using the equity method of accounting. A summary of non-financial and financial information for this joint venture is provided below.
Joint Venture Property |
| Market |
| # of units |
| Ownership Interest |
Post Massachusetts Avenue |
| Washington, D.C. |
| 269 |
| 35% |
Dollars in thousands |
| As of September 30, 2021 |
| |||||||||
Joint Venture Property |
| Gross Investment in Real Estate |
|
| Mortgage Notes Payable |
|
| Company’s Equity Investment |
| |||
Post Massachusetts Avenue |
| $ | 79,973 |
| (1) | $ | 51,795 |
| (2) | $ | 42,842 |
|
|
| Three months ended September 30, 2021 |
|
| Nine months ended September 30, 2021 |
| ||||||||||
Joint Venture Property |
| Entity NOI |
|
| Company’s Equity in Income |
|
| Entity NOI |
|
| Company’s Equity in Income |
| ||||
Post Massachusetts Avenue |
| $ | 1,636 |
|
| $ | 258 |
|
| $ | 4,985 |
|
| $ | 915 |
|
(1) Represents the net book value plus accumulated depreciation.
(2) The mortgage note has an outstanding principal value of $52.0 million, bears interest at a stated fixed rate of 3.93% and matures in December 2025.
DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021 |
Dollars in thousands
DEBT SUMMARIES |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fixed Rate Versus Floating Rate Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Rate Maturity |
| ||||
Fixed rate debt |
| $ | 4,515,887 |
|
|
| 99.4 | % |
|
| 3.4 | % |
|
| 9.0 |
|
Floating rate debt |
|
| 25,000 |
|
|
| 0.6 | % |
|
| 0.2 | % |
|
| 0.1 |
|
Total |
| $ | 4,540,887 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unsecured Versus Secured Debt |
| Balance |
|
| Percent of Total |
|
| Effective Interest Rate |
|
| Average Years to Contract Maturity |
| ||||
Unsecured debt |
| $ | 4,175,256 |
|
|
| 91.9 | % |
|
| 3.3 | % |
|
| 7.4 |
|
Secured debt |
|
| 365,631 |
|
|
| 8.1 | % |
|
| 4.4 | % |
|
| 27.0 |
|
Total |
| $ | 4,540,887 |
|
|
| 100.0 | % |
|
| 3.4 | % |
|
| 8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unencumbered Versus Encumbered Assets |
| Total Cost |
|
| Percent of Total |
|
| Q3 2021 NOI |
|
| Percent of Total |
| ||||
Unencumbered gross assets |
| $ | 14,182,664 |
|
|
| 94.6 | % |
|
| 266,151 |
|
|
| 95.1 | % |
Encumbered gross assets |
|
| 810,897 |
|
|
| 5.4 | % |
|
| 13,586 |
|
|
| 4.9 | % |
Total |
| $ | 14,993,561 |
|
|
| 100.0 | % |
|
| 279,737 |
|
|
| 100.0 | % |
Supplemental Data S-9
DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2021 (CONTINUED) |
Dollars in thousands
FIXED INTEREST RATE MATURITIES
Maturity |
| Fixed Rate Debt |
|
|
| Effective Interest Rate |
| ||
2021 |
| $ | — |
|
|
|
| — |
|
2022 |
|
| 124,779 |
|
|
|
| 3.3 | % |
2023 |
|
| 348,666 |
|
|
|
| 4.2 | % |
2024 |
|
| 397,820 |
|
|
|
| 4.0 | % |
2025 |
|
| 402,578 |
|
|
|
| 4.2 | % |
2026 |
|
| 296,238 |
|
|
|
| 1.2 | % |
2027 |
|
| 595,565 |
|
|
|
| 3.7 | % |
2028 |
|
| 395,935 |
|
|
|
| 4.2 | % |
2029 |
|
| 560,748 |
|
|
|
| 3.7 | % |
2030 |
|
| 297,109 |
|
|
|
| 3.1 | % |
Thereafter |
|
| 1,096,449 |
|
|
|
| 3.0 | % |
Total |
| $ | 4,515,887 |
|
|
|
| 3.4 | % |
DEBT MATURITIES OF OUTSTANDING BALANCES
|
| Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾ |
|
| Public Bonds |
|
| Secured |
|
| Total |
| ||||
2021 |
| $ | 25,000 |
|
| $ | — |
|
| $ | — |
|
| $ | 25,000 |
|
2022 |
|
| — |
|
|
| 124,779 |
|
|
| — |
|
|
| 124,779 |
|
2023 |
|
| — |
|
|
| 348,666 |
|
|
| — |
|
|
| 348,666 |
|
2024 |
|
| — |
|
|
| 397,820 |
|
|
| — |
|
|
| 397,820 |
|
2025 |
|
| — |
|
|
| 396,805 |
|
|
| 5,773 |
|
|
| 402,578 |
|
2026 |
|
| — |
|
|
| 296,238 |
|
|
| — |
|
|
| 296,238 |
|
2027 |
|
| — |
|
|
| 595,565 |
|
|
| — |
|
|
| 595,565 |
|
2028 |
|
| — |
|
|
| 395,935 |
|
|
| — |
|
|
| 395,935 |
|
2029 |
|
| — |
|
|
| 560,748 |
|
|
| — |
|
|
| 560,748 |
|
2030 |
|
| — |
|
|
| 297,109 |
|
|
| — |
|
|
| 297,109 |
|
Thereafter |
|
| — |
|
|
| 736,591 |
|
|
| 359,858 |
|
|
| 1,096,449 |
|
Total |
| $ | 25,000 |
|
| $ | 4,150,256 |
|
| $ | 365,631 |
|
| $ | 4,540,887 |
|
DEBT COVENANT ANALYSIS (1)
Bond Covenants |
| Required |
| Actual |
| Compliance |
Total debt to adjusted total assets |
| 60% or less |
| 30.3% |
| Yes |
Total secured debt to adjusted total assets |
| 40% or less |
| 2.4% |
| Yes |
Consolidated income available for debt service to total annual debt service charge |
| 1.5x or greater for trailing 4 quarters |
| 5.8x |
| Yes |
Total unencumbered assets to total unsecured debt |
| Greater than 150% |
| 329.9% |
| Yes |
|
|
|
|
|
|
|
Bank Covenants |
| Required |
| Actual |
| Compliance |
Total debt to total capitalized asset value |
| 60% or less |
| 26.0% |
| Yes |
Total secured debt to total capitalized asset value |
| 40% or Less |
| 2.2% |
| Yes |
Total adjusted EBITDA to fixed charges |
| 1.5x or greater for trailing 4 quarters |
| 5.8x |
| Yes |
Total unsecured debt to total unsecured capitalized asset value |
| 60% or less |
| 24.9% |
| Yes |
(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.
Supplemental Data S-10
2021 GUIDANCE |
MAA provides guidance on expected Core FFO per Share and Core 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 Core FFO per Share and Core AFFO per Share is provided below.
|
| Full Year 2021 |
Earnings: |
|
|
Earnings per common share - diluted |
| $4.58 to $4.70 |
Midpoint |
| $4.64 |
Core FFO per Share - diluted |
| $6.88 to $7.00 |
Midpoint |
| $6.94 |
Core AFFO per Share - diluted |
| $6.20 to $6.32 |
Midpoint |
| $6.26 |
|
|
|
MAA Same Store Portfolio: |
|
|
Number of units |
| 97,003 |
Average physical occupancy |
| 95.90% to 96.10% |
Property revenue growth |
| 4.90% to 5.30% |
Full year effective blended lease-over-lease pricing |
| 9.50% to 10.50% |
Property operating expense growth |
| 4.25% to 4.75% |
NOI growth |
| 5.00% to 6.00% |
Real estate tax expense growth |
| 3.25% to 4.25% |
|
|
|
Corporate Expenses: |
|
|
General and administrative expenses |
| $51.0 to $53.0 million |
Property management expenses |
| $55.0 to $57.0 million |
Total overhead |
| $106.0 to $110.0 million |
|
|
|
Transaction/Investment Volume: |
|
|
Multifamily acquisition volume |
| — |
Multifamily disposition volume |
| $250.0 to $300.0 million |
Development investment |
| $250.0 to $350.0 million |
|
|
|
Debt: |
|
|
Average effective interest rate |
| 3.3% to 3.5% |
Capitalized interest |
| $9.0 to $10.0 million |
|
|
|
Diluted FFO Shares Outstanding: |
|
|
Diluted common shares and units |
| 118.5 to 119.0 million |
RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2021 GUIDANCE |
|
| Full Year 2021 Guidance Range |
| |||||
|
| Low |
|
| High |
| ||
Earnings per common share - diluted |
| $ | 4.58 |
|
| $ | 4.70 |
|
Real estate depreciation and amortization |
|
| 4.15 |
|
|
| 4.15 |
|
Gains on sale of depreciable assets |
|
| (1.78 | ) |
|
| (1.78 | ) |
FFO per Share - diluted |
|
| 6.95 |
|
|
| 7.07 |
|
Non-Core FFO items (1) |
|
| (0.07 | ) |
|
| (0.07 | ) |
Core FFO per Share - diluted |
|
| 6.88 |
|
|
| 7.00 |
|
Recurring capital expenditures |
|
| (0.68 | ) |
|
| (0.68 | ) |
Core AFFO per Share - diluted |
| $ | 6.20 |
|
| $ | 6.32 |
|
Supplemental Data S-11
CREDIT RATINGS |
|
| Commercial |
| Long-Term |
|
|
|
| Paper Rating |
| Debt Rating |
| Outlook |
Fitch Ratings (1) |
| F2 |
| BBB+ |
| Positive |
Moody’s Investors Service (2) |
| P-2 |
| Baa1 |
| Stable |
Standard & Poor’s Ratings Services (1) |
| A-2 |
| BBB+ |
| Stable |
COMMON STOCK |
Stock Symbol: |
| MAA |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Exchange Traded: |
| NYSE |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Estimated Future Dates: |
| Q4 2021 |
|
| Q1 2022 |
|
| Q2 2022 |
|
| Q3 2022 |
|
|
|
| |||||
Earnings release & conference call |
| Late |
|
| Late |
|
| Late |
|
| Late |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dividend Information - Common Shares: |
| Q3 2020 |
|
| Q4 2020 |
|
| Q1 2021 |
|
| Q2 2021 |
|
| Q3 2021 |
| |||||
Declaration date |
| 9/24/2020 |
|
| 12/8/2020 |
|
| 3/23/2021 |
|
| 5/18/2021 |
|
| 9/28/2021 |
| |||||
Record date |
| 10/15/2020 |
|
| 1/15/2021 |
|
| 4/15/2021 |
|
| 7/15/2021 |
|
| 10/15/2021 |
| |||||
Payment date |
| 10/30/2020 |
|
| 1/29/2021 |
|
| 4/30/2021 |
|
| 7/30/2021 |
|
| 10/29/2021 |
| |||||
Distributions per share |
| $ | 1.0000 |
|
| $ | 1.0250 |
|
| $ | 1.0250 |
|
| $ | 1.0250 |
|
| $ | 1.0250 |
|
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 |
| Director of Investor Relations | |||||||
| Phone: 866-576-9689 (toll free) | |||||||||
| Email: investor.relations@maac.com |
Supplemental Data S-12